1 00:00:00,040 --> 00:00:03,320 Speaker 1: The coin Bureau Podcast is a production of I Heart Radio. 2 00:00:03,720 --> 00:00:05,840 Speaker 1: If you're going to invest any money into something, you 3 00:00:05,920 --> 00:00:09,360 Speaker 1: need to satisfy yourself that it's worth doing, so you 4 00:00:09,400 --> 00:00:23,159 Speaker 1: need to do your own research. Welcome everyone to the 5 00:00:23,200 --> 00:00:26,680 Speaker 1: coin Bureau Podcast. My name is Guy, my name is 6 00:00:26,800 --> 00:00:30,160 Speaker 1: Mad Mike Mooch. We have been talking for the last 7 00:00:30,200 --> 00:00:33,320 Speaker 1: few episodes about Bitcoin and if the listeners have been 8 00:00:33,400 --> 00:00:35,520 Speaker 1: keeping up to date with that, they should know all 9 00:00:35,560 --> 00:00:39,320 Speaker 1: about the granddaddy of all cryptocurrencies, that the original and 10 00:00:39,520 --> 00:00:42,960 Speaker 1: many would say the best. So we're starting to delve 11 00:00:43,000 --> 00:00:45,360 Speaker 1: deeper into crypto now, but before we do that, I 12 00:00:45,400 --> 00:00:47,599 Speaker 1: thought it would be a good idea to do an 13 00:00:47,600 --> 00:00:51,800 Speaker 1: episode where we explain some of the terms, some of 14 00:00:51,840 --> 00:00:55,880 Speaker 1: the jargon basically that people will encounter when they enter 15 00:00:56,320 --> 00:00:59,280 Speaker 1: the crypto verse. As you delve deeper into crypto, into 16 00:00:59,280 --> 00:01:01,840 Speaker 1: the crypto verse, you're going to come across it has 17 00:01:01,880 --> 00:01:05,480 Speaker 1: its own language. Like like anything, really, it has its 18 00:01:05,520 --> 00:01:08,800 Speaker 1: own in turns of phrase, its own little quirks, its 19 00:01:08,800 --> 00:01:13,000 Speaker 1: own slang exactly, and to an outsider, I think, to 20 00:01:13,040 --> 00:01:15,679 Speaker 1: someone coming to it fresh, it can all be a 21 00:01:15,680 --> 00:01:17,720 Speaker 1: bit confusing. I mean some of it, let's face it's 22 00:01:17,720 --> 00:01:19,400 Speaker 1: self explanatory. It's the sort of thing you can like 23 00:01:19,400 --> 00:01:24,760 Speaker 1: a crypto verse, like crypto verse example. Thank you for 24 00:01:24,800 --> 00:01:27,880 Speaker 1: reminding me of that, but not all of it. Some 25 00:01:27,959 --> 00:01:30,560 Speaker 1: of it can be a little impenetrable. And it's kind 26 00:01:30,560 --> 00:01:35,360 Speaker 1: of interesting how some of this slang has formed. It is, yeah, 27 00:01:35,680 --> 00:01:38,920 Speaker 1: it is that. It's it's really when I was when 28 00:01:38,920 --> 00:01:41,160 Speaker 1: we were digging into when we were digging down into 29 00:01:41,200 --> 00:01:43,679 Speaker 1: this to to to research this, it was it was 30 00:01:43,720 --> 00:01:46,400 Speaker 1: fascinating to sort of see because sometimes you just take 31 00:01:46,440 --> 00:01:48,680 Speaker 1: things at face value and think you're just like, okay, 32 00:01:48,680 --> 00:01:51,840 Speaker 1: well that's yeah, that's what that means. But actually there's 33 00:01:51,840 --> 00:01:53,640 Speaker 1: always kind of a bit of a story behind this, 34 00:01:53,760 --> 00:01:56,320 Speaker 1: and and quite often it's it's kind of fascinating. It 35 00:01:56,360 --> 00:02:00,440 Speaker 1: really sort of puts flesh on the bones. Think yeah, yeah, yeah, yeah, okay, 36 00:02:00,560 --> 00:02:04,080 Speaker 1: as with most sort of you know, etymology, is that 37 00:02:04,160 --> 00:02:07,480 Speaker 1: it yeah, I think that is? Yeah, right, educate me. Okay, 38 00:02:07,560 --> 00:02:10,400 Speaker 1: let's let's start with the big one. Okay, the one 39 00:02:10,440 --> 00:02:12,120 Speaker 1: that you're going to see all the time in crypto 40 00:02:12,240 --> 00:02:16,919 Speaker 1: and that is good old Hoddle Hoddle. You've heard this before, Yeah, yeah. 41 00:02:17,680 --> 00:02:21,799 Speaker 1: Basically it's an acronym or it's evolved into an acronym, 42 00:02:21,800 --> 00:02:26,799 Speaker 1: but it stands for hold on for Dear life. Oh yeah, 43 00:02:26,840 --> 00:02:31,880 Speaker 1: I I thought it was just a misspell that kind 44 00:02:31,919 --> 00:02:36,720 Speaker 1: of got popularized and then people like spell it wrong 45 00:02:36,720 --> 00:02:39,000 Speaker 1: on purpose. I thought it was just hold, hold hold, 46 00:02:39,120 --> 00:02:43,120 Speaker 1: you're right, you're right, you've you've basically nailed another field 47 00:02:43,160 --> 00:02:47,600 Speaker 1: goal there. Yeah, it's unstoppable. So it's one of these 48 00:02:47,600 --> 00:02:50,320 Speaker 1: weird things. It's kind of it's so it's not hold 49 00:02:50,400 --> 00:02:53,040 Speaker 1: on for dear life. It's well, it's come to it's 50 00:02:53,040 --> 00:02:55,399 Speaker 1: come to sort of stand for that. But actually it's 51 00:02:55,400 --> 00:02:59,440 Speaker 1: started off on the on the Bitcoin talk forum in 52 00:02:59,480 --> 00:03:05,600 Speaker 1: a post from December. Okay, um, so a user called 53 00:03:06,200 --> 00:03:10,560 Speaker 1: game qb Q. Yeah, he wrote a post. It was 54 00:03:10,680 --> 00:03:14,040 Speaker 1: kind of kind of long and kind of rambling, and 55 00:03:14,120 --> 00:03:18,640 Speaker 1: it was titled I am hoddling okay, And it turns 56 00:03:18,639 --> 00:03:21,280 Speaker 1: out that he'd meant to say, obviously, I am holding, 57 00:03:21,320 --> 00:03:23,680 Speaker 1: but bitcoin was going through a bit of a dip, 58 00:03:23,720 --> 00:03:25,799 Speaker 1: and that point the price had kind of crashed a bit, 59 00:03:26,240 --> 00:03:29,040 Speaker 1: so a lot of people were a little disconcerted, you 60 00:03:29,120 --> 00:03:33,520 Speaker 1: might say, so he apparently, I think according to the post, 61 00:03:33,680 --> 00:03:37,120 Speaker 1: he'd had a bit of scotch and his girlfriend had 62 00:03:37,160 --> 00:03:40,880 Speaker 1: gone out to a lesbian bar and he just decided, 63 00:03:42,040 --> 00:03:44,920 Speaker 1: this is all in the post, holding onto that relationship. Yeah, 64 00:03:45,120 --> 00:03:47,920 Speaker 1: I mean, things weren't going great. The price of a 65 00:03:47,920 --> 00:03:50,120 Speaker 1: bitcoin had gone down, his girlfriend was quite clearly the 66 00:03:50,160 --> 00:03:53,680 Speaker 1: alcohol usage has gone up. Yeah, and yeah, his girlfriend 67 00:03:53,720 --> 00:03:57,760 Speaker 1: was quite clearly looking elsewhere the sound of it. So, yeah, 68 00:03:57,880 --> 00:04:01,880 Speaker 1: the post was I am hoddling, and basically that became 69 00:04:01,920 --> 00:04:05,320 Speaker 1: a meme and here we are. And yes, somewhere along 70 00:04:05,320 --> 00:04:10,520 Speaker 1: the way it people attached this made it into an acronym, 71 00:04:10,560 --> 00:04:12,240 Speaker 1: and that is kind of what it stands for. Hold 72 00:04:12,280 --> 00:04:17,800 Speaker 1: on for dear life. And you use hoddle, I mean yes, 73 00:04:17,880 --> 00:04:21,120 Speaker 1: but I mean you can well that doesn't sound really 74 00:04:21,160 --> 00:04:23,680 Speaker 1: as good. That's the thing that's to deal with acronyms. 75 00:04:23,720 --> 00:04:26,839 Speaker 1: You can take out sort of little prepositions and stuff 76 00:04:26,880 --> 00:04:29,520 Speaker 1: to flow better. Yeah, you don't have to use every 77 00:04:29,520 --> 00:04:32,920 Speaker 1: single one, as we will see. But yeah, hoddle has 78 00:04:32,960 --> 00:04:35,720 Speaker 1: basically come to me and yeah, exactly that hold on 79 00:04:35,839 --> 00:04:40,640 Speaker 1: So if the market is dipping, hoddle, when everything's going well, hoddle, 80 00:04:40,760 --> 00:04:43,600 Speaker 1: just keep calm and hoddle on, as we say, and 81 00:04:43,640 --> 00:04:46,400 Speaker 1: it just yeah, it means sort of holding in in 82 00:04:46,440 --> 00:04:48,920 Speaker 1: the face of whatever the market throws at you, and 83 00:04:49,000 --> 00:04:53,600 Speaker 1: so you have hoddlers. Yeah, you might see. You might 84 00:04:53,640 --> 00:04:56,400 Speaker 1: see phrases like I'm going to hoddle bitcoin until it 85 00:04:56,440 --> 00:04:59,440 Speaker 1: reaches a hundred K. He's a seasoned hoddler, hoddle to 86 00:04:59,520 --> 00:05:04,240 Speaker 1: the moon. Um. Yeah, it's fairly self explanatory. But I 87 00:05:04,279 --> 00:05:10,560 Speaker 1: think probably it's the most second just just hoddle your horses. 88 00:05:11,520 --> 00:05:15,520 Speaker 1: It's probably the most popular bit of crypto jargon. It's 89 00:05:15,560 --> 00:05:18,520 Speaker 1: one of the few that's kind of really unique to crypto, 90 00:05:19,160 --> 00:05:21,000 Speaker 1: I think, and that's what makes it. That's why it's 91 00:05:21,080 --> 00:05:23,279 Speaker 1: kind of first on the list because it originated on 92 00:05:23,320 --> 00:05:26,400 Speaker 1: this forum. Nobody had really said it before as far 93 00:05:26,440 --> 00:05:28,480 Speaker 1: as we know. I mean, that type I'm sure has 94 00:05:28,520 --> 00:05:32,520 Speaker 1: been made. But yeah, it's perhaps the most crypto specific 95 00:05:32,760 --> 00:05:37,000 Speaker 1: bit of jargon, the most crypto specific meme of them all. Okay, 96 00:05:37,600 --> 00:05:40,640 Speaker 1: so it's great to be a hoddler, but there are 97 00:05:41,279 --> 00:05:43,400 Speaker 1: we get a couple of derivative terms from it, and 98 00:05:43,560 --> 00:05:46,919 Speaker 1: the first is kind of weak or what's now known 99 00:05:46,960 --> 00:05:51,520 Speaker 1: as paper hands. Paper hand. Yeah, so paper hands are 100 00:05:51,680 --> 00:05:54,760 Speaker 1: the people who sell when the going gets to the 101 00:05:54,839 --> 00:05:57,880 Speaker 1: non hoddlers, the non hoddlers, Yeah, people who can't hoddle 102 00:05:58,320 --> 00:06:04,800 Speaker 1: white paper. I guess it's just flimsy weak, because we'll 103 00:06:04,800 --> 00:06:07,880 Speaker 1: see there's a counterpoint. There's a counterpoint term to it, 104 00:06:08,680 --> 00:06:11,200 Speaker 1: which which kind of sets it up nicely. But yeah, 105 00:06:11,240 --> 00:06:14,520 Speaker 1: paper hands, they just fauld. I guess they fold fold. Yeah, 106 00:06:14,920 --> 00:06:19,760 Speaker 1: so the price goingers not as it doesn't roll off 107 00:06:19,760 --> 00:06:23,600 Speaker 1: the tongue. Paper hands is a bit more succinct, I think. So, yeah, 108 00:06:23,680 --> 00:06:26,720 Speaker 1: the price, the price goes down, Bitcoin takes a dip, Crypto, 109 00:06:26,839 --> 00:06:29,960 Speaker 1: crypto goes down or whatever. The paper hands are the 110 00:06:29,960 --> 00:06:32,240 Speaker 1: one ones who kind of panic and think, I better 111 00:06:32,279 --> 00:06:35,240 Speaker 1: sell before it goes to zero or whatever, before it loses, 112 00:06:35,480 --> 00:06:39,880 Speaker 1: whereas the hoddlers are just like buying the dip exactly. Oh, 113 00:06:40,200 --> 00:06:42,800 Speaker 1: you're jumping the gun there, but that is another field 114 00:06:42,839 --> 00:06:45,080 Speaker 1: goal I'll give you there. And you might hear when 115 00:06:45,080 --> 00:06:47,320 Speaker 1: you when when the price dips, when bitcoin or whatever 116 00:06:47,320 --> 00:06:49,679 Speaker 1: goes down, you you might hear a phrase like shaking 117 00:06:49,720 --> 00:06:51,840 Speaker 1: out the weak hands or the paper hands are folded 118 00:06:51,920 --> 00:06:55,160 Speaker 1: or whatever. And you know it happens every time crypto 119 00:06:55,360 --> 00:06:57,840 Speaker 1: takes a dip. People the weak hands sell out. The 120 00:06:57,880 --> 00:07:01,719 Speaker 1: paper hands just fold. So the opposite of paper hands 121 00:07:01,880 --> 00:07:03,719 Speaker 1: is what do you reckon it? Is I know it? 122 00:07:04,080 --> 00:07:08,920 Speaker 1: You know? Okay, well, fire away, diamond hands diamond hands. 