Know It All: Thinking You Know is Worse Than Not Knowing
Last night I was alerted by @cflclosers that HBD was spiking again.
What a nice guy, alerting me to these things.
He did it last time as well.
I made money both times because of it.
I probably wouldn't have noticed.
In any case...
- I made my first ever HIVE >> HBD conversion last night.
- First, I powered up my excess Hive to a rounded number.
- Everything over 3000 Hive, just for easier tracking.
- Second I made the conversion for 1000 Hive (2000 remaining).
- I received HBD instantly and dumped back for 271.4 Hive.
- In 3 days, my 1000 Hive collateral will be returned to me.
- Minus 5% fee minus value of the HBD I converted.
- In 3 days, my 1000 Hive collateral will be returned to me.
- I received HBD instantly and dumped back for 271.4 Hive.
- Need 428.6 Hive returned to me in 3 days to break even.
- Anything extra is profit.
Why bring this up?
Because I THOUGHT I understood how the conversion mechanism worked, but I absolutely did not understand it, which really threw me on tilt the last time HBD was pumped. I thought I understood how it worked, and I made foolish decisions based on that bad information. I could have made a lot more money last time around if I knew that the conversion happens instantly and we instantly get HBD for it. It's a very interesting system. I know I talked trash about it last time but... it's pretty smart. Just complicated (ish). But like all things Hive now that I understand it, it becomes simple and easy. Funny how that works.
Classic Know-It-All
We've all experienced people that want to be the smartest person in the room. They never admit when they are wrong, and rather than admit they don't know something, they'll just make something up on the fly that sounds right. It's not a very good strategy for improvement, and only serves to peacock to the people around in hopes that this behavior somehow boosts one's reputation. Except... nobody likes a know-it-all, so I'm fairly certain this is a strategy that fails most of the time. Not sure why so many choose to employ it (likely a fear-based strategy).
Even the term "mansplain" came about because men employ this behavior far more often than woman... and end up being know-it-alls around women that actually know the topic much better than they do. I've seen it happen many times... it's... embarrassing to say the least. Of course terms like this, just like all left-wing politics these days, has been kicked up to 11 and are greatly overused inappropriately. Now any man explaining any topic is "mansplaining" regardless of the context or the tone. But that's a completely off-topic separate political post.
The best way to learn new things and make improvement is to not only fail, but admit failure. I suppose society itself makes this a difficult thing to do. No one wants to admit fault or imperfection. There's a certain punishment that comes along with that, and no one wants to bear the brunt of that weight that society itself places on us. Just another classic example of how toxic modern society is and how much room for improvement humanity has left to achieve. I often talk about how we are operating on less than 1% efficiency, but it's possible that even that is overexaggerating the reality of the situation.
Other examples of Know-it-all behavior:
This happens all the time in crypto because crypto is so new and contrary to every other capitalistic trend out there.
Economists
Never listen to a self-proclaimed expert economist when it comes to crypto. They have no idea what they are talking about. Anyone can guess better than they can, because their education only works (poorly) within the current economy. Because crypto is the opposite of the current economy, they're bound to extrapolate all the wrong information and come to all the wrong conclusions.
Venture Capitalists
These people are the worst. They think tech can't grow without them. They want to move in and claim ownership, and then extract maximum gains if the project succeeds. Considering only 1 in 10 projects are expected to succeed, they are looking to extract x100 what they put into a project that does make it.
In crypto, this means that every single project that has venture capital funding is basically doomed to be gimped until VCs have finally cashed out. SOL is number one on my shitlist in this regard. Just like LUNA, I haven't even done any research on it just because of the VC mania surrounding the project. Doesn't matter that it's in the top ten market cap (in fact that makes it worse). This chain is owned by VCs, making it dead on arrival (or ten years away from true decentralization).
Listening to a VC is like listening to Jim Cramer. Shark Tank? Mark Cuban? Do yourself a favor and just bet against everything they do. You can thank me later. These people are clueless and end up leveraging their own wealth to convince people they are smart. They are surrounded by yes-men and have no idea how full of it they are. Don't fall into the same trap they've built for themselves.
Banks
Just look at what bankers are trying to do with crypto. Wow, so smart bro. Just recreate the same exact system you already have... that doesn't work. Brilliant. Again, classic know-it-all syndrome. Banks could make trillions of dollars from this movement, but they have zero innovation and refuse to give up power in exchange for the value this would create.
