Topic: The 10,000-Hour Rule in Bitcoin? - page 2. (Read 346 times)

True — but I guess it applies to almost anything as well, whereas you barely progress and improve if you're practicing the wrong way.

I guess doing the signals thing can somewhat be a part of the progress though, as sometimes making big mistakes such as this and losing money is a part of learning.

It is in book and a good principle, good advice but in the end of the day, on the market, in front of computer or smartphone, people do opposite to what they was taught.

Crypto market has very little regulation now so there is more manipulation in this market by market makers than other market. It runs 24 / 7 and emotion of traders change quickly. Take $LUNA as an example, some were bankrupted yesterday and I hope that they are fine. However, there are people get rich from it quickly too.

After 24 hours, $LUNA rises 100 times. Today price is impossible yesterday in thinking of people bought it.

About the 10,000-rule in crypto, I don't think it is enough, in this market you might need more than that. Double of 10,000 hours or more. In addition there are people fail to learn from mistake even they spend 50,000 hour or whatever higher time.

I'm not entirely sure that you could even employ the 10,000 rule for trading as well. There will always be a bunch of ameteurs who spend entire weeks and months day trading and reading signals but you can't say at all that they've mastered tradng. In my opinion, you'd need to read books, take courses and maybe get an internship at a hedge fund management corp. to get that mastery, not a bunch of hours in "practical experience" in trading crypto without knowledge of it.

1. Pretty much almost every single day for almost 6 years. Like probably 330 out of 365 days of the year.

2. Proper risk management, and A LOT of reading, among other 'typical' things like patience and stuff.

P.S. Bitcoin is an asset; not necessarily a skill. The 10k hour rule would probably apply with trading/investing in general, rather than to bitcoin specifically.

What about Legendary and Hero Members before merit system was begin? moreover they never earn any single merit even though they're active day poster, this because they're shitposting in altcoins discussions. Judging the higher ranks = higher knowledge about Bitcoin is completely wrong.

Do you think someone give merit because of Bitcoin related post only? No, it's not completely accurate.

Now, I only logged for 6 days in this forum or 144 hours, though I'm not really have high knowledge about technical Bitcoin.

Trial and error, practice is the most good learning way.

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At least I know the 10,000 hour rule isn't correct analysis since the above legendary user can disagree with your opinion.

There are course in Bitcoin. Antonopolos has an ebook Mastering Bitcoin, you wouldn't need 10K hours for that. But Programming will definitely require a ton of practise for someone to become  an expert.

If you mean master in trading Bitcoin,that 10K hour may apply but you must be a slow learner to  spend that much time and money before seeing the pattern in Bitcoin chart.

I would disagree with your analysis as someone who meets your criterea. I definitely did not need to put 10,000 hours into learning Bitcoin, much less than that actually (maybe 1000-2000 hours). Also don't forget that cryptocurrency knowledge is decoupled from programming so the latter is not required to understand the former. Although a great many crypto experts are also programmers.

Regarding the question though,

1. I don't understand what you mean by practicing bitcoin, nevertheless as per my experience when I started my journey, I spend hours learning bitcoin wallets. Because for me this is important as obviously this is where you stash your bitcoin. So I read about different kind of wallets etc. But I'm not sure how many hours I logged in because bitcoin investment is a journey.

2. Series of opportunities? again, this is all based on my experience. Learning to play with my wallet, and understanding the tx fees, custodial vs non-custodial. So I hone my skills as I practice and as I go thru the routines.

I don't see the parallelism you raise, because you can be a legendary member of this forum with many earned merits and have hardly any technical knowledge.

I don't know how you apply the practice to bitcoin or to being on this forum. If you are talking about spending 10,000 hours reading technical bitcoin books, yes, you are going to get a lot of knowledge, but not simply by being on this forum.

In the second chapter of the book "Outliers: The Story of Success" Malcolm Gladwell wrote about the “10 000-Hour Rule”.



According to Gladwell, the two(2) factors that contribute to achieving mastery or expertise in any field  are:

1) The number of hours of practice

Gladwell posits that the magic number for true expertise is ten thousand hours of focused and deliberate practice.

For example, he told the story of  Bill Joy, one of the most influential figures in modern computing, and Bill Gates, the founder of Microsoft and one of the richest men in the world. They both achieved expertise in their fields by spending an enormous amount of time focused on programming. As an undergraduate student at the University of Michigan, Bill Joy was programming around eight or ten hours a day. And when he enrolled as a graduate student at the University of California at Berkeley, he was doing it day and night. Bill Gates spent around twenty or thirty hours every week programming as a high school student.

While I do not entirely agree with the 10,000-hour rule, I firmly believe that attaining mastery or expertise in any field is directly proportional to the number of hours spent deliberately focused on learning a particular skill.


2) The series of opportunities available for practice
While there is a positive correlation between the number of focused and deliberate practice in attaining expertise, there is the role that the opportunity available to practice plays in making it a reality.

Back to our example. Let's look at the series of opportunities Bill Joy and Bill Gates got to practice:-

a) Bill Joy

b) Bill Gates

These series of opportunities to hone their skills helped Bill Joy and Bill Gates become experts in their fields.

The principle behind the 10,000-hour rule also applies to becoming an expert in bitcoin and cryptocurrency. In this Bitcointalk forum, I have great admiration for members with world-class mastery and expertise in bitcoin and cryptocurrency. My subjective measurement of  bitcoin and cryptocurrency expertise in this forum are:

1) Legendary and Hero members (No offense to other members).

2) Members with a high merit count but who are yet to rank up because they lack inactivity.

My sincere desire is to achieve this level of expertise in bitcoin and cryptocurrency. Therefore, I want to ask two(2) questions to these groups of people:

1) How many hours did you deliberately spend learning about bitcoin and cryptocurrency?

2) What series of opportunities to practice were available to you that helped you hone your skills?