It looks insignificant but deep down everytime CT tells you to DYOR they are just trying to make up for being a huge douche. Ever seen the DYOR tag every time a CT is giving “free” advice? It’s a common acronym in crypto land which means “Do Your Own Research”. Or you can translate it by “Go fuck yourself”.
It has been ordinary in the crypto culture to use the DYOR each time a CT writes a thread on Twitter. Why is that so? Simply because they need to get credit from their audience without being involved in a potential scam, crash or whatever is possible to happen. It is particularly true these days with the collapse of FTX. Yes it is unfortunate for thousands of people all over the world. Yes, users and clients will suffer from it, but they should have done their homework. They didn’t DYOR, so they deserve it, end of the story.
Actually yes but no. Countless CT influencers shills everyday projects without even trying to do their own due diligence. And even when they do some research they are not able to stick to their own catchphrase “not your keys, not your coins”. They have been putting at risk retails for their own greed, and when the house of cards tumble, everyone cries foul. What a shitshow.
The DYOR motto like the NFA (Non Financial Advice) is a simple way to push people to invest without taking any risk. In fact it has no legal value. Displaying this kind of message when your entire business is to shill financial products is a twist to avoid being confronted with financial laws.
When everything goes up, everyone is happy and no one cares about basic security, but when things go down, everyone loses their mind and they go after the creature of Frankenstein like an angry mob.
We asked original co-founder of Tether, William Quingley, about his view and opinion on the actual market, “investors will begin asking crypto companies more questions about their debt, their internal risk management controls, and their use of collateral pledged against loans”. Obviously, this crazy and unprecedented situation will leave traces. “The risk from the FTX collapse is that regulators will move swiftly and without much forethought to impose a regulatory framework similar to US banking rules onto crypto businesses. That move would be a mistake because it would fail to take into account that US banks have to be tightly monitored and constrained because the customer deposits they hold are guaranteed by US taxpayers. Crypto businesses do not hold government-guaranteed customer deposits and so should not be subjected to the same level of controls”.
No one is ever prepared for this kind of event, even if nowadays it is simpler than before to be in full possession of our own assets. Thanks to decentralized protocols we are now fully able to manage our token from our wallets. Whether it is a light-wallet, or a hard-wallet. It will take time to heal, but in the end, you will certainly do your own research.
COMMIT is available on Lens, Discord, Twitter and Instagram.