It’s hard for me to explain this in just a few sentences—I’ve even tried to write an article on this topic, but it’s still a draft. Let me give it a shot. 😊
I have a good friend who closely follows political news. He knows who said what, the latest headlines, which politician shook hands with whom, what color tie someone wore, or even the color of their socks. He knows who attended which international conference and can name every delegate by their full name.
Does this make him a super analyst? — Absolutely not.
Does it give him the ability to predict future events? — Again, no.
What it does give him is a false sense of expertise and the illusion that he can foresee situations.
When I talk to him and hear his predictions, they consistently work in reverse—they happen the opposite way. What does participating in this information chaos give him? — NOTHING. Once more, NOTHING, except that it consumes an enormous amount of his time.
He believes he’s knowledgeable in many areas, but in reality, his understanding is superficial at best, and he lacks expertise in any single subject. His "knowledge" is essentially useless.
This person can’t find the time to start his YouTube channel (he doesn’t want to spend time learning the technical aspects, though he claims he really wants one and is just waiting for someone to help him). Yet he somehow finds endless hours to read every news piece and consume hundreds of hours of mass media propaganda.
The same applies to the cryptocurrency industry. I used to spend hours watching news and interviews to "stay in the loop," but over the years, I’ve realized it was a colossal waste of time.
Did I understand cryptocurrency better because of reading the news and watching interviews? — No. On the contrary, my mind was filled with chaos from all the conflicting information. Reading Dow theory was far more beneficial. Hours spent studying charts, learning about patterns, and delving into technical analysis were much more productive.
But news and others' opinions, especially when someone "knows exactly" where the price will go, often do more harm than good.
This is, of course, just the opinion of some random person on the internet. 😊