Politicians
Show me a single politician that has the same ideals of a grassroots crypto movement. These people simply do not exist. The entire concept runs contrary to consolidating power and leveraging that power for self-gain. This is the definition of what politicians do. Crypto does not compute.
Ladder Anxiety
Fear of failure is a universal fear that extends into every activity we do. Some activities are more stressful than others. Whether it be competitive video games, public speaking, or just being in a room with other people, our ego and perception of ourselves is important, but can easily be taken to toxic show-boating levels, or even worse: crippling fear. This is the same kind of fear that can lead to being a know-it-all. Everyone wants to be the best without having to fail over and over again before they get there. That's not how life works. That's not how mastery works. Fake it till you make it, amirite?
Ass u me
They say when you assume you make an 'ass' out of 'u' and 'me'. Of course that's not always true, and sometimes we are forced to extrapolate and make guesses. We can't learn or grow without making mistakes. We can't be expected to know everything and have all the experience in the world when starting something new. Failure is unavoidable; it's how we deal with that failure that matters. Grace is required for maximum gain. Stay based.
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Thanks for the shout-out. I never know what to do during chaos but I know you do and always think to alert you.
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What an interesting post, day by day I see how much I still need to understand in the operation of our network
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The people are waking up to crapitalism and its intentions.
source
It appears to me that buying on the internal market during price spikes is the best stategy.
Capitalism doesn't even exist, let alone holds aims and intention.
Are you suggesting profiting from the buying and selling?
When crapitalism is forced upon you there is little choice but to profit from buying and selling.
IF I am going to be forced to live in a crapitalust's world, then I am going to do what they do to make the money I need to eat.
I see nothing wrong or contradictory about that policy.
IF you want to talk about alternatives to crapitalistic domination of economics we can do that.
But, as long as I am forced to pay to live, then I will do what I have to do to survive in the dystopia I find myself in.
Capitalism doesn't exist. Its a Socialist term invented and used to maintain the fiction that Free Markets are inherently immoral and unjustifiable.
https://theobjectivestandard.com/2018/11/the-mind-based-etymology-of-capitalism/
Does that include lying, cheating, stealing and killing?
I prefer hard labor and trading on the markets personally.
I have yet to have anybody dispute the math in chapter 9 of this book.
What we have is the intentional design of the system.
Trading your labor for money is theft though! Math has no value in this, at all. This is a fundamental matter of ethics. You consider working for money unethical. That is the Crux of the matter.
Only in a fiat environment, with sound money the argument becomes academic.
No longer can the banksters get labor for nothing while debasing everybody else's savings.
You're shaking your fist at the bankers who have little to nothing to do with the economic policies that are handed down from the legislative branch.
I'm already in the pitchfork and torches crowd.
Have been for a very long time.
IF people understood their gov't we wouldn't be having these problems, but to expect the gov't to give their tax cattle the knowledge to not be tax slaves is a bridge to far.
You're shaking your fist at government and you should be shaking it at those in government that are responsible and doing their worst, and equally applauding all who are doing their best. Instead you debase the entire enterprise, and assign no responsibility on the people, they are slaves.
Nobody that lives from money stolen from another is doing good.
Until the people get it through their heads that gov't is bad, this is what we get.
Here is a book that might help you do what you do better.
Read Benjamin Franklin on taxes and them being "theft".
Pitchforks and torches are great, but what are you willing to live for, to build and to maintain.
A better tomorrow.
Better in what ways?
Individually.
You have to decide if it is better for you, and change things if you don't like it.
I can't do that for you.
Individually is like better, avoiding to be specific, avoiding the question.
More holodeck and less thugs hassling me.
And how will you achieve that?
Find a spot in the mountains in the desert with wifi and few neighbors.
In the mountains, the inaccessible, remote, mountains? The desert? Might as well pick the bottom of the ocean!
I just want my own space to be the boss of me.
Too many people think it is ok to hire violence to be done to me for their reasons.
I'd like to escape that insanity while I still can.
Space is valuable, so its incumbent on you to acquire it, and it will be your responsibility to understand what is attached to owning it. As such too, its on your shoulders to know and follow the laws, for justice isn't for hire, justice isn't for profit, but justice isn't toothless and if they must compel and persuade you to stand before justice, they have every right to.
Hang 'em all.
OK Col Ludlow.
It's not academic argument, it's a property rights and moral/ethical dilemma of "being forced to pay with money".
Not theft, exploitation.
I have no money to steal, but I can be exploited for my labor by someone with alot of money.
