Crypto Slang for Noobs

Cryptocurrency slag can be a be intimidating for anyone looking to enter into the cryptocurrency market. Make sure that you know the most common phrases in the crypto world!

Posted by Eric Simon on May 7th, 2018

It can be very difficult for new investors to navigate the volatile waters of the cryptocurrency market. To have any chance at success you must begin to understand the slang terminology that has developed in the back corners of Reddit, Telegram and other social medias. I have compiled a list of popular crypto-terms that you might have come across in person or online. Hopefully, these definitions will provide a little more clarity to an industry that is not clear at all.

Cryptocurrency terms to know

1. Pump and Dump

Actual Definition:

According to CoinTelegraph, pump and dump is an old market scheme that intends to quickly raise the value of an asset before selling it to reap the profits of a massive price increase.

Crypto Slang Definition:

In Crypto, this asset is usually a “worthless”coin with a smaller market cap that can be easily manipulated by information in the form of a piece of news or rumor. Pump and dumps have become very popular as the lighting fast news cycle has combined with social media to allow (pump and dump) groups to manipulate certain assets. If investors get wind of the rumors or see a price rising rapidly, they might buy in and try to catch the wave of gains.

Once the price hits a peak that satisfies the investors behind the “pump,” they then “dump” the asset causing the price to drop significantly. This type of market manipulation is very important to keep in mind when you are browsing CoinMarketCap for your next investment. I’m not a financial adviser, but it is best to avoid coins that are in the green by an absurd percentage. You may look at it and think: “oh I’ll just hop on the back of this pump and get some nice gains out of it.” But, this rarely works in your favor as you will most likely get in at an inflated price and lose a bunch of money when the cryptomarket corrects.

Used in a Sentence:

I put $800 into a pump and dump last night and woke up this morning with half my money. I hate myself.

2. BitConnect

Actual Definition:

BitConnect WAS an anonymously run lending platform/website that allowed users to “loan” cryptocurrency in exchange for a guaranteed average return of one percent a day. The company claimed to have a “volatility trading software” that performed the necessary trades to make lenders money. Also, they had a massive referral program that was shilled by YouTubers and crypto influencers until its collapse in mid-January of 2018.

A lot of people were skeptical of BitConnect in its early stages including Ethereum’s creator, Vitalik Buterin, who called the company a “Ponzi Scheme.” Negative press and a market “correction” caused BitConnect to shut down and return all of its user’s loans in the form of their own cryptocurrency, “BitConnect coin or BCC.” This infuriated users as “BCC” has become completely worthless. When BitConnect shut down its services, BCC dropped from its all time high above $400 to around $30. It is now worth about $1.

Crypto Slang Definition:

BitConnnnnect has become a joke or “meme” in the crypto industry because a man named Carlos Matos lost his mind at a BitConnect presentation basically exposing the ridiculous nature of the company. This video explains it all.

Used in a Sentence:

BitConnnnnnneeeecct.

3. Fiat

Actual Definition:

Fiat is government issued currency that is not backed by gold or silver. An example of this is US currency.

Crypto Slang Definition:

Going off the above definition, “fiat” is basically a pretentious way of saying “cash or money.” Cryptocurrency is not considered fiat because it is not backed by a government or bank. Crypto influencers like to use “fiat” to sound like they know what they are talking about when they most likely do not.

Used in a Sentence:

I would strengthen my position in Ethereum, but I have no fiat left. Or I like using the word “fiat” instead of the word “cash” so my subscribers on YouTube take me more seriously.

4. Bullish

Actual Definition:

In a trading market, being “bullish” refers to an expectation that the price is going to increase.

Crypto Slang Definition:

In the world of Blockchain, you will hear various “experts” use the phrase: “I’m bullish on” the market in general…or a specific cryptocurrency. Although the feeling should manifest from a result of expert technical analysis, it is usually just blurted out by individuals who want the market to go up.

Used in a Sentence:

I’m bullish on hot dogs right now. I’m feeling super bullish about my date I went on last night.

**I use the term facetiously because it is overused and often posted by know-nothing Instagram commenters who want to spread positive news about a coin they are invested in.

Bearish

Actual Definition:

Bearish is the opposite of bullish. It refers to an expectation that the market and/or price is going to decrease.

Crypto Slang Definition:

Bearish is the worst word you can see or hear. A “bear market” is a market in which prices are falling and the majority of participants are selling. We have experienced a pretty brutal “bear market” since the massive spike in early January of 2018. We are finally seeing some recovery now as the BULLS try to take over the BEARS. It sounds like a Monday Night Football matchup between two depleted Chicago teams.

Used in a Sentence:

I’m bearish on the Raptors right now because the Cavs have their number.

FUDster

Actual Definition:

A FUDster is someone who spreads FUD. FUD stands for “fear, uncertainty, and doubt,” intentionally caused by an individual/group through news manipulation to negatively influence the price of something.

Crypto Slang Definition:

A FUDster is basically a crypto-hater. There are plenty of FUDsters who believe cryptocurrency is ultimately going to come to a bitter end. The social media and reddit mobs are quick to label certain individuals FUDsters if they speak on crypto in a negative fashion. As of right now, it seems like Warren Buffet is the ultimate FUDster. On CNBC, Warren Buffet said this on cryptocurrency: “I can say almost with certainty that they will come to a bad ending.” He also admitted he knows little to nothing about crypto. But, as one of America’s most brilliant investment minds his “FUD” has created a lot of skepticism in the crypto industry.

Used in a Sentence:

Bankers are all FUDsters because they are scared crypto is going to take over and hurt their bottom line.

The Flippening

Actual Definition/Crypto Slang:

This is basically only a crypto term. It stands for a futuristic event where Bitcoin gets taken over by another cryptocurrency in total market cap. Bitcoin is obviously the OG of cryptos and has held the number one position in total market cap since its creation in 2009. However, Bitcoin dominance has recently been dropping and is now at 36.5%. Ethereum, which is the second largest cryptocurrency has a total market cap of almost $80 billion, which is half of Bitcoin’s.

Used in a Sentence:

I’m super Bullish on Ripple right now and I think it’s going to be the coin that causes The Flippening.

Lambo

Actual Definition:

Lambo is obviously short for Lamborghini, an Italian brand luxury car that is synonymous with luxury and wealth.

Crypto Slang Definition:

The massive Bull Run at the end of 2017 and the beginning of 2018 made early investors a lot of money. This gave new investors aspirations of “lambos” when they make it big off of their crypto holdings. The phrase: “lambos bro,” became popular as new money came into the market with high expectations. It has also become a viral “meme” in the crypto community.

Used in a Sentence:

Lambos for days bro, lambos for days…