WEBVTT - Defining Our Terms 0:00:07.640 --> 0:00:11.200 Sometimes it's good to define our terms, even for those 0:00:11.240 --> 0:00:13.400 of us who do this every day for a living 0:00:14.800 --> 0:00:32.639 Bitcoin maximalist, bridge ship, crypto, bridge, Bitcoin, blocorn steaky. I'm 0:00:32.720 --> 0:00:36.240 Stacy Marie Ishmael, Managing editor of Crypto for Bloomberg News, 0:00:36.800 --> 0:00:40.040 and this is Bloomberg Crypto, a new daily Bloomberg I 0:00:40.159 --> 0:00:48.519 Heeart podcast. It's Monday, June six. You might already consider 0:00:48.560 --> 0:00:51.720 crypto to be synonymous with the word volatility, But what 0:00:51.800 --> 0:00:55.000 about all the other words that get thrown around by enthusiasts. 0:00:55.520 --> 0:00:59.520 What's staking all about? What's a bridge? And why are 0:00:59.600 --> 0:01:02.040 so many folks on Twitter sending messages that just say 0:01:02.440 --> 0:01:06.920 GM Joining me today, Bloomberg reporters Hannah Milla and Vildanna 0:01:06.959 --> 0:01:13.720 Hodrick are here to help with a crypto glossary. I 0:01:13.840 --> 0:01:17.600 am really glad to be joined today by two truly 0:01:17.640 --> 0:01:20.880 excellent colleagues of mine. One is Hannah Miller, who's joining 0:01:20.959 --> 0:01:23.480 us from her home studio in San Francisco, and the 0:01:23.520 --> 0:01:25.840 other is Voldana Hodrick, who's draining us from her home 0:01:25.880 --> 0:01:28.440 studio in New York City. Thank you both. So we're 0:01:28.480 --> 0:01:31.520 gonna talk words today, which I suppose as journalist is 0:01:31.560 --> 0:01:33.199 like what we do all the time anyway, but today 0:01:33.240 --> 0:01:37.480 we're gonna specifically talkwards when it comes to defining some 0:01:37.680 --> 0:01:41.480 of the terms like a thrown around a lot in crypto, 0:01:42.400 --> 0:01:44.520 because this is a word that's been in the news 0:01:44.560 --> 0:01:46.360 a lot, or should say, two words that have been 0:01:46.400 --> 0:01:48.360 in the news a lot. We're gonna kick things off 0:01:48.440 --> 0:01:52.520 with algorithmic stable coins. Yeah, this has been such a 0:01:52.600 --> 0:01:56.120 hot topic as of late, considering the crash of terror 0:01:56.280 --> 0:02:01.320 USD coin. Algorithmic stable coins are pretty complex but also 0:02:01.480 --> 0:02:05.960 very interesting. They have their price maintained by a relationship 0:02:06.000 --> 0:02:11.519 with another cryptocurrency and also through just complex mathematical equations. 0:02:12.160 --> 0:02:15.440 So in the case of Terra USD that was pegged 0:02:15.520 --> 0:02:19.880 to the Luna token, and basically if the price of 0:02:20.000 --> 0:02:23.919 one dropped, investors would be incentivized to buy the other one, 0:02:24.280 --> 0:02:26.320 and the hopes that this would maintain a peg for 0:02:26.520 --> 0:02:30.040 USD coin and keep it close to a dollar. Okay, 0:02:30.120 --> 0:02:34.239 so da old coins tell us more. An alt coin 0:02:34.400 --> 0:02:38.160 is basically just any coin that isn't Bitcoin. You might 0:02:38.240 --> 0:02:42.079 hear people referring to alts or alt coins alternative coins, 0:02:42.120 --> 0:02:45.120 and they're really just talking about any smaller token or 0:02:45.200 --> 0:02:49.560 smaller coin that isn't bitcoin, And they also are in 0:02:49.639 --> 0:02:52.320 the news recently just because we're having to sell off 0:02:52.360 --> 0:02:55.040 in the crypto market and you see bitcoins sometimes holding 0:02:55.160 --> 0:02:58.280 up just a lot better than some of these alternative coins, 0:02:58.360 --> 0:03:01.160 and so you're hearing people talking all coins and just 0:03:01.280 --> 0:03:05.560 how much they've been suffering through the recent downturn. Speaking 0:03:05.600 --> 0:03:09.640 of bitcoin, what is a bitcoin maximal list? Yeah, bitcoin 0:03:09.760 --> 0:03:13.760 maximalist or you know Bitcoin maxi for sure. Um, they're 0:03:13.880 --> 0:03:17.680 all in on Bitcoin, which is the most widely held cryptocurrency, 0:03:18.080 --> 0:03:22.799 and these people believe that the future is only for Bitcoin. 