Bitcoin has bot on a rollercoaster ter the last few days. On Jan. Five it came within a hair’s breadth of surpassing its all-time high, then it lost billions te market value on fears of a Chinese government clampdown.
The traders responsible for thesis price swings are spread around the world. They gather on Reddit’s r/bitcoin, the legendary forum Bitcointalk, encrypted Telegram talk rooms, and Teamspeak servers (basically a rolling, public conference call, where traders can speak to each other using technology originally designed for multi-player games) such spil WhalePool.
But attempt to join te their conversations, and you’ll likely be baffled. Why do traders persistently misspell “hold” even ter the face of powerful autocorrect software? Is being a “bagholder” a pejorative? And why is the BearWhale spoken of te hushed tones? Even insiders miracle at the waterslang bitcoin culture has spawned.
The lexicon of crypto trading community is fantastic:
Plunge protection team
Everzwijn committed to exploring the fresh global economy, Quartz has demystified the vaktaal of the bitcoin trading floor for you. 📈,️,
Hodl &mdash, To stay invested te bitcoin and not to capitulate ter the face of plunging prices. It wasgoed established by a cri den c&oelig,ur issued during the good bitcoin crash of 2013: “I AM HODLING” a postbode on Bitcointalk screamed.
The postbode’s author, “GameKyuubi,” acknowledged that he had mis-spelled “Hold”, then went into analyzing why he wasgoed holding bitcoin even spil prices collapsed. His conclusion wasgoed he simply couldn’t sell: Te a bear market, the only people who sell are savvy day-traders who get the timing just right, and “illusioned noobs” (unseasoned newcomers) who funk. For everyone else, there is only hodling.
Bear &mdash, From Wall Street lingo: a trader who believes prices will fall.
Whale &mdash, From gokhal parlance: a trader with a fat account, usually one who is bullish on the price of bitcoin.
BearWhale &mdash, By extension, a big-time trader who is bearish on the price of bitcoin.
A BearWhale is a dangerous creature because he/she/it attempts to sell large quantities of bitcoin on the open market, lowering the price for everyone else. The only known sighting of one ter the wild occurred on October 2014 on the Slovenian Bitstamp exchange. The BearWhale wasgoed attempting to unload 30,000 bitcoins ter a single order&mdash,at the time worth overheen $9 million, and today $26 million&mdash,for $300 apiece, well under the mid-$300 range that bitcoin wasgoed trading for at the time.
The result wasgoed a unexpected but improvised flattening of the bitcoin price. It wasgoed makeshift because hodlers and whales assembled to soak up the BearWhale’s coins, successfully slaying it. This event wasgoed commemorated with artwork of the battle, such spil the picture atop this postbode.
Bagholder &mdash, An investor who has bot 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 toneel. A versatile term that can also be used to refer to holders of state-issued “fiat” currency.
fiat scrip bagholders are trapped ter a financial-emotional sunk-cost fallacy. They’ve bot trusting their wealth with government funny-money
#Rekt &mdash, Borrowed from online gaming sproeier, to mean utterly demolished or ruined. One trader on r/bitcoin waterput out this this elegiac call after one of bitcoin’s many crashes: “MOMENT OF Muffle FOR ALL OF THOSE #REKT ON MARGIN CALLS”
Choyna &mdash, A distortion of “China,” a country that is hugely influential to bitcoin because it’s where the most trading and mining activity occurs. (Bitcoins are “mined” by powerful computers running labor-intensive algorithms.)
A vooraanstaand bitcoin trader called Flibbr credits “Choyna” to president-elect Donald Trump and this rather popular movie of him repeating “China” ad nauseam. It’s bot endlessly satirized:
@Sicarious_ Choyna conspiring with Putin to pump Bitcoin to Destabilize the US Economy. Scam! This needs to Zekering! #LipMovements
To the moon! &mdash, A rallying sob for bitcoin’s price to rise sky-high. It has sparked existential questions&mdash,”Can wij please define ‘moon’?“&mdash,and attempts to literally translate the phrase by making cryptocurrencies function ter space colonies.