123 00:07:09,040 --> 00:07:13,320 Speaker 1: Diamond had also known as hoddlers, like yeah, however bad. 124 00:07:13,360 --> 00:07:16,440 Speaker 1: The news is the diamond hands don't sell. They are solid, 125 00:07:17,200 --> 00:07:20,560 Speaker 1: nothing is going to break them. And you could say, 126 00:07:20,600 --> 00:07:23,040 Speaker 1: here's another little bit of jargon, and nicely queued up 127 00:07:23,040 --> 00:07:25,679 Speaker 1: by that, diamond hands can be said to be holding 128 00:07:25,680 --> 00:07:29,080 Speaker 1: on to their SATs. Have you come come across this 129 00:07:29,160 --> 00:07:38,160 Speaker 1: term before SATs? No? Okay, good, wiped that smug look 130 00:07:38,160 --> 00:07:41,960 Speaker 1: off your face. So every bitcoin is made up of 131 00:07:42,080 --> 00:07:46,400 Speaker 1: one sense yeah basically, okay, okay, I'll give you half 132 00:07:46,440 --> 00:07:48,440 Speaker 1: a point for that, give me half at interrupting me 133 00:07:48,440 --> 00:07:52,040 Speaker 1: as sorry, So not one whole bitcoin, but a point 134 00:07:52,080 --> 00:07:54,640 Speaker 1: something something something. Yes, every bitcoin is made up of 135 00:07:55,040 --> 00:08:04,520 Speaker 1: one million satoshi. Okay from Nakatomo, we're getting I've actually 136 00:08:04,560 --> 00:08:08,280 Speaker 1: forgotten it again, you have? So, Yes, Satoshi is obviously 137 00:08:08,400 --> 00:08:13,520 Speaker 1: named after Satoikamoto, the inventor of bitcoin. And yes, so 138 00:08:13,920 --> 00:08:16,400 Speaker 1: one hundred millions satoshi suits a bit more than a 139 00:08:16,520 --> 00:08:18,840 Speaker 1: hundred cents or a hundred pence or whatever. But that's 140 00:08:18,880 --> 00:08:21,360 Speaker 1: what makes it possible to hold zero point zero zero 141 00:08:21,480 --> 00:08:26,080 Speaker 1: zero zero zero zero one bitcoin, for instance, so these 142 00:08:26,400 --> 00:08:30,760 Speaker 1: little units of bitcoin are called satoshi's or more commonly SATs, 143 00:08:31,880 --> 00:08:34,160 Speaker 1: and at today's prices, of course most of us can't 144 00:08:34,160 --> 00:08:36,839 Speaker 1: afford to hold one the whole bitcoin, so we have 145 00:08:37,000 --> 00:08:41,560 Speaker 1: SATs instead. And you you'll often hear about people's stacking sets, 146 00:08:42,000 --> 00:08:47,480 Speaker 1: and that is basically slowly accumulating ideally Bitcoin in that 147 00:08:48,240 --> 00:08:57,160 Speaker 1: other other coins, you know, ethereums, guaya, gway. I would 148 00:08:57,440 --> 00:08:59,400 Speaker 1: I will go into that when we talk about ethereum, 149 00:08:59,720 --> 00:09:03,120 Speaker 1: but it's that's one of those tangents I could go off. Yeah, yeah, 150 00:09:03,679 --> 00:09:07,240 Speaker 1: lots of these, lots of cryptos have these smaller units, 151 00:09:07,280 --> 00:09:10,960 Speaker 1: smaller denomination units, but bitcoins is SATs, so yeah, stacking SATs, 152 00:09:11,240 --> 00:09:14,520 Speaker 1: hold onto your satsum. You might hear people say they're 153 00:09:14,520 --> 00:09:17,560 Speaker 1: hoddling their SATs or yeah, as I say, stacking SATs 154 00:09:17,559 --> 00:09:23,880 Speaker 1: accumulating more. Okay, so hoddling SATs, diamond hands, paper hands. 155 00:09:24,440 --> 00:09:29,280 Speaker 1: Another popular term unique to cryptocurrency is not your keys, 156 00:09:29,880 --> 00:09:33,360 Speaker 1: not your crypto. Have you heard this one before? So 157 00:09:33,559 --> 00:09:36,120 Speaker 1: this is one This is something we'll cover in We 158 00:09:36,240 --> 00:09:39,400 Speaker 1: talked about it really in when we talked about blockchain. 159 00:09:39,520 --> 00:09:43,120 Speaker 1: But the short definition is that to fully control access 160 00:09:43,160 --> 00:09:46,400 Speaker 1: to any cryptocurrency you hold, you need to have both 161 00:09:46,480 --> 00:09:51,120 Speaker 1: the public over and private key. Yeah. So I don't 162 00:09:51,160 --> 00:09:53,760 Speaker 1: hear this a lot. No, No, I don't hear you're 163 00:09:53,760 --> 00:09:56,199 Speaker 1: not your keys, not your crypto. I've never really heard that. 164 00:09:56,800 --> 00:09:58,960 Speaker 1: I mean I understand that you know you shouldn't give 165 00:09:59,000 --> 00:10:03,959 Speaker 1: out your private key, yeah, because it's private exactly. Well, 166 00:10:04,000 --> 00:10:06,679 Speaker 1: perhaps you don't spend enough time on crypto Twitter. I 167 00:10:06,760 --> 00:10:09,000 Speaker 1: think I spend more than enough time not on crypto. 168 00:10:10,240 --> 00:10:12,319 Speaker 1: I don't need to be on crypto Twitter. Yeah, you 169 00:10:12,360 --> 00:10:14,800 Speaker 1: don't want to too long on crypto Twitter. That is 170 00:10:15,040 --> 00:10:17,400 Speaker 1: for sure, not your keys. But so what were the 171 00:10:17,480 --> 00:10:20,520 Speaker 1: people just giving out their private keys? And then crypto 172 00:10:20,559 --> 00:10:25,240 Speaker 1: community has been very sensitive and gone, wait, I mean 173 00:10:25,320 --> 00:10:27,760 Speaker 1: that does happen? You do? You do get phishing attacks 174 00:10:27,840 --> 00:10:30,320 Speaker 1: and things like that trying to get people's private keys, 175 00:10:30,520 --> 00:10:32,920 Speaker 1: because obviously, as you'll know, yeah, you have your public key, 176 00:10:33,000 --> 00:10:36,040 Speaker 1: which is a view of publicly viewable address that people 177 00:10:36,120 --> 00:10:39,280 Speaker 1: can send crypto to whatever whatever crypto it is there. 178 00:10:40,040 --> 00:10:42,319 Speaker 1: And also yeah, the private key, which is the really 179 00:10:42,360 --> 00:10:45,319 Speaker 1: important one. And in order to send crypto out of 180 00:10:45,400 --> 00:10:48,959 Speaker 1: your wallet, out of your public key, you need the 181 00:10:49,000 --> 00:10:53,360 Speaker 1: private key, which is cryptographically generated and super secure unless 182 00:10:53,520 --> 00:10:56,720 Speaker 1: you give it away. So yeah, you're you'll often see 183 00:10:57,080 --> 00:10:59,439 Speaker 1: you'll often come across phishing attacks where people try and 184 00:11:00,040 --> 00:11:02,840 Speaker 1: you know, trick people into giving out their private keys. 185 00:11:03,200 --> 00:11:06,079 Speaker 1: But really this phrase, this kind of mantra if you like, 186 00:11:06,200 --> 00:11:08,840 Speaker 1: not your keys, not your crypto, or not your keys 187 00:11:08,880 --> 00:11:12,640 Speaker 1: not your coins. Sometimes this more generally refers to the 188 00:11:12,720 --> 00:11:15,559 Speaker 1: fact that a lot of people hold their crypto on 189 00:11:15,640 --> 00:11:19,280 Speaker 1: an exchange, so usually the exchange that you brought it from. 190 00:11:19,360 --> 00:11:21,360 Speaker 1: So let's say you buy some bitcoin on coin base, 191 00:11:21,880 --> 00:11:24,520 Speaker 1: most people will just leave it sitting there. Now, that 192 00:11:24,760 --> 00:11:29,040 Speaker 1: is that's fine to an extent. I mean, exchange security 193 00:11:29,400 --> 00:11:31,720 Speaker 1: has got a lot lot better. You remember we talked 194 00:11:31,720 --> 00:11:36,000 Speaker 1: about that things have improved dramatically since then, as as 195 00:11:36,080 --> 00:11:39,240 Speaker 1: is hardly surprising because that wasn't a sustainable business model 196 00:11:39,320 --> 00:11:43,160 Speaker 1: at all. Um. So yeah, but the problem is that 197 00:11:43,240 --> 00:11:46,239 Speaker 1: when you hold your crypto on an exchange, the exchange 198 00:11:46,440 --> 00:11:50,280 Speaker 1: is the one that is holding the private keys. So 199 00:11:51,040 --> 00:11:55,000 Speaker 1: hardcore crypto hoddlers will say, if not your keys, not 200 00:11:55,120 --> 00:11:58,520 Speaker 1: your crypto. So although you think you were in the crypto, 201 00:11:58,640 --> 00:12:01,160 Speaker 1: really you don't. You don't control it, you don't have 202 00:12:01,360 --> 00:12:04,480 Speaker 1: ultimate control over it because the exchange has the private keys, 203 00:12:05,200 --> 00:12:08,600 Speaker 1: and what you're doing is that you essentially have an 204 00:12:08,640 --> 00:12:13,880 Speaker 1: IOU from that exchange sitting on your exchange account. So 205 00:12:14,280 --> 00:12:17,720 Speaker 1: what's what hardcore hoddlers will say is that you need 206 00:12:17,800 --> 00:12:20,839 Speaker 1: to self custody. You need to take control of your 207 00:12:20,880 --> 00:12:23,880 Speaker 1: own finances, your your own crypto, and you move it 208 00:12:23,960 --> 00:12:26,640 Speaker 1: into a wallet that you control the private key of 209 00:12:26,920 --> 00:12:29,840 Speaker 1: and only then can you be said to really hold 210 00:12:30,280 --> 00:12:34,520 Speaker 1: that particular crypto. So yeah, and I think this is 211 00:12:34,720 --> 00:12:37,840 Speaker 1: this is a good point to make because a lot 212 00:12:37,880 --> 00:12:39,920 Speaker 1: of people are fine if you've only got maybe a 213 00:12:40,000 --> 00:12:42,800 Speaker 1: few hundred dollars worth of crypto sitting on in exchange, 214 00:12:43,320 --> 00:12:46,040 Speaker 1: as long as it's a reputable exchange, and as long 215 00:12:46,120 --> 00:12:48,360 Speaker 1: as you've got good security and place things like a 216 00:12:48,440 --> 00:12:52,880 Speaker 1: strong password, two factor authentication, you know, if it's on 217 00:12:53,000 --> 00:12:56,480 Speaker 1: your mobile or laptop or whatever, you know that's secure, 218 00:12:57,160 --> 00:12:59,839 Speaker 1: all these sorts of things, then it's probably okay. But 219 00:13:00,000 --> 00:13:02,320 Speaker 1: once you start to accumulate more crypto, if you're if 220 00:13:02,320 --> 00:13:06,280 Speaker 1: you're serious, if you're really stacking sets, then you want 221 00:13:06,320 --> 00:13:08,720 Speaker 1: to think about take self custoding, and that means taking 222 00:13:08,760 --> 00:13:12,839 Speaker 1: it off either into a mobile wallet, a software whilet 223 00:13:12,920 --> 00:13:16,199 Speaker 1: they say they are a desktop mobile options available, or 224 00:13:16,280 --> 00:13:18,520 Speaker 1: a hardware wallet, which is one of those kind of 225 00:13:18,640 --> 00:13:21,920 Speaker 1: a bit like yeah, treas or or a ledger one 226 00:13:21,960 --> 00:13:24,120 Speaker 1: of those they look a bit like a USB drive 227 00:13:25,040 --> 00:13:27,959 Speaker 1: and that store. Don't lose that. Don't lose that. No, 228 00:13:28,200 --> 00:13:33,120 Speaker 1: although you can, you can recover even if you lose 229 00:13:33,320 --> 00:13:35,640 Speaker 1: some of these hardware wallets, you can recover it. But 230 00:13:35,840 --> 00:13:39,719 Speaker 1: you know you are taking It's a long story. Do 231 00:13:39,840 --> 00:13:41,800 Speaker 1: you hear that story of the guy he's trawling a 232 00:13:43,520 --> 00:13:46,640 Speaker 1: rubbish d rubbish dump for his or laptop. Yeah, we 233 00:13:46,760 --> 00:13:49,320 Speaker 1: are actually in contact with him. Okay, I think he's 234 00:13:49,360 --> 00:13:52,079 Speaker 1: going to come to our event. We're sort of we've 235 00:13:52,120 --> 00:13:55,520 Speaker 1: been kind of trying to maybe make a video with him, 236 00:13:56,080 --> 00:13:58,839 Speaker 1: a documentary, but he's kind of tied up with so 237 00:13:58,960 --> 00:14:01,760 Speaker 1: many things, trying to trying to basically make it happen 238 00:14:01,840 --> 00:14:05,319 Speaker 1: that you can dig for this. Yeah, and a crazy story. 239 00:14:06,320 --> 00:14:09,400 Speaker 1: So when you yeah, not your key is not your crypto. 240 00:14:09,559 --> 00:14:13,760 Speaker 1: Unless you have taken custody of your own cryptocurrency, you 241 00:14:13,920 --> 00:14:16,839 Speaker 1: can't really be said to own it. All you've really 242 00:14:16,920 --> 00:14:20,640 Speaker 1: got is an IOU from the exchange or whoever else 243 00:14:20,800 --> 00:14:26,280 Speaker 1: is holding onto it for you. Okay, So let's move on. 244 00:14:26,720 --> 00:14:28,960 Speaker 1: Let's talk rather than a bit of jargon now in 245 00:14:29,040 --> 00:14:31,720 Speaker 1: your collection of words, let's talk about a meme, another 246 00:14:31,920 --> 00:14:36,360 Speaker 1: really popular meme in crypto and the dog one. It's 247 00:14:36,440 --> 00:14:39,200 Speaker 1: not the dog one unfortunately. Well will cover the dog 248 00:14:39,240 --> 00:14:41,480 Speaker 1: one later. I want to talk first of all, I 249 00:14:41,520 --> 00:14:44,160 Speaker 1: want to talk about the laser eyes meme. You've seen this, 250 00:14:45,520 --> 00:14:48,560 Speaker 1: So this is where someone basically adds a pair of 251 00:14:48,920 --> 00:14:52,000 Speaker 1: laser eyes to there. It's usually to their Twitter photo 252 00:14:52,160 --> 00:14:55,680 Speaker 1: or you know, another social media photo that they whatever 253 00:14:55,720 --> 00:14:59,360 Speaker 1: they're using, and this is generally accepted as being a 254 00:14:59,440 --> 00:15:03,680 Speaker 1: show of port for crypto. Some would argue bitcoin specifically, 255 00:15:04,120 --> 00:15:07,280 Speaker 1: and it basically marks you as a true believer. Isn't 256 00:15:07,320 --> 00:15:11,960 Speaker 1: it different color lasers for different Yes, it's that it's 257 00:15:11,960 --> 00:15:13,920 Speaker 1: starting to go that way now. Some people are saying, 258 00:15:13,960 --> 00:15:16,960 Speaker 1: kind of red or orange lasers, is should be bitcoin, 259 00:15:17,200 --> 00:15:20,000 Speaker 1: and some people say, well, blue lasers are I think ethereum. 