0:03:22.919 --> 0:03:25.440 This will be the only digital currency that we're going 0:03:25.520 --> 0:03:28.840 to need. They don't care about all coins. They're basically 0:03:28.919 --> 0:03:31.519 all in. And some people also consider this term to 0:03:31.560 --> 0:03:34.639 be a little derogatory. Do the Bitcoin maxis consider this 0:03:34.880 --> 0:03:36.880 m to be derogatory or do other people consider it 0:03:36.920 --> 0:03:39.960 to be derogatory? You know, I've spoken to some maxis 0:03:40.000 --> 0:03:42.720 who are proud to wear the label, you know, and 0:03:43.280 --> 0:03:45.800 you know, wear it as a badge of honor. But 0:03:46.160 --> 0:03:48.320 I've also spoken to others who are like all in 0:03:48.360 --> 0:03:50.400 a bitcoin, but they're like, don't call me that. So 0:03:50.480 --> 0:03:53.880 I think it depends a bit on personal preference. Got it. Well, 0:03:54.200 --> 0:03:58.480 that was fun. So now let's go complicated crypto bridge. Yeah. 0:03:58.720 --> 0:04:02.200 So crypto bridge just have been in the news as 0:04:02.280 --> 0:04:05.040 of late. Um we saw with the hack of the 0:04:05.240 --> 0:04:09.800 Ronan bridge, which is essential to the Axi Infinity and 0:04:09.960 --> 0:04:14.680 FT game. And crypto bridges basically connect different blockchains and 0:04:14.760 --> 0:04:18.159 allow people to transfer digital assets from one block chain 0:04:18.240 --> 0:04:22.479 to another. And there are questions about than being vulnerable 0:04:22.600 --> 0:04:25.360 and whether they pose a security risk because these are 0:04:26.040 --> 0:04:30.400 very complex tools within the crypto space. Got it. So 0:04:30.720 --> 0:04:32.880 a way for somebody to think about that is like 0:04:33.360 --> 0:04:37.280 they act almost as translators, just mechanisms for you to 0:04:37.440 --> 0:04:41.040 move something from a to B in one way or another. 0:04:41.440 --> 0:04:43.479 And people might think of bridges is like, well, here's 0:04:43.480 --> 0:04:45.840 a physical structure or here's a place, but like what 0:04:46.000 --> 0:04:49.240 how do bridges work? Exactly? Like are these just software? 0:04:49.320 --> 0:04:53.280 Are they programs? Are they companies? Like what are these things? Yeah? 0:04:53.400 --> 0:04:56.640 Their software? Um, you know, I think it's a good 0:04:57.279 --> 0:05:00.400 visual seeing that bridge, but really at the end of today, 0:05:00.480 --> 0:05:04.600 these are very complex pieces of software that could be 0:05:04.760 --> 0:05:09.039 open to security flaws and holes that hackers can exploit. 0:05:09.120 --> 0:05:11.520 So there is a question of how do we make 0:05:11.640 --> 0:05:16.200 these bridges safer? Well, Another thing that has certainly been 0:05:16.480 --> 0:05:20.640 super topical is this idea of crypto winter. A great 0:05:20.720 --> 0:05:24.120 chill has descended on the markets. A chill has descended 0:05:24.160 --> 0:05:25.760 on the Market's what a great way to put it. 0:05:25.920 --> 0:05:28.520 But a crypto winter is just a prolonged stretch of 0:05:28.560 --> 0:05:31.800 time where crypto prices are in a decline. So they 0:05:31.880 --> 0:05:34.480 might be stagnant for a while, but you know, overall, 0:05:34.680 --> 0:05:38.400 we're talking about a major downturn in the market. When 0:05:38.440 --> 0:05:42.640 you think about the