I came to the cryptoworld quite a few years back, and I’ve never left. Over the years, new terms and words have entered the cryptocommunity’s lexicon. Language frequently changes, but for someone just entering this, sometimes crazy, crypto world, it can be a daunting task just to get through an article that’s filled with unfamiliar words.
Here’s my list of the most useful crypto slang you’ll find during your stay in cryptocountry. This list is by no means complete since new words are frequently ‘coined’. Your groans are welcome, nay, essential.
Originally a typo made by GameKyuubi on a Bitcointalk post. The writer intended to say ‘holding’ but typed ‘hodling’.
Hodling means keeping your coins even during periods or wild market volatility. To some, it has also come to mean Hold On for Dear Life. But, come on, it’s not that bad.
Quite simply, Fear, Uncertainty, and Doubt. FUD is created for reasons including dissuading people from participating in a competitor’s ICO and to cause people to sell their coins rapidly making market prices drop.
Whales like to gobble up lots of coins when prices are low – a bit like they eat krill.
A bit like the opposite of FUD. FOMO, the Fear Of Missing Out, can make people go into a blind buying frenzy. No-one wants to miss out on the next big thing, and FOMO can increase sales during an ICO or increase market prices from the rapid buying of a specific altcoin.
Some buyers are affected so much that they become almost rabid, FOMOing at the mouth, so to speak. Not having that one? Oh, well.
A whale is an investor or coin holder that can cause large market movements by purchasing or selling massive quantities of coins.
When a whale lands in a market, there is usually a splash. What a lovely way to think about it.
Undeterred by FUD and loving a bit of FOMO, bulls continue to invest in specific coins even when the market is a bit wild. This may be because they love a project or have strong feelings about a technology. Of course, they also want to make money. Bulls are most likely to #BTFD, many might then HODL for a while.
Opposite to bulls, bears are prone to falling for FUD and firmly believe that market prices will fall. Sleepy, dozy, and hibernating for a good portion of the year, bears are a bit bloody boring really.
When a coin goes ‘to the moon’ or ‘moons’, it simply means that the price of a coin has shot up, stratospherically, in value. Quite a few coins have done this in the past.
Of late, however, it has become a bit of an annoyance. In Telegram group channels and such, there are always people asking, “When moon? When moon?” These people generally have no real interest or understanding of the technology they’re effectively buying into and just want to make some quick cash.
Many people would like to show these Whenmooners (yup, I said it first) the other kind of moon that we all know and love.
A term like ‘moon’, Lambo comes from an entrepreneur called Peter Saddington. Saddington, who is probably not sad, bought a bag of bitcoin in 2011. When the price mooned, he bought a Lamborghini with some of his bitcoin holdings. Roughly $115 worth, actually.
Like Whenmooners, there are also Whenlamboers. Sadly, most of us can only show them a moon.
You can check out how much more bitcoin you need for your #lambo right here.
This nice, gentle acronym stands for Buy The Fucking Dip. I really don’t think it needs much further explanation, but for those of you that failed to detect the subtle nuances of #BTFD, it means to buy coins when you think they’re at a low price.
It’s widely known that pump-and-dump schemes are illegal. Therefore, you don’t need me to tell you to avoid them, like the plague.
Essentially, pumping involves the rapid buying of a specific coin, usually a shitcoin, to inflate the price. When the pump ‘n’ dumpers think the price is high enough, they dump (sell) all their coins, making a tidy little profit. They care very little if you’re left a bagholder.
There is usually a lot of FOMO leading up to a pump and dump.
An altcoin is any cryptocurrency that isn’t bitcoin. Ether, Litecoin, and Dash are all examples of altcoins. Some altcoins are shitcoins.
Although there is no widely accepted definition of what constitutes a shitcoin, they are typically low-value coins that rise and fall in value quite quickly and are frequently victims of pump-and-dump actions. Dogecoin is a good example of a shitcoin.
An ICO is an initial coin offering, and many people see them as the crypto equivalent of an IPO (Initial Price Offering). You’ll frequently find plenty of Whenmooners participating in ICOs and whinging in Telegram channels when their purchase doesn’t immediately moon enabling them to buy a Lambo.
A fiat currency is typically a printed or minted currency that a government has declared to be legal tender. Their value is based on supply and demand rather than pegged to the value of a physical commodity. The US Dollar is a good example of a fiat currency.
Since we were just talking about shitcoins… Actually, I won’t go there.
When you’ve been #Rekt, that’s it. All the value has dropped out of the coins you’ve been gathering, carefully trading, and watching their value increase. If you’ve been #Rekt, it’s possible that you’re a bagholder now, too.
I frequently get #Rekt when I play video games with my teenage children. That’s why I generally stick to crypto. It’s much gentler.
You’ll find yourself a bagholder when all the value has dropped out of coins that you’ve hodled onto for too long. There is simply no value left.
Your holdings in a specific coin are referred to as your bag.
Like bags can go in and out of fashion very quickly, some coins attract more attention than others at times. Buyers can become victims of FOMO or FUD, or they can decide that there’s a newer, better coin that they want to shift their money into. Just keep an eye on your bag.
While I have your attention, why not head over to our Telegram community where you can put all these new terms to the test? See you there.
Chronic crypto nut and freelance writer/editor for longer than I care to remember. Have finally found a home here at Crypto Disrupt.