What a Fool Believes about Bitcoin

“But what a fool believes he sees, no wise man has the power to reason away.” 

Michael McDonald of the Doobie Brothers has one of the most exquisite voices and this is an almost perfect pop song. It also contains the powerful lyric above.

As I write this, it seems everybody is talking about investing in BitCoin.

I do actually believe that Blockchain in 2017 is at just such a moment as Netscape and the “WWW” was in 1994. Distributed trust is going to change our world, and at such a speed we cannot even imagine.

Bitcoin Greater Fool Theory

However, the current craze to invest in cryptocurrencies is very much an example of the greater fool theory.

Now, whether it be investors in bitcoin or fanatics of any kind, as the song says, don’t waste your time reasoning with them.

Human beings make decisions based on their feelings not on the rationale, and when people have strong emotional attachment to anything, nothing will shift their opinion other than a shift in their feeling. Logic and rational thinking won’t ever do it.

#OpenLeadership is very much about understanding people and creating a container for the organisation to ask and answer the right questions, so understanding that emotions drive people rather than thinking might be useful perhaps?

Now, where can I buy some tulip bulbs?