Crypto freaks (me included) like to speak in foreign. Newbies, here are some of the terms. Book mark this one okay 📚
"Stacking sats"
The smallest unit of a Bitcoin is called a Satoshi (sats). Think of Rands (the whole coin) and Cents (sats). You will often hear the crypto community say they are "stacking sats". That means that they are accumulating pieces of cryptocurrencies.
HODL
This is not a misspelling; it is slang. It means "Hold On for Dear Life". The idea behind HODL is that Bitcoin’s price will continue to rise, regardless of huge dips.
BTFD
This is an acronym for “Buy The F***ing Dip.” This is used when a trader tells others to pick up a digital currency that has dropped in value.
FOMO
Fear Of Missing Out refers to the feeling of fear and anxiety that you might be missing out on a potentially lucrative investment or trading opportunity.
Don't do this
Pump & Dump
This a form of price manipulation where the price of a crypto is boosted based on false recommendations (pump) before the assets are sold at a higher price (dump).
Memecoin
Coins with zero technology behind it. Just a community pumping it.
Sh!tcoin
Affectionate name for all currencies besides crypto. This also include memecoins as well as legacy coins like USD, EUR, GBP etc.
Whale:
These are individual investors and often sophisticated trading firms with large amounts of Bitcoin and other cryptocurrency. Whales are feared and respected among crypto day traders for their ability to move prices with single trades.
Nocoiner
A person who does not possess any cryptocurrencies at all. Negative connotation, describing a sad and unenlightened individual devoid of the glory that is crypto.
Bagholder
A person that is stuck with coins that have gone down a lot in value, usually below his or her entry point.
Maximalist
Usually preceded with ‘Bitcoin’, maximalists are people who believe that the only thing that is certain is that their coin will survive in the long run.
Maxis are annoying AF. See below🤣
FUD (Fear, Uncertainty, Doubt
This is a strategy used by crypto fanatics to spread misinformation and doubt regarding a trade deal or a competitor’s forecast price. What people tend to underestimate is the power of FUD. It has the potential of depressions and bursting bubbles
DYOR (Do Your Own Research)
Exactly how it sounds. Before getting influenced by what the internet is doing and reacting to, it’s important to DYOR before making any calls.
LAMBO
Short for Lamborghini, this term symbolizes the culture of getting rich super fast. This status symbol represents the life of luxury that can be achieved by crypto holders.
WAGMI - We All Gonna Make It.
This is a belief in the crypto communities. For as long as you HODL and not panic sell WAGMI.
The END
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I know many of you are scared to invest in the US markets. That's okay. It is very overwhelming.
The JSE has 462 listed companies
The US has 16 366 listed companies
Let me try to make it a little easier with a short 🧵
One huge difference between the JSE and the NYSE/NASDAQ is the Securities and Exchange Commission (SEC)
Who da heck is the SEC?
The SEC is a U.S. government oversight agency responsible for regulating the securities markets and protecting investors.
The SEC was established by the passage of the U.S. Securities Act of 1933 and the Securities and Exchange Act of 1934, largely in response to the stock market crash of 1929 that led to the Great Depression.
The SEC can itself bring civil actions against lawbreakers
Crypto (for short) is internet money. To understand crypto, you need to understand money.
So what makes money money?
Thread 🧵
Money must have all 3 of the below:
1. Enough people must have it. 2. Merchants must accept it as a form of payment. 3. Society must trust that it’s valuable and that it will remain valuable in the future.
Our current money was designed thousands of years before the internet (bartering to fiat).
Money designed thousand of years ago CAN NOT and DOES NOT cater for the internet. It is that simple!!!
We needed a new currency that can keep up with the internet.
Imposter syndrome, also called perceived fraudulence, involves feelings of self-doubt and personal incompetence that persist despite your education, experience, and accomplishments.
I had this badly for years
What my shrink made me do👇
many of you know I am a chartered accountant and that those exams are dam hard. I passed both exams on the first attempt. Instead of celebrating like other kids, I thoroughly believed the markers made a mistake TWICE
Yes, it sounds ridiculous now, but I believed it with my heart
I took these rubbish thoughts into my entire career that followed. Whenever I went for an interview, I got the job. I was never rejected. AGAIN, I thought I just had a smooth mouth. LOL.
I got promotion after promotion and still I waited for them to catch me out😭