BitCoin Baby - Day 11 "Talk the Talk before you Walk the crypto Walk"
Maybe I should have done this already some time ago......because if you enter a new universe...in this case the Cryptoverse it´s important to speak it´s language and understand it´s inhabitants. Now on the inhabitants I can be short....
Of course we have the Bears and the Bulls the dominant species of the Cryptoverse....but there are some other less known creatures crawling around.
So now we have that out of the way let´s focus the Crytingo....the Cryptoverse´s Lingo. And let me start with a very short explanation why this is usefull
I spent at least 10 minutes searching for a coin that was called DYOR as many posts I was reading referred to that coin....or at least that´s how I interpreted it.
And guess what I found there was no Crypto called DYOR. So what the XXXX were they talking about....? As I could not find the crypto I forgot about it until I was writing down do´s and don´ts for one of my blogs and wrote it as a header.....
Well without the ButtMonkey of course.
But that did trigger the idea that a it would be nice to any noob to have list with commonly used Crypto Lingo and as this is probably a never ending story I will keep updating it with what I find.
So let´s start doing it alphabetical meaning:
The A is for ALT Season
So to a noob that might sound like there is an actual time of year the ALT coins start growing.....and that is close but
An altcoin season is one of the different cycles previously seen in cryptocurrency trading. Oftentimes, altcoin seasons will follow an exponential move in price from Bitcoin. As the price of Bitcoin stagnates or takes a bearish turn, funds will begin to flow from Bitcoin to Ethereum, then further down into the rest of the crypto market. This is generally what’s referred to as an altcoin season.
AltCoin
“Alternate coin” so it is everything other than Bitcoin (BTC).
ATH
This means “All-Time High", which is the highest historical price of a specific coin.
Bag Holder
Refers to a trader who bought in at a high and missed his opportunity to sell, leaving him with ´bags´ of worthless coins.
BTFD
“Buy The Fucking Dip” – When are selling because of fear and blood in in the streets, it is the best time to buy.
Circulating Supply
The price of a coin has no meaning on its own. However, the price of a coin multiplied by the circulating supply, gives the coin’s market cap.
Curating
This is what they do in Spain with their Serrano Hams
The word “curation” in IT refers to those processes for selecting, maintaining and storing digital assets. In general, this may refer to any type of digital asset.
Curators
Curators are subgraph developers, data consumers or community members who signal to Indexers which APIs should be indexed by The Graph Network. They use their knowledge of the blockchain ecosystem, applications and consumers to identify the most reliable data sources. An example of curation would be if a new DeFi subgraph pops onto the market for a protocol that you think is promising. You could signal on that subgraph to indicate to Indexers that it should be indexed and to make it discoverable by DApp developers. You would then earn a cut of the query fees on that subgraph for being early to signal.
DAPP
A DAPP (Decentralized Application) consists of back-end code that runs on a decentralized peer-to-peer network. A DAPP can also have a user interface, created by front end code that makes calls to the back end. DAPPs do not require a central authority to function: they allow for direct interaction between users and providers.
Dead Coins
Dead Coins refer to cryptocurrencies that have been abandoned, used as scam, their website is down, has no nodes, has wallet issues, doesn't have social updates, has low volume or developers have walked away from the project.
𝗗𝗲𝗮𝗱 𝗖𝗼𝗶𝗻𝘀 𝗧𝘆𝗽𝗲𝘀
𝗜𝗖𝗢 𝗗𝗲𝗮𝗱 𝗖𝗼𝗶𝗻𝘀: Initial Coin Offerings (ICO) are the high risk/high reward place to invest with over 60% ending up dead coins before they even get a exchange or to the first birthday.
𝗝𝗼𝗸𝗲 𝗗𝗲𝗮𝗱 𝗖𝗼𝗶𝗻𝘀: An accurate guess is that over 90-95% of jokes coins end up dead, so before you invest in a joke coins make sure it is not a joke. If it is a joke at least make sure it has some top developers.
𝗦𝗰𝗮𝗺 𝗗𝗲𝗮𝗱 𝗖𝗼𝗶𝗻𝘀: Lots of dead coins are scams. The information linked above points out some of the ways that people have been scammed and what to look out for when buying to a coin.
𝗔𝗯𝗮𝗻𝗱𝗼𝗻𝗲𝗱 𝗗𝗲𝗮𝗱 𝗖𝗼𝗶𝗻𝘀: Dead Coins are the most common, this is for a number of reasons. If a coin or token has little information on why it died, it falls into the default abandoned classification.
