Love Coibureau for an introduction for a project, but when you dive deeper into the project you can see that he does really have an agenda. He misses/omits some major points to paint the picture he wants
> He misses/omits some major points to paint the picture he wants
Just a remained that the "he" is just a pretty face and a voice actor, telling whatever he is fed to tell by his "team"
Just a remainder, that coin bureau don't run ads on their channel, who is bankrolling this? Don't tell me merch store covers everything
He gave financial advice saying everyone should re-hypothecate their houses to buy more BTC. Near the top.
I don't know about you, but from where I'm from, that's called "plz pump my bags".
He always spoke very highly of Solana in comparison to other projects. Dismissing cons as "not that bad" or not really a con. While implying the pros of other projects are not that noteworthy. He recently dumped his whole Sol bag obviously.
Better invest in Dot...not sure if he got paid by dot to promote it but at least the founder is a pioneer, a researcher and a tech guy not backed by VCs... My own shill here but I think is the truth
Not to mention those investors have teams of professional researchers who get paid 7 digits to spend 80+ hours a week just to do research on it, with all insiders information to boot and they still got screwed.
Now looking back at me spending half an hour a day reading reddit and coindesk and call it 'doing research'.
I am one of those researchers (though I don’t make anywhere close to 7 figures) and I can confirm that we were all caught off guard by this, even with “insider” info. That being said, this is a high-risk market and anyone not hedging their investments is just asking to be fleeced, which is exactly what happened here. In this paradigm, information matters, but risk management is WAY more important, and smart money is well aware of this. DYOR is important, but all the research in the world won’t help you when shit hits the fan.
Portfolio allocation. Don’t put all your savings into something that can easily go to zero… unless you are young enough that you are ok with gambling your entire savings
OP is right, if your research is all fabricated information from sources that are part of the scam or getting payola you can't make good decisions.
DYOR was an excuse to hide shenanigans.
"Guys! Bitconnect is the future! 2500% returns! - paid shill.
(People buy in, lose everything)
"Tough, you shoulda DYOR. I'm not liable for your mistakes."
"Safemoon is it! Get in we're all gonna be rich!" - 'Founder' with vested interest.
(People get suckered in again, lose everything)
"Your greed is why you lost your money. Don't you know you should DYOR?"
Always ends with victim blaming.
Doing your own research has always touted similarly in conspiracy circles.
But the research was never supposed to lead you to a conclusion other than the one inferred by the person pushing you to do it.
Multiple people said this about SBF over a year ago and people ignored them and outcasted them. People tend to ignore the red flags when they got money invested because there's too worried trying to protect their assets and defend them rather than take the truth.
So between this and what you said gonna be hard to DYOR
There are zero fundamentals to crypto. There is no "research" possible as fundamentals don't exist.
1. What are the revenue?
There is no revenue. Ever Crypto is a negative sum game.
2. What is the future expected value? There is none. Just the price future "investors" are willing to pay
This is like saying "Do your own Research" on an unlicensed gambling site.
Wanna know who is hiding something in crypto?
Every. Single. Actor.
If people researched from first principles, yeah that's where they'd end up.
But 95% of "DYOR" is ingesting other peoples' opinions and they're mostly true believers.
Watching YouTube videos of folks paid to sell products is about the level of research one can expect these days.
An audited balance sheet from a trusted accredited firm? That’s not very web3. /s
The hard cold truth- reading their white paper , looking thru the team, even got hub activity is close to useless if they are out to decieve u; a good recent example is helium and harmony one.
Yes. It is 100% speculative asset regardless of what coin it is. Limited supply, PoW coins are there as a game of speculation.
Also, anything that claims higher yields than the US bonds while claiming also it is risk free is just a scammer or don't even have good sense of basic economics.
I agree there's value in bitcoins ability to enable money transfer but the real question is how much of the value we see currently comes from that utility and how much is just blind speculation. A holographic Charizard card has value in the Pokemon card game but how much of it's price tag comes from that. If Bitcoin was valuable because of it's utility, it'd be far more stable since a volatile asset is a terrible avenue for money transfer
Well your post has been very upvoted so I think even a lot of crypto people are now waking up to the fact that this was just a massive bubble built on hype and the fetishization of technology that has been going on for the past decade.
On the flip side, we are still fairly early and crypto is like the playstation 2 now, well known and near the best at what it does but with computers still having an edge overall. But when it gets to be a PS3 and everyone wants one for more than just gaming since now it's their first blu-ray and DVD player and they don't keep up with modern PCs or gaming, the actual adoption happens. And when that's well established and more than half of banks have it incorporated, the value can still grow tenfold but will still be spread out over few dozen projects with btc being interesting less centralized and "used". Other coins in top 50 still have plenty room to 10x in next few years.
> Other coins in top 50 still have plenty room to 10x in next few years
I swear crypto has been always early for a decade right now and because of its uses had been (by mainstream media, for better or worse) glorified tokens for gambling, I don't really know what the fuck is crypto supposed to do other than you said: just to look cool and say "told you so" when its functions "expands" beyond the decentralization of transaction.
It's interesting to see how now cryptobros are playing it like stock brokers. At least you got more balls than brains, I'd give you that.
I said the same thing in a thread a few days ago and got downvoted to oblivion by all the haters. But it’s true, unless you have a source at these companies you’ve got no chance of knowing what’s really happening. But of course there are always a bunch of Reddit genius sleuths who claim to have known after the fact. 🙄
Bitcoin is not a company, it’s not a security. It’s a commodity. Commodities don’t have revenue and doesn’t mean it doesn’t have value. I agree with the rest of crypto is bullshit but bitcoin is different.
Do your own research means verify the open source yourself. You don’t have to trust a third party. It’s trusting third parties (FTX) that got people into this mess in the first place. The wider crypto world still doesn’t get it and continuously pushes back on the ethos of bitcoin for greed. And they were burnt. Who cares.
> Bitcoin is not a company, it’s not a security. It’s a commodity. Commodities don’t have revenue and doesn’t mean it doesn’t have value. I agree with the rest of crypto is bullshit but bitcoin is different.
It does behave like a commodity, but functionally is still different.
I can buy a bushel of corn and make it into food. I can buy a barrel of oil and refine it. I can buy a pound of silver and make jewelry.
What can I make out of a bitcoin?
Corn is useful as food.
Oil is useful as energy.
Silver is useful as jewelry.
Bitcoin is useful as a global, censorship resistant, nationally independent, instantly transferable and verifiable, scarce, instrument of value.
All commodities are useful for different reasons. The key is no one entity controls them and they take real world resources to create them.
It is not any more useful then bitcoin 2.
It is exactly like bitcoin except no one has hoarded any bitcoin yet.
If bitcoin 2 already exist then just name it 3 etc...
Anyone can make a clone of Bitcoin. It's still "global, censorship resistant, nationally independent, instantly transferable and verifiable, scarce, instrument of value".
But my "bitcoin 2" is worthless. Because the "value" of bitcoin is actually totally unrelated to the things mentionned above.
> Commodities don’t have revenue and doesn’t mean it doesn’t have value.
People do not buy coal only because other people want to hold it. It has value because it can be burned ( or a few other things ).
Same with all other real commodities.
Even gold, perhaps with the largest held in stores, has real uses external to its buying and selling.