260 00:15:20,680 --> 00:15:24,760 Speaker 1: So when El Salvador, for instance, announced in one that 261 00:15:24,840 --> 00:15:27,520 Speaker 1: it was going to start accepting bitcoin as legal tender, 262 00:15:28,040 --> 00:15:31,040 Speaker 1: the president of the country, a chap called Najibo Kelly, 263 00:15:31,840 --> 00:15:34,640 Speaker 1: he added laser eyes to his profile pick on Twitter, 264 00:15:35,280 --> 00:15:38,720 Speaker 1: and that was you know that almost kind of made 265 00:15:38,760 --> 00:15:41,720 Speaker 1: it official in a way, and actually loads of other 266 00:15:41,800 --> 00:15:44,840 Speaker 1: politicians across Latin America did the same to show their 267 00:15:44,920 --> 00:15:48,080 Speaker 1: support for the move and or their intention to try 268 00:15:48,120 --> 00:15:50,920 Speaker 1: and pass similar laws in their own countries. So it's 269 00:15:50,920 --> 00:15:53,720 Speaker 1: a pretty powerful meme. And it seems to have started 270 00:15:53,800 --> 00:15:55,880 Speaker 1: as a campaign to try and get bitcoin to a 271 00:15:56,000 --> 00:15:59,640 Speaker 1: hundred thousand dollars, and there was a hashtag hashtag laser 272 00:15:59,720 --> 00:16:02,880 Speaker 1: ray in till a hundred k. Other people say it's 273 00:16:02,920 --> 00:16:06,360 Speaker 1: just other people, it's not not so much of an origin. 274 00:16:06,440 --> 00:16:09,600 Speaker 1: They just say it shows laser focus or extraordinary foresight, 275 00:16:09,760 --> 00:16:12,000 Speaker 1: or perhaps a mixture of all three, or just looks 276 00:16:12,040 --> 00:16:15,600 Speaker 1: kind of cool. Yeah. I mean, who wouldn't want lasers 277 00:16:17,120 --> 00:16:19,600 Speaker 1: be able to shoot lasers out of the right? That 278 00:16:19,680 --> 00:16:23,080 Speaker 1: would make everyday life as walk in the park. You 279 00:16:23,200 --> 00:16:25,240 Speaker 1: just get so much done, wouldn't you. Some people say 280 00:16:25,280 --> 00:16:29,280 Speaker 1: the laser eyes name is related to anime cartoons. Yeah, 281 00:16:29,320 --> 00:16:31,520 Speaker 1: you know, when a character gets laser eyes, it's like 282 00:16:31,560 --> 00:16:34,000 Speaker 1: they're kind of leveling up or they're getting a new power. 283 00:16:35,240 --> 00:16:37,720 Speaker 1: Other people say it may have started on the Clubhouse app, 284 00:16:38,800 --> 00:16:40,400 Speaker 1: So it's one of these things. The origin is a 285 00:16:40,440 --> 00:16:42,840 Speaker 1: little bit unclear um and perhaps one of the most 286 00:16:42,880 --> 00:16:45,240 Speaker 1: prominent people to add laser eyes to their profile pick 287 00:16:45,360 --> 00:16:49,000 Speaker 1: is Michael Sailor, who is CEO of micro Strategy, which 288 00:16:49,120 --> 00:16:52,160 Speaker 1: was is a business analytics company which has basically become 289 00:16:52,200 --> 00:16:56,000 Speaker 1: a bitcoin company because they bought so much bitcoin and 290 00:16:56,160 --> 00:16:58,440 Speaker 1: when Michael Sailor did. And Michael Sailor is kind of 291 00:16:58,760 --> 00:17:02,920 Speaker 1: perhaps the ultimate bitcoin maximalist. He is a sort of 292 00:17:03,000 --> 00:17:06,720 Speaker 1: profit for bitcoin just you know, spends seems to spend 293 00:17:06,760 --> 00:17:10,000 Speaker 1: most of his time just talking and tweeting about bitcoin 294 00:17:10,119 --> 00:17:12,040 Speaker 1: and how wonderful it is. He had this to say 295 00:17:12,080 --> 00:17:14,960 Speaker 1: when he added laser eyes to his profile. Laser eyes 296 00:17:15,000 --> 00:17:18,719 Speaker 1: proclaim a technology to guarantee the human rights of life, liberty, 297 00:17:18,800 --> 00:17:22,560 Speaker 1: and property. Laser eyes channel action even as they protect 298 00:17:22,600 --> 00:17:29,600 Speaker 1: from dilutive distraction. Laser eyes signal intended to beat to 299 00:17:29,800 --> 00:17:33,720 Speaker 1: inspirational music in the background. Laser eyes signals intend to 300 00:17:33,800 --> 00:17:38,959 Speaker 1: make hashtag bitcoin an instrument of economic empowerment hashtag new 301 00:17:39,000 --> 00:17:44,120 Speaker 1: profile pick. Michael Sailor is is great as a little 302 00:17:44,160 --> 00:17:47,320 Speaker 1: aside um. He's he's great for a quote. He also 303 00:17:47,440 --> 00:17:50,840 Speaker 1: describes bitcoin and this is this is perhaps the introduction 304 00:17:50,920 --> 00:17:53,680 Speaker 1: that we should have used to it Bitcoin as a 305 00:17:54,240 --> 00:17:57,600 Speaker 1: swarm of cyber hornets, serving the Goddess of wisdom, feeding 306 00:17:57,640 --> 00:18:00,720 Speaker 1: on the fire of truth, exponentially growing ever, smarter, faster, 307 00:18:00,840 --> 00:18:05,120 Speaker 1: and stronger behind a wall of encrypted energy. Any more questions. 308 00:18:05,960 --> 00:18:09,480 Speaker 1: Laser Rise. Laser eyes, I think are a really good 309 00:18:09,520 --> 00:18:14,560 Speaker 1: example of the power of memes. Yeah, it's crazy. How yeah, 310 00:18:14,880 --> 00:18:19,440 Speaker 1: how memes just can start movements. Yeah, how they catch 311 00:18:19,560 --> 00:18:22,639 Speaker 1: on and how just they I mean a lot of 312 00:18:22,680 --> 00:18:24,760 Speaker 1: people that you don't even need them explained, do you. 313 00:18:24,880 --> 00:18:28,199 Speaker 1: It's just like, yeah, I get it, laser I mean 314 00:18:28,520 --> 00:18:31,680 Speaker 1: I say no, but yeah, we just explained laser eyes 315 00:18:31,840 --> 00:18:36,879 Speaker 1: and I didn't know. Yeah. Not everyone's a slow on 316 00:18:36,920 --> 00:18:40,520 Speaker 1: the update because you are. And here's an example. I mean, 317 00:18:40,560 --> 00:18:43,720 Speaker 1: Elon Musk added laser eyes to his profile pick, which 318 00:18:43,720 --> 00:18:45,320 Speaker 1: he said was just for a day. This was back 319 00:18:45,400 --> 00:18:48,160 Speaker 1: in I think, and when he did that, the price 320 00:18:48,240 --> 00:18:53,040 Speaker 1: of bitcoin jumped over six thousand dollars. So the power 321 00:18:53,080 --> 00:18:55,480 Speaker 1: of a meme. If you do it, if you add 322 00:18:55,560 --> 00:18:58,600 Speaker 1: laser eyes to your Twitter pick, you are you are crypto. 323 00:18:58,720 --> 00:19:01,280 Speaker 1: From that point on, I've just done. You're not allowed 324 00:19:01,320 --> 00:19:04,439 Speaker 1: to take them off. Michael Sailor and the cyber hornets 325 00:19:04,480 --> 00:19:08,880 Speaker 1: will come from. Just so you know, let's let's talk 326 00:19:08,880 --> 00:19:12,280 Speaker 1: about another popular term. This often comes up in crypto now, 327 00:19:12,359 --> 00:19:15,040 Speaker 1: but it's not it's it doesn't have its origins in crypto, 328 00:19:15,160 --> 00:19:17,719 Speaker 1: but it's it's used I think in crypto more than 329 00:19:17,720 --> 00:19:23,520 Speaker 1: anywhere else, and that is FUDD. Fear, uncertainty and doubt. FUDD. 330 00:19:23,840 --> 00:19:26,359 Speaker 1: This tends to refer to any news put out, most 331 00:19:26,480 --> 00:19:31,680 Speaker 1: often propaganda. Yeah, it's it's if you see a negative 332 00:19:31,760 --> 00:19:34,359 Speaker 1: story about crypto, for instance, you know one of these 333 00:19:34,400 --> 00:19:38,200 Speaker 1: ones crypto is a bubble like tulips, or bitcoin bitcoin 334 00:19:38,320 --> 00:19:40,200 Speaker 1: dips and is dead, or you know all this sort 335 00:19:40,200 --> 00:19:43,480 Speaker 1: of stuff that is that is FUDD. Well, that's what 336 00:19:43,520 --> 00:19:47,320 Speaker 1: the crypto community will quickly label as FUDD fear, uncertainty, 337 00:19:47,320 --> 00:19:51,720 Speaker 1: in doubt. You're spreading fud. The Wikipedia definition of FUD 338 00:19:52,080 --> 00:19:56,480 Speaker 1: is generally a strategy to influence perception by disseminating negative 339 00:19:56,600 --> 00:20:00,440 Speaker 1: and dubious or false information and a manifest station of 340 00:20:00,560 --> 00:20:04,000 Speaker 1: the appeal to fear. That makes sense. I think that's 341 00:20:04,240 --> 00:20:08,240 Speaker 1: kind of unnecessarily wordy, isn't it. Yeah, basically putting out lies, 342 00:20:08,720 --> 00:20:14,280 Speaker 1: basically putting out lies, spreading, spreading misinformation that's true, it's 343 00:20:14,320 --> 00:20:19,760 Speaker 1: not true. It's essentially you know, you can buy either 344 00:20:19,880 --> 00:20:23,679 Speaker 1: kind of amplifying bad news so China banning bitcoin mining 345 00:20:24,200 --> 00:20:27,040 Speaker 1: or making it sound worse than it is, or actively 346 00:20:27,080 --> 00:20:31,080 Speaker 1: spreading disinformation. The term has actually been around for quite 347 00:20:31,080 --> 00:20:32,760 Speaker 1: a long time. There are references to it from the 348 00:20:32,840 --> 00:20:37,440 Speaker 1: nineteen twenties. So is it a financial term or is it? Yeah, 349 00:20:37,480 --> 00:20:39,359 Speaker 1: I think it seems to have been well, it seems 350 00:20:39,359 --> 00:20:44,600 Speaker 1: to have gained tractionies. I don't know, one with al capon. 351 00:20:45,119 --> 00:20:50,639 Speaker 1: Yeah that was prohibition. Okay, see nailed it again, another 352 00:20:50,720 --> 00:20:53,960 Speaker 1: field goal. Yeah, the term has been around since the 353 00:20:54,040 --> 00:20:56,320 Speaker 1: nineteen twenties, but it seems to have gained traction in 354 00:20:56,359 --> 00:21:01,960 Speaker 1: the nineteen seventies in the computer industry. So both IBM 355 00:21:02,080 --> 00:21:05,240 Speaker 1: and Microsoft are acknowledged to have kind of mastered the 356 00:21:05,359 --> 00:21:10,800 Speaker 1: art of spreading disinformation about rival products. So IBM apparently 357 00:21:10,840 --> 00:21:15,160 Speaker 1: spread fudd about am Dahl, which was arrival at the time, 358 00:21:15,560 --> 00:21:19,879 Speaker 1: and Microsoft spread fudd about Linux, the the sort of 359 00:21:19,960 --> 00:21:23,920 Speaker 1: free open source operating system. So yeah, this was the 360 00:21:23,960 --> 00:21:26,000 Speaker 1: act of kite. Yeah, I guess I think you said 361 00:21:26,040 --> 00:21:30,560 Speaker 1: propaganda earlier, didn't you, sort of spreading propaganda not necessarily 362 00:21:30,640 --> 00:21:35,280 Speaker 1: lies or misinformation like the world is around stuff like that. Yeah, yeah, 363 00:21:35,320 --> 00:21:38,840 Speaker 1: all that's sort of that's sort of crap. People who 364 00:21:38,880 --> 00:21:44,160 Speaker 1: spread fudd are called fudsters. That's a good word, fud. 365 00:21:44,600 --> 00:21:47,480 Speaker 1: I like fuddy duddies. Yeah, I think that. I I 366 00:21:47,600 --> 00:21:49,720 Speaker 1: did think when I was looking this up, I was like, 367 00:21:49,800 --> 00:21:51,600 Speaker 1: oh is that so? Is that where we get? But 368 00:21:51,680 --> 00:21:55,200 Speaker 1: the fuddy duddy is someone who's sort of old fashioned 369 00:21:55,240 --> 00:21:59,000 Speaker 1: and a bit backward. A lot of people in crypto 370 00:21:59,160 --> 00:22:01,520 Speaker 1: believe that the bud you see in the mainstream media 371 00:22:01,640 --> 00:22:05,199 Speaker 1: is kind of being deliberately spread or sponsored by tech giants, 372 00:22:05,240 --> 00:22:07,960 Speaker 1: big banks, other corporations that are basically scared of crypto. 373 00:22:08,840 --> 00:22:12,240 Speaker 1: So it's been it's been deliberately spread as as propaganda, 374 00:22:12,600 --> 00:22:14,280 Speaker 1: and I think there's a lot of truth to this, 375 00:22:14,720 --> 00:22:17,800 Speaker 1: But sometimes I think there is a tendency by some 376 00:22:18,160 --> 00:22:21,920 Speaker 1: in the crypto community to just automatically attribute anything negative 377 00:22:21,960 --> 00:22:27,240 Speaker 1: about crypto as fudd. It's fun. It's like, well, yes, okay, 378 00:22:27,400 --> 00:22:30,919 Speaker 1: it's bad news, but it is. It is genuinely happening. 379 00:22:31,000 --> 00:22:35,680 Speaker 1: You know, they have India is trying to ban cryptocurrency 380 00:22:35,800 --> 00:22:37,879 Speaker 1: or something like that. You know, it's not not necessarily 381 00:22:37,920 --> 00:22:40,880 Speaker 1: going to happen, but this is this is actual news 382 00:22:40,960 --> 00:22:43,600 Speaker 1: now fud So yeah, I think you have to be 383 00:22:43,640 --> 00:22:45,359 Speaker 1: a bit careful of it. But having said that, there 384 00:22:45,440 --> 00:22:47,600 Speaker 1: is a lot of fun about take it and take 385 00:22:47,640 --> 00:22:50,800 Speaker 1: it in your stride. In a lot of cases, people 386 00:22:50,840 --> 00:22:53,439 Speaker 1: who dismiss any negative news about a project they love 387 00:22:53,480 --> 00:22:56,200 Speaker 1: as fudd without a second thought, they could be said 388 00:22:56,359 --> 00:23:00,960 Speaker 1: to be suffering from a hopium addiction. I heard the 389 00:23:01,080 --> 00:23:05,119 Speaker 1: term hope you um, it's just is it. Yeah, So 390 00:23:05,280 --> 00:23:09,119 Speaker 1: they just just blindly hope yeah. Yeah. Basically, hopium is 391 00:23:09,160 --> 00:23:12,240 Speaker 1: having I guess, a blinkered, unshakable belief in the project, 392 00:23:12,600 --> 00:23:16,040 Speaker 1: even in the face of evidence to the country. So 393 00:23:16,160 --> 00:23:19,480 Speaker 1: a good example might be investing thousands of dollars into 394 00:23:19,480 --> 00:23:22,040 Speaker 1: a crypto that costs less than one cent per coin 395 00:23:22,520 --> 00:23:24,479 Speaker 1: in the hope or believe that it will one day 396 00:23:24,560 --> 00:23:26,919 Speaker 1: overtake Bitcoin in price, despite the fact that there are 397 00:23:27,040 --> 00:23:29,440 Speaker 1: billions of that particular coin on the market and it 398 00:23:29,520 --> 00:23:32,320 Speaker 1: has no possible use case. That is kind of classic 399 00:23:32,760 --> 00:23:36,880 Speaker 1: classic hopium. It's like, well, yeah, it's in the bank 400 00:23:36,960 --> 00:23:39,520 Speaker 1: of your mind. You're like, yeah, probably not going to happen. 