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Ego is bad when it prevents you from attempting the great:
When is the ego good? When you could yield it like an instrument or a sword to pursue your desired ends. When is ego bad? When your ego prevents you from attempting great things, because you are afraid of fear of failure, or afraid of the fact that others will ridicule you.
What is the best way to become insanely great? Do not be afraid of being a laughingstock, maybe, it might be a good idea to positively try to become a laughingstock. This is a good way to become more courageous.
In other words, become the jester, or the clown, but with insanely high self-confidence, testosterone, and balls.