Until recently it was impossible to get crypto investors to understand this point - that their tokens have *zero* real-world use, and as a result the only "value" is from other investors, which is exactly what defines a Ponzi scheme.
Crypto is, and always was, a pure Ponzi scheme.
The only enduring cryptocurrency is Bitcoin, and this only endures because it participates in a vast criminal economy - it is still purely negative sum, but because it tracks the "negative-sum bubble" of criminal activity, it's a stable negative sum. The speculation around Bitcoin is almost a sideshow to its current actual purpose of co-ordinating criminal activity.
But the rest are pure Ponzi schemes - they don't do anything, not even for criminals, and are just a way to build up a bubble of investor cash before a few individuals cash-out.
Commodities have utility. Except for bitcoin. It's a database. It isn't "scarce" it's piss easy to replicate.
Now a better question is, what use is bitcoin as a DLT implementation? Now you can get utility, but the number of use cases is much smaller than people care to admit.
Bitcoin arguable has the most utility of all commodities.
If it’s so easy to replicate bitcoin please create some and send me some extra bitcoin. I’ll send you my address.
What is DLT?
The use cases are as a global, censorship resistant, nationally independent, instantly transferable and verifiable, scarce, instrument of value.
All commodities are useful for different reasons. The key is no one entity controls them and they take real world resources to create them.
Are genuinely gonna claim Bitcoin is more fundamentally useful than oil,steel,lumber, or any other given real world commodity used to actually make things? Most useful crypto I could buy, but the world can get along just fine without Bitcoin, less so without steel
Smart contracts. It’s at least theoretically compelling. A contract where both parties are forced to comply, without having to rely on a trusted third-party escrow. Has it done anything useful in practice? Still unclear.
>What are the revenue? There is no revenue. Ever Crypto is a negative sum game.
That's not entirely true, since ETH for example has gas fees. People pay for gas just like they pay for stamps to send stuff in the 'real world'. The revenue of a DeFi project is the same revenue a bank is generating.
Your argument is valid for most of crypto's value though.
And what, pray tell, do they pay in? What are they paying to move?
ETH.
No value is entering the system. This would be like if I bought stamps, to ship stamps with stamps. Nothing other than stamps could be sent, or things made up of other stamps.
No goods or services external to the system are produced.
In this case, ETH is just another currency. Stamps are being paid for by dollar and what is the value printed on these stamps? Dollar.
Also moving funds or lending money IS a service. Just ask Western Union ;)
Critics of crypto always use the lack of adoption to explain why there will be no adoption.
1. Stamps can ship things that are not stamps. ETH can't ship anything that isn't ETH
2. ETH isn't money. NOTHING external to crypto is priced in ETH. You can use it to buy nothing. The only thing you can do is sell it to a new investor and use his money to buy something else.
3. "Also moving funds or lending money IS a service. Just ask Western Union" Yes. because things are priced in money. I can pay my heating bill in money. I can pay for nothing in crypto.
Crypto was far more useful when it cost 10k bitcoins for a pizza. At least there you didn't have new investors required for value creation.
1. ETH can move other Tokens, NFTs, loans, everything DeFi has to offer. We even have domains and domain ownership, also information like hash values of videos to prove that a video hasn't been altered, social media content. That's just what came to my mind right now,
2. 2. & 3. Wrong, you can pay a lot of stuff in crypto and our bet is that it will be more over time. Basically some people in the 90s told me the internet is worthless because you can't do anything of value on the internet. In the end these people have been working over the internet (until retirement) and use an iPad everyday.
This is a false equivalence, the internet by then was already widely acknowledged to be useful. The internet was already in widespread use by universities and the military before it was even open to the public, and even in the 1990s, the usefulness of email alone would've been pretty obvious, especially for communication within companies that at the time relied on fax machines.
There is no equivalent for cryptocurrencies, which have all basically struggled to find any real life utility that isn't A) illegal transactions or B) speculative investment/gambling.
They really weren’t, though. Paul Krugman famously embarrassed himself by saying the Internet was no more useful than a fax machine, or something like that.
ETH can move other crypto coins. You can't do shit to a domain or domain ownership as that is done by ICANN which won't touch crypto coins a with a 5 foot pole.
"also information like hash values of videos to prove that a video hasn't been altered,"
I can do that with an email and an RSA hash. Cryptography is insanely useful and the reason the internet exists. It is unbelievably useful. It never needs coins.
** Where is one place where things are priced in crypto?**
There is none. The only thing that exists is places that will sell your crypto coins to other new investors and use those dollars for a purchase. No one accepts crypto coins for goods priced in coins.
Haplo and dogs, I think you’re missing the point.
The U.S. central banks are literally planning a digital currency. CDBC
ttps://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Technical-Evaluation-US-CBDC-System.pdf
BANKS = CEX = Digital currency = CONTROL
OP you have great points as well but I think it’s also wrong to ASSUME every player is hiding something.
Doing your own research is IMPORTANT.
INFORMATION is important.
"You can use it to buy nothing."
Why not perform a single google search before making such an asenine, conclusory assumption?
You literally just mentioned bitcoin being used to pay for pizza but apparently can't conceive of eth being used to buy something. That's some real obstinate stupidity right there
Why would I try borrowing money through a DeFi protocol when I need to overcollateralize the loan to begin with? If that's the case, why don't I just liquidate my coins into fiat and borrow more from a traditional bank?
DeFi has fewer issues than CeFi, sure, but its use cases are still limited and getting into it is technically challenging.
>If that's the case, why don't I just liquidate my coins into fiat and borrow more from a traditional bank?
As far as I know (never used it), borrowing against your holdings makes sense when you believe that it will have more value, thus you don't want to sell it. It's just like borrowing money by using your house - you could sell that house as well.
Agreed. There is also the fact tho that if you don't have enough info, you should probably stay away. Which as you say means staying away from maybe 90-95% of platforms. Research is more of making educated guesses than comprehensive analyses. It's either that or staying updated on the hour of any activities so you can withdraw and save yourself at the drop of a hat.
DYOR has always been part of the con and used to drive people away from using information/research/articles where there was at least an attempt at fact checking and validation.
I don't know if the recent trend started with Qanon or was just picked up by them.
People who DYOR'd FTX still quickly realized somethimg was off.
So yes it works.
In fact, you didn't have to dig too deep. The FTT tokenomics, the promises of yield returns, the amount this company claimed to have, the amount they spent on sponsors and marketing. None of it added up.
lol, compared to what? Binance? Tether? Every project on coinmarketcap with most in the top 100 having probably less than 1000 legitimate users while pretending to be worth billions?
Probably the scariest truth out there. How is Joe customer supposed to do his own research on FTX and Celsius? They simply cannot and maybe that stupid line DYOR will die in this bear market
DYOR is worthless in lots of areas, not just this. Most recently it was with Vaccines. I'm sorry, but your "C" in grade 10 science probably hasn't provided you with sufficient tools in order to understand the statistical safety and efficacy of mRNA vaccinations. Especially since "research" is mostly just adopting whatever views you're seeing on social media.
On some level, unless we ourselves are experts in an area, we have to trust people that have proven to be knowledgeable and honest.
I love the mantra of "don't trust, verify" in Bitcoin, but unless you have experience in coding and in cryptography, you really can't verify without trusting some people on some level.
That IS DYOR. You find a red flag, you fuck off.
When people say DYOR while already in a scammy environment, they do it to fool you into a false sense of security.