401 00:23:39,600 --> 00:23:42,040 Speaker 1: But I've got this with friends who want to get 402 00:23:42,040 --> 00:23:44,200 Speaker 1: into crypto and they don't want to invest in the 403 00:23:44,320 --> 00:23:48,800 Speaker 1: big ones because they feel that oh we've missed the 404 00:23:48,840 --> 00:23:52,080 Speaker 1: bolt on that. Yeah, And I'm trying to say to them, 405 00:23:52,119 --> 00:23:56,520 Speaker 1: it's like, well, look, these ones are sort of you're 406 00:23:56,520 --> 00:23:59,760 Speaker 1: going to invest this money. It's not like you need 407 00:24:00,040 --> 00:24:02,080 Speaker 1: this amount of coins. It's how much that money is worth. 408 00:24:02,160 --> 00:24:03,760 Speaker 1: Do you know what I mean exactly? It's not it's 409 00:24:03,760 --> 00:24:06,760 Speaker 1: not it's all about a market cap. Yeah, yeah, the 410 00:24:07,000 --> 00:24:11,240 Speaker 1: amount of the amount of money invested in that cryptocurrency already. 411 00:24:11,880 --> 00:24:14,440 Speaker 1: And yeah, this is this is a good point because 412 00:24:14,520 --> 00:24:17,760 Speaker 1: people are often attracted to cryptos with what are called 413 00:24:17,760 --> 00:24:20,639 Speaker 1: a low sticker price. So if you see a crypto 414 00:24:20,720 --> 00:24:25,200 Speaker 1: that's maybe around a dollar, you think, oh, okay, I 415 00:24:25,280 --> 00:24:26,879 Speaker 1: can get more of those, you know, for my I 416 00:24:26,920 --> 00:24:29,400 Speaker 1: could get a you're investing a hundred dollars, I could 417 00:24:29,400 --> 00:24:33,440 Speaker 1: get one hundreds of this particular coin, but I could 418 00:24:33,440 --> 00:24:36,240 Speaker 1: only get a few, you know, a few thousand cetosis 419 00:24:36,359 --> 00:24:39,240 Speaker 1: of a bitcoin. And then and obviously you get this 420 00:24:39,400 --> 00:24:41,280 Speaker 1: with the with the ones that have really low sticker 421 00:24:41,320 --> 00:24:44,159 Speaker 1: price in the fractions of a cent. I mean, if 422 00:24:44,240 --> 00:24:47,359 Speaker 1: you invested a hundred dollars into something like Sheba, you know, 423 00:24:47,520 --> 00:24:50,199 Speaker 1: or something like that, you could get I think around 424 00:24:50,240 --> 00:24:54,320 Speaker 1: a billion, which looks great. In which looks great in 425 00:24:54,400 --> 00:24:56,800 Speaker 1: your account. You think, wow, I've got a billion Sheba. 426 00:24:56,880 --> 00:24:58,480 Speaker 1: You know, all I needed to do is go to 427 00:24:58,600 --> 00:25:02,160 Speaker 1: a dollar and I'm but people don't realize that it's 428 00:25:02,200 --> 00:25:04,880 Speaker 1: not going to a dollar, because there are I think 429 00:25:05,200 --> 00:25:07,040 Speaker 1: I think she knew. I think at one point there 430 00:25:07,080 --> 00:25:12,159 Speaker 1: were there was a quadrillion in circulation. If it did 431 00:25:12,240 --> 00:25:14,399 Speaker 1: go to a dollar, it would become the most valuable thing. 432 00:25:14,560 --> 00:25:17,080 Speaker 1: It would be worth more, I think than the entire 433 00:25:17,160 --> 00:25:23,200 Speaker 1: GDP of the world. So hope, um, yeah, okay, okay, 434 00:25:23,400 --> 00:25:41,000 Speaker 1: should we take a break. Yeah, okay, welcome back everyone 435 00:25:41,080 --> 00:25:46,000 Speaker 1: to part two or parts by if you're German. Crypto 436 00:25:46,200 --> 00:25:48,720 Speaker 1: had so, I've got a warning for you here. There's 437 00:25:48,720 --> 00:25:51,760 Speaker 1: a lot of acronyms incoming. Okay, we're going to cover 438 00:25:51,920 --> 00:25:54,760 Speaker 1: These are some common terms seen in crypto, but they're 439 00:25:54,800 --> 00:25:57,480 Speaker 1: also kind of common elsewhere as well. But I thought 440 00:25:57,520 --> 00:25:59,560 Speaker 1: i'd throw them in just for a bit of context 441 00:25:59,720 --> 00:26:02,560 Speaker 1: and and yeah, we can just have a bit of 442 00:26:02,600 --> 00:26:05,520 Speaker 1: fun discussing them. So the first up is good old 443 00:26:05,920 --> 00:26:10,200 Speaker 1: fomo fear of missing at. People are generally familiar with 444 00:26:10,280 --> 00:26:12,760 Speaker 1: this in crypto. It refers to buying a coin or 445 00:26:12,800 --> 00:26:14,720 Speaker 1: token because everyone else seems to be doing the same, 446 00:26:15,440 --> 00:26:21,600 Speaker 1: and this is not a good investment strategy unless you 447 00:26:21,760 --> 00:26:27,000 Speaker 1: buy and then sell. Yes, as long as you sell 448 00:26:27,040 --> 00:26:31,320 Speaker 1: at the right point. Yeah, they'll pump and dump. We'll 449 00:26:31,400 --> 00:26:33,399 Speaker 1: we'll come to pump and dump another one. Yeah, you're 450 00:26:33,480 --> 00:26:36,520 Speaker 1: jumping the gun. But yeah, I mean foe mowing in. 451 00:26:37,160 --> 00:26:39,200 Speaker 1: That's that's a good verb, isn't it. Foe mowing in? 452 00:26:39,720 --> 00:26:41,879 Speaker 1: Foe mowing in because everyone else is doing so. I 453 00:26:42,200 --> 00:26:45,680 Speaker 1: I think it's a little unwise. Let's just say, I 454 00:26:45,800 --> 00:26:48,600 Speaker 1: think if everyone else has discovered it, it's probably it's 455 00:26:48,640 --> 00:26:51,320 Speaker 1: probably already. You might have missed out on that. Yeah, 456 00:26:52,320 --> 00:26:54,680 Speaker 1: so you should, Yeah, don't have don't be afraid to 457 00:26:54,800 --> 00:26:58,760 Speaker 1: miss out every now and again roma realizing you've missed out, 458 00:26:59,359 --> 00:27:03,240 Speaker 1: realized they and of missing out, making peace with missing out. 459 00:27:03,320 --> 00:27:06,040 Speaker 1: I'm sure how that would be. Okay. Next up is 460 00:27:06,359 --> 00:27:11,560 Speaker 1: yolo do you only live once? So closely related to 461 00:27:11,640 --> 00:27:15,120 Speaker 1: fomo and again an unwise foundation for any investment strategy. 462 00:27:15,480 --> 00:27:19,760 Speaker 1: Basically yolong in going Well, you know, let's just do 463 00:27:19,880 --> 00:27:22,879 Speaker 1: it anyway, Let's see what happens. As I understand it, 464 00:27:23,000 --> 00:27:24,840 Speaker 1: it's to throw a lot of money at a crypto 465 00:27:24,960 --> 00:27:29,840 Speaker 1: without really doing much research into it. Yeah, yeah, did 466 00:27:29,880 --> 00:27:34,399 Speaker 1: you yellow or fomo a bit of both, because a 467 00:27:34,520 --> 00:27:39,760 Speaker 1: dual prong investments both yolo, both fomo and Yolo. Yeah, 468 00:27:41,040 --> 00:27:43,800 Speaker 1: I did a better research. But I mean, let me 469 00:27:43,880 --> 00:27:46,080 Speaker 1: know what half of them. You're you're kind of a 470 00:27:46,160 --> 00:27:49,359 Speaker 1: Yolo type of person. Yeah, I think, I mean, so 471 00:27:50,040 --> 00:27:52,240 Speaker 1: yolo every now and again, but like only Yolo with 472 00:27:52,400 --> 00:28:01,280 Speaker 1: what you're comfortable to the again Yeah yeah, I mean, yeah, 473 00:28:01,560 --> 00:28:04,000 Speaker 1: I guess so, I mean you don't have follow I 474 00:28:04,040 --> 00:28:09,879 Speaker 1: fear is losing up just yolo. Yeah, there is actually 475 00:28:10,000 --> 00:28:17,480 Speaker 1: a crypto called Yolo cash, and it's not very valuable. Yeah, unsurprisingly, 476 00:28:17,680 --> 00:28:20,040 Speaker 1: And of course, yeah, as as I've mentioned earlier on 477 00:28:20,280 --> 00:28:23,040 Speaker 1: the both fomo and Yolo can become verbs. So you 478 00:28:23,119 --> 00:28:25,800 Speaker 1: can Fomo into crypto or I'm going to yolo into 479 00:28:26,040 --> 00:28:28,600 Speaker 1: dog cooin and see what happens. A couple of examples 480 00:28:28,640 --> 00:28:32,000 Speaker 1: there for you. So why would anyone fomo or yolo 481 00:28:32,119 --> 00:28:35,840 Speaker 1: into crypto? Well, perhaps one reason would be because they 482 00:28:35,960 --> 00:28:39,320 Speaker 1: haven't researched it properly and they need to go away 483 00:28:39,440 --> 00:28:43,880 Speaker 1: and do your own research. D y O R. I 484 00:28:44,240 --> 00:28:47,520 Speaker 1: use this a lot because it's it's really important if 485 00:28:47,520 --> 00:28:49,720 Speaker 1: you're going to invest any money into something, you need 486 00:28:49,920 --> 00:28:53,160 Speaker 1: to satisfy yourself that it's worth doing. So you need 487 00:28:53,200 --> 00:28:56,200 Speaker 1: to do your own research. And you'll see this acronym 488 00:28:56,280 --> 00:28:58,600 Speaker 1: pop up all the time. I mean, we are a 489 00:28:58,680 --> 00:29:01,680 Speaker 1: crypt we're about crypto education, so we do a lot 490 00:29:01,760 --> 00:29:04,600 Speaker 1: of research and we present that search for people to 491 00:29:04,920 --> 00:29:07,840 Speaker 1: use as part of their own research strategy. So we 492 00:29:07,960 --> 00:29:10,840 Speaker 1: never said we I never say, look, this video or 493 00:29:10,920 --> 00:29:14,280 Speaker 1: this podcast is is going to tell you everything you 494 00:29:14,360 --> 00:29:16,440 Speaker 1: need to know. It helps you. It should be a 495 00:29:16,560 --> 00:29:20,080 Speaker 1: part of your own overall research. So d y o R. 496 00:29:20,600 --> 00:29:24,520 Speaker 1: And it's occasionally used as it's occasionally used in the 497 00:29:24,640 --> 00:29:27,640 Speaker 1: kind of insulting way. So if you're sort of upbraiding 498 00:29:27,760 --> 00:29:31,240 Speaker 1: someone for making some sort of mistake or you know, 499 00:29:32,560 --> 00:29:36,239 Speaker 1: maybe go aping into the wrong coin or something, Oh 500 00:29:36,360 --> 00:29:39,800 Speaker 1: do d y o R. No, actually you'll find that 501 00:29:39,960 --> 00:29:43,880 Speaker 1: smart contracts were released on Cardanno a year ago. D 502 00:29:44,160 --> 00:29:48,320 Speaker 1: y o R. So yeah, it's important that famous crypto 503 00:29:48,360 --> 00:29:54,120 Speaker 1: community spirit. Yeah, if you don't d y o R, 504 00:29:54,320 --> 00:29:58,240 Speaker 1: you might get wrecked. And this is spelled r e 505 00:29:58,520 --> 00:30:02,239 Speaker 1: k T seems like this, Yeah, because crypto people are 506 00:30:02,280 --> 00:30:05,840 Speaker 1: so cool that they don't have time to write w 507 00:30:06,280 --> 00:30:09,240 Speaker 1: R E c K E D no no way, time 508 00:30:09,360 --> 00:30:14,240 Speaker 1: is money vowels. Yeah, I could have been buying crypto 509 00:30:14,320 --> 00:30:17,520 Speaker 1: in the time it took right. Wrecked properly yeah, r 510 00:30:17,560 --> 00:30:20,480 Speaker 1: E katie a phonetic spelling of wrecked, and that means 511 00:30:21,160 --> 00:30:25,000 Speaker 1: basically what it's fairly self expansiony cleaned out. You know, 512 00:30:25,160 --> 00:30:28,480 Speaker 1: you lose, lose your money, wasted, don't get wrecked. So 513 00:30:28,720 --> 00:30:32,200 Speaker 1: a few more acronyms. Are you enjoying these acronyms? Good, 514 00:30:32,680 --> 00:30:36,040 Speaker 1: because there's plenty more So, something that may discourage some 515 00:30:36,120 --> 00:30:38,280 Speaker 1: people from doing their own research is that it can 516 00:30:38,440 --> 00:30:41,480 Speaker 1: mean wading through a lot of material looking for those 517 00:30:41,600 --> 00:30:46,080 Speaker 1: few useful snippets of information. So what they want is 518 00:30:46,840 --> 00:30:50,000 Speaker 1: the t l d R too long, didn't read I 519 00:30:50,080 --> 00:30:52,920 Speaker 1: know that one. Yeah yeah. I'm on Reddit every now 520 00:30:52,960 --> 00:30:56,160 Speaker 1: and again, and there's often a t l d R 521 00:30:56,280 --> 00:31:00,400 Speaker 1: version at the end of a long blog post about whatever, 522 00:31:01,120 --> 00:31:04,520 Speaker 1: which is the back page of a book. It's the blurb. 523 00:31:05,280 --> 00:31:06,960 Speaker 1: Just give me, give me the give me, give me 524 00:31:07,040 --> 00:31:10,720 Speaker 1: the overview, give me the elevator, pitch notes exactly. I 525 00:31:10,800 --> 00:31:12,920 Speaker 1: think everyone is probably guilty of this at some point. 