Especially for all new members who would like to know more about the (in)famous "DYOR" expression. Where to start, what to look at, what to follow etc.
The one and only (short and easy!)
DO YOUR OWN RESEARCH / DYOR
checklist
Just follow this short list to get a serious indication of a project / coin / ICO being real and not a scam:
* TEAM- if team members are known, check their profiles and experience
- if team members are anonymous, check if there's a specific reason why they remain anonymous (for ex. because it's an anonimity coin). If there is no reason: consider it as scam unless proven otherwise
* NEWS & DEVELOPMENTDo a follow-up of the development on social channels. WATCH OUT for fake Twitter accounts (make sure you are on the correct account - double-check the name
)!!!
Has there been no significant news of development for 4 months? Stop kidding yourself then.
* SUPPLY- from an investor's point of view: most of the time, the higher the supply, the lower the chance of extremely high prices. But exceptions exist of course, especially for really good projects, which might take giant leaps, even with a rather high supply. Exceptions are however... errrm... exceptional.
- from an anti-scam point of view: a high supply could mean a malicious dev is planning to drop a high amount of the coins he created himself on the market. By the time you realize that he is dropping his coins, he'll have run off with the BTC you paid for his scam coins, leaving you without BTC and with a big bag of his useless scam coins.
* AIRDROPSMan... Honestly, I think it's over. Airdrops are soooo 2017 and even back then, most of them were just dropping useless or scam coins. Or the airdropped amount is so low, they are not worth the effort. Or they want you to put something on your Facebook or Twitter or ... and then it's actually not an airdrop but a bounty. They just call it "airdrop" to lure people in.
Personally, I've not participated in any airdrop for months. It's a free country of course, but I would not waste my time on them. Should you decide to participate anyway: NEVER EVER send coins yourself to receive an airdrop and NEVER EVER give your private key to anyone.
* SUPPORT / COMMUNITY- check how many followers: on Twitter, FB, BTCtalk threads and so on. In most cases: the higher the support, the more lifespan is guaranteed.
- check how many (decent) exchanges are selling this coin: good liquidity means you should be able to buy this coin as easily as you could sell it. You have to respect market prices, of course, but you just don't want to risk being stuck with a coin.
* THE PROJECT - OF COURSEThe most important thing. Just another payment coin? Just another gambling project? Real estate?
I mean, is it really an interesting project which has something new to offer? Be realistic and ask yourself:
1. Is this what we (or some - enough people to keep it alive) are waiting for? Gap in the market? Interesting project?
2. Does the fact that the project is created on the Blockchain create an added value?
Don't forget: NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE. If it looks to good to be true, it's not true.
