HOME: Daily Terms

Term of Day for October 28th, 2020

USDT

Also known as Tether, which is a cryptocurrency that is supposedly backed 1:1 by US dollars. This means that this cryptocurrency sees very little volatility, as it is a stablecoin.

Often used on exchanges as a way to trade USD value vs. cryptocurrencies. Also used as a safe haven during declining market conditions as the price is stable.

EXAMPLE USAGE:

I moved all of my Bitcoin to USDT because I think Bitcoin is going to drop.

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James C.
Posted on July 12th, 2018

Term of Day for October 27th, 2020

Cryptodad

An endearing term in reference to CFTC chairman J. Christopher Giancarlo. Giancarlo gained favour with the crypto community by providing his positive sentiments towards cryptocurrencies during US senate hearings.

EXAMPLE USAGE:

Cryptodad blessed my coins and now they are sky rocketing!

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James C.
Posted on July 12th, 2018

Term of Day for October 26th, 2020

Heavy Bags

When you are holding assets that have dropped significantly, that can be described as "holding heavy bags."

EXAMPLE USAGE:

Tim: I bought a bunch of Losercoin last week and its already down 50%.

Bob: Those are some heavy bags you got there.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018

Term of Day for October 25th, 2020

Bagholder

Investors left holding a cryptocurrency after its price drops significantly, goes defunct or otherwise becomes worthless.

The term is also used loosely in jest to describe anyone who has invested in a cryptocurrency project that you dislike.

EXAMPLE USAGE:

Bob: Did you hear about losercoin? It dropped over 300% in one day.

Tim: Yeah, all of the bagholders on Reddit are saying to buy the dip.

James C. doesn't have a picture.
James C.
Posted on July 10th, 2018

Term of Day for October 24th, 2020

Bitconnect

A peer to peer lending cryptocurrency that ultimately ended up being a ponzi scheme. BitConnect Coin reached over $2 billion dollars in market cap before it ultimately closed, driving market cap down below $20 million dollars.

Many of the promoters of Bitconnect who made significant sums of money through the affiliate program are currently facing lawsuits, though the people behind Bitconnect are still unkown.

EXAMPLE USAGE:

Tim: I'm about to make 1% compounding interest per day from this Bitconnect thing!

Bob: No you aren't you idiot, that's a ponzi scheme.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018

Term of Day for October 23rd, 2020

DYOR

Stands for "Do Your Own Research". Often touted on message boards in the direction of inexperienced investors who are looking to be spoonfed profitable investment strategies.

EXAMPLE USAGE:

Tim: Gary said that Losercoin is going to the moon so I am going to buy some.

Bob: You should DYOR before you invest.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018

Term of Day for October 22nd, 2020

Browser Miner

Code on a website that mines cryptocurrency using the visitor's computation resources.

For example, you go to a sketchy streaming site that lets you watch TV shows or movies for free, though it uses your CPU to mine Monero for the duration of your stay on the website.

EXAMPLE USAGE:

I was streaming some Spongebob on this website but I bluescreened because the browser miner maxed out my CPU.

James C. doesn't have a picture.
James C.
Posted on July 12th, 2018

Term of Day for October 21st, 2020

Cold Storage

When cryptocurrency is stored offline, as in not on any device that is interconnected with any other devices (computer, web server, phone, etc.).

This is done as a safety precaution to eliminate potential attack vectors such as someone hacking a computer/server and gaining access to funds.

EXAMPLE USAGE:

Tod holds his cryptocurrency in cold storage, by writing down his private keys on a piece of paper and keeping them in a bank vault.

James C. doesn't have a picture.
James C.
Posted on March 15th, 2019

Term of Day for October 20th, 2020

QuadrigaCX

At one time, QuadrigaCX was the largest cryptocurrency exchange in Canada. Founded in November of 2013 by Michael Patryn and Gerald Cotten.

In December 2018, Gerald Cotten allegedly died during a trip to India. Cotten was the only individual with access to the exchange's cold storage, leaving $250M of customer funds in limbo.

James C. doesn't have a picture.
James C.
Posted on March 15th, 2019

Term of Day for October 19th, 2020

Hot Wallet

A hot wallet is a method of storing cryptocurrency on a device that is connected to the internet, or some other form of network that is accessed by multiple devices.

Hot wallets are commonly used for the purpose of facilitating exchange quickly and conveniently, though they are vulnerable due to your private keys being stored on a network-accessible device.

EXAMPLE USAGE:

If you keep your cryptocurrency on an exchange, you are keeping your cryptocurrency on a hot wallet.

James C. doesn't have a picture.
James C.
Posted on March 15th, 2019