526 00:31:12,960 --> 00:31:15,000 Speaker 1: I know I am, but it is the reason I 527 00:31:15,200 --> 00:31:17,840 Speaker 1: make a lot of my videos because I enjoy going 528 00:31:17,960 --> 00:31:19,800 Speaker 1: through a lot of the sort of stuff that maybe 529 00:31:19,840 --> 00:31:21,760 Speaker 1: people don't have the time or the patients or the 530 00:31:21,880 --> 00:31:24,760 Speaker 1: energy to do themselves. And I think a lot of 531 00:31:24,840 --> 00:31:26,600 Speaker 1: my a lot of the videos that I make are 532 00:31:26,600 --> 00:31:30,200 Speaker 1: basically giving people the t l d R. So, for instance, 533 00:31:30,280 --> 00:31:33,720 Speaker 1: I might read the entire Bank of International Settlements Study 534 00:31:33,760 --> 00:31:37,800 Speaker 1: of Cryptocurrencies or the World Economic Forum's guide to Getting 535 00:31:37,800 --> 00:31:42,280 Speaker 1: Started with Cryptocurrencies, which I think most people probably wouldn't 536 00:31:42,320 --> 00:31:44,560 Speaker 1: have the time or inclination to do, and then I 537 00:31:44,680 --> 00:31:47,120 Speaker 1: give the view as the important stuff I can't fill 538 00:31:47,200 --> 00:31:48,680 Speaker 1: it out, all that they really need to know, and 539 00:31:48,800 --> 00:31:52,640 Speaker 1: give them the t l d R. Yeah, you're welcome. 540 00:31:55,840 --> 00:32:00,360 Speaker 1: So next we have bt f D. What you touched 541 00:32:00,400 --> 00:32:04,120 Speaker 1: on this earlier by in the dip, by the dip, 542 00:32:04,440 --> 00:32:08,560 Speaker 1: by the dip obviously in the we all know what 543 00:32:08,640 --> 00:32:14,000 Speaker 1: the F stands for, do we? Yes? We should do. Okay, 544 00:32:14,120 --> 00:32:18,560 Speaker 1: let's start so bat you might see bt D by 545 00:32:18,680 --> 00:32:23,720 Speaker 1: the dip, but crypto, the crypto community has kind of 546 00:32:24,480 --> 00:32:28,880 Speaker 1: changed it to bt f D. Cool to swear exactly this, Yeah, 547 00:32:28,880 --> 00:32:31,160 Speaker 1: it is pretty self explanatory. It is used when prices 548 00:32:31,240 --> 00:32:35,480 Speaker 1: are falling. If someone expresses concern or starts voicing some 549 00:32:35,640 --> 00:32:38,880 Speaker 1: fud any Hoddler worth their salt will come back at 550 00:32:38,920 --> 00:32:42,480 Speaker 1: them with with this. You know, hey, man, don't panic, 551 00:32:42,680 --> 00:32:46,520 Speaker 1: just bet f D. It's a popular investment strategy. I 552 00:32:46,920 --> 00:32:50,160 Speaker 1: I must, I must counsel any anyone listening that you 553 00:32:50,240 --> 00:32:54,520 Speaker 1: shouldn't just base your investment strategy on buying the dip. 554 00:32:55,440 --> 00:32:57,480 Speaker 1: It should be more than that. But it's sometimes when 555 00:32:57,520 --> 00:32:59,760 Speaker 1: you see, when you see your favorite crypto go down 556 00:32:59,760 --> 00:33:02,240 Speaker 1: a bit, perhaps that could be a good buying opportunity 557 00:33:02,480 --> 00:33:04,760 Speaker 1: if you believe it's going to go up. Now, there's 558 00:33:04,880 --> 00:33:07,400 Speaker 1: one more pair of acronyms that I want to quickly 559 00:33:07,480 --> 00:33:10,840 Speaker 1: touch on before we move on, and this is wank 560 00:33:11,000 --> 00:33:14,320 Speaker 1: me and n g M I, or you might say nigmi. 561 00:33:15,880 --> 00:33:21,080 Speaker 1: Heard are these ones? W A g M I, wag 562 00:33:21,160 --> 00:33:25,800 Speaker 1: me and n g m I n g m I 563 00:33:26,360 --> 00:33:29,240 Speaker 1: know now these are these are quite new. These have 564 00:33:29,400 --> 00:33:31,920 Speaker 1: only been sort of on the crypto scene for well 565 00:33:31,960 --> 00:33:35,800 Speaker 1: since about so not all that long. That stands for 566 00:33:35,960 --> 00:33:39,120 Speaker 1: wank me is we're all going to make it and 567 00:33:39,400 --> 00:33:41,400 Speaker 1: n g m I is not going to make it. 568 00:33:41,960 --> 00:33:46,000 Speaker 1: So apparently these terms originated on four Chan's fitness board. 569 00:33:46,440 --> 00:33:51,040 Speaker 1: For chan has a fitness board. I know, Fortune is 570 00:33:52,480 --> 00:33:57,800 Speaker 1: an anonymous forum where some wild wild ship happened. It 571 00:33:57,920 --> 00:34:00,840 Speaker 1: was why do they have a fitness ward and why 572 00:34:00,960 --> 00:34:02,200 Speaker 1: is we are not going to make it on that 573 00:34:02,360 --> 00:34:05,240 Speaker 1: just because people are just like, well, there was I think. 574 00:34:05,520 --> 00:34:07,520 Speaker 1: I mean, I think it's a kind of bodybuilder thing, 575 00:34:08,200 --> 00:34:10,840 Speaker 1: but I could gather and there were I think I 576 00:34:10,920 --> 00:34:15,080 Speaker 1: saw a video of some bodybuilder. Um that's kind of 577 00:34:15,239 --> 00:34:18,160 Speaker 1: rambling YouTube video. I think he was Australian and he 578 00:34:18,320 --> 00:34:21,680 Speaker 1: was just like kind of rambling along and it's like, 579 00:34:21,719 --> 00:34:24,319 Speaker 1: we're all gonna make it. We're gonna be fine Bra, 580 00:34:24,800 --> 00:34:28,160 Speaker 1: We're gonna magot bra. And then that's just been adopted 581 00:34:28,960 --> 00:34:31,200 Speaker 1: by the crypto Yeah, it's been kind of taken up 582 00:34:31,239 --> 00:34:34,440 Speaker 1: by the crypto community, and yeah, it's a kind of 583 00:34:34,480 --> 00:34:37,239 Speaker 1: common it's a kind of common theme again, especially on 584 00:34:37,280 --> 00:34:41,000 Speaker 1: places like Twitter. Stuff don't worry guys, wag me, We're 585 00:34:41,040 --> 00:34:44,080 Speaker 1: going to make it. N g M I is usually 586 00:34:44,160 --> 00:34:47,160 Speaker 1: used about. It can be used about a project. It's like, oh, 587 00:34:47,239 --> 00:34:52,359 Speaker 1: I see someone's launched another dog themed mime coin named 588 00:34:52,360 --> 00:34:56,520 Speaker 1: after Elon Musk and Christmas or something like that. M 589 00:34:56,560 --> 00:34:58,400 Speaker 1: g M I not going to make it. Or you 590 00:34:58,440 --> 00:35:01,799 Speaker 1: could maybe use it about paper hands. Hey, look, if 591 00:35:01,840 --> 00:35:04,279 Speaker 1: you're going to sell, if you're if you've got paper hands, 592 00:35:04,320 --> 00:35:06,960 Speaker 1: if you're going to sell, every time it dips, N 593 00:35:07,000 --> 00:35:11,240 Speaker 1: G M, I and my friend. So there we are. Okay. Okay, 594 00:35:11,560 --> 00:35:14,520 Speaker 1: So that's we've looked at most of the common acronyms 595 00:35:14,560 --> 00:35:16,759 Speaker 1: you're finding crypto. But there are a few other terms 596 00:35:16,840 --> 00:35:19,439 Speaker 1: that are worth being aware of, and some of these 597 00:35:19,640 --> 00:35:23,960 Speaker 1: concerned the types of cryptocurrency that you're likely to encounter 598 00:35:24,560 --> 00:35:27,719 Speaker 1: out in the crypto verse. Okay, so the first of 599 00:35:27,800 --> 00:35:31,160 Speaker 1: these terms you're here a lot is ald coin. Okay. 600 00:35:31,320 --> 00:35:35,040 Speaker 1: This is anything that's not bitcoin exactly. Yeah, okay, bang 601 00:35:35,200 --> 00:35:39,879 Speaker 1: another one out of part so Ethereumum is an old coin. 602 00:35:40,200 --> 00:35:43,399 Speaker 1: Even though it is quite quite established, even though it's 603 00:35:43,520 --> 00:35:45,719 Speaker 1: very well established and many people believe that it were 604 00:35:45,880 --> 00:35:48,160 Speaker 1: may one day be bigger than Bitcoin, it is still 605 00:35:48,400 --> 00:35:52,239 Speaker 1: an old coin, or an alt for short. Some people 606 00:35:52,320 --> 00:35:55,320 Speaker 1: think that this kind of started as um as a 607 00:35:55,400 --> 00:35:58,239 Speaker 1: sort of pejorative term, as you like, as Bitcoin as 608 00:35:58,280 --> 00:36:02,400 Speaker 1: being you know, kind of reigning on their reigning on 609 00:36:02,760 --> 00:36:04,879 Speaker 1: other coins, parade just being like, that's an ad coin 610 00:36:05,280 --> 00:36:08,000 Speaker 1: because it means anything other than bitcoin. Um, So it's 611 00:36:08,000 --> 00:36:11,480 Speaker 1: an alternative coin. I don't think it's I don't think 612 00:36:11,520 --> 00:36:15,880 Speaker 1: it's an insulting phrase. There are much worse, and another 613 00:36:16,360 --> 00:36:22,279 Speaker 1: popular term is shit coin. Again, this sounds pretty self explanatory, 614 00:36:22,680 --> 00:36:24,520 Speaker 1: but we do need to give credit where it's due here, 615 00:36:24,560 --> 00:36:26,640 Speaker 1: I think so. Do you remember we talked about Gavin 616 00:36:26,719 --> 00:36:32,239 Speaker 1: Andreason in the Bitcoin episodes He used the term shiit 617 00:36:32,360 --> 00:36:36,239 Speaker 1: coin back in on the Bitcoin talk forum, which is 618 00:36:36,239 --> 00:36:39,600 Speaker 1: where we got Huddle from. If you remember, Gavin wrote, 619 00:36:39,960 --> 00:36:42,719 Speaker 1: if bitcoin really takes off, I can see lots of 620 00:36:42,920 --> 00:36:49,360 Speaker 1: get rich quick imitators coming on the scene git cooin, nitcoin, whitcoin, titcoin, shitcoin, 621 00:36:49,480 --> 00:36:51,360 Speaker 1: and he said some of them are short to attract 622 00:36:51,520 --> 00:36:54,200 Speaker 1: users with promises like why use bitcoin where you can 623 00:36:54,280 --> 00:36:58,040 Speaker 1: only generate fifty bitcoins every few months. You shipcoin instead, 624 00:36:58,120 --> 00:37:00,279 Speaker 1: You'll get fifty one ship cooins every two in its 625 00:37:01,320 --> 00:37:05,680 Speaker 1: So yeah. Another another contribution by Gavin Andreason to the 626 00:37:05,719 --> 00:37:08,239 Speaker 1: crypto space there that the term ship coin, which I 627 00:37:08,440 --> 00:37:12,040 Speaker 1: kind of think would probably have have found its way 628 00:37:12,080 --> 00:37:15,600 Speaker 1: into the Lexican anyway, but it sufficed to say he 629 00:37:15,840 --> 00:37:19,239 Speaker 1: was absolutely right to expect this sort of stuff, and 630 00:37:19,680 --> 00:37:22,080 Speaker 1: if you want a good definition of ship coin, chap 631 00:37:22,120 --> 00:37:24,960 Speaker 1: called Ruben Sumpson, who hosts the Unhashed podcast, gave it. 632 00:37:25,080 --> 00:37:28,960 Speaker 1: He defined it as quote a coin that can be 633 00:37:29,080 --> 00:37:32,279 Speaker 1: predicted to go to zero because of its flawed fundamentals. 634 00:37:32,560 --> 00:37:35,960 Speaker 1: It's creators and early adopters deny all criticism and focus 635 00:37:36,040 --> 00:37:39,360 Speaker 1: heavily on misleading marketing in order to extract maximum value 636 00:37:39,400 --> 00:37:43,320 Speaker 1: from new investors in inverted commas, saddling them with the 637 00:37:43,400 --> 00:37:46,440 Speaker 1: inevitable losses. I think that's I think that sums it 638 00:37:46,520 --> 00:37:49,960 Speaker 1: up nicely. Um. It's worth mentioning, though, that this definition 639 00:37:50,040 --> 00:37:53,600 Speaker 1: seems to imply that every ship coin is a scam 640 00:37:53,840 --> 00:37:56,279 Speaker 1: or a Ponzi scheme of some kind. It basically a 641 00:37:56,400 --> 00:37:59,440 Speaker 1: criminal enterprise designed to lure people in and then disappear 642 00:37:59,520 --> 00:38:02,480 Speaker 1: with their money. Okay, and let's face it, a lot 643 00:38:02,560 --> 00:38:04,719 Speaker 1: of them are. But I think the key phrase from 644 00:38:04,800 --> 00:38:10,320 Speaker 1: that quote is flawed fundamentals. So although most ship coins 645 00:38:10,440 --> 00:38:12,640 Speaker 1: or many ship coins are designed to scam people, not 646 00:38:12,760 --> 00:38:15,120 Speaker 1: all of them are. Some of them may actually be 647 00:38:15,200 --> 00:38:17,719 Speaker 1: created with good intentions but just be poorly designed or 648 00:38:17,760 --> 00:38:20,080 Speaker 1: built by people who don't really know what they're doing. 649 00:38:20,400 --> 00:38:24,239 Speaker 1: Um or they might not really have a valid use case. 650 00:38:24,520 --> 00:38:29,040 Speaker 1: Even though the creators might think they do a good 651 00:38:29,080 --> 00:38:32,520 Speaker 1: example here was back in back in when there were 652 00:38:32,600 --> 00:38:37,319 Speaker 1: new coins appearing over. Yeah, there was one called denta coin, 653 00:38:38,440 --> 00:38:43,360 Speaker 1: which was a cryptocurrency designed to be used by dentists. Okay, 654 00:38:43,840 --> 00:38:47,800 Speaker 1: now that could have been a scam. Yeah, history, history 655 00:38:47,840 --> 00:38:50,839 Speaker 1: doesn't relate, but it's a kind of good example. It's like, oh, 656 00:38:51,000 --> 00:38:53,839 Speaker 1: you know, someone's had an idea, but actually they haven't 657 00:38:53,880 --> 00:38:57,080 Speaker 1: really thought it through. I mean, why I dentist is 658 00:38:57,160 --> 00:38:59,799 Speaker 1: going to use a particular coin. So yeah, so it's 659 00:39:00,520 --> 00:39:03,680 Speaker 1: a ship coin is yeah, flawed fundamentals not probably put together. 