They Did Their Own 'Research.' Now What? - The New York Times - 0 views
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the crash of two linked cryptocurrencies caused tens of billions of dollars in value to evaporate from digital wallets around the world.
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People who thought they knew what they were getting into had, in the space of 24 hours, lost nearly everything. Messages of desperation flooded a Reddit forum for traders of one of the currencies, a coin called Luna, prompting moderators to share phone numbers for international crisis hotlines.
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A common refrain in battles about Covid-19 and vaccination, politics and conspiracy theories, parenting, drugs, food, stock trading and media, it signals not just a rejection of authority but often trust in another kind.
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“Do your own research” is an idea central to Joe Rogan’s interview podcast, the most listened to program on Spotify, where external claims of expertise are synonymous with admissions of malice. In its current usage, DYOR is often an appeal to join in, rendered in the language of opting out.
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“There’s this idea that the goal of science is consensus,” Professor Carrion said. “The model they brought to it was that we didn’t need consensus.” She noted that the women she surveyed often used singular rather than plural pronouns. “It was ‘she needs to do her own research,” Professor Carrion said, rather than we need to do ours. Unlike some critical health movements in the past, this was an individualist endeavor.
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One of the enticing aspects of cryptocurrencies, which pose an alternative to traditional financial institutions, is that expertise is available to anyone who wants to claim it.
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In crypto, the uses of DYOR are various and contradictory, earnest and ironic sometimes within the same discussion. Breathless investment pitches for new coins are punctuated with “NFA/DYOR” (not financial advice), or admonitions not to invest more than you can afford to lose, which many people are obviously ignoring; stories about getting rich are prefaced with DYOR; requests for advice about which coins to hold are answered with DYOR. It is the siren song of crypto investing.
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In that way — the momentum of a group — crypto investing isn’t altogether distinct from how people have invested in the stock market for decades. Though here it is tinged with a rebellious, anti-authoritarian streak: We’re outsiders, in this together; we’re doing something sort of ridiculous, but also sort of cool.
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“Now it seems like DYOR can only do so much,” the user wrote. Eventually, the user said, you end up relying on “trust.”