Bitcoin Group Bias Illusion Authority

When the Highest Paid Person Opinion (HIPPO) is never questioned —

When the Highest Paid Person Opinion (HIPPO) is never questioned —

As discussed in the previous article on biases, we can understand some of the misconceptions around Bitcoin by looking at different cognitive biases and their effect on people’s understanding of bitcoin the asset and Bitcoin the network.

“A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own “subjective reality” from their perception of the input. An individual’s construction of reality, not the objective input, may dictate their behavior in the worl​d.” –Wikipedia

These biases cause systematic errors regarding what is said and what is believed about Bitcoin.

Understanding these biases can help us educate, inform, and respond.

Illusion Of Authority

The illusion of authority bias is “the tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion.”

Bitcoiners do not tend to have illusions of authority around legacy government and financial authorities.

However, the general population does have this bias and often outright believes the authority of a CEO, a President or governmental figure, or a high-profile figure in the current finance and monetary system.

Source link Bitcoin Magazine

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