660 00:39:03,760 --> 00:39:06,760 Speaker 1: It might be a scam, but it's not necessarily a scam. 661 00:39:08,320 --> 00:39:10,200 Speaker 1: There are lots of ways of spotting a ship coin. 662 00:39:10,360 --> 00:39:13,640 Speaker 1: Are there any ship coins that have where there's there's 663 00:39:13,640 --> 00:39:17,640 Speaker 1: brass come good? That's an interesting question. I mean, I 664 00:39:17,760 --> 00:39:20,520 Speaker 1: suppose you could argue in a way. I mean a 665 00:39:20,600 --> 00:39:23,200 Speaker 1: lot of Well, yeah, doge was the one. I was 666 00:39:23,280 --> 00:39:26,120 Speaker 1: thinking doge coin because that kind of started off as 667 00:39:26,120 --> 00:39:28,040 Speaker 1: a bit of a joke because it's got the dog. 668 00:39:28,640 --> 00:39:31,160 Speaker 1: Yeah exactly. And we'll cover this when we talk about 669 00:39:31,280 --> 00:39:34,120 Speaker 1: meme coins in just a moment. But yeah, doge coin, 670 00:39:34,200 --> 00:39:35,960 Speaker 1: you could say it was it was started as a joke. 671 00:39:36,040 --> 00:39:39,320 Speaker 1: It was kind of in response to the kind of 672 00:39:39,480 --> 00:39:45,200 Speaker 1: mania around bitcoin, and yeah, it has kind of. I 673 00:39:45,280 --> 00:39:49,720 Speaker 1: mean it's it's in the top sort of ten coins 674 00:39:49,760 --> 00:39:53,880 Speaker 1: by market cap, which is pretty crazy really. So you 675 00:39:53,960 --> 00:39:56,160 Speaker 1: could say in a way, that's a ship coin that's 676 00:39:56,200 --> 00:39:59,840 Speaker 1: come good, although I wouldn't say that, you know, although 677 00:39:59,880 --> 00:40:02,719 Speaker 1: it it's got more, it's got more utility than the 678 00:40:02,960 --> 00:40:05,520 Speaker 1: most ship coins out there. You could argue, I mean, 679 00:40:05,560 --> 00:40:08,200 Speaker 1: there are plenty of people who say those coin isn't 680 00:40:08,239 --> 00:40:11,040 Speaker 1: a ship coin. It's it's a bit of a gray 681 00:40:11,120 --> 00:40:14,480 Speaker 1: area perhaps, but yeah, it does not rules to what 682 00:40:14,640 --> 00:40:18,399 Speaker 1: is and isn't a ship cooin. It's just opinion essentially. Yeah, 683 00:40:18,440 --> 00:40:20,719 Speaker 1: I guess you could argue that. I guess yeah. I 684 00:40:20,760 --> 00:40:24,440 Speaker 1: mean that there's no sort of no kind of concrete rules. 685 00:40:24,520 --> 00:40:27,640 Speaker 1: It's just yeah, it does it have a use? Has 686 00:40:27,680 --> 00:40:30,120 Speaker 1: it got has it been well designed? Has it got 687 00:40:30,200 --> 00:40:32,880 Speaker 1: good people behind it? I mean yeah, I think but 688 00:40:33,040 --> 00:40:35,480 Speaker 1: you know all that it can be kind of you know, 689 00:40:35,719 --> 00:40:38,040 Speaker 1: how's it got good people behind it? Well, what's your 690 00:40:38,080 --> 00:40:41,160 Speaker 1: definition of a good person? Yeah, I think there are 691 00:40:41,200 --> 00:40:43,000 Speaker 1: lots of weight. Yeah, you can you can argue, you 692 00:40:43,080 --> 00:40:47,359 Speaker 1: can argue the point to death, I suppose, But yeah, 693 00:40:47,640 --> 00:40:49,640 Speaker 1: I mean once you once you're kind of once you 694 00:40:49,760 --> 00:40:51,680 Speaker 1: kind of know what to look out for. Spotting a 695 00:40:51,719 --> 00:40:55,760 Speaker 1: ship coin is fairly easy. So things like a small 696 00:40:55,840 --> 00:40:59,799 Speaker 1: market cap, a non existent or very tenuous use case, 697 00:41:00,280 --> 00:41:03,640 Speaker 1: or if it's not listed on any reputable exchanges, those 698 00:41:03,680 --> 00:41:05,719 Speaker 1: are all signs that you've got a you've got a 699 00:41:05,760 --> 00:41:08,120 Speaker 1: ship coin on your hands. And there's a subset of 700 00:41:08,160 --> 00:41:11,759 Speaker 1: ship coins a term called vaporware, and this is a 701 00:41:11,880 --> 00:41:14,040 Speaker 1: term used to describe a project which is essentially all 702 00:41:14,160 --> 00:41:17,400 Speaker 1: marketing with no actual product, basically nothing but hot air. 703 00:41:18,000 --> 00:41:20,120 Speaker 1: And I think again, that's a term that's not that's 704 00:41:20,160 --> 00:41:24,640 Speaker 1: not unique to cryptocurrency, and oh yeah, in fact, this 705 00:41:24,880 --> 00:41:28,280 Speaker 1: term originated in the computer industry, but it's been adopted 706 00:41:28,320 --> 00:41:32,239 Speaker 1: by the crypto community or ware. So the other type 707 00:41:32,239 --> 00:41:34,800 Speaker 1: of coin that will cover today is, yeah, we've mentioned 708 00:41:34,840 --> 00:41:38,480 Speaker 1: it already, meme coins. So meme coins are closely related 709 00:41:38,520 --> 00:41:41,560 Speaker 1: to ship coins, but they do nonetheless occupy a category 710 00:41:41,600 --> 00:41:43,759 Speaker 1: all of their own. But a meme coin can be 711 00:41:43,840 --> 00:41:47,040 Speaker 1: a ship coin obviously, So a meme coin is any 712 00:41:47,080 --> 00:41:50,359 Speaker 1: coin that's named after or riffs on a popular meme 713 00:41:50,440 --> 00:41:52,680 Speaker 1: and the most famous example here is doge coin, as 714 00:41:52,719 --> 00:41:55,359 Speaker 1: I say, developed as a joke inspired by the meme 715 00:41:55,520 --> 00:41:58,759 Speaker 1: called Dog, which was a sheba e new dog with 716 00:41:58,840 --> 00:42:03,120 Speaker 1: a sort of I smile on its face, and it 717 00:42:03,160 --> 00:42:06,080 Speaker 1: would have kind of the Sheba Knu the dog meme 718 00:42:06,520 --> 00:42:09,680 Speaker 1: would have this dog sort of half smiling, and then 719 00:42:09,719 --> 00:42:12,520 Speaker 1: there'll be some kind of text overlaid on it, usually 720 00:42:12,800 --> 00:42:16,560 Speaker 1: in kind of comic sands with sort of wonky English 721 00:42:16,800 --> 00:42:19,759 Speaker 1: if you like, on top, so phrases like oh much 722 00:42:19,880 --> 00:42:24,520 Speaker 1: coin or very mouse pad. Very mouse pad is my favorite. 723 00:42:25,200 --> 00:42:28,160 Speaker 1: So here's a fun fact that Sheba Knu featured in 724 00:42:28,239 --> 00:42:32,239 Speaker 1: the original meme is a female called Kabosu who was 725 00:42:32,280 --> 00:42:35,400 Speaker 1: adopted from an animal shelter by a Japanese kindergarten teacher. 726 00:42:36,480 --> 00:42:39,800 Speaker 1: It's a nice story, isn't it. I did look do 727 00:42:39,920 --> 00:42:41,880 Speaker 1: some research into the origins of this meme. It kind 728 00:42:41,920 --> 00:42:45,520 Speaker 1: of gets the more mind bending the further you go. Um. 729 00:42:46,040 --> 00:42:48,400 Speaker 1: But those coin has been a massive success for a 730 00:42:48,520 --> 00:42:51,120 Speaker 1: number of reasons, not least you get Elon Musk happily 731 00:42:51,160 --> 00:42:53,560 Speaker 1: tweeting about it. And I think we'll have to do 732 00:42:53,719 --> 00:42:56,399 Speaker 1: an episode in the future about doge coin and meme 733 00:42:56,480 --> 00:43:01,320 Speaker 1: coins because it is just this extraordinary thing that's just 734 00:43:01,480 --> 00:43:04,920 Speaker 1: got completely out of control. And there are tons of 735 00:43:05,040 --> 00:43:07,000 Speaker 1: other meme coins, and let's face it, most of them 736 00:43:07,080 --> 00:43:09,960 Speaker 1: are ship coins. And in fact, many people would say 737 00:43:10,000 --> 00:43:13,000 Speaker 1: all meme coins of ship coins, and they mostly be right. 738 00:43:13,080 --> 00:43:18,280 Speaker 1: Although weirdly, the doge coin imitator sheba Inu is actually 739 00:43:18,400 --> 00:43:22,280 Speaker 1: quite an intriguing project. But both doge Coin and sheba 740 00:43:22,360 --> 00:43:25,600 Speaker 1: you have quite a lot of developers actually working on them, 741 00:43:25,920 --> 00:43:28,080 Speaker 1: and they are trying to do quite a lot of 742 00:43:28,120 --> 00:43:30,799 Speaker 1: different things. Yeah, we'll talk about meme coins in more 743 00:43:30,880 --> 00:43:34,080 Speaker 1: detail another time, but yeah, I mean, there are some 744 00:43:34,160 --> 00:43:36,960 Speaker 1: wonderfully named meme coins out there, and I've got a 745 00:43:37,080 --> 00:43:39,040 Speaker 1: list for you here, so I want you to tell 746 00:43:39,080 --> 00:43:43,080 Speaker 1: me your favorite popular meme coins include ba get token, 747 00:43:43,840 --> 00:43:52,920 Speaker 1: forgets Token, yea, how Kaido enua uch On, Jack Russell. 748 00:43:53,719 --> 00:43:57,120 Speaker 1: I mean, the weird thing is that, Yeah, the weird 749 00:43:57,200 --> 00:44:00,279 Speaker 1: thing is that they you know that there are so 750 00:44:00,360 --> 00:44:02,920 Speaker 1: many imitators, like you know, the Sheba e new thing 751 00:44:03,000 --> 00:44:07,359 Speaker 1: is a meme So you had dog coin really easy, 752 00:44:08,040 --> 00:44:10,759 Speaker 1: far too easy because of this is something I'll this 753 00:44:10,880 --> 00:44:12,880 Speaker 1: is something we'll talk about when we talk about ethereum. 754 00:44:13,080 --> 00:44:15,800 Speaker 1: But basically one of the things that Ethereum did was 755 00:44:15,960 --> 00:44:18,400 Speaker 1: make it very very easy for you to build your 756 00:44:18,440 --> 00:44:20,759 Speaker 1: own cryptocurrencies on top of it, what are called e 757 00:44:20,960 --> 00:44:24,040 Speaker 1: r C twenty tokens, and that's what again, that's another 758 00:44:24,080 --> 00:44:25,800 Speaker 1: good thing to look out for. If something is a 759 00:44:25,880 --> 00:44:28,480 Speaker 1: token and the r C twenty tokens a coin, it's 760 00:44:28,520 --> 00:44:32,800 Speaker 1: not a coin. A cryptocurrency coin lives on its own blockchain. 761 00:44:33,200 --> 00:44:38,879 Speaker 1: So for instance, bitcoin, doge coin is um is a coin. 762 00:44:39,080 --> 00:44:43,319 Speaker 1: It has its own the doge coin blockchain. But yeah, 763 00:44:43,400 --> 00:44:46,239 Speaker 1: most of these, most ship coins or meme coins will 764 00:44:46,320 --> 00:44:49,040 Speaker 1: be tokens because they're much easier to build. You don't 765 00:44:49,120 --> 00:44:51,480 Speaker 1: have to build your own blockchain, which is very expensive. 766 00:44:51,560 --> 00:44:54,520 Speaker 1: That's the you know, that's the really expensive part. That's 767 00:44:54,560 --> 00:44:56,319 Speaker 1: not to say that all tokens are bad. There are 768 00:44:56,400 --> 00:44:59,360 Speaker 1: lots of good tokens out there built on other blockchains 769 00:44:59,400 --> 00:45:01,600 Speaker 1: like Ethereum what we call layer one, so you have 770 00:45:01,680 --> 00:45:06,800 Speaker 1: Ethereum things like Salana or Avalanche or Cardano or Polka 771 00:45:06,840 --> 00:45:09,400 Speaker 1: Dot or you know, there are loads. But yeah, a 772 00:45:09,520 --> 00:45:12,040 Speaker 1: short short answer is a token is built on a 773 00:45:12,239 --> 00:45:18,000 Speaker 1: different blockchain. Your piggybacking on someone else's blockchain. So yes, 774 00:45:18,080 --> 00:45:21,719 Speaker 1: so most meme coins are tokens, and certainly all ship 775 00:45:21,800 --> 00:45:23,960 Speaker 1: coins are real through some more of these, Okay, So 776 00:45:24,080 --> 00:45:26,080 Speaker 1: we had obviously and we're playing on the sort of 777 00:45:26,320 --> 00:45:29,480 Speaker 1: Enu meme here. So we have Hakaida Enu Akita, Enu, 778 00:45:29,560 --> 00:45:38,360 Speaker 1: Kissu Nu Rover, Enu Keanuenu Paris uton. That was a 779 00:45:38,440 --> 00:45:41,360 Speaker 1: real one. And then we have Mr Bigglesworth Mr biggles 780 00:45:41,440 --> 00:45:48,560 Speaker 1: Worth token. Oh my god, so let's that's amazing. Yeah, 781 00:45:48,560 --> 00:45:50,560 Speaker 1: I remember looking through there was it must have been 782 00:45:50,560 --> 00:45:52,040 Speaker 1: in the back of my mind there was a Mr 783 00:45:52,120 --> 00:45:54,960 Speaker 1: Bigglesworth token. I mean could still well could will still 784 00:45:55,000 --> 00:45:58,640 Speaker 1: be sad cat token. Then you had Bingu's token and 785 00:45:58,880 --> 00:46:03,839 Speaker 1: Space Penguin Space Penguin, Yeah, is that your favorite? Yeah? Yeah, 786 00:46:03,880 --> 00:46:06,759 Speaker 1: I think which one? You've got a thousand dollars, you've 787 00:46:06,800 --> 00:46:08,480 Speaker 1: got to spend it on one of these. You've got 788 00:46:08,560 --> 00:46:10,319 Speaker 1: to buy one of these. What are you going to buy? 789 00:46:12,960 --> 00:46:16,839 Speaker 1: It's a tossed between Kan and Space Penguin. On that note, 790 00:46:16,920 --> 00:46:34,120 Speaker 1: should we take a break, I think we'd better welcome 791 00:46:34,160 --> 00:46:37,520 Speaker 1: back everyone to Part through. Part Through So we've talked 792 00:46:37,680 --> 00:46:39,960 Speaker 1: about ship coins, we've talked about meme coins, and that 793 00:46:40,040 --> 00:46:42,479 Speaker 1: means it's probably a good moment to start talking about 794 00:46:42,560 --> 00:46:45,640 Speaker 1: some of the scams and general skullduggery that you'll find. 795 00:46:46,560 --> 00:46:48,759 Speaker 1: I like that word, sculled duggery. Yeah, it's a good word, 796 00:46:48,800 --> 00:46:51,400 Speaker 1: isn't it. And because it's important to talk about this 797 00:46:51,480 --> 00:46:54,520 Speaker 1: because there are a few terms that are associated with it, 798 00:46:54,840 --> 00:46:57,120 Speaker 1: a few things that you should look out for. Now, 799 00:46:57,160 --> 00:47:00,960 Speaker 1: I should point out that there's the scams and general 800 00:47:01,000 --> 00:47:04,680 Speaker 1: skullduggery in in all walks of life, then unique to crypto. 