For DYOR purposes, r/Cryptocurrency is a vital tool to get first-hand insights into various blockchain projects. Many projects, even small ones, are being actively discussed on the website. If a guy uses DYOR in a conversation with you, it’s best to interpret it as a reminder to do your own research and not blindly follow others’ advice. It’s important to consider multiple sources of information and form your own conclusions based on thorough research. If a girl uses DYOR in a conversation with you, it’s best to take it as a reminder to do your own research and not blindly follow others’ advice. The first step here is to read around “the problem” elsewhere to check that it really exists, and then you can look for better-known platforms that might have solutions lined up already.

You should also check out the sources the authors use to back up their claims. Look into things and don’t take everyone’s opinion as fact unless you can back it up with rock solid proof which can’t be torn down by opposing opinions. Furthermore, since there are no centralized authorities in the DeFi space, people have no place or authority to report their grievances should the project turn out to be a scam. Fraudulent development teams know this, and exploit it by making promises they cannot deliver. In addition, transactions recorded on a blockchain are immutable.

DYOR Tool 8: Google Trends

You must take your time and make an effort to study everything there is to know about your investment if you want to be a competent investor. DYOR entered the crypto lexicon during the wave of initial coin offerings that flooded the market around 2017. Several new companies sought to raise money to create new apps, services and coins. Many of these were legitimate and genuinely intended to deliver on their promises. Many others were vicious scams created with the sole intention of draining unsuspecting investors’ coffers. Investors were thus encouraged to DYOR, lest they might become the next casualty in the frontier that is the early crypto market.

The website offers podcasts, a newsletter, and industry commentary in addition to being a reliable source of crypto intelligence. The term is also often used as a disclaimer when cryptocurrency traders and enthusiasts make public posts or share their market analyses on social media platforms. Moreover, lots of content creators are publishing “top crypto to buy” where you can find almost all coins and tokens that exist. You have to understand that the primary reason is to earn clicks and that nobody can certainly know if the coin will go up or down. Many of them are promoting coins that have no utility and end up losing investors’ money. It emphasizes the importance of educating yourself on the topic before blindly investing in it.

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CoinGecko is a popular market research source for blockchain projects. The platform provides detailed information on market caps, prices, and daily trading volumes of various crypto assets. In addition to being a credible source of crypto information, CoinGecko also provides crypto-focused podcasts, industry commentary, and daily newsletters. When going into individual asset pages, you can also find the token’s website and social channels, allowing you to continue your due diligence. Reddit’s primary value in your research is the ability to ask the opinions of people who have been directly involved in crypto projects or have had experience purchasing coins. Unlike websites that give you statistics on market caps, prices, and other metrics, Reddit offers a unique way to directly converse with users about blockchain projects.

No one is right all the time, and no matter how pure the intentions, they will be wrong from time to time. Trading Volume and Liquidity- You can get most of these charts and data from reputable crypto focused websites, which we will discuss below. A good way to gauge this is looking at the whitepaper, joining the social channels of the group and listening in on conversations. A lot of this information has an element of bias in it and may not necessarily give you the broad perspective you need to make an informed decision. Tokenomics (a portmanteau of the words token and economics) is very important, and you need to understand the unique tokenomics of a coin before you consider investing. However, research, especially in the crypto world is never really straightforward.

More from Luke Willis and CryptoStars

In this article, we will cover some key DYOR tools and how you can use each of these tools for effective crypto research. Never FOMO (fear of missing out) in crypto, and if you do, chances are you are going to be taught a painful lesson. Never rush into an investment, especially if you don’t fully understand yet. Realize that we are still in very early days and that there will always be other great opportunities. Be curious about projects and get interested in the tech and the space in general.

It’s also perfect for beginners who want things explained to them in a simple, digestible manner. Websites are a good way to start, especially when you need high level information on the project. You can find things like market cap, trading volume, price history, charts and so on, on crypto focused websites. There are so many amazing online resources available and crypto meet-ups worldwide you can use to learn more about Bitcoin and Cryptocurrencies.

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This resource is great for accessing customized analysis carried out by the platform’s users into various crypto assets. Many users contribute excellent technical analysis on cryptocurrencies and tokens. The decentralized nature of the crypto world means that even the leading websites may not have perfectly accurate figures at all times. Thus, CoinGecko is a useful tool to cross-reference the accuracy and precision of key indicators such as market caps, token prices, rankings, or trading volumes listed at CoinMarketCap. Many crypto and blockchain projects are decentralized finance (DeFi) applications.

The team is the backbone of a project, and are the main determinants of its sustained growth. Knowing a lot about the team and advisors is a great way to see if a project truly has what it takes to be successful. If you can, a background check on each team member can be a lifesaver when it comes to investing in a project. A lot of projects have gone under due to uncovering illicit activities in the background of core team members. The website should share useful information about the key people behind the project. Poor designed websites, spelling errors and a lack of transparency around the team are all red flags of an outright pump & dump scheme.

Searching Social Media

A high level view will give you a rough idea of its risk-reward. This way you can actually filter much of the info you need to know if it’s not the kind of investment you want to add to your portfolio, saving you a lot of time. If you want to follow websites, stick to the most popular ones, with large followings on all social media channels, as you are most likely to get quality information there. Check the comment sections, what are the opinions of followers regarding the news.