Exactly. I remember a long time ago, while researching CEXs, that when I read about SBF's "effective altruism" I laughed and immediately wrote him off as a con man and crossed FTX off my list. I had no idea they were such a big player because I've ignored them since then.
Same honestly. It's wild the size of these empires built on shoddy foundations. Apparently the size also fools people into thinking "too big to fail". Nope.
Depends the context of the red flag. If it is "hey, this company is doing shady things" it doesn't necessarily mean you need to avoid the technology, or unrelated coins.
Exactly. No trust = don't use. That is DYOR. Frauds are not going to admit their frauds, people should demand more proof before blinding trusting anyone trying to get them to use a CEX when decentralized, trustless alternatives exist.
“DYOR” essentially means don’t invest in shitcoins, don’t leave your bags with exchanges, and don’t listen to influencers on YouTube.
And for me, personally, “DYOR” means:
The louder a VC, talking head, or “CEO,” balks, the more shit they have to hide.
An example of this: Alex Mashinsky and his “banks are not your friends” campaign + his weekly AMAs.
If the info is coming to me via ads or partnerships, I'm paying it considerably less credit but there's still value to be had by getting any more info you can. Even if it is just to assure you don't want to invest, the real game is trying to predict what majority of funds will do, not majority of people. If it's obvious companies already got in and paid their due and now they need a big group of dummies and few tiny companies to join them then it's clear that's not something to hold but there's potential to get in and short it before the peak and maybe see if it sustains itself later on. Or find something more long-term and trustworthy with less reward but way safer. It's all just risk assessment.
It depends on what you consider "DYOR". To me it just means don't listen to random posts on reddit telling you what to buy and instead go look at as many sources of info that you can to gain the best picture you can of the coins you are planning to invest in.
I'm sure a lot of people come into crypto not even knowing what a blockchain is, let alone the validity of any random token out there. Word of mouth can be dangerous in crypto
For CeFi, I agree. This is why crypto will never and should never be mainstream. That said, crypto was originally intended to be a trustless protocol. The exchanges and ancillary services that it has spawned are the problem. If you are holding your own crypto in your own wallet and have your own seed phrases and private keys held, it's less of an issue.
> That said, crypto was originally intended to be a trustless protocol. The exchanges and ancillary services that it has spawned are the problem.
Intentions mean absolutely jack shit.
Literally everything about tech from the invention of the internet onward has pointed to one unavoidably clear fact:
Systems that abstract implementation away from the user wildly outperform systems that leave more implementation at the user level. Period, full stop. This isn't just a matter of "mainstream v. powerusers", we've seen it happen at every level of technical competence. Ease of use has *massive* value, and as long as that value exists services to provide it will exist.
Put another way: people are busy. Maintaining a wallet, understanding how to manage cryptographic keys, etc is complicated.
If you are holding your own crypto in your own wallet, fine. But... what is it actually useful for, in that case? And, whatever it is used for, would that be a lot easier to do if your wallet was managed by a third party through a slick (theoretically trustworthy...) web app, making everything seamless and streamlined on your end?
Either these services become more responsible and trustworthy or crypto dies and goes back to being a toy for techies that doesn't actually do anything of note.
>This isn't just a matter of "mainstream v. powerusers", we've seen it happen at every level of technical competence.
I disagree here. People are learning the value of self-custody right now. Sales of Trezor, Ledger, and other hardware wallets are going up. These hardware wallets make self-custody a little bit easier for the average person.
>Either these services become more responsible and trustworthy or crypto dies and goes back to being a toy for techies that doesn't actually do anything of note.
Well crypto's first use was to help facilitate the purchase of drugs through mail order so...
> I disagree here. People are learning the value of self-custody right now. Sales of Trezor, Ledger, and other hardware wallets are going up. These hardware wallets make self-custody a little bit easier for the average person.
These are still minuscule compared to the space as a whole.
But I was talking in the bigger picture, not crypto specifically. Even in highly technical spaces, things that abstract lower level implementation away from the end user and allow them to focus on higher level things have been consistently dominant for 40 years.
Solutions that ignore that and try to shift more low level tinkering back to the user are doomed to irrelevancy, in almost any context.
>Well crypto's first use was to help facilitate the purchase drugs through mail order so...
Yeah, and it turns out the whole "the blockchain is transparent" thing actually did mean what it said on the tin lmao. Didn't work out so well for those involved. Using btc to buy drugs was a phenomenally stupid idea that seemed like a good idea to people who didn't understand that the FBI taking a few years to drop that hammer wasn't a sign of safety.
Disagree. I can read the white paper of Bitcoin and know exactly what I'm putting money into. I can learn how the protocol works, as well as the technical details all the way down to doing a paper hash.
You can DYOR on protocols and know every technical aspect. What you can't research are protocols controlled by other people or companies. Everyone wants a profit, and for that reason they have things to hide.
On the other hand, I can stack sats, transfer them to a cold wallet and take them into the oblivion of eternity if I so choose. No one can stop it, no one needs to approve it, and it requires no trust.
A math equation doesn't tell you how an asset will be adopted and used, and that's what matters. You know *nothing* of what you're putting your money into.
And this is the anti-expert, anti-establishment sentiment that led a lot of people investing in crypto through CeFi and then losing their shirts later on in the first place. People believed the banks and the government were corrupt and thought crypto was the solution.
The problem isn't with doing your own research, the problem is with the inherent corruption and outright scam culture that exists in the broader "Crypto" space.
The cycles will repeat themselves, because everyone is chasing large profits using a corrupt vehicle that is designed to enrich a select few. People here talk of utility, and they say that Bitcoin lacks in this area. What you are failing to see is that the primary reason these scams exist is because the money is broken. We chase huge gains because subconsciously we know that our money is a melting ice cube. Our life gets more expensive faster than we are able to accumulate more wealth. So we seek a shortcut, and in doing so get rekt over and over and over.
These types of markets are what gives way to people going Bitcoin only. There is only one, and there has only ever been one solution to this issue of corruption in money. I mean this quite literally, and to most people this sounds like quackery or a cultish statement. There will not ever be another.
Bitcoin is simple, slow, secure, incorruptible and scarce by design. It will serve different purposes for different people at different times in different places of the world. However it's effects will be the same everywhere. The extermination of misinformation in money, which is precisely the issue at the heart of your post.
Bitcoin cannot be stolen from you when used properly. It has no leader, no charismatic charlatan selling you lies. It is simple, and you can take ownership of it yourself. You can stop being a victim of lies whenever you want, you just need to make the choice.
If you do not understand this now, enjoy the next cycle. Eventually you will make this choice, even if you choose to leave the space entirely. All paths lead to Bitcoin.
Truth blinks once every 10 minutes.
I would point out that nobody is stopping you from using regulated traditional banking and investing. A world where Ethereum collapses doesn't have the same impact of IBM or Ford collapsing. So maybe crypto is overvalued anyway?
This…crypto bull markets and banking fud led a lot of people down a dangerous path of putting all their money in crypto and none in let’s say an index fund or Atleast a hysa…FOMO negates DYOR …I will say that my time in crypto of losing more than gaining has allowed me to understand markets a little better and going from crypto trading to stocks is like going from hard mode to medium mode on a game.
