Topic: [Guide] What is recommended to follow "Social Media Or DYOR" in the crypto world - page 2. (Read 374 times)

Research for newbies is very tricky because there are analysis like fundamentals and technicals that need to be done properly, to narrow this down for newbies I would suggest they should stick to bitcoin only, it more trusted and doesn’t need extensive knowledge to invest in, except if it is trading, you just need to just hodl for a very long time, no need for FOMO or anything.


Since they are not reliable as you have stated then we can’t quantify the information from there as been good. One thing is avoid those influencers on social media, most are paid just to advertise shitcoins.

The social media is a ground for all kinds of scam, paid promoters take advantage of the social mdia using their influencial personality to deceive unsuspecting users. You can hardly get verified informations from  the social media, to be on safe side it to never take social media information serious not until you do your own research about it through verified channel's.

Making an independent research and study is a weapon any serious crypto user has against scammers and fake news that may cause fomo or lead you into bad investment.

Social media is also a good platform to get good news from but the question is, are they reliable? Why so many members emphasize on doing your own research is because of the so many cases that many people face at social media due to the high level of rumor and scams that are there, hype and FOMO from the social media have made many people lose most of their money to scammers. That is one of the reasons why it is advise to do your deep research, so the you don’t get scammed off your hard earned money.

Introduction:

The adoption of cryptocurrency has seen a well hiked up growth in recent years, as seasoned investors and newcomers looking to have good profit from the digital world. While in this unexpected world of cryptocurrency, investors face a crucial decision: whether to rely on information of social media platforms or should conduct their own research (DYOR – Do Your Own Research). I hope this topic would be interesting to talk about the recommendations of putting the well-balanced decision in b/w “Social media or DYOR” approaches to follow.


There are many social media platforms like Twitter, Reddit, and various online forums where communities have been created to spread information about the discussion of cryptocurrency. Sometime these discussions are created to catch the investors in the traps and on the other hand, some fair social media communities are created for just the benefits of investors where investors can have real time information. These are some pros and cons of relying on social media for crypto investment information.

Pros:

Quick Updates: Social media provides quick updates. For example, market trends, news, and the latest happenings in the world of cryptocurrency.

Fair Community Insights: There are many social media platforms where worthy communities have been created so that investors can join and have wisdom of the crypto community, which can offer them a valuable perspectives and insights.

Quick Accessibility: As we know that information on social media is freely available for those people who are interested in crypto world. They can join many communities as many they want to join which means social media communities are quick accessible for the investors.

Cons:

Leading Misinformation: Many of the times social media information created just to mislead & misguide and to create fake hype in the market of cryptocurrency. Following these wrong advices can lead to big losses.

Emotional Traps: There are many emotional traps which are created on social media that can be play its role to emotionally charge to investors. Which in response investors make impulsive decisions based on the traps like FUD (Fear, uncertainty, doubt), and FOMO (Fear of Missing Out).


DYOR is the most important fundamental principle in the cryptocurrency world, which emphasize the importance of personal research. DYOR can help you to get more information and knowledge.

Pros:

Confident Decision-Making: Conducting your own research will allows you to fetch well-informed decisions based on facts, rather than relying on rumors or fake hype which are created to get trap investors.

Reduce Risk: When you do your research properly this will help you to reduces the chances of falling prey to scams of fake social media hypes.

Cons:

Time Consuming: DYOR is the time-consuming part because to fetch more accurate data you need to do Comprehensive research.

Complexity: We know the fact that Crypto projects can be highly technical, which makes it a big challenge for newcomers to understand them totally.



We can see the report of scams due to social media which is reduced by 2022. Maybe be it is due to the DYOR people are getting aware of many scams.i could not find the report of 2023 if you guys find it anywhere please mentioned me here. Thanks

Conclusion:
In the world of cryptocurrency, I would say combination of both social media and DYOR is the best recommended decision to follow like if we see any hype or news on social media, we must conduct DYOR for that to verify that it is real or fake? and we should avoid impulsive decisions. By combining both approaches and following the recommendations aforementioned, investors can have benefits in the crypto landscape more effectively, minimize the risk and rate of success can be increased.


Disclaimer: This topic is self written and i did research about the report to know that what is the ratio of scams due to social media Which is now impressive than before.