A Guide To Popular Crypto Slang Terms, Part 2: From M To Z
This is our second article on cryptographic jargon and basic cryptographic terminology. In our previous articles, we looked at the different beasts of cryptocurrency investing. In this article, we'll go over the most popular ideas that need some clarification. Here is our list of cryptographic jargon terms A to Z. You can find the first part of the article on crypto jargon A to Z here.
Crypto Slang Terms M to Z
Fragments of memes
Meme coins are essentially cryptocurrencies inspired by memes (or funny pictures, videos, and other forms of media) and internet jokes. The two most popular meme coins are probably Dogecoin and Shiba Inu.
ANF
NFA stands for Non-Fungible Airdrops. The purpose of the NFA is to reflect the true value of the airdrop reward on the first DEX offer. This is accomplished through a model not much like a futures contract, an agreement to buy or sell an asset to be traded in the future. The only difference is that the project owner issuing the NFA promises to deliver a token or other digital asset at a later launch date. And since each air toss winner receives different rewards based on this model, there is a unique draw that cannot be changed.
NFTs
Non-fungible tokens (NFTs) are cryptographic assets on the blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at face value. This differs from fiat tokens such as cryptocurrencies, which are identical to each other and therefore can serve as a medium for commercial transactions. NFTs can represent real objects such as artwork and real estate.
there is no place
A non-coinmaker is someone who opposes cryptocurrency and believes it will fail. They do not own cryptocurrencies, often express negative views on the market and have more traditional financial views.
The knot
Nodes are an integral part of the blockchain to verify transactions and ensure network security.
p2p
The term P2P refers to peer-to-peer network exchanges. Peer-to-peer is a direct exchange of cryptocurrencies between parties without the involvement of a central authority. They can choose to trade cryptocurrency for cryptocurrency or cryptocurrency for cash.
Proof of use (PoS)
Proof of Stake is a type of consensus mechanism used to verify cryptocurrency transactions. With Proof-of-Stake, cryptocurrency holders verify transactions in bulk based on the number of coins handed over.
Proof of Work (PoW)
The proof-of-work consensus algorithm uses complex tasks that miners have to solve with the help of powerful computers, while the miner is also rewarded in the form of coins.
Probably nothing
Often used sarcastically, this phrase is used by crypto enthusiasts to say that something is important.
pump and shower
One type of fraud involves artificially increasing the value of an asset using false or false positive information. Typically, a group of people will purchase a large quantity of a particular good at one time at a low price, increasing the demand for and price of that good. This sudden increase in price will cause others to come in and buy as well, and the original group will sell (dump) the assets for a quick profit, often leaving late buyers with huge losses.
settled
The term is used in relation to the regulation of cryptocurrencies. Massive capital inflows can stabilize the prices of regulated cryptocurrencies and attract retail investors who have not yet taken this asset class seriously.
rectangle
In the cryptocurrency community, rekt ("broken") often refers to someone who has suffered a significant financial loss due to a bad trade or investment.
pull the carpet
A bribe is a fraudulent promotion of a crypto token via social media. After the price is raised, the scammer sells and the price usually drops to zero.
SAFU
The Secure Asset Fund for Users, or SAFU for short, is an initiative by Binance that takes part of trading fees and pools them into a fund. This fund is used to compensate users when needed, such as when the platform is hacked or investors lose money due to a technical exploit.
satoshi
- Satoshi Nakamoto is the name used by the alleged pseudonym or people who developed Bitcoin.
- Also, a satoshi (SATS) is the smallest denomination of bitcoin, equal to 100 millionths of a bitcoin.
schill
A shill is someone who publicly, actively, and maliciously promotes a cryptocurrency to inflate its value and attract new investors.
A smart contract
A smart contract is a self-executing contract (program) where the terms of the agreement between buyer and seller are written directly into lines of code.
stable currency
A stablecoin is a fixed price cryptocurrency whose market value is tied to another stable asset. Commodity-backed stablecoins are backed using physical assets such as precious metals, oil, and real estate. The most popular security is gold: Tether Gold (XAUT) and Paxos Gold (PAXG) are two of the most liquid gold-backed stablecoins. Other examples are Tether (USDT), USD Coin (USDC), Binance USD and many more.
To the moon
Investors hoping for a sharp increase in the value of their cryptocurrency or other asset often use this phrase. Since the moon is high in the sky, the term is a play on terms like price hike, inflated prices, etc.
Sign
A crypto token is a virtual currency token or cryptocurrency denomination. It is a tradable commodity or utility that resides on its own blockchain, allowing its owner to use it for investment or economic purposes.
testers
A blockchain validator is the person responsible for validating transactions on the blockchain. After the transactions are verified, they are added to the distributed ledger. In proof-of-work (PoW) systems like Bitcoin, validators, also known as miners, solve complex mathematical problems to earn the right to verify transactions and be rewarded for what they do.
you smoke
Vaporware describes protocols or dApps that provide solutions to non-existent or exaggerated problems. He often suggests decentralization as a key element of the solution. But often decentralization is just a marketing ploy to make the product appear more attractive and innovative than it actually is. Indeed, Vaporware means that the technology behind the massive project isn't advanced enough to live up to the hype the project is generating.
VAGMI/NGMI
WAGMI (or Tiny Wagmi) means we will. People say that WAGMI expresses camaraderie and support for other crypto traders, friends or social media followers. NGMI (or tiny ngmi), on the other hand, stands for Not Gonna Make it. The cryptocurrency community uses NGMI to tease, mock or ridicule people with negative views on cryptocurrencies, people who encourage bad investment decisions, and people who don't understand the basic concepts of cryptocurrencies.
weak hands
Weak hands describe someone who sells their cryptocurrency at the first sign of a drop in price. Those with weak hands tend not to be convinced of their strategies and are easily spooked by negative news or asset price movements.
graze
Wei refers to the smallest denomination of Ethereum (ETH), the currency used on the Ethereum network.
Chi Mun
A distorted form of "When Moon?" The sentence contains a question about when the value of a particular coin will increase.
Lambo wins
This term can be translated as When do you buy a Lamborghini? This way you can ask someone when they will become rich with their cryptocurrencies, so rich that they can buy an expensive car like a Lamborghini.
keith
Crypto whales are large holders of cryptocurrencies. They can be individuals or organizations. While there is no official threshold for it to be considered a whale, the number of coins or tokens held must be large enough to affect market prices whether the owners are buying or selling. Indeed, they have enough money to manipulate the market. You can read more about whales, bears and bulls in our article.
White paper
A cryptocurrency white paper is a comprehensive document that describes the technical and economic aspects of a particular cryptocurrency.
No confirmation
An unconfirmed or unconfirmed transaction is defined as a trade that has not yet been recorded or verified on the blockchain.
This concludes Part 2 of Basic Crypto Slang. Reading about cryptocurrencies can be confusing for a beginner, but learning these terms will make navigating the world of cryptocurrencies much easier.
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Go to StealthEX and follow these simple steps:
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Tags Crypto NFT PoW Satoshi StablecoinThe Guide to Popular Crypto Slang Terms, Part 2: The M to Z post first appeared on StealthEX.