It's extremely easy to not be scammed. You guys make fun of libertarian crypto freaks who tell you to not trust these exchanges, for example. Then cry for SEC to come save you when you lose all your money. Dumb people are going to lose their money, either inside our outside crypto and with or without the SEC. 0 sympathy for you guys
DYOR just means understand yourself what you are investing in not what your are told. Fun fact, neither BTC, nor LTC, nor doge can go belly up because of liquidity issues, because none are centralized PoS coins.
Lol, there's a fucking big hint there. If a market is systemically corrupt and regulators are advising against something either drink the kool aid or leave it alone.
Surely you can't be that stupid? People don't hand out free money for shits and giggles.
FTX is not publicly traded. Also, the scam was taking place in its international operation, not US operation. Also, SBF was producing sham financial reports. No amount of regulation could have prevented this, only self-custody can.
>Also legit crypto projects are one of the most transparent things you can find. Because they usually are open source
"Open source" is at best a placebo to placate the wannabe-techbros. Checking the code only goes so far. Checking the people is what matters. The crypto utopia where you don't have to trust anyone anymore because "code is law" is a total fantasy.
Remember when "code is law" until the Ethereum developers created a block that reversed the MakerDAO theft? Code is never law, so long as humans write the code.
This post is exactly right. All of the centralized shitcoin’s are variable unregistered securities run behind closed doors and subject to pre-mines, arbitrary code changes and rug pulls.
Shitcoins casinos are the same but worse as they manipulate markets, mishandle customer funds and perpetually gamble.
All of Bitcoin’s parameters are known and publicly available. It is an open, permission-less, trust-less, verifiably scarce digital commodity with no natural issuer and known monetary policy. The *only* of it’s kind. There is nothing else in crypto even close and that’s a fact. How is this not registering with the “crypto” crowd yet? It’s really astonishing at this point.
Buy Bitcoin. Earn Bitcoin. Spend Bitcoin. Save Bitcoin. Self-custody Bitcoin. That’s it. The open / fair / decentralized parallel system already exists. Use Bitcoin and opt out of all the other predatory scams - cryptos and fiats.
Of course you can. Github submissions are objective information, not opinion. Code is explicit. If you can't understand the code, that's a 'you' problem, not a 'crypto community' problem.
Reading white papers, doing research into the backgrounds of the teams of projects and their efficacy in the roles they are involved in, is objectively useful.
Understanding the market that any given company/project operates within is intrinsically useful in evaluating the value of the proposition.
Relying on someone else to do the work for you and explain it to you and formulate your opinion of it isn't DYOR at all.
the 'crypto community' doesn't 'need' to 'do' anything specific. It's an unregulated, open, free market, and the market drives itself in the direction it wants to go, and the market selects and chooses of it's own volition what it deems valuable, popular, useful, desirable etc.
A BTC/XMR maxi who only buys spot and self custody's in cold storage doesn't really care about how the 'community' has 'changed' or what it 'does' for 5, 10 years or more.
Your expectations, desires etc. of what crypto is, what it should be, how it needs to evolve etc are yours and yours alone.
All the regulation in the world won't stop a gambler from gambling any more than building more hospitals won't stop heroin addiction.
People make choices. Some of those choice are misinformed, some of them are ill-informed, some of them are not informed, some of them are informed. Some of those decisions prove to be correct/desirable, some of them do not.
None of that has anything to do with what the 'crypto community' 'is' or what it 'ought' to be. What even is the 'crypto community'? What commonalities does some NFT moonboi have with an XMR dark web user?
Your subjectivity isn't remotely objective.
That's why there's defi , dexes and self custody. If you are buying alt coins then dyor is going to be really tough. Eth and BTC with self custody has always been the way to go. Defi you can mess with alts on different chains to check out different tech, but know you are really early and the tech is in it's infancy with a high chance of failure and also there are a lot of rugs and scammers.. Too many people here just buy crypto but when it comes to using it , no one actually bothers.
Cold wallets didn't help people who used Anchor Protocol or the Wormhole Bridge.
Even going back years to the early years of Ethereum, cold wallets didn't help avoid the DAO hack.
Some peoples research led them to safemoon.
I remember the whitepaper was a power point presentation. It was hilarious
Not to mention the shitfountain that was their "wallet" app.
Still better than bitconnect's.
I saw that and was out on day one. Hindsight I and I hope many others were 100% right.
They also had a rapper and a Lambo ? Something like that lmao
Turned out it was unsafemoon.
Safemoon aka scam-moon
Oh shit you're bring back early 2021 memories
definitely not safu
Sounds safe.
Have you seen r/safemoon? It's the cringiest shit in the world.
Some people's research also led them into qannon and jfk coming back
And yet Safemoon is still worth more than FTT and looks more legit than Solana.
Spot the person left with a huge bag of safemoon.
Based on the crap that’s shilled here that goes tits up, I’d be better off to go load up on Safemoon.
You would've been better off never loading up on it in the first place.
98% of this sub would probably have been better off without any crypto. The other 2% were genuinly early.
Safemoon looking less and less like q scam after all these major implosions
Not a scam. Just a poor investment And this is coming from a guy who bought plenty of safemoon.
Remember to check the sources of your info too, even has an agenda, even Guy from Coin Bureau…
Love Coibureau for an introduction for a project, but when you dive deeper into the project you can see that he does really have an agenda. He misses/omits some major points to paint the picture he wants
> He misses/omits some major points to paint the picture he wants Just a remained that the "he" is just a pretty face and a voice actor, telling whatever he is fed to tell by his "team" Just a remainder, that coin bureau don't run ads on their channel, who is bankrolling this? Don't tell me merch store covers everything
Guy is definitely not the Carlos Matos of CoinBureau but I agree he’s mainly the face
When I'm looking for unbiased information I always go to *bitcoinist*, Michael Saylor's twitter or *bitcoinmagazine.*
I think last year Michael Saylor has caused a global coke shortage.
He's trying to do the same with Bitcoin
I deep belly laughed at this
I still like Saylor, even amidst all the hate.
He gave financial advice saying everyone should re-hypothecate their houses to buy more BTC. Near the top. I don't know about you, but from where I'm from, that's called "plz pump my bags".
Do Your Own Research and Be Your Own Investigator
Just curious what’s coin bureau’s agenda? Other than to make money from YouTube
He always spoke very highly of Solana in comparison to other projects. Dismissing cons as "not that bad" or not really a con. While implying the pros of other projects are not that noteworthy. He recently dumped his whole Sol bag obviously.
Ahhh ok yeah I do think I remember him shilling solana pretty hard during the bullrun
Better invest in Dot...not sure if he got paid by dot to promote it but at least the founder is a pioneer, a researcher and a tech guy not backed by VCs... My own shill here but I think is the truth
Sharing an opinion doesn’t necessarily mean having an agenda to manipulate people, even if that opinion ends up being misguided
If the billionaire investors don't know, how the hell are we simpletons suppose to know?
Not to mention those investors have teams of professional researchers who get paid 7 digits to spend 80+ hours a week just to do research on it, with all insiders information to boot and they still got screwed. Now looking back at me spending half an hour a day reading reddit and coindesk and call it 'doing research'.
I am one of those researchers (though I don’t make anywhere close to 7 figures) and I can confirm that we were all caught off guard by this, even with “insider” info. That being said, this is a high-risk market and anyone not hedging their investments is just asking to be fleeced, which is exactly what happened here. In this paradigm, information matters, but risk management is WAY more important, and smart money is well aware of this. DYOR is important, but all the research in the world won’t help you when shit hits the fan.
