As we’re in the midst of another bull-run, this is probably a great time to look at some of the fun crypto terms used. I think the Wall Street Bets world has been leaking into crypto, but I find it fun, so I’ll roll with it!
Crypto terms for today’s serious investors
ATH – All Time High
Like the one Bitcoin hit today! At one point this morning, Bitcoin was over $90,000 AUD and didn’t the memes fly!
Bag holders
People who keep their investment too long, don’t sell at the top, and are left ‘holding the bag’ when everyone else is gone. What every bear thinks will happen to them. The tricky thing with crypto is that prices crash and revive all the time, so it’s hard to know if you’re a bag holder or if you have diamond hands. Only time will tell.
Bears
The opposite of bulls – these guys think that the price is definitely going to drop. The asset has already reached is maximum value, and in extreme cases – a crash is imminent. Think Chicken-Little in a bear costume 🙂
Bulls (bull-run, bullish etc.)
Bull-run is when the price continues to climb and we all wish we’d bought more. Bulls think that the asset will continue to grow in value. Big bulls think it’ll go to the moon.
Diamond Hands
The Wall Street Bets version of HODL. Need to be strong like a diamond and not sell.
HODL
One of the most famous typos ever. A drunk guy posted on bitcoin talk about how he was holding after a crash. He misspelled it as hodling and a legend was made. In short, it means HOLD – don’t sell at a loss (some people would say don’t sell ever, but that seems weird).
Lambo
Apparently what we’ll all be driving when Bitcoin moons. Personally, I’ll be looking more for amazing holidays, but whatever floats your boat. My hubby would love a boat.
Moon
Where the price of [insert a crypto you’ve recently bought] should go. A really really great price. Not just good. GREAT. Life changing-ly great. Lambo great. Common usage: ‘Bitcoin’s price is going TO THE MOON!!!’
Node
Any Bitcoin node is a computer that has a full or partial copy of the Bitcoin blockchain. Not to be confused with nude. I do not recommend googling Bitcoin nude.
Paper hands
The opposite of Diamond Hands. Someone who sells when things crash. Probably scared of the dark.
Pump n Dump
Step 1. Pump up a particular coin online. Only really a good idea if you already have a ton of it. Step 2. Get as many people to buy as you can, driving the price up. Step 3. Sell your coins at a profit, and leave everyone else holding the bag – suckers! Seriously, though, don’t do this. It’s mean. Also try not to get caught up in the excitement of someone’s pump – I have and they never end well. Also, that sounded really wrong.
Sats (as in ‘Stacking Sats’)
1 Bitcoin is made up of 100M Satoshis (Sats). If you’re looking to buy bitcoin and you’re not already a millionaire, you’re likely going to need to buy a part at a time. These parts are called Sats, and could become the common denominator we use for Bitcoin. Dollar Cost Averaging (AKA stacking sats) is one easy way to get into the market at a comfortable pace.
Shitcoins
According to Bitcoiners – shitcoins are anything other than Bitcoin. According to Ethereum Enthusiasts, shitcoins anything other than Ethereum. There are tons of new coins coming out every day. Not all of them are great. Buyer beware!
Whales
Someone who has a HUGE amount of a particular crypto. They have so much, that when they sell, it can effect the price. Elon Musk was a whale – and also has the ‘it’ factor, so that when he said that Tesla would no long accept Bitcoin, the price dropped. He suggested DogeCoin as an alternative, and its price jumped. Whales are more annoying in the smaller alt coin space, where there’s a lot of pump n dump issues.
Hope this little list made you laugh, and explained at least a couple of crypto terms you didn’t know before.
Next Steps
- Get into bitcoin with dollar cost averaging
- Read some crypto security tips
Cryptocracy 