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Crypto slang pt. 2: ASICs, GOATs, and cryptosis

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Do you consider yourself fluent in crypto world slang? Then a little check: what is GOAT? If you could not answer, this material will become a treasure trove of useful information for you. And even if you could, it still will be interesting!
In the article we have collected advanced crypto slang terms: from DYOR to Exit Liquidity. Before diving in, do not forget to refresh basic crypto terms from our previous article.
 

What is crypto slang?

Crypto slang, also known as cryptocoin slang, is a set of informal terms and phrases used to discuss topics related to cryptocurrency and blockchain technology. Crypto slang has been created by crypto traders, developers, and enthusiasts to communicate their ideas and experiences more quickly and effectively. It’s used in the same way people use other forms of slang: to simplify ideas and quickly express them in a shorter form to save time. Crypto slang is used in forums, blogs, social media, and other online platforms. It can be seen in most areas of the crypto world.
 

GOAT 🐐👑

GOAT stands for ‘greatest of all time’ and is a term used in the crypto world to refer to something that is the best of its kind. This could mean anything from a particular cryptocurrency, an exchange, a wallet, or even a person. For example, if someone says that Bitcoin is the GOAT of cryptocurrencies, it means that they believe it is the best cryptocurrency out there.

GOAT is also associated with goats. A group of crypto enthusiasts used an additional meaning of the term when creating a monument to the founder of Tesla and an active participant in the crypto community — Elon Musk.

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Gigabrain 🧠

Gigabrain is used in the cryptocurrency world to describe someone who is highly knowledgeable about the technology behind the digital currency. This could include technical knowledge of the blockchain, economics, or even trading strategies. It also refers to someone who has an incredibly high level of expertise in the industry.
The term ‘gigabrain’ is often used in a positive way. It suggests that those who possess the gigabrain are ahead of the curve when it comes to grasping new concepts and trends in the industry.
 

NGMI 🙅

NGMI stands for ‘not gonna make it’. It is used when speaking about the hopelessness of the situation, project or solution. Also if a user is unable to find any information on his own and asks the opponent to help, ‘NGMI’ can be used as a refusal.
 

WAGMI 🤞

WAGMI stands for ‘we are gonna make it’. WAGMI is used to support members of the crypto community: we are gonna make it, and all the difficulties will be left behind!
 

DYOR 🥸

DYOR stands for ‘do your own research'. This is a disclaimer that the media and members of the crypto community put at the end of an article/post/message containing investment advice or recommendations. DYOR emphasizes the importance of self-study of the project before making an investment decision.
The research may include a study of documentation, a search for information on forums, an analysis of previous team projects, and so on. The main rule is that the investor should independently study all the data, and not rely on the advice and recommendations of third parties.
 

NFA ✍️

NFA means ‘not financial advice', it is a synonym for DYOR. Whenever you are giving someone in crypto a piece of advice, you must finish your sentence with ‘NFA’, so that in case of success or failure, your fellow will not be able to blame you.
Often the terms are used together: "Not financial advice. Do your own research».
 

NYKNYC 🔐

NYKNYC stands for ‘not your keys, not your coins’  and it is a warning to remind people that if they do not have control of the private key associated with their cryptocurrency, they do not really have control of their coins.
The term originated from the concept of wallet security, which is based on the idea that cryptocurrency is only as secure as the wallet it is stored in. Usually, cold hardware crypto wallets are considered the most reliable.
 

FML 😵

FML stands for ‘f*ck my life’ and is commonly used in the crypto world to express a sense of despair or exasperation. It is often used to describe a situation in which a trader has made a bad trade and is feeling hopeless about the outcome or they have had their funds locked up in an exchange, wallet, or other platform due to technical issues or maintenance.
The term can also be used to express frustration at the current state of the crypto market.
 

SNAFU 🙃

SNAFU stands for ‘situation normal: all f*cked up’. This term is used to describe situations where something has gone wrong. It's often used in situations where the user is feeling frustrated and overwhelmed. The term originated in the United States military as an acronym for the phrase ‘situation normal: all fouled up’. 
In the world of cryptocurrency, SNAFU is used to describe events such as failed trades, unexpected crashes, network outages, and other scenarios where things are not going according to plan. It's often used to describe the chaotic nature of the crypto market and the unpredictable nature of cryptocurrencies.
 

LFG 🫂

LFG stands for ‘looking for group’ and is a popular slang term in the cryptocurrency world. It’s used by crypto enthusiasts to indicate that they are looking for people to collaborate with, exchange ideas with, and/or discuss the latest news and trends in the crypto industry. 
It can also be used to advertise or promote new projects, services, and products related to the world of cryptocurrencies. This phrase has become increasingly popular among crypto traders and investors as it allows them to network and find like-minded individuals who share their interests in the crypto space. The LFG hashtag is also often used on Reddit and Twitter to attract attention to specific posts and threads.
 

