Do repost and rate:
Everyone seems to be adding this "DYOR" - which stands for Do Your Own Research when they share their thoughts and ideas. Well, how do we do that?
As a typical crypto writer, let me pause here to tell you to DYOR. Below are just what I find is sufficient for me, but given that everyone has different prowess or level of understanding, some people may prefer to dig deeper.
- Reading the whitepaper
- Blockchains or protocols may prepare a whitepaper which shares details on how it works etc. However, it's also common that some scams are doing a simple Ctrl+C, Ctrl+V (copy and paste) to do a quick setup for a rugpull (AKA a scam to run away with your money)
- Referring to RugDoc for their risk assessment on various protocols - https://rugdoc.io/
- RugDoc does so by reviewing the codes used, and have useful info for non-coders like myself to make a more informed decision before deciding to engage with a certain protocol.
- Referring to CoinMarketCap for the website links and coin contracts, on top of eyeballing the website / contract
- Phishing is a big enough risk in crypto that a lot of legitimate webpages have a banner at the top to have you to check that you're accessing the right page, or a reminder to bookmark the page. This usually happen when such phishing websites pay money to appear at the top of the list in say, a Google search.
- For instance - https://www.vice.com/en/article/k7wakw/top-google-result-opensea-phishing-site
- Hanging out in Twitter and/or Discord
- Follow the founders/creators of those protocols/blockchains for a start. Some simply create a presence to build some sort of credibility before going for the rugpull, so take this with a pinch of salt
- Look out for association from other established protocols/blockchains
- Identifying resources (youtube, Medium etc.) that have established themselves (this is a subjective one)
- https://www.youtube.com/user/TheTaikster/videos - he's a guy who preaches (and walks the talk) about chasing yields, and not about farm/chain loyalty. Not promoting here as I personally find the content informative for me to dig further (further researching on what he shares), or when I'm looking out for new blockchains/protocols to explore
- Certain people are established in say, one blockchain. Look out for them.
Well, hope you gained a better understanding on some ways to DYOR. Not an exhaustive list! Feel free to add on in the comments below if you have better ways. Always happy to learn from one another in the crypto community, cheers!
Image credit: Google Image
