The other problem is denominationalism. There are so many different interpretations of Scripture and no guidance under the common Bible Christian understanding of this theology. Some even lay the responsibility of determining the Cannon on each individual believer and most claim that the individual works out Biblical interpretation through Faith and prayer (a worthy goal). But you've seen these threads...The Baptists disagree with the Presbyterians (on infant Baptism say...) then they gang up on a Pentecostal on fruits of the Spirit etc... Sola Scriptura - by the definition you give - still leaves holes (or is it wholes?) in the fabric of the argument.
By George, I think you've got it, that is a good summation of what sola Scriptura does and doesn't teach. (Now feel free to pass this understanding around to your RC brethren, please.) It does mean we believe the first, but not the second.
Just as there is a difference between "if the Bible says it it is true" and "It is only true if it is found in the Bible".
Yes you do understand it. See it's not that hard.
The other problem is denominationalism.
If you mean there are problems inherent to denominationalism, I agree, and I don't belong to any RC or Protestant denominations (but you do!). Like it was in the pioneer days when this country was first being settled, most of the towns were founded and put up a town church and all different types of Christians had to find a way to agree and worship together in one place at one time. And they did. But the Protestants didn't stop being Protestant either and agree with the Catholics on doctrines (or vice versa - it wasn't necessary).
There are so many different interpretations of Scripture and no guidance under the common Bible Christian understanding of this theology. Some even lay the responsibility of determining the Cannon on each individual believer and most claim that the individual works out Biblical interpretation through Faith and prayer (a worthy goal). But you've seen these threads...The Baptists disagree with the Presbyterians (on infant Baptism say...) then they gang up on a Pentecostal on fruits of the Spirit etc... Sola Scriptura - by the definition you give - still leaves holes (or is it wholes?) in the fabric of the argument.
Your church has the same problem with this "interpretation problem" as any other church, you are just the only one (that I know of) that is arrogant enough to declare yourselves as "infallible" and "the one true Church on earth", even though claiming it doesn't make it true.