Crypto and the Theory of Learning

Crypto and the Theory of Learning

By Oatgun | Crypto Genesis | 25 Jun 2020

In 2009, Satoshi Nakamoto launched bitcoin--the most successful and widespread cryptocurrency in the world now!

It started with a value of 0.0008 dollars and reached almost 20,000 dollars in 2017. It now averages around 8,000 dollars--an amazing feat for bitcoin!

Did I invest in bitcoin when it first started? No, I didn't. I laughed at people who did! I considered them crazy (but now I want to be crazier than these people!)

Did I see it rise to nearly 20,000 dollars? Yes, I did; but I did not bother to buy it because it has become too expensive for me and I also did not know how to do it!

So, when did I buy my first bitcoin, my first crypto? Two months ago is the answer, 11 years after the launching of bitcoin! What happened?

I was not ready! I was ignorant. The circumstances surrounding me were not enough to push me to involve myself with bitcoin or crypto in general!

The theory of learning can shed light on this awkward phenomenon!

First, Edward Thorndike, Father of Educational Psychology, in his "Connectionism", would argue that the strengths of my responses to the "crypto- stimuli" around me were not enough to push me to pro-actively act. It means that before I went to buy my first bitcoin, I was NOT READY to do it yet (Law of Readiness)!

This should explain the delayed or the "non-responsive" behaviors of our friends whom we try to introduce to the world of cryptocurrency! They are NOT READY yet!

Then, what about us now who keep in indulging ourselves in this endeavor and those who have already opted out? What is with us?

Thorndike says, on one hand, that our actions will be repeated when they are associated with rewards. On the other hand, they will not be repeated when they are associated with failure (Law of Effect).

Last, connections or associations become stronger when they are practised; they become weaker when the practices are discontinued (Law of Exercise)!

I suspect that these things are highly-relatable that a grin on my chin is formed whenever I see the resistance put up by friends and prospects who are not yet ready to immerse themselves in the world of digital currency!

My take, it should be important for us to lead our prospects to a form of association or connection which results in their action--to get involved in crypto trading (Law of Readiness). Then, we reinforce their activities and associations with rewarding experiences for them to continue doing what they are doing (Laws of Effect and Exercise).

Let us "ready" them for the world of crypto and drive them crazy!!!


Happy indulgence!!!

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