Do Your Own Research (DYOR)
DYOR stands for Do Your Own Research and is a common phrase used by cryptocurrency enthusiasts. However, the acronym is not a piece of advice exclusive to the cryptocurrency ecosystem. It is commonly used throughout the internet due to how fast and easily misinformation can spread.
DYOR in Cryptocurrency
DYOR aims to reduce the number of uninformed investors in cryptocurrency. It encourages them to research and understand a cryptocurrency before investing so that they can answer precisely why they are buying that currency and supporting that project.
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.
Why is it important to do your own research?
Shilling is a common practice in cryptocurrency where people tend to advertise the coins that they own in hopes of positively affecting the price. Quite often, it can be difficult to distinguish the difference between a shill or an unbiased post. When purchasing any cryptocurrency, it is advised to make the decision on your own before investing, and not just because someone else has said it is worth it.
Sybil attacks are also very common on social media platforms such as Reddit, Twitter, and Facebook. People with malicious intent can quickly create multiple fake accounts, attempting to trick investors into purchasing a cryptocurrency based on a “popular” post within a social media platform. But, it is not always easy to spot the fake accounts, so it is important to remain skeptical and do your own research.