winter, you're thinking about freezes, stagnation, unpleasantness, 0:05:42.960 --> 0:05:46.640 really cold temperatures, and so that's exactly what crypto winter, 0:05:46.839 --> 0:05:49.920 the term is supposed to emote. We had one back 0:05:49.960 --> 0:05:53.240 in two thousand and eighteen when crypto prices were declining, 0:05:53.640 --> 0:05:56.200 and we also have some people calling what's happening with 0:05:56.440 --> 0:05:58.600 the market this year a crypto winter, just because we've 0:05:58.640 --> 0:06:02.560 had this huge downturn in prices. One of the more 0:06:03.000 --> 0:06:07.400 I suppose topical parts of crypto or the contrast between 0:06:08.080 --> 0:06:11.600 what's called defy and trod FI or decentralized finance and 0:06:11.640 --> 0:06:14.600 traditional finance. Traditional finance is a concept that I think 0:06:14.600 --> 0:06:16.599 people pretty much understand right It's like it's the idea 0:06:16.640 --> 0:06:19.919 of wall streets, it's banks, it's it's brokers, it's insurance companies. 0:06:20.279 --> 0:06:24.880 What's defined exactly? Yeah, So DEFY is short for Decentralized 0:06:24.920 --> 0:06:29.320 Finance UM, and basically it envisions a world where financial 0:06:29.360 --> 0:06:33.200 transactions are conducted over blockchain and where middlemen like banks 0:06:33.279 --> 0:06:36.160 or brokers are cut out. It hinges on peer to 0:06:36.240 --> 0:06:40.280 peer transactions. So this is really what people see as 0:06:40.320 --> 0:06:43.520 the future of finance if they're you know, big DEFIVE supporters, 0:06:43.839 --> 0:06:47.880 and there's obviously really exciting stuff going on there. There's 0:06:48.200 --> 0:06:51.719 concerns of a regulation and we've also seen two people 0:06:51.880 --> 0:06:55.400 migrate from working in trad FI to DEFY, which is 0:06:55.480 --> 0:06:57.640 something that I'm really interested in writing about. Right, so 0:06:57.680 --> 0:07:01.640 they're going from like a citadel to a pure play 0:07:01.720 --> 0:07:05.839 crypto company exactly now on the idea of pure play 0:07:05.880 --> 0:07:09.160 crypto companies, there's also a concept of AX help me 0:07:09.240 --> 0:07:11.640 understand or help our audiences understand what a dex is. 0:07:11.960 --> 0:07:15.120 A dex is just a decentralized exchange. So if you're 0:07:15.120 --> 0:07:18.240 thinking about traditional financial markets, you're thinking about the stock market, 0:07:18.640 --> 0:07:21.200 you might think of a stock exchange like the New 0:07:21.280 --> 0:07:24.320 York Stock Exchange. Then nicey that has sort of like 0:07:24.400 --> 0:07:27.560 a power structure in place, and a decentralized exchange is 0:07:27.680 --> 0:07:30.240 something like a unit swap maybe you've heard of unit 0:07:30.280 --> 0:07:33.560 swap or d y d X, where users can trade coins, 0:07:33.640 --> 0:07:37.960 they can trade crypto derivatives, but it's anonymously and there 0:07:38.000 --> 0:07:42.840 are no intermediaries, there are no banks involved. Earlier kind 0:07:42.880 --> 0:07:46.360 of you mentioned acci Infinity and an FT game, which 0:07:46.440 --> 0:07:49.200 brings us to this concept of game five, which, as 0:07:49.240 --> 0:07:51.720 far as I'm concerned, is a slightly misleading thing because 0:07:51.720 --> 0:07:53.560 I don't think that any of the crypto games I've 0:07:53.560 --> 0:07:56.480 played are actually fun, but I will leave that to 0:07:56.520 --> 0:07:59.520 you to say more on. Yeah, game five is a 0:07:59.680 --> 0:08:03.640 really interesting area that I love reporting on. UM it's 0:08:03.840 --> 0:08:07.360 you know, combination the words game and finance, and basically 0:08:08.040 --> 0:08:11.120 it's a way to describe n f T