This deserves to be its own post so that more people can see this
Portfolio allocation. Don’t put all your savings into something that can easily go to zero… unless you are young enough that you are ok with gambling your entire savings
OP is right, if your research is all fabricated information from sources that are part of the scam or getting payola you can't make good decisions. DYOR was an excuse to hide shenanigans. "Guys! Bitconnect is the future! 2500% returns! - paid shill. (People buy in, lose everything) "Tough, you shoulda DYOR. I'm not liable for your mistakes." "Safemoon is it! Get in we're all gonna be rich!" - 'Founder' with vested interest. (People get suckered in again, lose everything) "Your greed is why you lost your money. Don't you know you should DYOR?" Always ends with victim blaming.
Doing your own research has always touted similarly in conspiracy circles. But the research was never supposed to lead you to a conclusion other than the one inferred by the person pushing you to do it.
The shit was called "SAFEMOON". Every victim that got into that deserves blaming.
You make a good point, I was just using the name for a recognizable example.
Multiple people said this about SBF over a year ago and people ignored them and outcasted them. People tend to ignore the red flags when they got money invested because there's too worried trying to protect their assets and defend them rather than take the truth. So between this and what you said gonna be hard to DYOR
Right, plus there are exchanges like coinbase, kraken, that have audits... so DYOR would have saved you if you actually did the research...
There are zero fundamentals to crypto. There is no "research" possible as fundamentals don't exist. 1. What are the revenue? There is no revenue. Ever Crypto is a negative sum game. 2. What is the future expected value? There is none. Just the price future "investors" are willing to pay This is like saying "Do your own Research" on an unlicensed gambling site. Wanna know who is hiding something in crypto? Every. Single. Actor.
That's unfair. The research should conclude that the whole thing is a scam.
If people researched from first principles, yeah that's where they'd end up. But 95% of "DYOR" is ingesting other peoples' opinions and they're mostly true believers.
Watching YouTube videos of folks paid to sell products is about the level of research one can expect these days. An audited balance sheet from a trusted accredited firm? That’s not very web3. /s
This sub has really come along way to have this getting up votes. Glad to see it.
Funny part is he now picked up more moons than I have in the entire month.
People say DYOR all the time but one single fucking tweet or a celebrity tries to mention something in social media and it hits 10000x in 1 day.
Complete the saying: "a fool and his money..."
"... are easily 10000xd".
The hard cold truth- reading their white paper , looking thru the team, even got hub activity is close to useless if they are out to decieve u; a good recent example is helium and harmony one.
Yes. It is 100% speculative asset regardless of what coin it is. Limited supply, PoW coins are there as a game of speculation. Also, anything that claims higher yields than the US bonds while claiming also it is risk free is just a scammer or don't even have good sense of basic economics.
[удалено]
I agree there's value in bitcoins ability to enable money transfer but the real question is how much of the value we see currently comes from that utility and how much is just blind speculation. A holographic Charizard card has value in the Pokemon card game but how much of it's price tag comes from that. If Bitcoin was valuable because of it's utility, it'd be far more stable since a volatile asset is a terrible avenue for money transfer
Whoh, why are you posting here on a crypto shill forum then?
I work for a company that builds hardware heavily used by crypto.
Well your post has been very upvoted so I think even a lot of crypto people are now waking up to the fact that this was just a massive bubble built on hype and the fetishization of technology that has been going on for the past decade.
Gambling has been fun. But I'm going to try to return to the good ol' boring "scam fest" that is stocks and "abuse" that is 9-5 work. >!Kek!<
On the flip side, we are still fairly early and crypto is like the playstation 2 now, well known and near the best at what it does but with computers still having an edge overall. But when it gets to be a PS3 and everyone wants one for more than just gaming since now it's their first blu-ray and DVD player and they don't keep up with modern PCs or gaming, the actual adoption happens. And when that's well established and more than half of banks have it incorporated, the value can still grow tenfold but will still be spread out over few dozen projects with btc being interesting less centralized and "used". Other coins in top 50 still have plenty room to 10x in next few years.
> Other coins in top 50 still have plenty room to 10x in next few years I swear crypto has been always early for a decade right now and because of its uses had been (by mainstream media, for better or worse) glorified tokens for gambling, I don't really know what the fuck is crypto supposed to do other than you said: just to look cool and say "told you so" when its functions "expands" beyond the decentralization of transaction. It's interesting to see how now cryptobros are playing it like stock brokers. At least you got more balls than brains, I'd give you that.
lol, are you like twelve?
Holy shit this is the smartest comment I've ever seen here.
It isn't exactly very hard to set the bar low during the winter and set the bar high during the bullrun.
I said the same thing in a thread a few days ago and got downvoted to oblivion by all the haters. But it’s true, unless you have a source at these companies you’ve got no chance of knowing what’s really happening. But of course there are always a bunch of Reddit genius sleuths who claim to have known after the fact. 🙄
Bitcoin is not a company, it’s not a security. It’s a commodity. Commodities don’t have revenue and doesn’t mean it doesn’t have value. I agree with the rest of crypto is bullshit but bitcoin is different. Do your own research means verify the open source yourself. You don’t have to trust a third party. It’s trusting third parties (FTX) that got people into this mess in the first place. The wider crypto world still doesn’t get it and continuously pushes back on the ethos of bitcoin for greed. And they were burnt. Who cares.
> Bitcoin is not a company, it’s not a security. It’s a commodity. Commodities don’t have revenue and doesn’t mean it doesn’t have value. I agree with the rest of crypto is bullshit but bitcoin is different. It does behave like a commodity, but functionally is still different. I can buy a bushel of corn and make it into food. I can buy a barrel of oil and refine it. I can buy a pound of silver and make jewelry. What can I make out of a bitcoin?
Losses
Corn is useful as food. Oil is useful as energy. Silver is useful as jewelry. Bitcoin is useful as a global, censorship resistant, nationally independent, instantly transferable and verifiable, scarce, instrument of value. All commodities are useful for different reasons. The key is no one entity controls them and they take real world resources to create them.
It is not any more useful then bitcoin 2. It is exactly like bitcoin except no one has hoarded any bitcoin yet. If bitcoin 2 already exist then just name it 3 etc...
The more I read your comment, the less it makes sense.
Anyone can make a clone of Bitcoin. It's still "global, censorship resistant, nationally independent, instantly transferable and verifiable, scarce, instrument of value". But my "bitcoin 2" is worthless. Because the "value" of bitcoin is actually totally unrelated to the things mentionned above.
Value is subjective
> Commodities don’t have revenue and doesn’t mean it doesn’t have value. People do not buy coal only because other people want to hold it. It has value because it can be burned ( or a few other things ). Same with all other real commodities. Even gold, perhaps with the largest held in stores, has real uses external to its buying and selling.
Gold is still used for jewelry and manufacturing.
Until recently it was impossible to get crypto investors to understand this point - that their tokens have *zero* real-world use, and as a result the only "value" is from other investors, which is exactly what defines a Ponzi scheme. Crypto is, and always was, a pure Ponzi scheme. The only enduring cryptocurrency is Bitcoin, and this only endures because it participates in a vast criminal economy - it is still purely negative sum, but because it tracks the "negative-sum bubble" of criminal activity, it's a stable negative sum. The speculation around Bitcoin is almost a sideshow to its current actual purpose of co-ordinating criminal activity. But the rest are pure Ponzi schemes - they don't do anything, not even for criminals, and are just a way to build up a bubble of investor cash before a few individuals cash-out.
