HOME: Daily Terms

Term of Day for September 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 September 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 September 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 September 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

Term of Day for September 18th, 2020

Pump and Dump

When an investor or group of investors create false demand for an asset that they have significant stake in. The false demand causes a sharp price increase, which is when said investor(s) dump their asset on the market at significant markup. The asset then devalues significantly due to the selling pressure and/or exposure of dishonesty.

EXAMPLE USAGE:

When someone tells you to buy Shitcoin because it is going to moon, it is probably a pump and dump.

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

Term of Day for September 17th, 2020

Faucet

A website/service that provides you with an insignificant amount of cryptocurrency for doing trivial tasks (or nothing at all sometimes).

Typically a waste of time.

EXAMPLE USAGE:

I did a bunch of surveys on this Bitcoin faucet site and got a whopping $0.00004 worth of Bitcoin!

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

Term of Day for September 16th, 2020

Moon

A verb used in place of "to the moon", referring to the price of a cryptocurrency skyrocketing upward.

EXAMPLE USAGE:

"Bitcoin will never moon again!"
"Bitcoin is mooning!"

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

Term of Day for September 15th, 2020

Backtesting

Testing a trading strategy by using theoretical funds with live market data. This is done to determine whether or not the trading strategy is fruitful.

EXAMPLE USAGE:

Paul is backtesting his new trading script to see if it is profitable.

James C. doesn't have a picture.
James C.
Posted on August 7th, 2018

Term of Day for September 14th, 2020

Scamcoin

A cryptocurrency that operates with the sole intention of defrauding its users. Typically, coins that operate as ponzi schemes or ICOs that make false promises are the primary culprits of being scamcoins.

EXAMPLE USAGE:

Tim: I think I am going to invest in Bitconnect because it promises 1% daily interest!

Bob: Don't do it, that is a ponzi scamcoin.

James C. doesn't have a picture.
James C.
Posted on August 7th, 2018

Term of Day for September 13th, 2020

Fiat

Regulated, government-issued currency that is not backed by anything of inherent value. Like the kind you use to buy a sandwich at the deli.

EXAMPLE USAGE:

US dollars, Mexican pesos and Chinese yuans are all forms of Fiat.

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