I am a disabled person from Argentina and I am unemployed, I am studying at the University. With the little that I get between a scholarship or gift from my family I am starting to buy for amounts no greater than $ 10,000 Argentine pesos every 6 months. And I always tell myself the same thing: It doesn't matter how little, stick with the plan, follow the plan.
Buy other coins that will have use case in the crypto ecosystem, because coins such as polkadot and chainlink are even better projects than btc. Eventually they have better gains than btc becauseit pumped. Btc is already attached to the masses. In my opinion you should check out polkadot, which is one of my most invested and favorite coins.
Andreas hit the nail on the head about anchoring in business negotiations, especially in regards to employment and contracting. I am always at odds with recruiters and human resources when they ask me to blurt out salary expectation, often before they tell me the scope of the work, details of the project, or even the budget they have set aside for the project. Often times recruiters and human resources, will ask your salary expectations to test your business acumen or to anchor you to a price regardless of your value to the project.
I was so ignorant when I heard of bitcoin for the first time.. and ignored its importance. The number one reason I did not pursue more knowledge about bitcoin is that back then it cost $1,500 for one bitcoin - and I thought to myself, "I can't afford to buy ONE.. so what's the point? My problem wasn't the ONE bias, I did not know i could just buy a fraction.. Now I buy every time I have cash, I just buy.. I don't even think about dollar cost averaging.. I just buy because I figure at my age, these purchases will be worth a lot more for my daughter.
Willy Woo suggested that Satoshi should have only created one bitcoin. We just own a fraction of the world GDP of Bitcoin. A very elegant way to think about it...
I can´t thank you enough for this talk. I was really disappointed with the whole bitcoin project given its current price. I am from Venezuela and bitcoin seems my best choice to hold some value living in a devalued economy. The analogies brought up here changed my "cognitive" approach and brought back my enthusiasm for bitcoin.
Hi Julio, I personally prefer to invest most of my portfolio in Ethereum. It's the new internet and will be worth a lot, maybe even more than Bitcoin one day.
Ouch livening in Venezuela 🇻🇪 is hard with the hyperinflation. My family and friends who I speak to who don't quite understand bitcoin I always say give the people in other parts of the world like Argentina Zimbabwe or Turkey Lebanon a better solution? They always answer why u worried u have us dollars or the pound sterling and euro They don't understand how money works
@enrique11 The problem with the other cryptos is that they are funded by issuing the developers of the project a portion of the cryptocurrency they are developing. If you pay yourself, and your developers any amount of crypto you are now considered a security in the eyes of the SEC. Bitcoin and a small portion of early cryptos are the only non securities that I see. "But surly Bitcoin cant compete with the Gen 3 cryptos of today" Bitcoin is code, it can be modified by consensus, it can and has evolved since its conception.
btc 200$ nahh its to late btc 1000$ nahh no its to late btc 3000$ nahh its to late btc 20000$ nahh its to late btc 40000$ oh yes how i get some btc? and rest is history...
I don't like to like content before actually hearing it, with andreas however it's hard no to, since i don't know a single piece of bad content from him. @Andreas you have our well deserved gratitude, hope this goes on a long time :)
Put it this way, lots of small retail investors are aping into fractional shares; so while I get the tendency it’s hard to understand it. I don’t have one bitcoin, I am poor, but I have millions of satoshis, which I hold. And I am worth almost five figures for the first time in my life. Raising a disabled child as a single father on welfare and worried about the future, just seemed like a no brainer to take my savings which are earning nothing nada zero, maybe one cent in interest a year, and buy BTC. Will continue to buy it, regardless of price. When the banking system inevitably collapses I think me and my beautiful boy will be okay. Assuming this whole market doesn’t just become yet another market distorted entirely by derivatives and greedy traders.
when the countries of EU started swiching for euros, I remember in Portugal the first weeks that the price of thing when rounded by one unit of EUR, inflation sky rocket in the country because of the unit "bias", so for example almost anything converted in euros if the conversion was just a few cents then it would be rounded a unit of euros, so thing when for 0.65cent(converted) to 1 euro or thing like 1.35eur (converted) to 2eurs it was confusing at the transition time
I kind of get this! But when one Bitcoin is worth a quadrillion dollars, I won't be able to afford even just one Satoshi!!! And then I really will be stuck with dollars :-(
I think it's genius. The higher each coin price goes the more it attracts wealthy folks to buy in. If it stayed at $1 or $10 per coin they'd think of it as play money and wouldn't bother with it. And of course they hold 90% of total money supply so this is when it really starts moving.