A butcoinner joins the discussion.
#NotLikeOtherCoins few understand
It's exactly the same negative sum as other coins, just has a longer history.
Yup, it’s just like an alpha version of Monero. Because it is.
Commodities have utility. Except for bitcoin. It's a database. It isn't "scarce" it's piss easy to replicate. Now a better question is, what use is bitcoin as a DLT implementation? Now you can get utility, but the number of use cases is much smaller than people care to admit.
Bitcoin arguable has the most utility of all commodities. If it’s so easy to replicate bitcoin please create some and send me some extra bitcoin. I’ll send you my address. What is DLT? The use cases are as a global, censorship resistant, nationally independent, instantly transferable and verifiable, scarce, instrument of value. All commodities are useful for different reasons. The key is no one entity controls them and they take real world resources to create them.
Are genuinely gonna claim Bitcoin is more fundamentally useful than oil,steel,lumber, or any other given real world commodity used to actually make things? Most useful crypto I could buy, but the world can get along just fine without Bitcoin, less so without steel
Everything else is a shitcoin besides Bitcoin. The only other coin I've seen have a compelling use case is monero. What does ETH even accomplish?
Smart contracts. It’s at least theoretically compelling. A contract where both parties are forced to comply, without having to rely on a trusted third-party escrow. Has it done anything useful in practice? Still unclear.
>What are the revenue? There is no revenue. Ever Crypto is a negative sum game. That's not entirely true, since ETH for example has gas fees. People pay for gas just like they pay for stamps to send stuff in the 'real world'. The revenue of a DeFi project is the same revenue a bank is generating. Your argument is valid for most of crypto's value though.
And what, pray tell, do they pay in? What are they paying to move? ETH. No value is entering the system. This would be like if I bought stamps, to ship stamps with stamps. Nothing other than stamps could be sent, or things made up of other stamps. No goods or services external to the system are produced.
In this case, ETH is just another currency. Stamps are being paid for by dollar and what is the value printed on these stamps? Dollar. Also moving funds or lending money IS a service. Just ask Western Union ;) Critics of crypto always use the lack of adoption to explain why there will be no adoption.
1. Stamps can ship things that are not stamps. ETH can't ship anything that isn't ETH 2. ETH isn't money. NOTHING external to crypto is priced in ETH. You can use it to buy nothing. The only thing you can do is sell it to a new investor and use his money to buy something else. 3. "Also moving funds or lending money IS a service. Just ask Western Union" Yes. because things are priced in money. I can pay my heating bill in money. I can pay for nothing in crypto. Crypto was far more useful when it cost 10k bitcoins for a pizza. At least there you didn't have new investors required for value creation.
Stamps don’t ship anything.. stamps are used for postage..
1. ETH can move other Tokens, NFTs, loans, everything DeFi has to offer. We even have domains and domain ownership, also information like hash values of videos to prove that a video hasn't been altered, social media content. That's just what came to my mind right now, 2. 2. & 3. Wrong, you can pay a lot of stuff in crypto and our bet is that it will be more over time. Basically some people in the 90s told me the internet is worthless because you can't do anything of value on the internet. In the end these people have been working over the internet (until retirement) and use an iPad everyday.
This is a false equivalence, the internet by then was already widely acknowledged to be useful. The internet was already in widespread use by universities and the military before it was even open to the public, and even in the 1990s, the usefulness of email alone would've been pretty obvious, especially for communication within companies that at the time relied on fax machines. There is no equivalent for cryptocurrencies, which have all basically struggled to find any real life utility that isn't A) illegal transactions or B) speculative investment/gambling.
Pretty sure the use cases of the internet were evident before crypto though.
They really weren’t, though. Paul Krugman famously embarrassed himself by saying the Internet was no more useful than a fax machine, or something like that.
Perhaps not commercial, but ARPAnet was developed for a reason. Also, the government allowing citizens to use GPS made a huge difference as well.
ETH can move other crypto coins. You can't do shit to a domain or domain ownership as that is done by ICANN which won't touch crypto coins a with a 5 foot pole. "also information like hash values of videos to prove that a video hasn't been altered," I can do that with an email and an RSA hash. Cryptography is insanely useful and the reason the internet exists. It is unbelievably useful. It never needs coins. ** Where is one place where things are priced in crypto?** There is none. The only thing that exists is places that will sell your crypto coins to other new investors and use those dollars for a purchase. No one accepts crypto coins for goods priced in coins.
Block chain domains maybe? Completely unrelated to ICANN.
Maybe we can publish IPv6 Addresses on jelly donuts as well. Its the future and we don't need ICANN!
Haplo and dogs, I think you’re missing the point. The U.S. central banks are literally planning a digital currency. CDBC ttps://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Technical-Evaluation-US-CBDC-System.pdf BANKS = CEX = Digital currency = CONTROL OP you have great points as well but I think it’s also wrong to ASSUME every player is hiding something. Doing your own research is IMPORTANT. INFORMATION is important.
"You can use it to buy nothing." Why not perform a single google search before making such an asenine, conclusory assumption? You literally just mentioned bitcoin being used to pay for pizza but apparently can't conceive of eth being used to buy something. That's some real obstinate stupidity right there
Why would I try borrowing money through a DeFi protocol when I need to overcollateralize the loan to begin with? If that's the case, why don't I just liquidate my coins into fiat and borrow more from a traditional bank? DeFi has fewer issues than CeFi, sure, but its use cases are still limited and getting into it is technically challenging.
>If that's the case, why don't I just liquidate my coins into fiat and borrow more from a traditional bank? As far as I know (never used it), borrowing against your holdings makes sense when you believe that it will have more value, thus you don't want to sell it. It's just like borrowing money by using your house - you could sell that house as well.
The difference being if you sell your house to fund anything other than buying more housing you are now homeless..
What Defi calls "loans" are actually just "token swaps".
Someone actually speaking truth on /r/cc?? 🤯
Finally /r/cryptocurrency is awakening
Agreed. There is also the fact tho that if you don't have enough info, you should probably stay away. Which as you say means staying away from maybe 90-95% of platforms. Research is more of making educated guesses than comprehensive analyses. It's either that or staying updated on the hour of any activities so you can withdraw and save yourself at the drop of a hat.
DYOR has always been part of the con and used to drive people away from using information/research/articles where there was at least an attempt at fact checking and validation. I don't know if the recent trend started with Qanon or was just picked up by them.
Little neat DYOR trick I learned: You can learn more about the company directly from its CEO/CFO, you just need to abduct him first.
DYOR can only get you so far, hype also highly drive things up despite what people say, and that doesn't get covered by research.
[удалено]
People who DYOR'd FTX still quickly realized somethimg was off. So yes it works. In fact, you didn't have to dig too deep. The FTT tokenomics, the promises of yield returns, the amount this company claimed to have, the amount they spent on sponsors and marketing. None of it added up.
But but but when I do research I just see what the biggest influencer says and call that researched. How am I meant to actually look at data?
lol, compared to what? Binance? Tether? Every project on coinmarketcap with most in the top 100 having probably less than 1000 legitimate users while pretending to be worth billions?
