For starters,
DYOR is Do Your Own Research.
More like Crypto OG's telling you to own your investment responsibility; awesome, right!?
But then how can I safely carry out simple research without being an OG in crypto?
This article will be of great help
Follow me..
Check out this story:
Emeka who is my friend has a whopping 1 billion Yaq (I fake the altcoin name) situated right in his Yag dashboard.
Boom!
Emeka must be rich! If 1 Yag eventually pegs to $0.1, Emeka should be having 100 million dollars.
Boom right!? But alas...
For the past few years, the dream peg is not happening. The Altcoin is going down drastically and then the 1 billion Yags is just revolving around $0.002 to $0.001.
Sad right?
The Yag project came around the Crypto Bull era and through its emotional Africa revolution story...
Many bought into it without DYOR.
And the Team ride on this simple Marketing tip:
FOMO - Fear Of Missing Out
The story of missing out like the days of Bitcoin and some other nice Altcoin was at the forefront of their ad post.
And then the masses chorus:
In other to avoid this story,
DYOR is important in your Crypto Journey.
Here's a simple KBIL: Know Before Investing List:
• How the token works: This covers the objectives of the Project and what unique solution it brings. Best to avoid repetitive Crypto project solution.
• Supply & Demand: This is an important aspect of the Crypto and DeFi project and it has a direct effect on you the investor.
Tokenomics = Supply & Demand of a Token.
And this directly affects the price of the Token. So Token price is not determined in heaven.
You can check this awesome thread by @Cov_duk
https://twitter.com/Cov_duk/status/1547857503739711488…
The above thread killed Tokenomics and how to DYOR properly.
In closing
It is very important to always:
Check out the founder of the project and see what other projects they've done in the past and how successful it was.
Also make some research on the team, especially on their integrity and any history of scam-related news.
Remember Web 3.0 is always about collaboration and openness. Always check out some OGs and learn. OGs like:
@DeFi_Dad @Cov_duk @thedefiedge
THE END..