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CoinDesk Podcast Network

SOB: The Endowment Effect and the Impossible Self-Appraisal

CoinDesk Podcast Network

CoinDesk

Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8689 Ratings

🗓️ 9 January 2022

⏱️ 11 minutes

🧾️ Download transcript

Summary

This time on Speaking of Bitcoin, correspondent George Frankly shares another surprising look at glitches in human behavior and what we can learn from them.

In this episode we explore the endowment effect, the phenomenon of collectible cryptocurrency wallets and more.

This episode is sponsored by Nexo.io.

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Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io.

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This episode was written, edited and performed by George Frankly with additional production assistance from Adam B. Levine. Music for this episode was provided by Gurty Beats and Jared Rubens. A full transcript is available at the corresponding CoinDesk.com post. Art for this episode was created by Adam B. Levine/Pixelmind.ai

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

This episode of Speaking of Bitcoin on the Coin Desk podcast network is brought to you by nexo.io.

0:10.0

Hello there. I'm George Franklin, and I'm going to take a look at how even the best and brightest people can make truly stupid decisions and terrible predictions.

0:18.0

And what we can learn from them, this is Dare to Be Stupid.

0:21.9

This time on Dare to Be Stupid, the impossible self-appraisal, or from hemness to hoddle.

0:27.9

A little while back, radio pundit and hobbyist Twitter self-owner, Jesse Kelly, bemoaned

0:32.4

the softness of modern men.

0:34.4

Can't believe there are men who don't know how to work with their hands, he tweeted.

0:38.0

I woke up this morning and built a shed for the backyard.

0:41.2

A firm stand for principles of traditional masculinity or whatever.

0:45.0

At least as firm and masculine as a phone booth sized plastic snapped together rubber made

0:48.8

storage bin can be.

0:50.6

Before he quietly deleted the tweet and photo and shuffled away, multiple commenters were happy to point out that his six-square-foot, Suncast brand plastic toolshed was available for a cool two-hundo at Home Depot, and boasts easy assembly and minutes.

1:03.0

But let's not chuckle too smugly at one person's performative manliness, because there but for the grace of God, go all of us.

1:10.0

Every human being shares the delusions of inflated self-appraisals of value and utility,

1:14.6

though perhaps some of us more than others.

1:16.6

When we do something with our own hands, as this paragon of testosterone did,

1:20.6

we will almost always value the results a bit too highly.

1:24.6

Assessing value is vital to not just trade or business, but to every kind of decision-making.

1:30.1

Whether we're putting old furniture on Craigslist or deciding between two life-changing job

1:33.3

opportunities, we're appraising values and weighing them against others.

1:37.8

It won't surprise anybody to hear that the average person can't perform a flawless,

1:41.0

mental risk assessment, but it may surprise you how reliably we

...

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