MultiversX Tracker is Live!

Since the bullrun is either upon us or imminent here is an easy to follow 10 point plan for DYOR when evaluating a new project.

All Cryptocurrencies

by COINS NEWS 13 Views

  • Understand the basics: Learn the fundamentals of cryptocurrencies, blockchain technology, and their use cases. Familiarize yourself with key terms, concepts, and how the technology works.
  • Project fundamentals: Research the project's whitepaper, website, and any other relevant documents. Look for:
    • a. Problem and solution: Understand the problem the project aims to solve and how it proposes to do so.
    • b. Use case and market potential: Assess the project's target market, use case, and potential for adoption.
    • c. Tokenomics: Evaluate the project's token distribution, supply, and utility.
  • Team and advisors: Investigate the project's team members and advisors, their experience, and previous successes. A strong team with relevant experience is essential for a project's success.
  • Community and social media presence: Check the project's social media channels (Twitter, Reddit, Telegram, etc.) and observe the community's sentiment, engagement, and size. A large and active community can be a sign of strong interest and potential for success.
  • Development activity: Examine the project's code repository on platforms like GitHub or GitLab. Look for consistent development activity, code quality, and contribution from multiple developers.
  • Partnerships and collaborations: Assess the project's strategic partnerships and collaborations, as they can be an indicator of potential growth and credibility.
  • Roadmap and progress: Review the project's roadmap and achievements. Ensure that the team has been meeting deadlines and delivering on promises.
  • Competitors and market analysis: Analyze the project's competitors and its position in the market. Consider the project's unique selling points and potential challenges.
  • Regulatory environment: Understand the regulatory landscape for cryptocurrencies in the project's target markets. Be aware of potential legal risks and restrictions.
  • Risk management: Never invest more than you can afford to lose, and diversify your portfolio to mitigate risks.

Remember that cryptocurrency investments are inherently risky, and past performance is not a guarantee of future success. Always do your own research, and consider consulting a financial advisor if you need professional guidance.

I'll be expanding on these each in the coming days. Since I'm the dope who lost all his moons I have to shitpost my way back on to the rocket ship. So here is the first of many contributions. In fact I may even make some kind of public template for evaluating things along this criteria with some easy inputs. If it stops even one person from getting rugged it will be worth it IMO. Let me know if you'd find something like that useful.

submitted by /u/AverageLiberalJoe
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² Maiar - DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑🟑🟑 Huobi🟑 Kucoin.