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Kindly comments on Litany of a Bright Dilettante - Less Wrong
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This may make you less effective at showing off.
Yeah, sometimes that's true. Sometimes it's very false.
I have waffled about this a fair bit over the years and concluded somewhat-more-than-tentatively that on balance knowing I'm engaging in status-management makes me more effective at status-management than not knowing.
But I don't claim that's universal.
If nothing else, being conscious of status-management helps you allocate effort. There are lots of communities in which you or I could become high status, but we don't because we don't care about those communities.
Any activity that enhances one's status in those communities is worthless (unless the activity also has other benefits that one does desire).