Exploitation is when you place a worm on a hook to catch a fish. Its also using that fish to bait a bigger fish with.
What are you? A slave? A worm? A fish?!
shakes fist
ITS NOT THEFT, ITS UNDERVALUING!
!lol
Why do guitars cost so much?
Because I can't make one and those that can exploit my inability to make a guitar by charging more for them.
Why do doctors make more than plumbers?
Because doctors exploit people's inability to heal themselves.
Without plumbers we all die of sepsis.
Plumbers are exploiting people's inability, too.
Money is the root of that.
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If we all die without plumbers explain before plumbers.
Money is why people learn to make guitars, well I guess we have money to thank for music.
Just look at the cholera outbreaks in haiti.
https://pubmed.ncbi.nlm.nih.gov/23695726/
No water treatment plants there.
NYC was the same before plumbing broke out.
All dead, not some or a lot, come back with something more convincing.
Does it matter if you are dead and nobody else gets sick from lack of plumbing?
It still doesn't change your statement if I would be the last to ever die from lack of plumbing.
Probably a city problem more than a survivor's.
There'll be another @baah.
I think its theft, whichever way you slice it, if it smells like theft, tastes like theft and quaks like theft, its probably not exploitation, but theft.
Rule by force is the disease, who and how are symptoms.™
What was that about pitchforks and torches? ®
Defense of self is not aggression against another.
They leave people alone and there won't be any violence.
They find justice by the mob? Justice doesn't come by mob. Gangs and Mafia have better justice than pitchforks and torches.
Sure, if you are one of them, otherwise one might not think so.
We all have to find our toleration point then figure out what we are ready to do about it.
No, they are more just because they don't pretend to be lawful or just, which you can't say for the mob.
I don't see how pretense changes realities.
I wouldn't want either mad at me.
Mob Justice isn't a substitute for justice, its unjust. Justice is the domain of an impartial jury, with the presumption of innocence benefiting the accused and with the right of the accused to challenge his accusers.
What is a jury if not an organized mob?
While not advocating for mob rule, I don't see the difference in what we have and just letting the crowd do what they do.
Does lending an air of credibility somehow change the fact that it is still mob violence just violence behind a veneer of respectability?
Look at the wisconsin governor debacle, one jury says not guilty and another says guilty.
Which is it?
Were those 6 people entrapped by the 12 fibber agents, or were they not?
Why do we tolerate lying by our agents authorized to kill with impunity?
Why do we vest this power in a tiny handful of notoriously corruptible people?
Better, imo, if we arm everybody and just kill those aggressing against others on the spot.
It's how our founding fathers would have done it.
There's more to it than that. There's the right to appeal, yes the jury can be captured, the lower courts captured, the appellate courts, the supreme courts, and even the supreme court, but even then, mob justice won't be just. Our founding father's didn't execute the judges and officials. They declared independence, not by sword, but by law. The law was enforced by sword, as law must be. They never had a problem with rule of law, they had a problem with confiscation of arms and gun powder, with paying taxes with currency that was in extreme scarcity, and with paying taxes foisted on them by outsiders.
They may have declared independence, but they got it by fighting off the thugs of the crown.
I agree that courts and cops may look good on paper, but the facts are there are many points of friction with it.
Not least of which is some killers get impunity to continue killing people that don't have it coming.
I'd probably support something similar to what we have were the positions of power rotated in some manner rather than bestowed for life or won in clearly rigged elections.
I say rigged because there is no way to count those that don't participate and those that participate are on one side of issue, generally.
Why do local taxes pass so easily?
Because the people against them don't vote in the numbers of the people that support them.
2500 years ago.
Indeed!
15k bitcoin?
1,6 was the point i hit. so i could buy hive for 0,4HBD :D
but fuck, only had 100 liquid...
El Salvador President?
I enjoyed reading up your article, that was a great effort you put. Thanks for sharing
Ladder Anxiety! My favorite post!
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Rich Dad Poor Dad
This One of the first books I read on financial freedom. And the author said he always wanted to be the least smartest person in the room, so he could learn from everyone. It still holds true today, surround yourself with people who have knowledge you don’t have, so you can learn. That’s a big strength of this community, the knowledge which is given freely.
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A spiking stable coin, lol. You don't have to be a know it all to understand what that means
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I don't get it...
500Hive (from the 1000) in HBD and that HBD instantly dumped back into Hive
and you only get 271.4 Hive?
shouldnt it be more than 500 hive? (of the 1000?)
Ug is that what I said?
It was 571.