and crypto 0:08:11.200 --> 0:08:16.440 games that place a heavy emphasis on earning crypto tokens 0:08:16.680 --> 0:08:19.560 through the game. And it's also connected to the term 0:08:19.640 --> 0:08:22.480 play to earn, which would be something used to describe 0:08:23.040 --> 0:08:25.400 a game like Acxie Affinity, where a lot of the 0:08:25.480 --> 0:08:29.400 main objective is focused on earning money. So a lot 0:08:29.480 --> 0:08:33.080 of people describe these sort of play to earn games 0:08:33.200 --> 0:08:37.599 is just sort of financial tools and investment platforms with 0:08:38.160 --> 0:08:42.599 debatable Yeah, basically it is a very charitable way of 0:08:42.640 --> 0:08:46.000 pussing as Yes, but these these games do have people 0:08:46.160 --> 0:08:49.600 playing them right there. There's a fairly lively ecosystem in them. 0:08:50.120 --> 0:08:53.240 Oh yeah, they've actually become part of the gig economy 0:08:53.280 --> 0:08:56.360 in certain places like Accie Affinity is really popular in 0:08:56.400 --> 0:08:58.880 the Philippines, and we saw a lot of interest grow 0:08:58.920 --> 0:09:01.480 there during the pandemic when people were quarantined and at 0:09:01.520 --> 0:09:03.559 home and you know, just on their computers all day. 0:09:03.679 --> 0:09:06.439 So it's become a job for people in a way 0:09:06.480 --> 0:09:09.760 to earn a living income. Got it, Thank you, Hannah 0:09:09.760 --> 0:09:12.960 and Voldonna. We'll be right back with more terms from 0:09:12.960 --> 0:09:28.360 our Bloomberg cryptoglossary. Well, we've said n f T a 0:09:28.440 --> 0:09:30.319 couple of times now, so now we get to explain it. 0:09:30.440 --> 0:09:33.000 So n f T s are non fungible tokens. People, 0:09:33.160 --> 0:09:34.439 if they know what they are, they might think of 0:09:34.520 --> 0:09:36.640 them just as monkeys, but are what else are they? 0:09:37.280 --> 0:09:39.560 This has been a super hot topic the last couple 0:09:39.559 --> 0:09:41.679 of years, especially since the pandemic has broken out. So, 0:09:41.760 --> 0:09:44.679 as you said, they're non fungible tokens. They basically just 0:09:44.800 --> 0:09:48.400 allow holders of like an art piece or collectible to 0:09:48.520 --> 0:09:52.559 track ownership of that art on the blockchain. So a 0:09:52.679 --> 0:09:54.679 meme can be an n f T, art can be 0:09:54.760 --> 0:09:57.000 an n f T. A clip of something that happened 0:09:57.000 --> 0:09:58.959 maybe in a sports game, can also be an n 0:09:59.040 --> 0:10:02.400 f T. Like I said, they were super popular last year. 0:10:03.400 --> 0:10:05.920 The markets sort of come down a bit since then. 0:10:06.120 --> 0:10:09.800 But we did have notably Ukraine selling their own n 0:10:09.880 --> 0:10:12.880 f T s to fund their war efforts earlier this year. 0:10:13.480 --> 0:10:17.120 So let's say I spent five which I'm not making up. 0:10:17.160 --> 0:10:19.680 People have done that. Where would I show it off? 0:10:20.520 --> 0:10:21.920 A lot of people show it off on their Twitter 0:10:22.000 --> 0:10:25.480 profile pictures basically, or you might tell your friends about it, 0:10:25.600 --> 0:10:28.000 or you might hold it in your your crypto wallet. 