I disagree with fact four: DYOR doesn't let one know the best time to buy and sell. It's very possible that some people would not do research before investing in any project they see because, at times, they feel so influenced by the person advertising the project but the statement DYOR would let them know they are doing so at their own risk and not coming back to blame the advertiser. That's the reason why I agreed to your second point.
There were two DeFi projects I encountered last year. One of these projects would allow you to buy any amount of their token, but you would only have to sell 2% of your holding every day. The other project allows you to buy their token, but to sell, you will need to spend 10% of the gas fee from BNB and 10% of the token, of which some who do not Do Their Own Research may end up regretting the terms.
Topic: Do your own research - page 2. (Read 223 times)
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Search for individuals and companies supporting the projects : Good tokens or coins most times have top individuals and companies supporting them
Top individuals/companies supporting or promoting a project isn't the best way to know a good project. There are quite a lot of popular influencers who promote scam projects, celebrities like Kim Kardashian, Floyd Mayweather and some others have got themselves into trouble before for promoting a scam project. These popular individuals do these things to profit from it, most times they do not know anything about what the project offers. Bitcoin is the best crypto, yet it does not have any known top individual supporting/promoting it per se, it is all on the community, it just has an actual utility, and that's enough to convince people to use it.I'd rather suggest people do their research by basically looking at the utility/use case of the project, is it something that can help solve problems in RL, and whatsoever the project is promising, is it something feasible? Because quite a lot of them lie in their whitepaper, they just copy one fake promise from a dead project and paste it in theirs.
One thing I have noticed here, is the emphasising of personnel research of members in this Forum before any investment. Do your own research (DYOR) is a term used in cryptocurrency, to advice investors not to invest on something they don't know about. There are various reasons why you should do your own research, some are:
- You get to know more on what you are investing
- It gives you reason to know if the coin or token is worth investing
- It makes it easier not to fall into Scam projects
- To know the right time to buy and sell
- What do you want to know :
Before doing a research, you must know what is the reason for undergoing the research. It may be to know the Return on investment (Roi) , if the coin or token is a scam project or others - Check the Economic status of that coin or Token :
To know about the trading volume, market cap, liquidity and others - Check the community :
Check the team developers, how organised and structured their website, social media handles are, read the comments sections on their handles. - Study their Whitepaper:
To know what the token or coin was created for and how it works - Search for individuals and companies supporting the projects : Good tokens or coins most times have top individuals and companies supporting them
- There are others but this are some of the basics and lastly Check for any Red flag about the project
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