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For entertainment purposes I wrote a document up on common terms and culture exhibited in crypto.
Thoughts? What did I miss?
I cover 55 commonly used terms and basic culture elements.
From here will be covering general news and insights and highlighting 2-3 specific projects around a theme each month.
Before diving into the world of crypto lingo start with some quick cultural basics; the idea of Decentralized and Centralized. Parts of the crypto community are obsessed with trustless services where they 100% avoid any centralized parties whenever humanly possible. This may include even fully avoiding the government. This lack of trust is rooted deeply into the core of what partially founded crypto. Crypto at its core was designed to be resilient, help people avoid corrupt institutions, and a generation that felt they were left behind within the financial ecosystem. A great early video discussing these challenges from 2014 was Charles Hoskins presenting at a Ted Talk; Charles was a cofounder of Ethereum and now is the founder of Cardano.
Feeling left behind by the financial institution could be as simple as no easy access to lending and borrowing and hyperinflation. People who lean extreme to fully decentralized avoid traditional establishment to influence the space. Some decentralized maximalists get a bad reputation as hiding and doing dark activities but that is not the case. Some extreme individuals on this side can see themselves as freedom fighters against the corrupt institution. They believe these traditional establishments have left the regular people behind and they should be abolished or simply they may just be privacy/transparency advocates. While this group can be extreme sometimes there is plenty of merit to their arguments. This group also is not to be taken lightly we seen a similar culture fuel some of the Wall Street Bets group.
Centralized Decentralized is allowing centralized parties to be part of the equation with the idea being centered around the technology advancement. These people are fine with centralized parties increasing usability and bringing these services to the world where it makes sense. There is acknowledgement though that the government can influence these groups easier. This space can be a way to bring the first groups technology to the mainstream people without effecting the first groups way of life as well. Examples may be participating in payment and crypto storage using a Coinbase or Circle while investing and using these first groups technology. The last precedence to think about is the governmental and news body and their potential bias. Depending on the lack of knowledge and or funding, jobs, and campaign funds from traditional finance many news outlets and politicians may have an incentive to unfavorably regulate or put the space down. Whether you agree or not this can fuel mindsets on both sides of crypto and how they are innovating. Now for the mountains of crypto/blockchain lingo tossed around daily.
Distributed Ledger — Database that is consensually shared and synchronized across multiple sites, institutions, or geographies. HODL — It stands for Hold on for Dear Life; it originated from a misspelling of HOLD when prices were booming but has become the go to word in the space meaning you are a long time holder. PoW –Proof of Work it essentially many iterations of a computer trying to guess the solution. The most popular is Bitcoin, miners get the minted token and the fees on the block. PoS — Proof of Stake token holders who have staked and run nodes, the nodes are randomly selected to validate the next block. The validators have staked enough that they have an economic incentive not to act maliciously and have their tokens slashed. These are more ecofriendly and Cosmos was the first to build a true public PoS. Miners — These are the computers solving the cryptography that makes POW work 6. Whale — These are people who are large investors and can influence the prices in the ecosystem. There is a fun group called Whale Alert that tracks and tweets, they have even helped flagging transactions that were criminally related.
- BTC Maximalists- Some joke this is the BTC cult. They essentially believe BTC is the only thing needed and we can build on and around BTC to solve all challenges.
- Maxi — Like above they hold extreme values, there is quite a few pockets. For example, the IBC Maximalists believe no chain will win and it is all about connecting them all.
For the rest please visit medium
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