801 00:47:05,800 --> 00:47:09,239 Speaker 1: But that said, the crypto the crypto verse has attracted 802 00:47:09,400 --> 00:47:12,360 Speaker 1: a lot of scammers, so it is important to be vigilant, 803 00:47:12,520 --> 00:47:16,120 Speaker 1: especially as the technology evolves and scammers get more sophisticated. 804 00:47:16,320 --> 00:47:18,279 Speaker 1: Education is the only way we can fight these people. 805 00:47:19,120 --> 00:47:22,080 Speaker 1: So do you remember we talked about about doing your 806 00:47:22,080 --> 00:47:25,640 Speaker 1: own research about d y o R. Well, that's because 807 00:47:26,360 --> 00:47:28,600 Speaker 1: there are a lot of people out there who will 808 00:47:28,840 --> 00:47:31,239 Speaker 1: happily go on the internet and just tell you to 809 00:47:31,360 --> 00:47:33,719 Speaker 1: buy a particular coin or token because it's going to 810 00:47:33,800 --> 00:47:36,800 Speaker 1: the moon and it's going to make you rich, okay. 811 00:47:37,280 --> 00:47:40,919 Speaker 1: And this sort of person is often described as a shill. 812 00:47:41,239 --> 00:47:44,640 Speaker 1: Schill have you heard that term? Yes, this has The 813 00:47:44,760 --> 00:47:46,759 Speaker 1: term has been around for a long time. Something it 814 00:47:46,880 --> 00:47:51,640 Speaker 1: may it might have Yiddish origins. The traditional definition of 815 00:47:51,680 --> 00:47:54,759 Speaker 1: a shill is, according to Wikipedia, again a plant or 816 00:47:54,840 --> 00:47:58,839 Speaker 1: a stooge. A person who publicly helps or give credibility 817 00:47:58,920 --> 00:48:02,560 Speaker 1: to a person or organization without disclosing that they have 818 00:48:02,640 --> 00:48:07,480 Speaker 1: a close relationship with said person or organization and so. 819 00:48:07,719 --> 00:48:10,920 Speaker 1: In cryptocurrency terms, of schill basically refers to anyone promoting 820 00:48:10,920 --> 00:48:13,160 Speaker 1: a coin or token with the intention of making money 821 00:48:13,239 --> 00:48:15,480 Speaker 1: from it. So they might own a lot of that 822 00:48:15,560 --> 00:48:18,840 Speaker 1: crypto themselves, or they might be being paid to promote it. 823 00:48:19,600 --> 00:48:21,680 Speaker 1: They might even be a part of the team that's 824 00:48:21,719 --> 00:48:25,600 Speaker 1: developed it. They've got skin in the game. Basically, a 825 00:48:25,680 --> 00:48:28,440 Speaker 1: shill can in some cases, they will be doing the 826 00:48:28,520 --> 00:48:31,200 Speaker 1: exact opposite, So they could be spreading fud about a 827 00:48:31,280 --> 00:48:34,399 Speaker 1: crypto because they work for another they work for a rival, 828 00:48:34,560 --> 00:48:37,480 Speaker 1: or they they've bought a whole bunch of Arrival coin 829 00:48:37,600 --> 00:48:40,720 Speaker 1: or token. Um. This is less common but still covered 830 00:48:40,760 --> 00:48:44,400 Speaker 1: by the definition. So either way, shills are not your friends. 831 00:48:44,920 --> 00:48:47,280 Speaker 1: So that's why it's so important to do your own research, 832 00:48:47,360 --> 00:48:50,880 Speaker 1: because if you just listen to to one person talking 833 00:48:50,920 --> 00:48:53,000 Speaker 1: about a particular coin saying saying it's going to go 834 00:48:53,080 --> 00:48:55,879 Speaker 1: to the moon, then they could just be a shill, 835 00:48:56,000 --> 00:48:58,200 Speaker 1: you need to dig deeper and find out whether other 836 00:48:58,239 --> 00:49:03,720 Speaker 1: people are saying us as irruptible um and she'll. Closely 837 00:49:03,760 --> 00:49:07,480 Speaker 1: related to shills are what are called sock puppets. So 838 00:49:07,640 --> 00:49:10,920 Speaker 1: a sock puppet is someone generally on social media, so 839 00:49:11,040 --> 00:49:14,120 Speaker 1: on Twitter, say, which is just an account that is 840 00:49:14,400 --> 00:49:17,319 Speaker 1: kind of set up to help to help a shill 841 00:49:17,400 --> 00:49:21,640 Speaker 1: to to yet to post positively about whatever, like one 842 00:49:21,680 --> 00:49:26,239 Speaker 1: of these Twitter eggs. Yeah, yeah, someone who's probably being 843 00:49:26,320 --> 00:49:31,200 Speaker 1: paid or again maybe invested themselves. But it's quite often 844 00:49:31,239 --> 00:49:33,520 Speaker 1: these accounts are kind of fake accounts. You know, you 845 00:49:33,600 --> 00:49:36,399 Speaker 1: might have lots of one person running lots of sock 846 00:49:36,480 --> 00:49:39,480 Speaker 1: puppet accounts, or even bots. We get bots to do 847 00:49:39,560 --> 00:49:43,200 Speaker 1: it now. Okay. So a common reason for an unscrupulous 848 00:49:43,239 --> 00:49:46,080 Speaker 1: type to shill a crypto is because they're planning to 849 00:49:46,280 --> 00:49:49,600 Speaker 1: do a pump and dump. So pump and dump is 850 00:49:49,640 --> 00:49:52,080 Speaker 1: a term that's been around in investing circles for many years, 851 00:49:52,120 --> 00:49:55,920 Speaker 1: but it's particularly common in crypto Sadly, so, the person 852 00:49:56,200 --> 00:49:58,360 Speaker 1: running a scheme will typically hold a large amount of 853 00:49:58,440 --> 00:50:01,799 Speaker 1: a particular crypto. They'll then shill it relentlessly, talking it up, 854 00:50:01,840 --> 00:50:04,680 Speaker 1: predicting a massive price rally. So this is the pump. 855 00:50:05,120 --> 00:50:08,200 Speaker 1: This is how they pump it, and people will hear 856 00:50:08,280 --> 00:50:10,680 Speaker 1: this positive talk and they will pour money in, hoping 857 00:50:10,760 --> 00:50:13,000 Speaker 1: for profit. They want to basically jump on the bandwagon. 858 00:50:13,080 --> 00:50:16,800 Speaker 1: Now as a result of this, obviously, yeah, pomowing in 859 00:50:17,040 --> 00:50:19,279 Speaker 1: very good, maybe with a bit of yolo thrown in 860 00:50:19,680 --> 00:50:23,040 Speaker 1: for good measure. Obviously, all this money flooding into the 861 00:50:23,520 --> 00:50:27,000 Speaker 1: crypto that's being shilled will inflate the price, so the 862 00:50:27,160 --> 00:50:30,680 Speaker 1: shill will then sell out once the price has risen 863 00:50:30,719 --> 00:50:34,560 Speaker 1: sufficiently and bank a tidy profit. And this obviously is 864 00:50:34,600 --> 00:50:37,359 Speaker 1: the dump. So you pump it up once it gets 865 00:50:37,480 --> 00:50:40,080 Speaker 1: nice and high, once you've once you've made a nice little, 866 00:50:40,320 --> 00:50:43,239 Speaker 1: nice little profit, then you dump. And you'll often hear 867 00:50:43,280 --> 00:50:46,239 Speaker 1: the term like, you know, dumping on people, sort of 868 00:50:46,320 --> 00:50:48,520 Speaker 1: dumping on you know, if you're if you're shilling on, 869 00:50:48,800 --> 00:50:50,760 Speaker 1: if you're shilling on social media, you might be dumping 870 00:50:50,800 --> 00:50:55,480 Speaker 1: on your followers. Say yeah, if now, if the followers 871 00:50:55,520 --> 00:50:58,439 Speaker 1: are lucky, perhaps if they quite often, people can spot 872 00:50:58,480 --> 00:51:01,239 Speaker 1: a pump and dump happening. So if they suspect that 873 00:51:01,360 --> 00:51:04,080 Speaker 1: it is a pump and dump, a handful investors might 874 00:51:04,120 --> 00:51:06,560 Speaker 1: cash out around the same time and make some money 875 00:51:06,640 --> 00:51:08,759 Speaker 1: themselves as well as you know, as well as the shill, 876 00:51:08,840 --> 00:51:12,240 Speaker 1: but most of them won't. They'll see the price crash 877 00:51:12,680 --> 00:51:15,840 Speaker 1: and it will become clear that nothing all that special 878 00:51:15,880 --> 00:51:18,480 Speaker 1: about the project. The coin has just reached its or 879 00:51:18,560 --> 00:51:21,799 Speaker 1: token has reached its highest possible price. So these are 880 00:51:21,840 --> 00:51:25,040 Speaker 1: the guys who lose out when wrecked. They get wrecked 881 00:51:25,120 --> 00:51:29,120 Speaker 1: and they are left holding the bag. That's another That's 882 00:51:29,160 --> 00:51:31,719 Speaker 1: another common term, that you're that you're here. I've heard 883 00:51:31,800 --> 00:51:36,799 Speaker 1: that some nights you you're often left holding the bag 884 00:51:36,840 --> 00:51:38,839 Speaker 1: at the end of the night. I bet you are 885 00:51:39,680 --> 00:51:42,680 Speaker 1: not anymore. Not those days. Those days are sadly gone. 886 00:51:43,520 --> 00:51:46,399 Speaker 1: Now pump and dumps are pretty common, and they're also 887 00:51:46,640 --> 00:51:50,160 Speaker 1: very tricky to prove, you know, you you to prove 888 00:51:50,280 --> 00:51:53,239 Speaker 1: that someone's to prove that someone's invested in in the coin, 889 00:51:53,440 --> 00:51:55,640 Speaker 1: or that they're being paid to do so. Yeah, it's 890 00:51:55,680 --> 00:51:58,279 Speaker 1: not easy. So again, this is another reason why it's 891 00:51:58,320 --> 00:52:01,839 Speaker 1: so important to d y o R and also why 892 00:52:01,960 --> 00:52:04,799 Speaker 1: I should say any crypto influence are worth their salt. 893 00:52:04,880 --> 00:52:07,879 Speaker 1: Will disclose the fact that they hold a particular coin 894 00:52:08,360 --> 00:52:11,920 Speaker 1: or token before giving it a glowing review. And this 895 00:52:12,120 --> 00:52:14,560 Speaker 1: is something I do at the beginning, whenever I do 896 00:52:14,680 --> 00:52:18,120 Speaker 1: a deep dive into a project, I always very meticulous 897 00:52:18,360 --> 00:52:20,520 Speaker 1: about saying whether I hold the coin or token that 898 00:52:20,560 --> 00:52:24,719 Speaker 1: I'm talking about, because it's you know, just for transparency. 899 00:52:24,800 --> 00:52:27,120 Speaker 1: So as if I, you know, if I do talk 900 00:52:27,360 --> 00:52:30,200 Speaker 1: very positively about the project, then at least people know 901 00:52:30,320 --> 00:52:32,480 Speaker 1: that I am invested, that I have skin in the game, 902 00:52:32,560 --> 00:52:36,000 Speaker 1: although obviously I still try to be objective. So another 903 00:52:36,120 --> 00:52:38,560 Speaker 1: common type of scam that we see a lot is 904 00:52:38,760 --> 00:52:42,120 Speaker 1: known as a rug pool. Now, this is where the 905 00:52:42,239 --> 00:52:45,120 Speaker 1: founders or the team behind the crypto project will will 906 00:52:45,320 --> 00:52:49,880 Speaker 1: basically solicit investment, generally hype the project, and then disappear 907 00:52:50,000 --> 00:52:54,759 Speaker 1: with investors money. Okay, vapor were projects do this a lot, 908 00:52:55,239 --> 00:52:58,640 Speaker 1: and sadly it does happen a lot because the crooks 909 00:52:58,719 --> 00:53:00,640 Speaker 1: know that there will always be greedient vest as looking 910 00:53:00,680 --> 00:53:02,840 Speaker 1: for a get rich quick scheme. And actually, where you 911 00:53:02,920 --> 00:53:06,040 Speaker 1: talked about squid game earlier, squid is a classic example 912 00:53:06,080 --> 00:53:09,400 Speaker 1: of pool. They took the money in and then they disappeared. 913 00:53:09,719 --> 00:53:12,120 Speaker 1: I'm not sure if they've actually been caught. And now 914 00:53:12,200 --> 00:53:14,880 Speaker 1: we've covered pretty much all of the common terms and 915 00:53:14,960 --> 00:53:16,839 Speaker 1: jargons now that you're likely to hear on a day 916 00:53:16,840 --> 00:53:19,560 Speaker 1: to day basis as you journey through crypto. But so 917 00:53:19,960 --> 00:53:22,760 Speaker 1: let's finish off with just two more that are especially 918 00:53:22,800 --> 00:53:26,680 Speaker 1: popular with if you like the kind of geeks out there. Okay, 919 00:53:27,120 --> 00:53:31,080 Speaker 1: so you might hear the phrase code is law Okay. 920 00:53:31,239 --> 00:53:34,680 Speaker 1: Now this refers to the idea that any good cryptocurrency 921 00:53:34,960 --> 00:53:39,720 Speaker 1: should be governed by computer code alone, basically no human input. 