Survivorship bias is a dangerous cognitive trap where people focus only on successful outcomes (like buying Bitcoin in 2013) while ignoring the many failed decisions that would have been made in the same decision-making process, leading to unrealistic expectations about investment success.
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The Bitcoin Lie Nobody Talks About | HormoziAdded:
I If I If I just bought this meme coin, or I just bought Bitcoin in 2013, I'd be super rich. But, it actually doesn't take into consideration what a decision-making process like that would create, which is if you took a swing at every type of Bitcoin, because you can't just say I would only pick this one.
You'd have to say I'd pick every single super long shot. It's like we probably would have lost on 99 of the other bets.
And so, it's like we have to take it in aggregate.
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