Confirmation Bias within Bitcoin Communities

Hello there!

So yesterday, we spoke about echo chambers in relation to small-world networks. Today, we'll look at confirmation bias.

Confirmation bias is defined by Britannica as "the tendency to process information by looking for, or interpreting, information that is consistent with one's existing beliefs." Although not always intentional, confirmation bias can be observed everywhere. Psychedelic research is unraveling interesting findings about confirmation bias in relation to brain activity. Essentially, almost all of our perception of physical reality is confirmation bias. Collective reality is argued to be a collective bias we have accepted - fascinating, no?

But confirmation bias has its issues when it comes to justice or law. And the scientific method was a great invention to help us reduce such biases, even if not entirely perfect between humans when it comes to arguing "the truth." If you read Issue #096 about the Granath v. Wright trial, you'll see how these conflicts of reality cause a lot of drama. 

Confirmation Bias within Bitcoin Communities

In relation to small-world networks, I'll use the different camps of Bitcoin (e.g. BTC vs BSV) to demonstrate how far confirmation bias goes. Although small-world networks can help provide a strong sense of community, they can also create a strong sense of community for all the "wrong" reasons.

Here's an example of a position:

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