The phrase “Do Your Own Research” can be often encountered across the Internet as a response to the easy spread of misinformation in the modern age. However, this term has even higher significance when used in relation to crypto – read on to find out what exactly it means!
What Is “Do Your Own Research”?
Do Your Own Research, or simply DYOR, is a term commonly used in the crypto community. It is a saying that encourages traders to analyze the information about cryptocurrencies and verify it before making investment decisions.
The “Do Your Own Research” message is also often included as a disclaimer in public posts and market analyses on social media to urge crypto enthusiasts to think critically rather than blindly follow the provided opinions.
What You Need To Know About “Do Your Own Research”
As the “Do Your Own Research” definition suggests, it is an attempt to reduce the share of uninformed investors in the crypto space and ensure that traders have a clear idea of why they are buying certain assets.
Some widespread practices that attest to the need for “Do Your Own Research” reminders in the crypto space include:
- Shilling. This term refers to cases when people promote the coins they own in hopes of driving their price up.
- Sybil attacks. Such dishonest activity is common on social media channels like Facebook, Twitter, and Reddit. Fraudsters create multiple fake accounts and use them to achieve an illusion of a popular post and trick investors into purchasing a cryptocurrency.
It is often challenging to differentiate a shill post from an unbiased one as well as to detect fake accounts involved in a Sybil attack. This means that you should never base your investment and trading decisions solely on someone’s opinions and instead do your own research thoroughly.
