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 by encouraging that they research and understand a cryptocurrency before investing so that they are able to answer exactly 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 always advised to make the decision on your own before you invest and not just because someone else has said it is worth it.
Sybil attacks are also extremely common on social media platforms such as Reddit, Twitter, and Facebook. Creating multiple fake accounts can easily be done by people with malicious intent, attempting to trick investors into purchasing a cryptocurrency based on a “popular” post within a social media platform. Quite often it can be difficult to discern these fake accounts, but they exist, and it is always important to remain skeptical and do your own research.