Degen
Short for Degenerate. Degen trading or Degen mode is when a trader does trading without due diligence and research, aping into signals and FOMO into pumps. A Degen Trader does not know about metrics like FDV or TVL nor do they care. They will buy because the asset logo looks cute, or because the slogan is memeable, or because some twit-famous anime girl on the internet says she's looking into crypto and the first two shill comments gets more likes than others.
Delegating
Delegation is allowing token Holders to hand the responsibility of (full-time) running a node to someone else. Like for example with ADA https://www.youtube.com/watch?v=BapcrB8xSeI
DYOR
I think we clarified this one already and if no you can do your own research.
FDM
Fully diluted market is what a digital asset's market cap would be if all the coins or tokens in its total supply were issued. ... finance allocated its total supply of YFI tokens within a week, which means that its market-cap-to-FDV ratio is equal to 100%.
FOMO
Short form for ‘fear of missing out’. The feeling when you see a huge green percentage growth on a chart and you don’t own that coin, so you sell other shit to buy into it freaking out. As crypto trading is still very much driven by emotions rather than valuation, FOMO is a huge factor to consider when swing trading in crypto
FUD
Here´s another one that I really needed to Google as itjust made me think of fudge and become hungry.
FUD is an acronym that stands for “Fear, Uncertainty and Doubt.” It is a strategy to influence perception of certain cryptocurrencies or the cryptocurrency market in general by spreading negative, misleading or false information.
Fungible
Fungibility is a word that rather trips off the tongue. If something is fungible it can easily be replaced by something that fulfils an identical function. It can be exchanged and interchanged with ease. Money is a good example of fungibility.
Hard Fork
Hard Fork A hard fork effectively breaks a blockchain into two, with a shift in the blockchain's code resulting in two versions.
A hard fork breaks the blockchain into two versions that are incompatible with each other. This means that nodes running the new blockchain version would not accept transactions made on the old blockchain version, and vice versa. For the hard fork to take place, all nodes on the blockchain must agree to the move.
Hard Forks: why it happens
Hard forks, on the other hand, may be used as part of a marketing strategy to draw attention to a new cryptocurrency. Another justification for a hard fork is to compensate users in the event of a security failure or attack on a blockchain network. In this case, attackers' transactions dating back to a specific date are no longer accurate.
HODL
The term HODL originated from a forum post in 2013 written by Gamekyuubi. This user, clearly intoxicated, titled his post “I AM HODLING.” He meant to title his piece “I am holding,” and this was far from the only spelling error in his post.
To Hodl refers to buy-and-hold strategies in the context of bitcoin and other cryptocurrencies.
ICO
Short form for “Initial Coin Offering”, which takes a page from the usual IPOs investors know. Coins bought during ICOs are usually sold for a profit when the coin first hits exchanges. This is due to the initial hype which increases demand for the coin. On the supply side, ICOs create entry barriers as the buyer has to set up his private wallet to receive the coins from the ICO purchase.
KYC
Again one that always makes me hungry not sure why....
KYC (Know Your Customer), refers to the verification process that customers to go through in order to: Verify their identity and link it to a cryptocurrency wallet.
Lambos
This one I figured out without having to google it
Lambo is defined as a short form of “Lamborghini”, the exotic Italian sports car that many cryptocurrency investors symbolically promise to purchase in the event that they become rich from their investments.
Long
A position that a trader takes. To take a long position on something is to believe its value will rise in the future.
Limit Order
A position that a trader takes. To take a short position on a coin is to believe its value will fall in the future.
Margin Trading
A term for ‘trading with leverage’. This type of trading means you borrow one side of the trading pair at an agreed loan rate and sell it for the other side of the trading pair. Depending on the direction you believe the market to move, you may place a long or a short bet on the trading pair of concern.
Market Cap
A stock’s market cap refers to the market value of the company’s outstanding shares. In the cryptocurrency market, the market cap is used to illustrate a coin’s dominance in the entire cryptocurrency market.
Moon
Extreme bullish movement of a coin.
NFT
NFT stands for "non-fungible token." This kind of token is like Bitcoin, except while you can trade Bitcoin and have more of the same thing that represents real money at a varying market value, each NFT is unique. ... So NFTs are a form of digital asset, whose ownership is recorded on a blockchain.
Node
A node is a computer connected to other computers which follows rules and shares information. A 'full node' is a computer in Bitcoin's peer-to-peer network which hosts and synchronises a copy of the entire Bitcoin blockchain.
Noising
Another easy one..
