I am a huge fan of doing your own research as you learn so much along the way.
DYOR is the most important 4 letters in crypto besides "not your keys, not your crypto" and people need to wake up quickly. Over the last few years we have seen some horrendous losses with crypto investors mainly down to the fact they are mostly all very ignorant and too trusting.
I am sure many of you are aware of the judges ruling in the Celcius case where he ruled that all the "earn" accounts are property of Celcius. The bigger picture means you lent your crypto to Celcius and now are part of the creditors list looking at cents on the dollar instead of your full value.
If you googled Celcius early last year however you would find quite a few sites that were openly promoting this and why when researching don't believe anything anyone says. We know many social media shillers get paid so who says these sites are also not part of the big con story to get others on board.
This comes from a site called Bitcompare.net and they gave Celcius a 5 star rating because they never did any homework on what was going on. The weird and crazy thing is they are still very much active and regard themselves as specialists in handing out advice.
I cannot emphasize this enough as there are no shortcuts in research as you need to know and understand everything yourself. This takes months of research and is not just a 5 minute read as this has serious implications when you get things wrong.
This is all they have at the bottom of the page now as how many investors did they lure into this scheme and how much were they paid? They also did a 5 star review for BlockFi calling it safe for investors.
The reality is no one can say anything is safe as you need to do the proper research ensuring your funds are safe at all times. Hard lessons are sometimes the best lessons in life especially when you have lost money in the process. I am pretty sure many who lost funds with Celcius also lost money with FTX as these sorts of places tend to attract a certain type of individual over and over again. Not your keys, not your crypto should be at the front of all decisions made.
The decision today by the judge will definitely wake people or should to some degree as how many have their portfolios stuck on centralised exchanges? These according to the judge don't belong to them as they are not in their possession which is quite right. Fast track 5 years from now and many of us who have been building long term should have a sizeable fortune and what we do with it and how we protect this is entirely up to the individual. Adding a few zeros on your current values will have to influence how people protect what they have as we shall see many more cases yet where fortunes are lost overnight.
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DYOR is so so so important, and not just because of Celsius and FTX. I'm actually doing a series of videos on DYOR tools on my YT channel
It is actually the fun part of the investment as you learn so much about the project. I don't understand anyone who has no clue what they are buying into. over the last 12 months I have only found 2 investments I am comfortable with and busy looking for number 3.
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Want to share those 2?
Coti and Vet are the two that stand out head and shoulders above all the others for real every day use cases. The trick is not to see it as it is for now, but think ahead 3 years where they will be. VET is the main company monitoring carbon emissions and why Amazon Web Services partnered last year with them. They moved to Europe last year to open anew HQ as they are fully entrenched in the EU Government and will be heavily involved. PWC is also a partner and they have 80% of Fortune 500 as client base. Coti is massive with what they offer as a payment service provider being a genuine bank as well. This month they launch DJED the stablecoin for Cardano. Enterprise tokens are next with one client ready to roll out after signing up with 2 more waiting to go next. Stake in the treasury and score the extra APR these all bring in through fees.
Oh I have been holding VET a long time now, from way back when they were focusing on supply chain and Coti has been on my watch list
That's why part of me feels like it is smarter to just stick with Hive. We know and love Hive. It is relatively risk free. It's also tested and proven over time. I'm not saying I am going to stop investing in other stuff, but I am definitely going to put my primary focus on Hive in 2023.
There are times when doing your own research falls down, and very often that is when you can read source information but not have the knowledge or experience to interpret it correctly. We are losing respect for actual expertise because some of the experts and authority figures have their own version of reality, on purpose.
Just look at the pandemic. There are medical professionals who refuse to believe that the disease is airborne. Here every day we have armchair investors who have done their own research telling us to go all-in on token of the day, only to get rug pulled.
It's only going to get worse with AI tools. Ask ChatGPT about a topic you know well and see how many errors it confidently supplies as if the answer was factual. It is a whole new world.
DYOR is the key component of crypto, how can one consider crypto and decentralisation without taking into account the personal responsibility that comes with it. It's easy to follow the trend in bull markets and make some quick gains, but all those crypto OGs know you've got to be willing to spend the time DYOR!
Slothbuzz brings a core of old crypto users founded on that very principle! There are so many awesome crypto projects out there, it's always worth spending a little extra time DYOR!
The first thing is that this year like Luna and FTX crash, People have lost trust in crypto. However, if we want to work in this market, we should search for such a project first and then do it after a while. I just read about the project you are talking about Dyor. I will also do more research about it and after that I will invest some money in it.
No matter what happens, it's always best to research well and act based on your knowledge so you can't blame others when mistakes occur
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Yes, personal responsibility is huge in every area in life.
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