Many people decide to get into crypto, join groups, communities etc. and find themselves completely lost. We’ll take a look at some of the most common expressions used in the crypto world to explain what they mean.
“Don’t be like Greg”
A true meme of crypto trading culture, this expression refers to a tweet posted on May 16, 2011 by Greg Schoen. The latter was expressing his regrets for selling his 1,700 Bitcoins at a price of 30 cents instead of $8. In March 2021, Bitcoin reached a record price of $60,197 which would have earned Greg the equivalent of $102 million. “Don’t be like Greg” is therefore a reminder to all traders to never part with all of their cryptos at once.
An acronym that stands for fear, uncertainty and doubt in English. FUDsters are traders who attempt to manipulate the price of a cryptocurrency downward by carrying a message of fear on social networks.
The acronym stands for Fear of missing out. It refers to the fear of not owning a cryptocurrency that is rising in price. FOMO usually generates a mass ripple effect that artificially drives up the price of a corner until the bubble bursts.
Generally speaking, the term is used to describe the fear of missing out on information or an event. It is often exacerbated by social networks and hyperconnection.
This term comes from the English verb “hold”. It is the main mantra of any self-respecting crypto trader. The idea of “holding” is to keep your crypto portfolio in order to make a long-term investment. Most holders believe that crypto currencies have not yet reached their full potential and will see their value explode in the coming years. The term comes with the saying, “Until you sell back, you’re not a loser. ”
An initial coin offering or ICO is a method of raising funds for companies based on blockchain technologies. The company offers shares to investors in the form of “tokens”. These are exchanged for cryptocurrencies, usually bitcoin or ether. Like the stock market, the price of tokens depends on supply and demand. ICOs basically offer a limited number of tokens to give an exclusive feel to the investors who will make the first move. They can also be used as a currency to exchange for the service offered by the company. The first ICOs took place in 2013, but these fundraisings especially exploded in 2016. According to a March 2018 study by Satis Group LLC, nearly 80 percent of ICOs are reportedly outright scams. This doesn’t seem to be holding back individuals who have been taking up the exercise since 2020 by launching their own token to fund their future careers. This type of fundraising is sometimes called “human IPO”.
These Non-Fungible Tokens (NFTs) are, like cryptocurrencies, based on the blockchain. But unlike Bitcoin or Ether, one NFT is not equivalent to another NFT. Each token is unique. They serve as certificates of authenticity for digital works and objects. The first NFTs appeared as early as 2017, but it is especially since 2020 that they are of great interest to cryptocurrency holders and are brewing millions. A milestone was reached when 3D artist Beeple’s creation was sold for nearly $70 million at auction at Christies. It was also the form in which the Nyan Cat Gif and Jack Dorsey’s first tweet went up for sale.
As with traditional trading, a panic sell is the rapid selling of crypto currencies when the price of crypto currencies starts to fall. It is a mass movement that causes prices to drop drastically and anger holders who try to resist the movement.