The Illusion of DYOR

In November and December, I was ecstatic to have rode the Bitcoin wave up. Made a bunch of money and naturally, I got greedy. When coins were getting shilled and pumped, I would do my own "research", and buy into the coins that I supposedly thought was robust.

The recent bear market gave me time to take a step back and reflect upon how shitty my "research" was. No way do companies with no product (not even a valid test net!) deserve a market cap in the hundreds of millions of dollars.

I was doing research by looking through websites and glancing over LinkedIn's and code repo's. If the idea seemed nice and the team wasn't obviously shady, I bought into the FOMO and now a couple months later, I'm stuck holding a bunch of bags, including projects like TRON and VERGE.

Ask yourself if you were doing this when everything was getting pumped, because I know all my friends were. Research isn't about looking through a website and buying if it looked nice. Research is about diving into their code repo (if you're a developer), reading their white paper, evaluating their possible market share, and comparing a project to others in the space.

Once I started writing things down and doing serious research, I learned that a lot of what I hold were absolute shit projects, while some projects that I skimmed over and never bothered with (because they were never shilled), were actually promising and good coins to buy.

Stay safe out there. When the next bull run comes, be prepared.

submitted by /u/frankfka
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