For some time now, it’s been a trend for big partnerships to be announced around cryptocurrencies. Doubters who question them are referred to as FUD disseminators and admonished for their own investigations. But this call for DYOR (Do Your Own Research) is all in favor of decentralization.
In 2017, the year of the ICOs, 2018 threatens to become the year of the announced partnerships. Especially younger crypto-currencies never tire of announcing partnerships with huge partners. This is not just a negative development in terms of the shilling character.
“The world has turned further,” as Roland the revolver man would say. In 2017, an ICO was organized to get a million Bucks for a fancy white paper . Projects were thus able to acquire significantly more than the necessary sum within minutes.
2018 is different: Authorities around the globe have adopted the ICO phenomenon, for better or for worse. In the United States, ICOs are considered securities, the rules have become stricter. In addition, investors are over-saturated by the flood of ICOs and accordingly critical.
Finally, the investor community is waiting for the launch of projects that received funding last year. If there is nothing there, the price of issued tokens falls and the displeasure of the community increases. This problem is not only known to ICOs, as you can see at Verge or Cardano.
It is therefore understandable that projects would like to clarify the further course of their project. Testnet, alpha version of the wallet, current project status, important milestones, everything is shared. Of course rebrands, partnerships and announcements themselves.
Announcements and partnerships — stumbling blocks for decentralization
Here one often comes from comprehensible to absurd. When a project announces that it intends to announce something incredible next Monday and bagholders surrender in speculation, one is amazed at how much more miraculous the desperate bagholder can be in comparison to a devout bed sister.
The problem is not just the shilling of your own coin or token. Much more worrying is the centralization around a small development team that goes along with this form of partnership announcement. When all partnerships run on a single project team, not only the evolution of the code, but also the application of the product is limited to the development team. In a critical review, we have addressed this form of centralization at Ripple. Something similar can be transferred to various other cryptocurrencies, where primarily the developers talk about grandiose partnerships.
It is much healthier when a blockchain forms an ecosystem. Positive examples exist for this: Bitcoin and Bitcoin Cash not only have Blockstream or Roger Ver, but also different developers who work on wallets, payment options and more. This creates a living ecosystem that is not just limited to the development team.
A project can not yet rely on such an ecosystem at an early stage. However, in favor of decentralization, it would be desirable to bring other project teams on board early and focus less on “big partnerships” and announcements.
DYOR is for everyone
But decentralization begins with each individual. We are the first big partners of a cryptocurrency. So if you invest in a cryptocurrency, you should look at it closely and understand the use case behind it. This critical investigation is not a singular, but a continuous process.
Unfortunately, this critical attitude is demanded by others: When critics ask why an investment makes sense, the answer is DYOR — Do Your Own Research. Critics should “do their own research”. DYOR — c’est les autres , to tell Sartre.
Sometimes the transfer to normal situations helps to show the absurd. Expressing DYOR to others’ concerns somehow sounds strange (“Philipp, after all that has happened, how can I still trust you?” — “DYOR”). Joking aside, DYOR is no counterargument or magic word that stifles any criticism.
DYOR, “critical” or “skeptical” thinking are first and foremost a call to oneself. Like many other things in life, one should critically question one’s own position and examine why one has taken it.
As in research DYOR lives from dialogue with the community. Accordingly, DYOR should become a DASYOR: you should share findings about your own investment, both positive and negative, instead of keeping them to yourself and using the magic word “DYOR” to criticize critics.
After all, this aspect is the grandiose thing about the cryptocurrencies: It has to do here in principle with open source code and a large transparency. It is therefore not a reproach, but rather an invitation. For me, this article is a motivation to continue the “New coins on the block” series again.
So let’s all live in the spirit of DYOR this important aspect of decentralization!
Author: Marko Vidrih @cryptomarks