Topic: [Guide] What is recommended to follow "Social Media Or DYOR" in the crypto world (Read 376 times)

Assume I am newbie and just join Bitcoin market in 2024, I did not know about what was shared on social media since 2009 to 2023.

I only can look at Bitcoin price chart and with this simple yearly chart, I only feel super bullish. Social media has many misleading information that can cause panic, FOMO and it's harmful for my investment. If I don't use social media, I feel I can hold my bitcoin better.
https://charts.bitbo.io/yearly-candles/

I suppose that I already provided a bit of a response to OP in the second half of my response post in his other thread entitled " A Guide for cryptocurrency newbies for overcoming FOMO."

It seems that part of the problem of OP, and also forum member who are accepting vague ass definitions and framing of the topics, then we get caught up in meaningless, gobbledy gook of conversations in which we have not sufficiently/adequately described the difference between bitcoin and crypto.

How are we going to overcome confusing and misleading information if we cannot even figure out ways to start out with a proper kind of framework. Once we get the framework more clear by either understanding bitcoin first, or at least recognizing and appreciating that some things apply to bitcoin but do not apply to shitcoins, and somethings apply to shitcoins and not to bitcoin, and sure there are some things that apply to both, but we would still need to know when. 

So if we use the same dumb-ass vague meaningless and misleading language in which we lump all things together, as if there were even such a thing as "crypto."  When people use the term crypto without describing what the fuck they are talking about, then they likely do not know what they are talking about.

Another thing might be the lack of necessity to actually have to waste any time and energies of doing any research on anything else, if we start with bitcoin and then work our way from there.  How does this relate to bitcoin?  Sure sometimes we can branch out to looking into shitcoins and shitcoin related projects, but if we at least first figure out what is bitcoin and then what things relate more to bitcoin or not, then at least we can develop some priorities, and perhaps even present the information better too.. once we understand the information better by putting it into a more clear framework in regards to its relation to bitcoin. .and stop parroting dumbass language ie crypto, unless you define and describe what you are talking about first... .then no problem to use the term if it is at least defined and described rather than just vaguely mentioned as if there was no heirarchy within the field, which is more or less king daddy first... and do I need to explain more? 

At the end of the day, DYOR is the most crucial thing if we want to avoid being attacked by scammers. If we remain to be clueless and less knowledgeable, it would be easy for them to lure and deceive us with everything they say that really looks good and legit to us. But when we put everything on research before we decide to fall for them, then that will create us a wall to protect ourselves from those scamming attacks.

While scamming has become more unavoidable these days and the whole market is not safe anymore most particularly for beginners, then lets do the right thing through starting with in depth research. With knowledge and understanding that is built with us through research, then its easier for us to identify if these people are some kind of scammers or these people are telling only the facts that we are obliged to know.

In short, learn to research everything that requires validation. These popular influencers might have created a good reputation but we can't just rely on it and expect that everything they say are based on facts and not just to manipulate us. A lot of crypto influencers have been successful at the start but the fact that they become more exposed to the greed for money, that's when they become more doubtful for us.

However, I can't tell that the crypto influencers in general are unreliable as there are some who are still genuine on their concepts that they are sharing, but in order to keep ourselves not from falling into some of their traps, then DYOR would always be the best choice.

I always recommend do your own research. because on social media platform that you have mention like (Twitter, Reddit), most of the time people share incorrect prediction and try to trap the people. And the people who don't even have any connection with crypto world share their thought and spread false news. So instead of grab in lose  always do DYOR. It will help you to catch the real news and updates on cryptocurrency. and you can make your decision.

You Have raised a good point here. It happens most of the time like the first link on google can be misleading Because they are using some kind of sources to promote their website to be show at the top when user is searching for some desired thing. In This way, they use Some trending keywords for their misleading link to be rank on the top of the page.

I myself have seen alot of links like this and also seen those people who begin to think that they really get these rewards but the bad part is that they don't do any kinda research before clicking on the links So I would say DYOR is very Important. Sometime they fell prey to these phishing link due to lack of research.

Following social media isn't always what you want it to be. There are some people who doesn't care if the information is correct or not as long as they can upload on their social media account that's why doing your own research is a must even for newbies but it also need some guidance from those who already have experience about the topic being discussed like trading for example. If you did check the social media then better check more than one person or a group of people before you compare each one. There are some cases where the information provided is wrong that's why even if you can see there's nothing wrong with it but the information is wrong.

What is even DYOR in crypto? Tehnical analysis? That might not work on heavily manipulated "good projects" aka shitcoins. Fundamental analysis? Anyone with some basic understanding will see that those coins are scams or doomed. So analyzing social media trends is actually a viable DYOR in crypto if you can predict where the hype will flow next, you just shouldn't ever allow yourself to genuinely believe in the coin that you are buying (if it's not BTC).

When we say that you should DYOR, this includes checking what is said on social media platforms, given that not everything that is published on them is 100% wrong, just as it is not 100% true. A wise person is one who knows how to conduct research that provides him with the most reliable information possible, and thus gives sufficient time to research the sources of information that he finds.
In the field of crypto in general, I have a lot of confidence in the bitcointalk forum because in the most extreme cases, if I do not find satisfactory search results, I can create a topic in which I ask about what I want, and there are good members who will provide appropriate advice without hesitation.

