Wouldn't it be funny if the next President of the US would have the same name as a baseball glove?!
That was off the topic but just a thought I had...
And to our point....
There was once a man who could barely eke out a living. For years he struggled to meet his most basic expenses. After he passed away his home was repossessed and the new owners started renovating. Under the floor in the basement they found a number of chests with gold, silver and jewels worth tens of millions of dollars. Ayyyyyy yiiiiiii yiii! His life would have been sooooo much more enjoyable had he only known. He could have drilled, gotten the money and life would have been an absolute pleasure.
When someone receives praise what is happening is that the person is learning what "treasures" he possesses which enable him to live a more fulfilling life. Our special qualities are what enable us to fulfill our purpose in this world and to feel accomplished, successful and self-actualized. Most people [all people?] don't fully appreciate their "gems" and they therefore never really become what they are capable of becoming.
There are many ways to show love. Interestingly, when the Rambam [deyos 6/3] codifies the mitzva to love your fellow Jew one of the examples he gives is יספר בשבחו - he praises his friend. That is one of the greatest expressions of love because love means facilitating the spiritual growth of the beloved. By praising someone else you are doing this.
I also believe that you shouldn't wait for other people. Praise yourself [verbally!] and start appreciating what unique gifts you have been endowed with in order to bring more good to this world.
Criticizing or belittling others makes them feel that they are bad people. The result is that they don't accomplish what they should because they don't think they have it in them.