HFSP 💅

Originally, the expression appeared and spread in the bitcoin community as a warning against altcoins. Then a broader meaning appeared: ‘HFSP’ was used to inform the interlocutor that he/she sold coins too early, and the exchange rate could still grow, which means the profit would be bigger.
Usually, HFSP is used at the end of a conversation (instead of "goodbye") to ironically wish an opponent at least to have fun while he lives in poverty. Sometimes 'HFSP’ is shortened to ‘have’ or even to ‘h’.
 

LR 🧐

LR stands for ‘looks rare’. The expression is used when talking about cryptocurrencies or NFT tokens that have questionable value or do not represent any value at all. Sometimes ‘LR’ is used ironically and even sarcastically (for example, when talking about popular or ugly NFTs).
 

PN 🤔

PN — ‘probably nothing’. This sarcasm expression has the exact opposite meaning: if they say so, most likely, the project or event is significant and should be paid attention to. Sometimes ’probably something' is used instead of 'probably nothing’ in the same meaning.
 

BTFD/BTD 📉

BTFD stands for ‘buy the f*cking dip’. It is a common expression used in the cryptocurrency world, which refers to the practice of buying digital currency or assets when the price has dropped from its peak, or when there is a decrease in price. 
‘Buy the dip’ is based on the idea that a market correction or dip is often followed by a rebound or recovery of the market. By buying the dip, investors can potentially benefit from this expected rebound and gain profits from a low purchase price.

Since the advice is obvious, and the cryptocurrency market is volatile and unpredictable, the phrase has become a meme in which someone advises an investor to buy the dip, and then the rate keeps dipping.

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Pump and dump 📈📉

Pump and dump is a fraudulent scheme that involves provoking the growth of the asset rate with its further decline. The scheme is used by scammers and market participants who earn money from manipulation. Pump and dump can lead to huge losses for investors.
 

Rug/Rug Pull 🚩

Rug/Rug Pull refers to a malicious act in which a project’s creators abruptly exits a project after having raised funds. This term comes from the effect of the rug being pulled out under investors’ feet as they are left with worthless tokens.

In a rug/rug pull scenario, the project creators will generally start to promote their coin heavily on social media, YouTube, and other channels in order to generate hype and pump up the price. They may also engage in insider trading by buying large amounts of the coin themselves before promoting it.
Once the price has been pumped up as much as possible, they will then quickly sell off all of their holdings before disappearing. This leaves investors holding the bag, with no way to recover their money or get access to the coin they purchased. 

This scheme was used by scammers who launched a cryptocurrency based on the TV series "The Squid Game". The hype around the project helped to quickly promote the token. Due to the activity of sellers, the SQUID rate began to grow actively. And then the owners of the coins found that they could not sell the assets: at the peak of the token value, the scammers withdrew all the money from the project, and the token's rate dipped to zero. This is how the chart of SQUID on CoinMarketCap looks now.

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Exit Liquidity 💰

Exit liquidity is a slang term used in the crypto world to refer to the amount of money an investor can access in order to cash out their investments. Exit liquidity can be provided through different avenues, such as exchanges, over-the-counter (OTC) trades, and private transactions. 
Exit liquidity is essential for investors, as it enables them to liquidate their investments quickly and without disrupting the market. It’s also important for traders, as it allows them to enter and exit the market with ease.

Often, exit liquidity is associated with “big scary market makers” and this expression is used when it comes to a new coin that suddenly became temporarily popular, but then the whales quickly withdrew their assets from its collateral, and ordinary buyers made up their liquidity at the exit, after which they themselves were left with devalued tokens.
 

ASIC 💾

An ASIC (application-specific integrated circuit) is a specialized equipment used for mining cryptocurrency. ASICs are designed to be more energy-efficient and have a much higher hash rate than CPUs, GPUs, and FPGAs. 
ASICs are often used for Bitcoin and other SHA256-based cryptocurrencies, but there are also ASICs for other algorithms. ASICs can be expensive to purchase, but they can also be very profitable if used correctly.
 

Cryptosis 🤯

Cryptosis is a slang term used to describe the state of being overwhelmed with information about cryptocurrency and blockchain technology. The term is often used to describe the feeling of being inundated with information on new projects, coins, tokens, exchanges, trends, and more. 
Cryptosis also means anxiety, which arises due to the fact that the crypto world is constantly evolving, and it is very difficult to keep up with all its changes. It is a synonym for FOMO (fear of missing out) in the world of cryptocurrencies.

💌 Most likely, after reading this article, you experience a feeling of cryptosis. Subscribe to our social networks (Telegram, Instagram, Twitter, FB) so as not to miss new articles!

This article is not an investment recommendation. The financial and other transactions mentioned in the article are not a guide to action. Itez is not responsible for possible risks. The user should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about conducting any operations with cryptocurrency and / or tokens.

Maria Kachura
Maria Kachura

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