Weve all been disappointed before and weve all made mistakes. Unfortunately, for some of us the costs we had to endure were significant. We should always take this as a hard life lesson and learn from it. Hence Im making this thread to help you understand why exactly its important to do research
by yourself and stop relying on what the shortest, quickest answer given by Google is.
This is advice from myself, whos been around for 10 years. Ive seen the highs and the lows, I made big mistakes along the way too. So, this is my advice for you:
1. Personal research, otherwise known as DYOR, isnt all about looking for YouTube videos, fact checks and crypto rating websitesI noticed too many people rely on YouTube, articles and crypto rating websites. I get it, its so much easier to watch someone whos made a video on Craig Wright, its just one click away after all. But nowadays, a lot of the crypto sphere is surrounded by big paychecks from shitcoins or people who want to change your mind. Craig would pay a lot of money to make you believe him. PEPE would pay a lot of money to make you think its the next big coin. And in fact, theyre
actually paying (sponsoring) others to try and change your mind.
On the other hand, weve got YouTubers looking to clickbait.
Craig Wright PROVES HE IS SATOSHI!!!!! - YouTube would be a good starter. Its easy to create clickbait content so others can click your video, but 99% of the time youll have to mislead your audience. Same thing happens with articles too:
stop reading titles only and always think twice about the text youre reading. Is it a sponsored article? Could it have other purposes? Ive seen journalists shit on too many people for the sake of fulfilling a hidden yet obvious purpose.
Crypto rating websites are even worse. I can never be sure they arent biased and sponsored by the coins theyre preaching the most. Its a bag of money away from happening.
So yeah, DYOR is not about googling what others think. You have a brain,
use it! The more you read from multiple sources, the bolder an idea becomes in your mind. And you should already know it: the more fantastic it sounds, the higher the chance its a scam. Look through Bitcointalk, look through other sources. Repetitive information isnt helpful, try to look for new information.
2. Researching on your own is difficult, but its worth it.Yup, its not as easy as 1-2-3. But if you understand whos Craig, if you get why celebrities are trying to pump certain shitcoins and projects like NFTs, if you understand why the governments trying to block and restrict privacy
(surprise: its not about preventing illegal activity), youll start having a much clearer general vision about Bitcoin.
Learning however takes dedication and time. If you dont have time for it, maybe its better to stay away from being influenced by what others think. Zuckerberg says Bitcoins gonna drop? Whos he to tell us what the future holds for BTC? If you want to DCA, do it. Invest and all, but always remember wealthy people love manipulating markets and investors to their advantage. Dont be that fool.
3. If I trusted mainstream media, I shouldve been out of BTC years ago and Bitcoin shouldve been buried 6 feet deep into the ground.Did you know
Bitcoin has been declared dead over 400 times? What do you think, does it look like its dying? Because to me it looks like it certainly hasnt died ever before and is more alive than ever!
This is why DYOR is a very widespread idea here. Either you do research or you stop trusting anyone at all while planning things on your own. If you read what mainstream media has to say and trust their words, youre over 50% likely to mess up because most of them have an agenda. Wanna use BTC? Stop it, its the deep web coin! Wanna have some privacy? FBI says Moneros highly linked to illegal activity! Bisq? No way, give us your ID and well give you clean BTC instead!
Its all bullshit and you better stay out of it.
4. I trusted mainstream media before, and thats my biggest mistake yet.There was a time, back in 2015, when it was absolutely
everywhere. TV channels, YouTubers, articles from the internet - Im telling you,
everywhere you looked! Bitcoin is dying and you cant do anything about it. Get out, now or never!
And I did. I thought mainstream media was saying the truth only so I followed what they said. Thats the day I spent Bitcoin on the most expensive video game ever. A $60 (~0.35BTC) Call of Duty. Yes, you read that right, in todays money its basically a ~$11k game I paid for. You know why?
- I was listening to mainstream media
- I havent done my own research
- Hence, I had to pay the price of my own laziness and stupidity.
They convinced me to stop buying Bitcoin too. Bitcoin was dying in 2015 at sub-$200. So 2016s recovery was a thing I was laughing about.
Look at those fools still buying BTC lmao I was thinking, watching the markets about to die forever.
Whos the fool now, huh?
5. Unless you truly support an altcoin, stay out of that area. No shitcoins for you unless you understand what youre doingThere was a time you bought shitcoins. Maybe its
now. Ive been there and done that too, and this was one of the mistakes I made.
- Especially nowadays, investing in shitcoins is a very bad idea. You need to be up to date 24/7 with it. Who knows? Tomorrow it could be a rug pull. Or they may be transitioning to a v2 contract. Or theyve been hacked. Its very simple - you stay behind, you lose your coins.
- Price matters, right? Because say the truth or not, were here for the money too - at least partially. How many times has your shitcoin made you money? How quickly does a bull run end, how abruptly? Now look at Bitcoins charts. If for a shitcoin you need immediate action or you lose the peak because most action happens in a matter of minutes, Bitcoin moves big but slow.
Now Ill tell you a hurtful truth. How much shitcoin did you buy and when? Take a piece of paper and stick with me.
Write down how many shitcoins you bought and how much fiat you invested in it. Go to CoinMarketCap, find Bitcoin, go back on the chart to the same day you bought your shitcoin and write down the price. Calculate how much BTC you wouldve got if you bought BTC instead of your shitcoin.
Now compare how much fiat value you have now with your shitcoin vs how much fiat value you wouldve had if you chose Bitcoin instead. Do the same for your entire portfolio and I promise you, it wasnt worth all the efforts of buying alts. If you stick to Bitcoin instead, maybe you move slower
but you move certainly.
If you want to have a positive crypto experience, you need to be careful, dedicated, open-minded and less lazy. Otherwise, youre prone to making costly mistakes youll later regret. So start now. Your favorite influencer might be the one person whos blocking your progress. If I bought all the shitcoins influencers Ive seem recommended me to, Id be broke. If you bought BTC from the start, youd be more rich. But money changes people. Want more positive results? Spend more time trying to find the best way. Youve got a brain, youre still ahead of many others who still havent even sparked an interest in Bitcoin, so start doing things better now.