922 00:53:40,080 --> 00:53:41,760 Speaker 1: And if you like, if you remember back to Bitcoin, 923 00:53:42,080 --> 00:53:44,880 Speaker 1: this is how Satoshi designed it, so no human or 924 00:53:44,960 --> 00:53:48,440 Speaker 1: even group of humans could realistically gain control of the network, 925 00:53:48,840 --> 00:53:52,400 Speaker 1: all functions, all the rules of Bitcoin are controlled and 926 00:53:52,480 --> 00:53:57,280 Speaker 1: regulated by the code that Satoshi wrote, and many hardcore 927 00:53:57,320 --> 00:54:00,439 Speaker 1: crypto disciples believe that having humans involved at any point 928 00:54:00,600 --> 00:54:05,440 Speaker 1: is against the spirit in which crypto was conceived. And basically, 929 00:54:05,480 --> 00:54:08,759 Speaker 1: you know, they have a point because humans, humans are corruptible, 930 00:54:09,280 --> 00:54:12,400 Speaker 1: We act out of self interest, and a robust code 931 00:54:12,480 --> 00:54:16,640 Speaker 1: could keep us all honest. So yeah, code is law 932 00:54:16,840 --> 00:54:20,440 Speaker 1: is is a popular term. It's yeah, there's a lot 933 00:54:20,480 --> 00:54:22,840 Speaker 1: of debate around it and stuff because what if the 934 00:54:22,920 --> 00:54:25,120 Speaker 1: code is not up to scratch, what if the code 935 00:54:25,200 --> 00:54:27,560 Speaker 1: is not great? And we have seen this with with 936 00:54:27,680 --> 00:54:32,040 Speaker 1: projects in crypto before, where buggy code or code that 937 00:54:32,080 --> 00:54:34,839 Speaker 1: wasn't written properly has resulted in disaster, and it's been 938 00:54:34,960 --> 00:54:39,279 Speaker 1: very difficult to do anything about it because you know, 939 00:54:39,400 --> 00:54:43,480 Speaker 1: it's designed so that human human input is is not 940 00:54:43,600 --> 00:54:48,920 Speaker 1: but some people have access to the Yes, yes, that 941 00:54:49,080 --> 00:54:51,080 Speaker 1: is true. That is true. So there are a certain 942 00:54:51,280 --> 00:54:54,560 Speaker 1: there's a group of developers and a handful of them 943 00:54:54,719 --> 00:54:58,400 Speaker 1: are able to make changes to the bitcoin core software. 944 00:54:59,320 --> 00:55:01,560 Speaker 1: But they have to they have to have the consent 945 00:55:01,719 --> 00:55:04,440 Speaker 1: of the bitcoin community to do that. But how how 946 00:55:05,080 --> 00:55:07,480 Speaker 1: does that happen? They have to vote, They do votes 947 00:55:07,640 --> 00:55:10,560 Speaker 1: with bitcoin or something. Yeah, there is a voting process, 948 00:55:10,800 --> 00:55:14,279 Speaker 1: I believe. Yeah, the community. Yeah, there are ways that 949 00:55:14,360 --> 00:55:16,480 Speaker 1: the community. Is that the miners who vote or is 950 00:55:16,520 --> 00:55:19,760 Speaker 1: it the holders or is it both? That's a good question. Actually, 951 00:55:19,880 --> 00:55:23,040 Speaker 1: I think it could be the It could be just 952 00:55:23,160 --> 00:55:25,600 Speaker 1: the miners. I mean, the bitcoin community in terms of 953 00:55:25,719 --> 00:55:29,040 Speaker 1: nodes and miners is so large that it might be 954 00:55:29,200 --> 00:55:33,080 Speaker 1: it maybe might be quite difficult to get to solicit 955 00:55:33,160 --> 00:55:36,520 Speaker 1: votes from all of what's voter turnout? Like, I would 956 00:55:36,560 --> 00:55:39,359 Speaker 1: imagine it's pretty good, you know, yeah, because I mean 957 00:55:39,440 --> 00:55:42,640 Speaker 1: the bitcoin community is they're they're involved in it. Yeah, 958 00:55:42,640 --> 00:55:44,560 Speaker 1: they're invested in it. They have they have a skin 959 00:55:44,640 --> 00:55:48,960 Speaker 1: in the game. Okay, should we run things off? Started 960 00:55:49,200 --> 00:55:53,200 Speaker 1: with the word that was unique to crypto, huddle, So 961 00:55:53,320 --> 00:55:56,560 Speaker 1: let's finish with another one. And this one is much 962 00:55:56,640 --> 00:56:00,640 Speaker 1: less common, but it is biddle. Biddle. Have you heard 963 00:56:00,640 --> 00:56:07,320 Speaker 1: biddle before? No? No, so build it well it's related 964 00:56:07,360 --> 00:56:10,720 Speaker 1: to build. Yeah, Okay, this is a corruption of build, 965 00:56:11,160 --> 00:56:15,239 Speaker 1: basically spelled b U I d L, and it means 966 00:56:15,400 --> 00:56:18,560 Speaker 1: being actively involved in crypto. It's more so than just 967 00:56:18,680 --> 00:56:21,319 Speaker 1: so it's like a miner or a node that we're 968 00:56:21,360 --> 00:56:24,520 Speaker 1: just talking about. Yeah, they're biddlers. Yeah, but it kind 969 00:56:24,560 --> 00:56:28,239 Speaker 1: of kind of it extends way beyond that because it 970 00:56:28,280 --> 00:56:31,080 Speaker 1: could also mean building things useful to crypto as a whole. 971 00:56:31,320 --> 00:56:37,480 Speaker 1: Okay crypto, yes, yeah, yes, So if you're perhaps recording 972 00:56:37,600 --> 00:56:41,040 Speaker 1: a podcast all about crypto, we are currently a little 973 00:56:41,040 --> 00:56:43,839 Speaker 1: bid Yeah. This term, I think was first coined by 974 00:56:44,000 --> 00:56:48,520 Speaker 1: another YouTuber Ivan on Tech, and it's yeah, it basically 975 00:56:48,640 --> 00:56:51,080 Speaker 1: relates to I mean, it can be anything that's sort 976 00:56:51,120 --> 00:56:53,400 Speaker 1: of furthering the cause of crypto. So maybe it's writing 977 00:56:53,480 --> 00:56:56,759 Speaker 1: code or dreaming up new ways to use crypto, or 978 00:56:56,840 --> 00:57:00,600 Speaker 1: thinking up new projects, making a meme, making a mean yeah, yeah, 979 00:57:00,640 --> 00:57:03,239 Speaker 1: you could say, yeah, that's that's biddling. You could be 980 00:57:03,280 --> 00:57:06,400 Speaker 1: writing an article about crypto, or you could be spending 981 00:57:06,440 --> 00:57:09,560 Speaker 1: your crypto to pay for things you were beliddling me earlier, 982 00:57:11,800 --> 00:57:16,880 Speaker 1: beliddling where you were patronizing me on a crypto podcast. 983 00:57:17,000 --> 00:57:20,040 Speaker 1: Oh so yeah, I was belittling. Yeah, very good, very good. 984 00:57:20,520 --> 00:57:27,360 Speaker 1: Well done. So Mike, I hope you know, I hope 985 00:57:27,360 --> 00:57:30,800 Speaker 1: you're happy because just by sitting here today and talking 986 00:57:30,920 --> 00:57:33,280 Speaker 1: the nonsense that we've been talking for the past hours, 987 00:57:33,560 --> 00:57:36,600 Speaker 1: I've been talking, you've been talking since well, both of 988 00:57:36,680 --> 00:57:38,840 Speaker 1: us have been biddling. We've been sitting here biddling, and 989 00:57:39,240 --> 00:57:42,120 Speaker 1: I hope that we've advanced the cause of crypto in 990 00:57:42,240 --> 00:57:44,480 Speaker 1: some small way. I hope that we've shed some light 991 00:57:44,560 --> 00:57:46,880 Speaker 1: for some of our listeners, because yeah, if you're if 992 00:57:46,920 --> 00:57:48,560 Speaker 1: you're just getting into crypto, I think it could be 993 00:57:49,160 --> 00:57:52,240 Speaker 1: it can be pretty confusing seeing all these different all 994 00:57:52,320 --> 00:57:56,360 Speaker 1: these weird words and acronyms and phrases flying about the place. 995 00:57:56,440 --> 00:57:59,000 Speaker 1: And now with the help of our biddling, you are 996 00:57:59,120 --> 00:58:04,800 Speaker 1: able to to venture fourth and be acclimatized to that community, 997 00:58:05,160 --> 00:58:07,440 Speaker 1: like blend in a little bit more. Yeah, we're like 998 00:58:07,560 --> 00:58:10,680 Speaker 1: your little pocket phrase book as you wander around a 999 00:58:10,720 --> 00:58:14,439 Speaker 1: foreign country, kind of crypto verse. Yeah, yeah, we're we're 1000 00:58:14,480 --> 00:58:17,120 Speaker 1: your one stop guide to the crypto verse, and now 1001 00:58:17,320 --> 00:58:20,160 Speaker 1: you can now you can speak with the locals in 1002 00:58:20,280 --> 00:58:24,200 Speaker 1: their own strange tongue. Okay, so that is that's pretty 1003 00:58:24,280 --> 00:58:25,919 Speaker 1: much the end of the episode. I think. I hope, 1004 00:58:26,360 --> 00:58:28,440 Speaker 1: I hope we've we've shed some light on some of 1005 00:58:28,480 --> 00:58:31,240 Speaker 1: those terms for you. If you have any question, if 1006 00:58:31,240 --> 00:58:33,080 Speaker 1: there are other terms that we've missed, please do let 1007 00:58:33,200 --> 00:58:35,400 Speaker 1: us know and we can. We can always update listeners 1008 00:58:35,480 --> 00:58:38,360 Speaker 1: in a later episode, can't we, Because like any language, 1009 00:58:38,400 --> 00:58:42,560 Speaker 1: the language of crypto is evolving all the time. Now 1010 00:58:42,640 --> 00:58:45,240 Speaker 1: I put together just to just to finish the episode off, 1011 00:58:45,440 --> 00:58:49,000 Speaker 1: I tried to. I wrote a wrote out a sentence 1012 00:58:49,080 --> 00:58:52,240 Speaker 1: in which I squeezed in as many of these terms 1013 00:58:52,360 --> 00:58:54,960 Speaker 1: that we've been talking about as humanly possible. I've got 1014 00:58:55,040 --> 00:58:57,720 Speaker 1: diamond hands and I've added laser eyes to my profile 1015 00:58:57,840 --> 00:58:59,520 Speaker 1: to show that I'm going to huddle my SATs and 1016 00:58:59,680 --> 00:59:02,160 Speaker 1: not into all the fund or get pumped up on hopium. 1017 00:59:02,240 --> 00:59:04,440 Speaker 1: So are yolo into some shitcoin which will only get 1018 00:59:04,480 --> 00:59:06,600 Speaker 1: me wrecked by some shill with their pump and dump scheme. 1019 00:59:07,280 --> 00:59:11,520 Speaker 1: How long did that take you to write about a day? Day? 1020 00:59:11,520 --> 00:59:14,760 Speaker 1: And a half. Thanks for listening everyone. We will be 1021 00:59:14,880 --> 00:59:17,840 Speaker 1: back next week. We're going to be talking. I think 1022 00:59:17,840 --> 00:59:22,000 Speaker 1: we're going to be talking about ethereum next time. Ethereum Ethereum. Okay, 1023 00:59:22,200 --> 00:59:24,600 Speaker 1: you're excited about that one, aren't you. Yeah, it's it's 1024 00:59:24,800 --> 00:59:29,080 Speaker 1: it's it's a bit more to it than bitcoin because 1025 00:59:29,120 --> 00:59:31,960 Speaker 1: it was designed that way from from You've alluded to 1026 00:59:32,880 --> 00:59:35,840 Speaker 1: that in a previous episode that Okay called the guy 1027 00:59:36,000 --> 00:59:39,640 Speaker 1: who was who's invented it was a bitcoin maximal list 1028 00:59:39,720 --> 00:59:43,080 Speaker 1: but is now wanting to see a crypto that could 1029 00:59:43,120 --> 00:59:47,520 Speaker 1: do a bit more. But then that's for next week. Ethereum. 1030 00:59:47,560 --> 00:59:49,600 Speaker 1: It's much more in your wheelhouse, isn't it? Is it? 1031 00:59:49,920 --> 00:59:51,560 Speaker 1: I think so. I think you're going to enjoy it. 1032 00:59:51,600 --> 00:59:54,040 Speaker 1: There's lots to talk about, so it'll be a couple 1033 00:59:54,040 --> 00:59:57,480 Speaker 1: of at least a couple of episodes on the Theorium. Look, 1034 00:59:57,560 --> 00:59:59,520 Speaker 1: I knew quite a bit about bitcoin. I don't know 1035 00:59:59,680 --> 01:00:03,960 Speaker 1: very much both room. So thankye, thank you so much 1036 01:00:04,000 --> 01:00:06,520 Speaker 1: for listening to the Coin Bureau podcast. If you'd like 1037 01:00:06,600 --> 01:00:09,760 Speaker 1: to learn more about cryptocurrency, you can visit our YouTube 1038 01:00:09,840 --> 01:00:13,320 Speaker 1: channel at YouTube dot com forward slash coin Bureau. You 1039 01:00:13,400 --> 01:00:15,680 Speaker 1: can also go to coin bureau dot com for loads 1040 01:00:15,720 --> 01:00:18,680 Speaker 1: more information about all things crypto. You can follow me 1041 01:00:18,760 --> 01:00:21,360 Speaker 1: on Twitter at coin bureau or one word, and I'm 1042 01:00:21,400 --> 01:00:25,000 Speaker 1: also active on TikTok and Instagram as well. First of all, 1043 01:00:25,320 --> 01:00:29,840 Speaker 1: it's not thank you for listening, you're welcome for great content. Yeah, 1044 01:00:30,360 --> 01:00:33,720 Speaker 1: like this is free and they're learning about a fairly 1045 01:00:33,880 --> 01:00:37,200 Speaker 1: great topic in a non boring way. If you'd like 1046 01:00:37,320 --> 01:00:40,080 Speaker 1: to visit me and hear more about me, go to 1047 01:00:40,200 --> 01:00:43,000 Speaker 1: mooch about m O O C H A B O 1048 01:00:43,320 --> 01:00:56,520 Speaker 1: U T or else. For more podcasts from I Heart Radio, 1049 01:00:56,800 --> 01:01:00,400 Speaker 1: visit the I heart Radio app, Apple Podcasts, or wherever 1050 01:01:00,560 --> 01:01:10,920 Speaker 1: we get your podcasts. The coin Berea podcast is a 1051 01:01:10,960 --> 01:01:12,720 Speaker 1: production of I Heart Radio.