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The Dunning-Kruger effect and why you should not trust any post without doing your own research first.
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The Dunning-Kruger effect is simple, but the wording to explain it kinda sucks: when you know nothing about a specific topic, you know you're not an expert. When you start learning about it though, you consider yourself WAY better than what you actually are.

The more you keep learning, the more you notice you're a newbie. At some point, you notice you aren't a newbie anymore and you feel confident about your skills.

It's way easier to explain and understand with a graph

This is the main reason of why you should not trust ANY post there and always do your own research (DYOR)

With this, I don't mean you should treat all the posts as non informative or plain wrong. Posts there are often a great source of cool information but ultimately you should always read official data or data that comes from trusted sites or people.

If MrRoblox3000 tells you Nano is the best coin and makes a 30000 words essay to post it in Reddit, I'm pretty sure it will be an amazing read but there are some things to be taken into account:

  • MrRoblox3000 could be wrong in some aspects of his post or straight not understanding something
  • He could be a shill, which is basically the antonym to "hater", and as a shill, he will try to hide anything that makes his favourite coin look bad
  • He could have no fucking idea of anything but write in a cool way that makes he seem to be smart

How could we know if the post is right or not?

  • Read the whitepaper about the coin
  • Look for important news about the coin in reputable sites. No, Forbes or The Huffington Post are not reputable when it comes to talk about cryptocurrencies.
  • Look for discussion, not only a single post. From more than one community if possible, take in account that most coin subreddits are inhabited by shills. When a group of people discuss about something, you read their points and after reading the whitepaper yourself, you might know if someone is saying some stupid shit or if he has an actual point. From there, you'll have to use your own common sense to know in which side you will be

And I think that's the basics of doing your own research! I'd like to know what do other people do to learn more from something and if I am wrong in any point, please tell me. I am also susceptible to the Dunning-Kruger effect, of course.

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3 years ago