On a personal level, this project is meant to help me process my NFT journey, deepen my understanding of web3 culture and understand my own actions within the space. At the same time, I intend to shine the spotlight on artists, developers and creators to provide some insight or behind the scenes into how their journey has been so far and where they think the space is heading.
I hope in doing so this will help anyone in the community who’s also just as dazed and confused (especially beginners) as I am to have better insights into this fast paced section of internet culture and its future.
With all the attention, jargon that was once just used for inside jokes in early cryptocurrency chat rooms and on Reddit threads has now become a part of the dialogue. You may see crypto enthusiasts on Twitter say something like, “Don’t listen to FUD, just HODL your bitcoin and head to the moon"
So what does that mean? Since this is the first article of this challenge I decided I'd attempt to make sense of such crypto-slang and break it down for anyone who is as confused as I first was.
1. Hodl
“Stay strong, HODL even when the price drops.”
In early bitcoin forums, someone posted a message that spelled the word “hold” wrong, and readers interpreted it as an acronym “hold on for dear life”.
Now, it’s become a meme of sorts, so that when the prices are highly volatile, bitcoin buyers say ‘HODL!’
2. FUD
“If someone tells you bitcoin is a bubble, they just have FUD.”
FUD means “fear, uncertainty and doubt.” Bitcoin followers advise to HODL your coins despite the FUD of those outside the community.
3. Stats
"How many sats are you buying at this price?”
“Sats” is short for “satoshis,” a term derived from the first name of , Satoshi Nakamoto. It refers to the smallest fraction of a bitcoin that can be sent, which is 0.00000001 of a bitcoin. Instead of looking at bitcoin in terms of a dollar value, collectors & traders look at sats, or satoshis.
“There must be a whale behind this coin’s movement.”
A whale is someone who owns a lot of cryptocurrency. According to statistics and the addresses that you can find online, bitcoin isn’t 100% anonymous. You can actually find the whales — these are the people who own a ton of bitcoin. We’re talking about like hundreds of thousands of bitcoin or more.”
If a “whale” sells a lot of their stake, it can cause the price of a cryptocurrency to dip by flooding supply.
5. Pump & Dump
“This coin’s chart looks like it was a pump and dump.”
Pump and dumpers are people who often say, ‘Hey, let’s all of us together pump this coin,’ which means buy the coin, create the demand in the market, the coin will go up in value. Then, everyone “dumps” the coin and sells.
These schemes are often orchestrated through apps like Slack or Telegram, so beware of such gimmicks. The practice is an “open secret among many cryptocurrency traders.
6. Bagholders
“I think this coin is going to sell off, and someone’s going to be left the bagholder.”
A bagholder, essentially, is a very unfortunate soul who at the end of the day — maybe from a pump and dump — got ‘held with the bag, which means they wanted to sell at a higher price, but the market moved too fast. Then, that person is left with “a coin they don’t want at a price they can’t sell it at.
7. Mooning
“Ripple is mooning!”
If something is “mooning,” that means a coin’s price is experiencing a spike. That is often what you’ll see on Twitter, or social media sites. That is one term that I don’t enjoy.
Crypto-watchers will often get excited about minor bumps in price and boast that their coin is headed “to the moon, sometimes only in an effort to inflate the price for their own gain.
8. NOCOINER
"She's just a nocoiner, don't mind her!"
A person that has no bitcoin or crypto. Can sometimes be used as a derogatory term for people outside the crypto community.
9. LAMBO
"BTC is going to Lambo one of these coming weeks"
Short for Lamborghini, when someone asks “When Lambo?” they are asking when a particular coin’s price will increase and they will profit enough to buy a Lamborghini.
10. BULL
"Its never going to moon, you're just a bull!"
A trader that holds positive sentiment about the market and expects it to rise.
I hope this helped. If you would like me to cover a specific topic or area as part of this personal challenge , please let me know. I think it would help others and, of course, I would love to link out to you!
If you’ve enjoyed this, feel free check out my website Prince of Cavan Creations or to follow me on the social medias, where I can be found under @princeofcavan. As always, let me know your thoughts!
Posts
No comments:
Post a Comment