FOMO? HODL? SHILL? ARB? Crypto slang - what do they mean?
The crypto coin community has exploded along with the price of Bitcoin and other crypto coins. Along with the community a number of slangisms have emerged and this post will let you know what they mean if you are new to the game.!
First of don't FOMO! FOMO stands for Fear Of Missing Out. It means don't make rash decisions base on emotion, like when you see a coin value rising rapidly and buy in to get some of the action. The next day you realise you have just bought at the peak of a buying craze and now your investment has lost a lot value as the price tumbles back down the other side :(.
HODL, simply means to hold on to a coin you already own and not sell in anticipation of greater gains in the future. According to hearsay, HODL, pronounced hodel, came about when one trader misspelt the word hold, and the new version caught on. How weird is that!
The word MOON is used in a number phrases - moon shot, ride to the moon, mooning - but all mean one thing - that a coin will, or is in the process of rising rapidly in price. It means that a feeding frenzy is taking place sometimes increasing the value of the coin 10X.
BAGS Traders will sometimes say 'I got my bags'. Bags in this sense means a large stash of coins, which they are HODLING in hopes of a MOON.
LAMBO is slang for a Lamborghini a luxury sports car that is worth a lot of money. Owning one is a sign that you have made a lot of money, you are among the wealthy elite, you have 'made it'. To refer to a coin as a LAMBO coin means this is one that could get you there.
SHILL A shill is someone who promotes a particular coin, probably because he is HODLING a *BAG of it hoping that promoting it over the top will help it MOON. The process is called SHILLING a coin.
TROLL A troll is someone who does the opposite of a SHILL. They talk down a coin, usually because they see it as a competitor to the coins they are hodling and shilling.
SHIT COINS are coins that may be heavily SHILLED but are of little real value. They will not take you to the MOON or get you a LAMBO. Avoid shit coins.
ARB is short for arbitrage, making money by buying a coin on one market, transferring it to another market and selling it for more, pocketing the profit. I did a post on how to do arbitrage if you want to give it a try. See here Arbitrage for quick profit
As the Crypto community grows, so will the slang no doubt. But those 9 above are the most common in my experience.
"Would you like me to give you a formula for success? It's quite simple, really: Double your rate of failure. You are thinking of failure as the enemy of success. But it isn't at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that's where you will find success."
-- Thomas J. Watson
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