3 Biases everyone should look out for:
Cognitive dissonance, endowment bias and confirmation bias. These biases cause us to ignore evidence, hold on to invalidated theses, attack anyone who may “FUD” our bags and also cause us to miss out on massive opportunities.
1- Cognitive dissonance comes from taking a position and feeling uncomfortable when events occurs which cause conflict w/ that position. We should keep an open mind about new information and learn not to reject things or try to explain them away.
2- Confirmation bias happens partially from cognitive dissonance and we look for evidence to confirm or to validate our strongly held theses or positions. The way to combat this is by considering the opposing case with an open mind and to constantly weigh the evidence equally.
3- Finally endowment bias happens by valuing the things you own far higher than most would simply because you own it. There’s a place for price targets and price appreciation, but rationality is always important rather than pie in the sky estimates.
Been listening to web 2 versus Web3 & ENS domain experts and , there is danger of these biases for both sides. For example, .com experts say equivalent web 2 domains are worth 10s of multiples versus .eth address. Seems like endowment bias and clearly not fairly compared.
At the same time; ENS holders point to the exponential growth without stating that there are still risks in current growth rates and ignore the fact that we need much more building and adoption. We should be focused on adoption rather than just constant price action.
Can both sides be right? Yes. Can both sides be wrong? Yes. We would do well to consider the evidence with clear eyes; act and build with vision and conviction but not be blinded to all possibilities in the future.
MYC