DYOR is a motto to keep in minds. It is so helpful to have it as a first thinking before making any decision because with it, you won't trust anyone, any information without checking. The bottom line is this, checking what you see, read, hear to detect in accuracy in it if possible.

I agree with you that a newbie must learn from senior people, experts but with DYOR attitude and actual practice with it, a newbie can improve his knowledge very quickly and soon will become more knowledgeable.

A simple example is learning English, with English - English dictionary. By checking one word meaning, you will learn so many more vocabularies and it is a free booster for your learning progress.

Bitcointalk is a good forum to start learning about Bitcoin, I can not disagree. 

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Back to OP's points, social media influencers usually follow a market trend and give their followers most trending information. After the trend is broken, what they said a few weeks ago will become wrong but their followers will soon forget about it.

This topic takes me back to a video I came across on social media some months ago. An influencer who was advertising for a gambling platform, told his followers that he was able to build his mansion and acquire expensive cars by betting on the platform and he encouraged his followers to go create an account and start winning. I knew that was a lie but there are persons that would be misguided by the advert.

Twitter, Facebook, YouTube etc are good places to get information. However, whatever project we come across, we owe ourselves the responsibility to take a step further to do our own research.

You all have your points, If someone come across anything on the social media, we shouldn't take decision on them first without making adequate resea about them, we can consult other sources to verify their true nature, we can also ask eome people we know that are very good in digital technology about what we saw online, as long as we make enquiry from the use of google, there will be various opinions we will receive from different sources, check their reviews and also act patiently while awaiting for more convincing evidence before accepting any offer, it's either we don't have patience or we are too greedy to make quick money and these are the category of their targets to see that we hastily make a decision to go for what they are offering, even before we make deep research about them.

I know some friends who believe those links that appear in browsers with “Congratulations, you have won a car, click on the link to get it” and other frauds that appear as if you have won something or received free gifts.

The most they can do is search for the first result on Google, which is sometimes misleading.
Search for most services on the forum and you will find that the first link may be a phishing link (not to mention that some Google ads appear first).

Agree. Saying that a person should do their own research without taking the necessary steps to explain where and how fraud can be detected is tantamount to a pat on the back and a message to take care of oneself. Not exactly sincere help.
But the person who saw the news on social networks about a colorful project, supposedly giving prizes to everyone, and also saw admiring reviews from bots, unaware that he was being deceived, will rush to participate in order to catch the train.
It is necessary to explain to newcomers that there are and will not be such gifts for which they will not pay. It is better to tell the hard truth and the stories of those people who ended badly, so that every beginner is afraid of stumbling and is always skeptical about any freebie.

Social media is useful when you follow right handles, but still you require discrimination cause handles get hacked or they may endorse shady things, you are not supposed to follow anyone blindly.

If I'm looking for information about particular project, I'd first go to their official Twitter handle, that tells me the correct info and you don't come across nonsense that you may come across by following third party.

Your explanation is good, but you did not explain how a person can do DYOR. When an average joe searches for information, he will ask Google, so add how to do DYOR would be better because just as scammers mislead information on Twitter and Reddit, they can write some articles and make them appear first in search engines. If you search for keywords such as BEST BITCOIN WALLET, you will find that Exodus appears first, and you may get an article telling you to avoid Electrum because it is not safe.
Some articles about hardware wallets favor Ledger.

DYOR is not enough if one does not know what one is looking for and has a basic ability to filter information or at least suggest forums like Bitcointalk.

Either way you took you're not still safe or exempted from the attack of scammers because they are everywhere, but what gives you control over them is when you know what you're doing, having the knowledge is a key without being deceived, while making your own research, there are many things to come across with, both fake and real, but when you're guided, you will not took the wrong steps, don't also be misguided by emotions or greediness, these also draws people more closer to loosing their asset to scam.

In other words, we have the responsibility to validate what these people are saying even if they are popular personalities.
As we don't know the absolute truth behind their promotion, but we can do our own research if they are legit or not.
Most social media influencers these days are being paid, so they will say what they are hired for.
The good thing is with a lot of resources that you can find over the net, you can educate yourself on basically any subject you want to check with.

The fundamental investment rule of cryptocurrency is to always Dyor first. 99.7% of most social media crypto influencer recommendations are pure shill and social media is the space where most market manipulation is generated lately. Besides, the SEC lawsuit against Kim Kardashian, Jake Paul, Lindsay Lohan, etc is an example.
However, we have some experienced crypto traders who tweeted that chart analysis that's different but people still to do their own research.

In whatever business that you want to venture into, it is wise to know the pros and cons of the business by doing your own research but because of cryptocurrency volatile nature, you must do your own research even after listening to influencers in social media or crypto experts. But come to think of it, it is only short term investors that needs to always do their research because they are looking for the altcoin that they want to invest in for quick profit or bitcoin traders, that want to male quick profit that can fall for these social media influencers.

A bitcoin hodler that is on a long term investment and is also increasing his bitcoin through regular DCA will only need to prepare and set aside 10% or 5% based on his income. This is to enable him take care of all necessary needs and emergency with the rest. All he needs to do is to learn the basic knowledge of bitcoin which is to invest in a long term and how to buy bitcoin and transfer to his self custodial wallet from an exchange because he doesn't need any news to deprive him from accumulating because he buys bitcoin no matter the price of bitcoin at that moment. Only invest in bitcoin for a long term will and save yourself from much risk and fake news from social media.

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.