Why DYOR (Do Your Own Research) Is Crucial in Crypto Investing
> A lot of new crypto investors still fall into the trap of following hype — especially when a token is trending on social media. But honestly, this is one of the main reasons why many people lose money in the space.
Social media is the worst place to source investment advice, it's very sad that there's no laws prohibiting influencers from advertising unverified products. Influencers are the evil of social media, they don't care the kinda of risks they expose their followers to, as long as they're paid. My sister was almost scammed again in a new ponzi scheme, if not that I intervened early enough today.
> These days, there are countless scam projects that sound good at first but have no real value or intention to deliver. That’s why it’s very important to do your own research (DYOR) before investing in any coin or project.
Most of these new projects are as good as gambling, always easy to get rugged, especially meme coins, do you should invest as little as you can fund the casino when gambling responsibly.
> Just because a project has a huge following on Twitter or Telegram doesn’t mean it’s safe. **We need to be careful — it’s our money at stake.
> How about you guys — what are your personal tips or red flags when doing research? Feel free to share your experiences.
Every wise crypto enthusiast must have had their fill of
scansscams all over Twitter and telegram, mostly telegram. The heat was felt last year and most people invested in projects which turned out a scam. It's important you research from good forums like bitcointalk. And don't forget to research deeply on any project you would invest. Yes please always DYOR.