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Oh I agree 100%. I have a whole chapter on the Dichotomy of Control in my essay "Bitcoin From a Stoic Perspective"
But as a rule of thumb, I've seen people use "it is what it is" in regards to things that have already happened and can't be altered, in which case, there's no point in dwelling on them (even if you did have a chance to do something about it - in which case one should acknowledge that, learn the lesson, and do better next time)
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There's always an opportunity cost to any action (and inaction), and if you're a real Stoic and a sage, then you are not attached to it anyway, for you are aware of the impermanence of everything and know that whatever you lost was bound to be gone anyway, and you let it go, without attachment.
I really liked this phrase...it covers a lot.
I'll read the whole post more carefully later.
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Your arguments, your words, and your decisions are under your control, but if something can be improved or negotiated, settling isn't acceptance, it's resignation, and personally, I think that's where the "it is what it is" mentality ends.
Obviously, I might be wrong, but at least that's how I see it.