CMV: I have reluctantly decided on giving up understand the technical side of Crypto because I simply don’t get the most basic of concepts

i have decided to not get deep into crypto and try to understand everything but instead remain a gambler. i’m not really happy with this as i think i’d enjoy embracing crypto, but i’ll give you my reasons why i’m on the verge of giving up and remain what i’ve been so far: a gambler trying to extract the voices of reasons within a sea of shit talkers and attention whores who know as little as i do.

1) whenever i try to get my head around the most basic crypto stuff, i simply fail. i don’t grasp abstract concepts like blockchains and therefore i also can’t find any interest in the technical side of crypto. how they work, what they do etc. i get market cap, i get volume, but i don’t get the technical aspects. at all.

2) whenever there are arguments about coins or what coins rivals other coins, people disagree on the most basic of stuff. matic isn’ta layer2, it really is a layer0 solution. xyz’s token is useless, no it’s instrumental to everything about link. and i’m talking about people who give the impression that they’ve really occupied themselves with said coin. if they don’t agree on anything, how could i, as someone who’s got no knowledge about computer science?

3) it seems like a waste of time. there are plenty of people on the web, on this sub who give me the impression they know well what they’re talking about and who’s track record i’ve been following. i’ve stayed away from luna thanks to them and i’ve made money off reddit’s crowd intelligence. why would i trust my own research more than theirs? (it’s not like i trust completely random people, it’s pretty easy to see who’s talking out of their ass on here)

i’ve called this thread CMV because i haven’t given up entirely yet, but i see little hope – most of all because i simply feel to dumb in terms of understanding anything related to bits and bytes.

TL;DR: i don’t unterstand crypto, people who seem to understand crypto heavily disagree on basic aspects, why do my own research when others know better

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24 thoughts on “CMV: I have reluctantly decided on giving up understand the technical side of Crypto because I simply don’t get the most basic of concepts”

  1. Actually DYOR is a mistake when people lack basic concepts of a discipline. In my country I’m a doctor and my patients if they do their own research of symptoms online (the classsic Google it), almost all the time they find in the internet that they could have cancer. Why? Because they don’t know nor understand the scientific method to do research

    And I strongly believe it is the same with crypto when people lack investing basics knowledge

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  2. > it seems like a waste of time

    Furthering your own understanding is never a waste of time. I understand that you might always prefer to doubt your own understanding, but that isn’t a bad take. There’s always someone more knowledgeable than you, and it’s never good to think you’re right all the time.

    Regarding the technical aspects of crypto. If you change, “I can’t” to “I don’t want to” because of the time and effort involved, and that statement holds true, then I get you. But if you really believe you can’t, then I want to tell you that it is possible. Technology isn’t magic, it’s a skill that anyone can develop, just take whatever you want to do and boil it down to it’s most basic ideas and start there. If you really want to learn, I can tell you from experience, you’ve got it in you. You just gotta stop believing that something is impossible for you and get back to figuring out how to make it possible for you.

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  3. Decentralization is orthogonal to computer science.

    Give up on the technical side, but not on the fundamental side.

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  4. Ignore Reddit and YouTube, stick to Podcasts and find a good discord server with friends who want to learn together to share higher quality information:

    1. Epicenter

    2. Uncommon Core

    3. Unchained

    4. Bankless

    5. Zero Knowledge

    Are some of the more technical and project/founder focused podcasts. Avoid those that cover price, news or market updates as their core content – you’re usually their product.

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  5. Social media is the worst place to find any real info as people have money in said tokens. Stock guys and Forex guys sometimes have better input as they have other ways of making money. Generally stay away from young people as they have next to no real life experience. I’ve had a large mining operation in the early days, started my own crypto project, implemented different applications on the block chain including web 3 implementations and still consider myself a rookie. My only advice is in a bear market be very careful of alt coins as they get absolutely hammered at the bottom and a majority will not survive. Good luck!

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  6. >i’ve stayed away from luna thanks to them and i’ve made money off reddit’s crowd intelligence.

    LUNA was shilled a lot in this sub…

    >it seems like a waste of time.

    This is the reason. You’re not too dumb, you’re just ignorant. But you’re also honest 🙂

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  7. Ngl I barely understand the technical aspect of crypto too. I once tried to study the technical aspect and everything about a coin before I invest. I did that one time and it went so well. I bought Luna 🙂

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  8. { [pointer to previous block] [transactional shit] [pointer to next block] } <—> { [pointer to previous block] [transactional shit] [pointer to next block] } <—> { [pointer to previous block] [transactional shit] [pointer to next block] } <—>…..

    That is a blockchain

    Reply
  9. I have technical background and still find the more advanced concepts challenging. Also, not everyone is technically minded. You might wanna try your hand at economics and price action instead…

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  10. When you say DYOR, I believe you’re referring to assessing your judgments based on the experiences of others. When it comes to investing in cryptocurrencies, it’s still crucial to recognize and understand the Do’s and Don’ts. I’m not very technically savvy when it comes to blockchain technology, web3, and other crypto-related topics, but there’s no harm in asking someone who is, say, in the crypto community. There are times when our judgments may not be as popular as others’, and it is ultimately up to you to decide when the timing is appropriate to invest. I found a community on Telos (telos.net) where I can ask for technical analysis, and I enjoy it because the majority of the core staff and the community will respond to your questions. Again, it is still best to DYOR first before investing in any cryptocurrencies.

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  11. You seem smart. Its like Socrates. He was like I’m not that wise, but then he went and talked to the academics and shit and they were all so full of confidence, and he’s like oh yea well I’m smarter than them. At least I know my limits.

