DYOR - Do Your Own Research
Do Your Own Research is a common term in the cryptocurrency space that is made into the DYOR acronym. It is intended to persuade people not to take everything they hear as truth.
There are a lot of moving parts in the cryptocurrency space, and being such a new space means there is also a lack of education for many new investors and users. This often leads to people stumbling across information that they want to take as an ultimate truth, when really, they should be doing their own research.
The term DYOR is an important lesson for crypto users because if they seek advice, especially some that confirms their biases, they will often find it. This advice however may be inaccurate and this can lead to losses. Many more seasoned investors like to share their insights, but this should be, and often is, caveated with DYOR.
When a new crypto user is encouraged to do due diligence and do their own research, it means they spend some time delving into the choice they are making and determining if it is in fact a good choice and if it is right for them.
Investing advice is difficult because no one can predict how the markets will move, but many people will find justifications for their predictions. However, if you are encouraged to DYOR, you may find this prediction to be false in your eyes, and potentially save you a lot of money.
Those who do offer out advice also like to caveat said advice with a DYOR tag in order to lessen the liability for people following them and potentially losing money. This kind of disclaimer is essential for market predictors as they cannot be 100 percent accurate and they do not want to be responsible for losses their followers incur.
DYOR is also used when examining projects and other aspects of the blockchain space, it does not always tie into market predictions and price. It can be used to ensure you are not following or investing in scam projects.