That´s what I tend to do while I should be working and refers to virtually hanging around on NoiseCash
PLEB
PLEB means "Low-Class or Common person". The term PLEB is short for Plebeian. The Plebeians were the general body of free Roman citizens who had no right to vote. Plebeian may have first been shortened to PLEB by English public school pupils in the 18th century, when it was used as a derogatory term for pupils of lower social classes. In modern usage, PLEB is often used as an insult to imply that someone lacks intelligence, is unsophisticated or of low social standing.
Signs you are a bitcoin pleb
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Plebs keep asking when there is a 30-40% correction dip
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Plebs want to sell for fiat profit
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Plebs sell to buy some stupid item like a car or a playstation
Ponzi Schemes
Named after Charles Ponzi, Ponzi schemes are fraudulent investment schemes that provide money for earlier investors with money taken from latter investors. These crypto projects promise unreasonable high returns and urge you to refer new people to the site.
https://www.youtube.com/watch?v=xK3yuxrmCac
Fraudsters behind Ponzi schemes promise consistent returns and are all unregulated and unregistered by the SEC. Plustoken in China raked in at least $2 billion, making it the largest cryptocurrency Ponzi scheme ever.
Pump & Dump
(P&D) is a common scheme used in cryptocurrency trading that involves inflating the price of an owned cryptocurrency through misleading statements, in order to sell the cheaply purchased cryptocurrency at a higher price.
Pump and dump schemes are illegal and considered securities fraud by the SEC. In most regulated markets like the London Stock Exchange and the New York Stock Exchange, they are illegal as well. ... However, pump and dump schemes aren't illegal on cryptocurrency exchanges
REKT
Completely ruined caused by a bad trade or investment. "MOMENT OF SILENCE FOR ALL OF THOSE #rekt.
Shilling
Well, do we still have to explain this one....since we have Elon Musk Shillings poster-child.
“Shilling” is when somebody talks up a cryptocurrency project with the goal of creating more demand for a token and increasing its price. Presumably this is done because the “shill” owns tokens and wants the price to increase.
Shitcoins
Shitcoins are usually cryptocurrencies with "zero to non-essential utility or use cases". They lack strong fundamentals that can sustain and grow their value over time. And are mostly driven by hypes, hypes, and more hypes and pump and dumps. When all the hypes die down, these coins will usually be very dead for a long time, if ever they resurrect with yet another pump.
Other cryptos that will often qualify as a shitcoin are the ones with billions and trillions of supply and no use case or potential adoption (market) to match. Investing in shitcoins for the long term is considered a mistake.
Short
A position that a trader takes. To take a short position on a coin is to believe its value will fall in the future.
Shorting
Short-selling is an investment method that allows you to benefit from drops in price of a particular asset. Basically, shorting works by allowing you to borrow an asset, such as Bitcoins, and sell it at its current price. Later on, you purchase the actual Bitcoins (hopefully at a lower price) to pay back the person or company you borrowed them from.
Soft Fork
A soft fork is a blockchain software update that is backwards compatible with previous versions. This ensures that miners who haven't updated to the latest version of the program can still participate in transaction validation and verification.
Staking
Staking within the context of cryptocurrency is when an individual holds crypto coins in a digital wallet for a particular length of time to support the security and operations of a blockchain. ... Cryptocurrency staking is an alternate method of investors to earn additional revenue from interest on their coins.
SWAP
Coin or token to coin or token transaction.
Tipping
Tipping is, it is the ability to pay 5 cents, 10 cents, etc. to people online. This could be for a wide variety of purposes, but typically think of it as thanking someone online for the content they have published or how they may have helped you out.
BRAVE browser allows you to tip in websites using BAT. NoisCash allows tipping ´good´ content using BCH and Publis0X has several tipping currencies.
Token burns
"Burning" a coin, in terms of cryptocurrency, refers to sending an otherwise usable token (or fraction thereof) to an unusable account. The act of burning effectively removes tokens from the available supply, increasing its relative scarcity.
Trading
Cryptocurrency trading is the act of speculating on cryptocurrency price movements via a CFD trading account, or buying and selling the underlying coins via an exchange.
TVL
Total value locked (TVL) has become the most common metric used to measure the growth of the decentralized finance (DeFi) industry on Ethereum.
Weak Hands
People that sell at loss when the market is down.
As I mentioned this is a living document I will updates as I go along, feel free to drop suggestions in the comments.
Yesterday´s News
I fried the fish and left the paper here for you to enjoy.
Day 10 - Bitcoin Baby - Day 10 "Back to the Future"
Or start reading about my crypto experience from day one.
Thank you for reading & Thankful for any comments, Tips & Tricks.
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