Do you need to understand what you invest into?

The old saying in investing is you should understand what you put your money into. This is something you see repeated in traditional markets and crypto.

But how many people actually understand what they invest into? Do you?

I sometimes think back to around the early 2000: when people put money into stocks like Google and Amazon after the huge dot com bubble crash. Did people at this point understand the tech behind these companies did they understand how they would financially grow? Or was it simply they could see the potential of internet as a whole and piled in for this reason?

I think the same thought process can be applied to crypto now, for most I think people have rough understanding of blockchain and few projects but not a deep technical understanding. They just believe in crypto as a whole.

TLDR: Do you know what your doing or are you a just a degen? What about the community in general ?