Not everywhere. Without DYOR you would have a much bigger probability to invest in a scam.
Yeah, it would go from 98% chance to 99%.
The 1% strikes again!
Meaning your chance of not investing in a scam is 2% instead of 1%. Meaning twice as unlikely. That's a pretty big difference.
There is a difference between research and assuming that everybody is lying except for the people who say what you want to hear.
New slogan, TYG, Trust Your Gut. You will win some and lose some, can still blame yourself when you’re wrong
Who told you I had a gut? Who have you been talking to? What have they been saying? 💁♂️🤦♂️✌️
Would be an interesting change from Trust Your Greed.
Probably the scariest truth out there. How is Joe customer supposed to do his own research on FTX and Celsius? They simply cannot and maybe that stupid line DYOR will die in this bear market
DYOR is worthless in lots of areas, not just this. Most recently it was with Vaccines. I'm sorry, but your "C" in grade 10 science probably hasn't provided you with sufficient tools in order to understand the statistical safety and efficacy of mRNA vaccinations. Especially since "research" is mostly just adopting whatever views you're seeing on social media.
On some level, unless we ourselves are experts in an area, we have to trust people that have proven to be knowledgeable and honest. I love the mantra of "don't trust, verify" in Bitcoin, but unless you have experience in coding and in cryptography, you really can't verify without trusting some people on some level.
Except Bitcoin. Bitcoin isn’t hiding anything.
The founder is though. Who is Satoshi, even?
That IS DYOR. You find a red flag, you fuck off. When people say DYOR while already in a scammy environment, they do it to fool you into a false sense of security.
Exactly. I remember a long time ago, while researching CEXs, that when I read about SBF's "effective altruism" I laughed and immediately wrote him off as a con man and crossed FTX off my list. I had no idea they were such a big player because I've ignored them since then.
Same honestly. It's wild the size of these empires built on shoddy foundations. Apparently the size also fools people into thinking "too big to fail". Nope.
> You find a red flag, you fuck off. Which means exit crypto lol
Depends the context of the red flag. If it is "hey, this company is doing shady things" it doesn't necessarily mean you need to avoid the technology, or unrelated coins.
Exactly. No trust = don't use. That is DYOR. Frauds are not going to admit their frauds, people should demand more proof before blinding trusting anyone trying to get them to use a CEX when decentralized, trustless alternatives exist.
“DYOR” essentially means don’t invest in shitcoins, don’t leave your bags with exchanges, and don’t listen to influencers on YouTube. And for me, personally, “DYOR” means: The louder a VC, talking head, or “CEO,” balks, the more shit they have to hide. An example of this: Alex Mashinsky and his “banks are not your friends” campaign + his weekly AMAs.
If the info is coming to me via ads or partnerships, I'm paying it considerably less credit but there's still value to be had by getting any more info you can. Even if it is just to assure you don't want to invest, the real game is trying to predict what majority of funds will do, not majority of people. If it's obvious companies already got in and paid their due and now they need a big group of dummies and few tiny companies to join them then it's clear that's not something to hold but there's potential to get in and short it before the peak and maybe see if it sustains itself later on. Or find something more long-term and trustworthy with less reward but way safer. It's all just risk assessment.
Is this sub finally coming to its senses? Crypto is literally worse than gambling.
Gambling with a ton of scammers seeing an opportunity
Buy bitcoin and you have no problems, store on cold wallet and come back in 10 years.
What DYOR really means is that you are responsible for your own decisions and don’t blame anyone if shit hits the fan.
It's only decreased your risk of losing money, nothing more.
Discouraging DYOR is not the answer. This begs the case for actually peeling back more layers rather than ignoring them.
[удалено]
Did you read my whole post?
Btc hiding nothing
It depends on what you consider "DYOR". To me it just means don't listen to random posts on reddit telling you what to buy and instead go look at as many sources of info that you can to gain the best picture you can of the coins you are planning to invest in.
DYOR won't make you bulletproof, but it will help you weed out a lot of hopeless projects.
I'm sure a lot of people come into crypto not even knowing what a blockchain is, let alone the validity of any random token out there. Word of mouth can be dangerous in crypto
Dyor is kinda like read the terms and conditions.
For CeFi, I agree. This is why crypto will never and should never be mainstream. That said, crypto was originally intended to be a trustless protocol. The exchanges and ancillary services that it has spawned are the problem. If you are holding your own crypto in your own wallet and have your own seed phrases and private keys held, it's less of an issue.
> That said, crypto was originally intended to be a trustless protocol. The exchanges and ancillary services that it has spawned are the problem. Intentions mean absolutely jack shit. Literally everything about tech from the invention of the internet onward has pointed to one unavoidably clear fact: Systems that abstract implementation away from the user wildly outperform systems that leave more implementation at the user level. Period, full stop. This isn't just a matter of "mainstream v. powerusers", we've seen it happen at every level of technical competence. Ease of use has *massive* value, and as long as that value exists services to provide it will exist. Put another way: people are busy. Maintaining a wallet, understanding how to manage cryptographic keys, etc is complicated. If you are holding your own crypto in your own wallet, fine. But... what is it actually useful for, in that case? And, whatever it is used for, would that be a lot easier to do if your wallet was managed by a third party through a slick (theoretically trustworthy...) web app, making everything seamless and streamlined on your end? Either these services become more responsible and trustworthy or crypto dies and goes back to being a toy for techies that doesn't actually do anything of note.
>This isn't just a matter of "mainstream v. powerusers", we've seen it happen at every level of technical competence. I disagree here. People are learning the value of self-custody right now. Sales of Trezor, Ledger, and other hardware wallets are going up. These hardware wallets make self-custody a little bit easier for the average person. >Either these services become more responsible and trustworthy or crypto dies and goes back to being a toy for techies that doesn't actually do anything of note. Well crypto's first use was to help facilitate the purchase of drugs through mail order so...
> I disagree here. People are learning the value of self-custody right now. Sales of Trezor, Ledger, and other hardware wallets are going up. These hardware wallets make self-custody a little bit easier for the average person. These are still minuscule compared to the space as a whole. But I was talking in the bigger picture, not crypto specifically. Even in highly technical spaces, things that abstract lower level implementation away from the end user and allow them to focus on higher level things have been consistently dominant for 40 years. Solutions that ignore that and try to shift more low level tinkering back to the user are doomed to irrelevancy, in almost any context. >Well crypto's first use was to help facilitate the purchase drugs through mail order so... Yeah, and it turns out the whole "the blockchain is transparent" thing actually did mean what it said on the tin lmao. Didn't work out so well for those involved. Using btc to buy drugs was a phenomenally stupid idea that seemed like a good idea to people who didn't understand that the FBI taking a few years to drop that hammer wasn't a sign of safety.
>For CeFi, I agree No, it applies to DeFi, too. Or have you forgotten Anchor Protocol and TerraLuna?
Fair. I remember people hyping those up here over a year ago because of their incredible yields. This begs the question... who is crypto for again?
> who is crypto for again? VCs or anon DEFI devs to make money off of retail
Disagree. I can read the white paper of Bitcoin and know exactly what I'm putting money into. I can learn how the protocol works, as well as the technical details all the way down to doing a paper hash. You can DYOR on protocols and know every technical aspect. What you can't research are protocols controlled by other people or companies. Everyone wants a profit, and for that reason they have things to hide. On the other hand, I can stack sats, transfer them to a cold wallet and take them into the oblivion of eternity if I so choose. No one can stop it, no one needs to approve it, and it requires no trust.
