PROOF OF WORK: The process by which the earliest crypto-currencies (like bitcoin) are mined. A tweet from “A nocoiner normie friend found my Twitter & said ‘you look like a crazy person trying to start an internet anti-establishment cult.’ ” NOCOINER OR NORMIE: A skeptic who has stayed out of the crypto market, either from sheer bewilderment or the suspicion that it’s a giant pyramid scheme. MOON: If a coin is mooning, that means its price is soaring.

When powerful enough, FUD can cause panic sales of tokens: “Jamie Dimon is calling bitcoin a bubble that’s about to pop - he’s spreading FUD again.”

Within a week, they gathered 17,000 members and $45 million in funding, only to be outbid by the CEO of the hedge fund Citadel.įUD: “Fear, uncertainty, doubt,” a catchall phrase for any kind of negativity, criticism, or bad news about a crypto-currency (even if it happens to be true). In November, ten friends created a DAO to buy a first-edition copy of the U.S. Some DAOs operate like start-ups, others invest in founders or NFTs, and others exist just to hang out. There’s no leader or CEO who makes decisions instead, you might bring a proposal to the DAO, and everyone who holds a token gets to vote. If you hold on to your coins until they become worthless, you’re unfortunately a bagholder.ĭAO: At its most basic level, a DAO is just a decentralized way to organize a group of people - like a digital co-op with a shared bank account. Here are some basics to help you follow what people are talking about.ĪPE: To buy into a new coin or token - particularly when you don’t know much about it but feel driven by FOMO: “I need to ape into this NFT before the price shoots through the roof!”īAGS: The coins and tokens in your portfolio. Since then, the lingo has grown even more unintelligible. He titled the post “I AM HODLING.” HODL, a fortuitous typo, would soon become a foundational part of cryptospeak today it refers to not selling one’s crypto assets, even when the price becomes volatile. The value of bitcoin had just dipped 50 percent, but GameKyuubi, a self-admitted bad trader, was determined not to sell. On December 18, 2013, a guy with the username GameKyuubi logged on to the then-four-year-old Bitcointalk forum and went on a whiskey-fueled rant. This is a guide to actually understanding that universe, whether you simply want to sound literate at a dinner party, know the difference between a bitcoin maxi and an NFT scenester, angle for a promotion by showing off more tech fluency than your boss, or leave your PR job to become memer-in-chief at a new coin exchange. While some corners of the crypto world are still toxic and absurd, it’s also a fascinating and (strangely) optimistic place - where a global army of people with competing philosophies, living mostly on Twitter and Discord, all in some way believe crypto will fundamentally remake the world (and, in the process, everything we believe about value, money, and the internet). This is not entirely wrong, but the landscape today is unrecognizable from its inception in 2009 and even from before 2020, the year NFTs first exploded. (And did Dad just say “NGMI” in the family group chat?) To an outsider, crypto may mostly seem like a bunch of Patagonia-vest-clad bros out to make a quick buck at the expense of the environment. Your 401(k) provider is rolling out a bitcoin option, your friend just made an NFT in Microsoft Paint and sold it for $14,000, and even your mayor-elect is supporting a citywide cryptocurrency. You’ve managed to willfully ignore crypto for the past some-odd years, but all of a sudden it may feel as if the blockchain is closing in on you.

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