What Is Hodl? A Guide To Crypto Slang Like “To The Moon”, “Wreckt”, “BearWhale”, And More
The Bitcoin community has developed its own set of slangs on the chats where it meets––such as r/bitcoin, BitcoinTalk, Telegram chat rooms, and more. Log on, and you’ll see mass misspelling: “hodl” instead of “hold” or “Reckt” instead of “wrecked.” You’ll hear of bagholders and BearWhales.
Barry Silbert, an early bitcoin investor and founder of Digital Currency Group, once tweeted about crypto’s rich lexicon:
In this post, we dig into some of the terms, trying to mainly stick with those terms that appear only in the blockchain space.
The word “Hodl” came to fruition during the bitcoin price collapse in 2013, when,. A post on BitcoinTalk read “I AM HODLING”, a cri de couer. GameKyuubi wrote:
“I typed that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF’s out at a lesbian bar, BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY. It’s because I’m a bad trader and I KNOW I’M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT’S GOING DOWN I’M GONNA SELL he he he and then they’re like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY’RE DOING buy back in but you know what? I’m not part of that group. When the traders buy back in I’m already part of the market capital so GUESS WHO YOU’RE CHEATING day traders NOT ME~! Those taunt threads saying “OHH YOU SHOULD HAVE SOLD” YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.
so i’ve had some whiskey
actually on the bottle it’s spelled whisky
(but only if it’s payable in BTC)”
In a sentence: “Gentlemen, it’s been a pleasure HODLING with you”
A no coiner is the opposite of a hodler. A no coiner has no cryptocurrency assets; of course, particularly Bitcoin.
In a sentence: My nocoiner mom just tried to call me at work.
Short for satoshi, A Sat is the smallest unit of Bitcoin recorded on the Bitcoin Blockchain. It is like bitcoin’s version of the penny. It carries a value of 0.00000001 BTC, one-hundred-millionth of a single Bitcoin.
In A Sentence: Friedrich Hayek woulda stacked sats like crazy.
Fomo is anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website. Sufferers of FOMO might buy crypto based on emotion.
In a sentence: When you FOMO buy at $20k and panic sell at $3k.
An individual promoting altcoins for their own benefit, taking payment. A shill is a one who discreetly advertises a project without specific merit by spreading ‘buzz’, when in fact they are potentially being paid for their services.
Breaker Mag blew the lid on this story. Here is an example of an email sent to one of its journalists:
Check out BreakerMag for the story.
In a sentence: Every day, central banks sound more and more like alt coin shills.
The term Bear stems from traditional trading lingo. A bear is a person who thinks, in any market, that the price will fall.
In a sentence: “Go to sleep, bears” or “bear season is over.”
The term whale stemmed from the casino world, but is very common in the crypto space, and refers to a trader with a big account, and usually one bullish on the price of Bitcoin. In other words, “a high roller.”
In poker, a “whale” is a wealthy person who is not a very strong player.
In a sentence: “Are whales a big threat to Bitcoin?” or “Its not whales, Its High-Frequency trading.”
A “BearWhale” is a big-time trader who is bearish on the Bitcoin price. A BearWhale is prone to making large sells which could hamper the overall bitcoin market.
In October 2014 on the Slovenian Bitstamp exchange, a BearWhale tried to unload 30,000 bitcoins in a single order, which at the time was worth more than $9 million at $300 apiece.
The Bitcoin price flattened. The BearWhale’s coins were purchased by hodlers and whales. There is some artwork on this post.
In a sentence: “Can we all have a moment of silence for the BearWhale?” or “Die, Die, Die BearWhale.”
Goxed means you’ve lost money at the hands of someone else. This term references the MtGox (bitcoin exchange) bankruptcy back in 2011, when many people lost their money. If you’ve been goxed, your coins were being held on a third party exchange that was either hacked or scammed its users, and now you’re a no-coiner. Spelled “Goxxed” or “goxed”.
In a sentence: “You Got Goxed” or “Got goxed, need help.”
A shitcoin is a token based on vaporware, which refers to non-existent technology promoted through marketing and communication efforts. A shitcoin doesn’t have to be worthless, in terms of price, but just needs to have zero applications. Oftentimes, shitcoins are pump-and-dump schemes with value based on speculation.
In a sentence: “Need advice on turning my shitcoins into Bitcoins” or “We need to have a serious talk about shitcoins.”
A Bagholder is a person who purchases Bitcoin at the top of the market. It also refers to altcoins, many of which are pump-and-dump schemes.
An investor who has been hodling for too long, and is left to face the consequences. Also refers to the many pump-and-dump schemes involving thinly traded “altcoins” (cryptocurrencies that aren’t bitcoin, which function more like penny stocks) on the scene. Bagholder is often referred in the macro to people who don’t hold crypto, but only fiat-based assets.
As shit_rbtc_says on Reddit says: “Fiat scrip bagholders are trapped in a financial-emotional sunk-cost fallacy. They’ve been trusting their wealth with government funny-money.
In a sentence: “Don’t be a euro bagholder, that failed experiment is coming to an end.”
Rekt comes from “wrecked”. It denotes someone who made a bad investment, mostly due to buying or selling at the wrong time. For instance, a Bitcoiner sells his bitcoin holder, rendering him a no coiner, before the coins started going “to the moon”. That investor just got rekt. The term hails from online gaming, and means to utterly be destroyed or ruined.
In a sentence: “MOMENT OF SILENCE FOR ALL OF THOSE #REKT ON MARGIN CALLS”
A buy wall results from a single huge buy order or multiple large buy orders made at the same price in the order book of a particular market. Buy walls can be created by a wealthy individual, group of traders or institutions.
Buy or sell walls happen when whales want to control the prices to the best of their interest. Whale traders create buy and sell walls in an attempt to manipulate markets.
In a sentence: Last night on BitMEX, there was a $120 million worth of Bitcoin buy wall on the platform, causing much chatter across the crypto industry.
To the moon!
This rallying cry refers to the sky-high price expectations by Bitcoin bulls. A derivative, “To mars!”, highlights even loftier expectations for the Bitcoin price. You can say, mooning, and common related questions, include “When Moon?” and “When Lambo?”
In A Sentence: “Bitcoin is about to go to the moon” or “What is the most reliable, safest way to sell once we get to the moon?”
Bitcoin slang for China, a country that is in many ways an epicenter of Bitcoin activity due to its active trading and mining industries. Prominent bitcoin trader Flibbr credits “Choyna”. Choyna is an imitation of Donald Trump saying “China”.
In A Sentence: Most of the mining rigs in the bitcoin industry are based in Choyna.
Cover Image: The Bitcoin ‘BearWhale’ by Billy Mabrey