    I hope you keep stabbin around at speculative investments or whatever. Crypto is all a big butt fuck, and the world is full of opportunities

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  12. It is well enough that people do not understand crypto, for if they did, I believe there would be a revolution before tomorrow morning.

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  13. You dont have to understand how a car engine works to drive a car 🙂

    You should have a good understanding of how to drive a car before hoping on the highway though.

    Things you should understand in crypto:

    Who created the coin, and how much do they (or company) own overall.

    How many coins are there? And how many will there ever be?

    Is the coin decentralized, or governed by one or two VC companies?

    Those are quantifiable things that will give you a good baseline for if a coin sucks or not.

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  14. > 1) whenever i try to get my head around the most basic crypto stuff, i simply fail. i don’t grasp abstract concepts like blockchains and therefore i also can’t find any interest in the technical side of crypto. how they work, what they do etc. i get market cap, i get volume, but i don’t get the technical aspects. at all.

    You need to find resources that are easy for beginners to understand.

    > 2) whenever there are arguments about coins or what coins rivals other coins, people disagree on the most basic of stuff. matic isn’ta layer2, it really is a layer0 solution. xyz’s token is useless, no it’s instrumental to everything about link. and i’m talking about people who give the impression that they’ve really occupied themselves with said coin. if they don’t agree on anything, how could i, as someone who’s got no knowledge about computer science?

    Maybe you should just learn about them and not take a side? Why do you have to take a side in these things? If you plan on investing in these projects just buy a bit of both.

    > 3) it seems like a waste of time. there are plenty of people on the web, on this sub who give me the impression they know well what they’re talking about and who’s track record i’ve been following. i’ve stayed away from luna thanks to them and i’ve made money off reddit’s crowd intelligence. why would i trust my own research more than theirs? (it’s not like i trust completely random people, it’s pretty easy to see who’s talking out of their ass on here)

    “*Never trust, Verify!*”

    Reply
  15. I feel like there’s definitely a middle ground between having a clear understanding of crypto tech and being a gambler.

    I don’t really understand how my tv, radio or microwave work either, but I still did some research before I bought them. Which one works best, which ones best value, what the general sentiment towards the brand is, etc.

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  16. there are many reasonable replies here so I’ll keep mine short and sweet; esp’ as many know much more than I do.

    The question I’d like to ask you is – why you want to get into or understand crypto?

    investment, use case, to learn, because you believe in freedom of finance away from institutional control such as government/banks etc?

    From there, you can then dyor on some of the coins that you either garner understanding of how they tick the box you are leaning towards, or get some input from others and then still do your own research on them. Why dyor? well if you lose all that you invest, it is only you that you can blame.

    Listening to social media or many hive minded folk, is; as those posts before mine have said, a bad idea. people talking about how we should do this or that to raise the price of a coin – if you believe in the project, you are not chasing gains or short term gains; if they come, they come, but you still will then own a part of a project that you entered into by owning said tokens and one day you will be able to use them at your will. Some of these coins have already use cases. do people use them? some do, many don’t, they just bought in the hope that they will make money. IS that wrong? nope, but many may also be disappointed.

    hope this helps, just my tuppeny ha’penny worth – good luck

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  17. It doesn’t matter because all the early claims of how ‘crypto’ is supposed to work isn’t happening.

    Debunked claims:

    1. ‘crypto’ always goes up, because it is being ‘mined’ – Nope, if the Dow goes down, ‘crypto’ goes down.

    2. ‘crypto’ is highly encrypted. Nope, weak encryption that can be hacked multiple ways.

    3. ‘crypto’ transactions can’t be traced. Nope, FBI is tracking thousands of ‘wallets’.

    4. ‘crypto’ is an inflation hedge. Nope, not keeping up with inflation and actually losing more ground than other inflation hedges, like real estate.

    5. ‘crypto’ block-chain ledger is superior to other accounting systems. Nope, major keyholder ‘loses the keys’, all gullible goobers lose all their money, Example: QuadrigaCX.

    6. ‘crypto’ value goes up with more computing power. Nope, if the computing power is consuming more electricity than value increase.

    Ignorant Gullible Goobers and their ‘worthless fiat currency’ are soon parted.

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  18. It doesn’t matter its all useless and speculation. Its just something to trade and attempt to make money with. Any of these people who say otherwise are lying.

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  19. > i’m talking about people who give the impression that they’ve really occupied themselves with said coin.

    A lot of stupid people can sound really confident when you’re just reading a comment they typed out.

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  20. Here’s as best I could put it into a framework.

    Generally, you want all 3 of these in an asset.

    Decentralized – this means it’s trustworthy
    Fast- self explanatory
    Scalable – this means growth potential

    Layer 1’s are like the operating system.
    Layer 2 is like the application
    Layer 0 is like an external entity that improves layers 1 and 2 but is layer 1 agnostic. Meaning if a layer 1 fails, and a layer 0 supplies solutions for the layer 1, it doesn’t preclude it from offering solutions to other layer 1’s that haven’t failed.

    Layer 1s suffer from the trilema listed above. You can generally only choose 2.

    Layer 0 and 2 attempt to solve for the missing 3rd part.

    With regard to the decentralization part of the trilema, you want to stick to layer 1s that attempt to be decentralized. This means organic creation, absent of venture capital money, distributed ownership, and in the case of ICOs which have a tinge of centralization, some sort of governance that is controlled by its users and not the non profit organization that creates the asset.

    Reply

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