Out of those four pillars of the circle of competence, I believe my weakest point is technology, while I'm good at the three other ones. That weakness is what kept me away from the crypto world till a month ago. People usually don't know what they don't know, and I was one of them on this. But I watched a video by cryptobobby suggesting a goal of reading one whitepaper a day for 2018. I've been trying to do that but still it's challenging since big parts of white paper use jargon that non-tech people are not familiar with. I won't give up though and will still work on my weakness till I have a full control on my circle of competence.
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Be careful about arbitrary productive goals like 1 white paper a day, because frequently that will lead to you using your time in a manner that may not always be the most productive (because as you mention, some elements are far too technical to understand). It may be better to tackle things by approaching cryptocurrencies in groups (e.g: privacy coins, platform coins, etc.) or to tackle one at a time and getting a decent grasp before moving on. Often there is a lot of elements in common between them that will shorten the learning experience.
You are right. one experience that I had in the past trading some stocks is that very soon people will lose control over their portfolio. for newcomers I think it's best that they avoid participating in more than 5 cryptos (even 3 if you want my honest opinion). It will get out of hand very soon. As you stated in the video, most of us have an elementary insight of what is going on, which is stupid to think it can prevail.
Your channel is very grounded and a breath of fresh air. Too many channels are hype driven, everyone has to realise, that 99% of people on youtube are on there to make money. Yourself included. Tell me one thing sir, why have you promoted this steemit so much, to then never even upvote any of comments people take time to post?
To many people are counting on advice from paid amateurs (btw I do understand the meaning of professional!) So when I see people asking yourself investment advice it's very worrying, I am sure you'll agree. Do your own homework.
Don't jump on the crypto bandwagon and expect others to drive you to requested destination.
Just keeping it real
Yes, that's a more effective way to go about studying and researching. I didn't know about the group approaching...that would make life easier for me. I appreciate your advice.
I love this attitude. It takes a lot to recognize one's own weaknesses and even more to try and work on them.
There's a method of learning I use that I adopted when first using Wikipedia (I want to make it a thing, I'll call it "Purple-linking").
Basically, when I was reading about something, and I came across a term I didn't know (usually with a blue hyperlink), I would click on that and read IT's page. If I came across something else I didn't know, I'd repeat the process.
After a while, you start "back-paging" up the ladder and come back to the original article, but with a more thorough understanding of the subject, so you retain even more when you read about it.
I think this is just a long-winded way of looking at knowledge as a tree, and forcing yourself to start from the base before revisiting the original topic you were interested in.
I'll admit that I'm very weak in ALL FOUR of the pillars mentioned in this video. You've inspired me to keep at it!!
Yes, I can see how "Purple-Linking" could be a powerful way of building up your knowledge base on a certain subject. I've been doing that by instinct but my challange with it is the drifting...Sometime, I open too many windows diving deeper in the topic, that I loose trail of my original point and just keep going. Although I do learn a lot, but there's the challenge of opening up many new concepts to learn about and time keep dragging to making a closing on my original point. From your words, I have a feeling you're in education / training / learning field.