Do Your Own Research (DYOR) - My Fail Stories
One of the very first acronyms anyone would learn when they dive into the cryptospace is DYOR. The first time I came across this acronym was on Hive/Leofinance platform in early 2020.
Side note- Shows how important it is for individuals to be in relevant communities.
I did not know what DYOR meant. Quick google search and I realized it means Do Your Own Research. I understood the meaning but it took me next nine months to fully understand the deep meaning it holds. It is one thing to understand what the words mean. We need to experience and live a crypto life to fully understand why and how you DYOR.
Photo by the blowup on Unsplash
Mid 2020
I was very active on Hive in mid 2020. I was like a kid who found a store with his favorite toys. I tried so many new things and learnt about crypto concepts. The learning I gathered by following the original whales on Hive who experienced a full crypto cycle cannot be measured.
Following few early adopters, I jumped in and invested on pancake-swap. That turned out to be a profitable investment. The success changed my thought process. Success can get into your head and force you to make irrational decisions. It will lead you to take unnecessary and uninformed risks.
DYOR comes handy whenever you are not in your right frame of mind. The very first investment mistake I made was to invest in a yield aggregator on Binance called Acryptos. Nothing wrong with the platform. But, the early success got into me and I refused to take profit. Never realized why the OGs kept saying it's a cycle and what goes up will come down.
I never researched properly on the platform. I did not perform due diligence on what should be done when the market is going parabolic and every second coin is about to touch the sky.
No DYOR and my plans were baseless. No DYOR and my profits and investments came crashing down. No DYOR and i realized the value of DYOR.
There are so many success stories but failures and missed opportunities hit you harder. The Acryptos saga was one of the failures and learning opportunities for me. I would never put all my eggs in one basket and take bets on it. I would realize my gains and atleast take out my initial investment.
The platform is still functioning. It is not a scam /rug-pull [I think so, who knows].
I will post many other fail-stories on Leofinance platform.
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Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
https://twitter.com/raamesa/status/1438311167521341441
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We’ve all had those fails! Some of mine were not getting into things that others are. That’s mostly my hesitancy against messing up though lol
It's a right balance between taking risks and taking risks knowing what you are getting into :)
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Sorry to hear about that. I remember the craze last year when everyone was jumping into new defis and all the new platforms as early as possible just to get ahead of the others. Then came the horror stories about how much they lost.
I hope your only loss is not taking profits and you still have your initial investment.
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I would be happy if it was only not-taking-profit loss. I was up in the air while buying those tokens when they were valued at their ATHs.
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I have to admit I rarely do any research when investing. I usually put my money on what the smart money is choosing. The problem is I don't have the required patience to profit as I could from most of my investments.
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Following smart money is also a type of research. You are following accounts and make your decisions based on something good is happening there. Having patience and maximizing profits are the other attributes I need to work on, for sure.
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