I LOVE the application of cognitive bias to eating disorder...having suffered with that I would agree 100% it’s a bug in the system! Nice 👍🏻. Fascinating chat. X
The beautiful thing about Bitcoin is you don't need whole Bitcoins, or even tenths of a Bitcoin to benefit from it. Let's say you have $1000. If you started this year with $1000 in Bitcoin, right now, you'd have about $1980 in Bitcoin, after a little over 2 months? By year's end, you'll be at about $6k
Well, aside from new on-boarders to inert old BTC. In the case of ERC20s people might have a reason for only going for wholes that is not a cognitive bias. The thing is: Airdrops often come with a sharp cutt-off. You had 10.1FOO at unannounced snapshot => you get 100DROP You had 9.9FOO at unannounced snapshot => you get nothing And some may go: Less chance for a drop => no buy. There may also be voting right thresholds and such. But yes, BTC has none of that and newbies wouldn't even know about all that stuff.
Bitcoin is like a Tsunami... Being ignored for a long time... and then - all of "a sudden" - everyone discovers the power... the hight of the "BTC-waves" rise more and more... washing away all the financial waste...
Why do we find this bias puzzling? It's a practicality issue. We don't have common language for numbers too deep below one. We recognise one, half, quarter, ten, hundred, thousand etc. We have commonly used words for these. 1 dollar is 0.000018btc. Question: "How much does this soda cost?" Answer 1: It costs one dollar. Answer 2: It costs zero point zero zero zero zero eithgeet bitcoin. I think the issue is self explanatory.
I think people need to ignore how much a Bitcoin is going to be worth in USD entirely. The point is, you are buying a deflationary asset with an inflationary asset. Therefore it is GUARANTEED that no matter how much FIAT you invest into Bitcoin now, in 4 years time you will be worth more in FIAT. Even if it is 10% more, you have STILL defeated the system.
Honestly I feel that if you don't have the guts to believe in Bitcoin you don't deserve any Bitcoin. This is the whole thing, either you understand and believe in the mission or you don't.
not going to lie when I was a noob investing I thought I missed the boat for Bitcoin because of how expensive it was but after I put in some research I realized that it's a good thing because if I put in a small amount it's more likely to stay positive seems to be much less volatile idk 😅
Yup, exchanges should probably start quoting in mBTC. It's highly unlikely that BTC will drop below $1k at this point, and the number is getting unwieldy.
To be fair, Bitcoin stopped being affordable when the lockdowns started and stayed for over a year as people lost jobs and couldn't even pick up a side hustle as many businesses were shut down. The last chance to buy in when it was cheap was a year ago when Bitcoin was under $5,000. The average person is one flat tire away from financial ruin or one missed paycheck and have only $400 to their name. These people are never going to start buying Bitcoin because the hardware wallet already costs more than they could afford and they aren't certainly going to start mining for cryptos. Only the very rich can afford to pick up this new hobby because unlike poor people they already have a house paid off, plenty of cash in the bank, and they could invest in something new and lose money and still be rich. For better or for worse, the coming hyperinflation will still trigger an uprising by the disenfranchised and the poor who see the rich as the enemy.
Bitcoin is traded at a good price nowadays. I think it is going to be a good deal if we buy Bitcoin now. I buy Bitcoin at Instacoins and hold them on my wallet.
Wait for the crash and then buy. More importantly learn to make contributions to blockchain economy, be a blockchain developed. You can learn it for free in internet.
Trade shit coins until you have amassed a single Bitcoin. Then sit back and HODL and watch --while that single Bitcoin towers to become worth a million dollars and become the world's reserve currency. It's a compromise but that's what I am doing - that's what you can do too !;)
As much as i like Bitcoin buy sure try to buy 1 sat, you have to pay thousands of sats to transfer it :D So for small investors Bitcoin really sucks. You need to have enough capital to be part of the system really. Poor people will be kept outside of the system just like today sadly!
back in the day i bought and converted ltc for btc... you must follow the ratios as you would silver to gold and you can actually increase your wealth... good luck ML
you don't need to affort a whole BTC , you can buy 100$ worth of it , and most likely imho that fraction that you bought with 100$ will be worth 2000$ , if you bough 1k it wil l become 2k $ , you bought 100k you will have 1 MILLION $ , JP MORGAN (biggest bank in the world said it may worth that much , and only told this to their 10MIL$ more dollars customers)
