This document discusses several mental models for understanding Bitcoin, including circle of competence, first conclusion bias, antifragility, opportunity cost, catalysts, feedback loops, relativity, game theory, and power laws. It notes that understanding where one's knowledge is lacking illuminates vulnerabilities, the mind tends to accept the first idea, things that benefit from unpredictability evolve through feedback, holding one asset comes at the cost of another, catalysts enable reactions without participating, feedback loops incorporate new information into a system, observers cannot fully understand systems they are part of, game theory analyzes cooperation vs. competition, and network effects lead to a few dominating the market over time.