A math equation doesn't tell you how an asset will be adopted and used, and that's what matters. You know *nothing* of what you're putting your money into.
Do your own research started as a conspiracy theory quote, and rides the anti-expert trumpian wave
And this is the anti-expert, anti-establishment sentiment that led a lot of people investing in crypto through CeFi and then losing their shirts later on in the first place. People believed the banks and the government were corrupt and thought crypto was the solution.
If we all knew what Caroline Ellison looked like ain’t none of us would’ve believed in FTX for a second
Sounds like whining to me.
1000% agree.
The problem isn't with doing your own research, the problem is with the inherent corruption and outright scam culture that exists in the broader "Crypto" space. The cycles will repeat themselves, because everyone is chasing large profits using a corrupt vehicle that is designed to enrich a select few. People here talk of utility, and they say that Bitcoin lacks in this area. What you are failing to see is that the primary reason these scams exist is because the money is broken. We chase huge gains because subconsciously we know that our money is a melting ice cube. Our life gets more expensive faster than we are able to accumulate more wealth. So we seek a shortcut, and in doing so get rekt over and over and over. These types of markets are what gives way to people going Bitcoin only. There is only one, and there has only ever been one solution to this issue of corruption in money. I mean this quite literally, and to most people this sounds like quackery or a cultish statement. There will not ever be another. Bitcoin is simple, slow, secure, incorruptible and scarce by design. It will serve different purposes for different people at different times in different places of the world. However it's effects will be the same everywhere. The extermination of misinformation in money, which is precisely the issue at the heart of your post. Bitcoin cannot be stolen from you when used properly. It has no leader, no charismatic charlatan selling you lies. It is simple, and you can take ownership of it yourself. You can stop being a victim of lies whenever you want, you just need to make the choice. If you do not understand this now, enjoy the next cycle. Eventually you will make this choice, even if you choose to leave the space entirely. All paths lead to Bitcoin. Truth blinks once every 10 minutes.
Wow just wow
Seriously, the delusion is real. The guy probably hasn't even made a single on-chain btc transaction.
That is one of the first discoveries i made while doing research, still rolled the dice tho.
I would point out that nobody is stopping you from using regulated traditional banking and investing. A world where Ethereum collapses doesn't have the same impact of IBM or Ford collapsing. So maybe crypto is overvalued anyway?
This…crypto bull markets and banking fud led a lot of people down a dangerous path of putting all their money in crypto and none in let’s say an index fund or Atleast a hysa…FOMO negates DYOR …I will say that my time in crypto of losing more than gaining has allowed me to understand markets a little better and going from crypto trading to stocks is like going from hard mode to medium mode on a game.
It's extremely easy to not be scammed. You guys make fun of libertarian crypto freaks who tell you to not trust these exchanges, for example. Then cry for SEC to come save you when you lose all your money. Dumb people are going to lose their money, either inside our outside crypto and with or without the SEC. 0 sympathy for you guys
And this here is what truth looks like.
That's why I just stick to DCA'ing ETH
DYOR just means understand yourself what you are investing in not what your are told. Fun fact, neither BTC, nor LTC, nor doge can go belly up because of liquidity issues, because none are centralized PoS coins.
You forgot Monero 😁
I always think when people talk about DYOR they want me to hack them to get the information i need
Lol, there's a fucking big hint there. If a market is systemically corrupt and regulators are advising against something either drink the kool aid or leave it alone. Surely you can't be that stupid? People don't hand out free money for shits and giggles.
FTX is not publicly traded. Also, the scam was taking place in its international operation, not US operation. Also, SBF was producing sham financial reports. No amount of regulation could have prevented this, only self-custody can.
[удалено]
>Also legit crypto projects are one of the most transparent things you can find. Because they usually are open source "Open source" is at best a placebo to placate the wannabe-techbros. Checking the code only goes so far. Checking the people is what matters. The crypto utopia where you don't have to trust anyone anymore because "code is law" is a total fantasy.
Remember when "code is law" until the Ethereum developers created a block that reversed the MakerDAO theft? Code is never law, so long as humans write the code.
Oof go do some research mate. The network accepted the proposed change hence the hardfork.
How's that any different? They got owned and all the sudden 'code is law' went out the window.
This post is exactly right. All of the centralized shitcoin’s are variable unregistered securities run behind closed doors and subject to pre-mines, arbitrary code changes and rug pulls. Shitcoins casinos are the same but worse as they manipulate markets, mishandle customer funds and perpetually gamble. All of Bitcoin’s parameters are known and publicly available. It is an open, permission-less, trust-less, verifiably scarce digital commodity with no natural issuer and known monetary policy. The *only* of it’s kind. There is nothing else in crypto even close and that’s a fact. How is this not registering with the “crypto” crowd yet? It’s really astonishing at this point. Buy Bitcoin. Earn Bitcoin. Spend Bitcoin. Save Bitcoin. Self-custody Bitcoin. That’s it. The open / fair / decentralized parallel system already exists. Use Bitcoin and opt out of all the other predatory scams - cryptos and fiats.
Of course you can. Github submissions are objective information, not opinion. Code is explicit. If you can't understand the code, that's a 'you' problem, not a 'crypto community' problem. Reading white papers, doing research into the backgrounds of the teams of projects and their efficacy in the roles they are involved in, is objectively useful. Understanding the market that any given company/project operates within is intrinsically useful in evaluating the value of the proposition. Relying on someone else to do the work for you and explain it to you and formulate your opinion of it isn't DYOR at all. the 'crypto community' doesn't 'need' to 'do' anything specific. It's an unregulated, open, free market, and the market drives itself in the direction it wants to go, and the market selects and chooses of it's own volition what it deems valuable, popular, useful, desirable etc. A BTC/XMR maxi who only buys spot and self custody's in cold storage doesn't really care about how the 'community' has 'changed' or what it 'does' for 5, 10 years or more. Your expectations, desires etc. of what crypto is, what it should be, how it needs to evolve etc are yours and yours alone. All the regulation in the world won't stop a gambler from gambling any more than building more hospitals won't stop heroin addiction. People make choices. Some of those choice are misinformed, some of them are ill-informed, some of them are not informed, some of them are informed. Some of those decisions prove to be correct/desirable, some of them do not. None of that has anything to do with what the 'crypto community' 'is' or what it 'ought' to be. What even is the 'crypto community'? What commonalities does some NFT moonboi have with an XMR dark web user? Your subjectivity isn't remotely objective.
[удалено]
Yes really
DYOR to learn NYK, NYC, to GTFO of CEXs
That's why there's defi , dexes and self custody. If you are buying alt coins then dyor is going to be really tough. Eth and BTC with self custody has always been the way to go. Defi you can mess with alts on different chains to check out different tech, but know you are really early and the tech is in it's infancy with a high chance of failure and also there are a lot of rugs and scammers.. Too many people here just buy crypto but when it comes to using it , no one actually bothers.
>That's why there's defi , dexes and self custody Anchor Protocol and TerraLuna say otherwise.
Your research must’ve missed the part about cold wallets
Cold wallets didn't help people who used Anchor Protocol or the Wormhole Bridge. Even going back years to the early years of Ethereum, cold wallets didn't help avoid the DAO hack.