0:10:28.160 --> 0:10:31.360 But yeah, it's just code basically on the blockchain. That 0:10:31.400 --> 0:10:34.000 seems less fun. This does seem fun. Talk to me 0:10:34.040 --> 0:10:36.800 about ship coins. Yeah, it's okay for me to say 0:10:36.840 --> 0:10:41.439 ship absolutely alight only on the show Cool Cool So 0:10:41.640 --> 0:10:46.000 ship coins. Yeah. This is a derogatory term for cryptocurrencies 0:10:46.040 --> 0:10:48.760 that are perceived to have little or no value and 0:10:49.000 --> 0:10:51.880 no real discernible purpose. You know, we've seen it used 0:10:51.920 --> 0:10:54.800 to describe things like meme coins like dodge coin, where 0:10:54.840 --> 0:10:57.240 people are just like, this is dumb. To make matters 0:10:57.280 --> 0:11:00.839 even more complicated, there actually is a cryptocurrency chitcoin, just 0:11:00.960 --> 0:11:03.400 for maximum fun. Oh yeah, do we know what that 0:11:03.480 --> 0:11:06.120 coin is trading at. I just looked it up, the 0:11:06.160 --> 0:11:10.839 shipcoin cryptocurrencies trading it for actions of a scent appropriately 0:11:10.960 --> 0:11:14.360 enough makes sense. Another concept that people say makes sense 0:11:14.400 --> 0:11:16.400 but other folks have questions about is the whole idea 0:11:16.400 --> 0:11:18.959 of who's going to talk to me about that? So 0:11:19.120 --> 0:11:22.480 staking is when, if you're a crypto investor, for instance, 0:11:22.559 --> 0:11:25.520 you actually let your coin be used to help facilitate 0:11:25.600 --> 0:11:28.240 other transactions on the blockchain. So if you have some 0:11:28.360 --> 0:11:31.280 coins laying around, you might actually deposit them in a 0:11:31.400 --> 0:11:34.000 digital wallet, you lock it there, and then what you're 0:11:34.040 --> 0:11:36.640 hoping is just to get rewards in return or a yield. 0:11:37.160 --> 0:11:39.800 So it's almost like crypto screw. You agree to lock 0:11:39.920 --> 0:11:42.760 up your your crypto for some amount of time, which 0:11:42.800 --> 0:11:45.240 allows other people to make transactions on those things, and 0:11:45.400 --> 0:11:47.439 in return you get paid a yield of some kind. 0:11:47.600 --> 0:11:49.520 That's right. Yeah, you're hoping to get these rewards. You're 0:11:49.640 --> 0:11:52.360 hoping to get something in return. And one of the 0:11:52.520 --> 0:11:55.240 bigger areas of controversy as it relates to staking, which 0:11:55.280 --> 0:11:57.800 is a key element of DEFY is the idea that 0:11:57.880 --> 0:12:01.319 the yields that you're getting are just massive, right Like, 0:12:01.440 --> 0:12:03.480 if you have your money in a bank, and you 0:12:03.559 --> 0:12:05.360 have it there, and it means that the bank can 0:12:05.440 --> 0:12:07.280 lend your money to other people in the form of loans, 0:12:07.559 --> 0:12:10.400 you're getting you know what, like sub fractions of a 0:12:10.600 --> 0:12:13.600 percentage interest rates. There are folks in crypto that are 0:12:13.640 --> 0:12:16.880 offering you know, a thousand percent a p y or 0:12:17.160 --> 0:12:19.880 or even more like, how is that possible? It's it's 0:12:19.960 --> 0:12:22.360 only possible in defy, really, And this has been such 0:12:22.400 --> 0:12:24.880 a sort of like striking point of what's been happening 0:12:24.920 --> 0:12:27.360 in crypto markets over the last couple of years. So 0:12:27.520 --> 0:12:30.360 you had during the pandemic, you had really rock bottom 0:12:30.559 --> 0:12:33.680 low interest rates, and so if you had cash sitting 0:12:33.679 --> 0:12:36.280 around in your bank account, you really weren't earning very much. 0:12:36.320 --> 0:12:38.679 And so what was happening in the DeFi space was 0:12:38.760 --> 0:12:42.319 attracting a lot of attention because some of these yields, 0:12:42.480 --> 0:12:46.120 as you say, we're just astronomical, but really it's just 0:12:46.360 --> 0:12:49.000 it's a function. It's a characteristic of the DeFi space. 0:12:49.360 --> 0:12:52.599 Another characteristic of the DeFi space or something that describes 0:12:52.679 --> 0:12:55.719 the characteristic of the defied space is tv L. What 0:12:55.800 --> 0:12:57.880 does that stand for and what does it mean? Standsford 0:12:57.920 --> 0:13:01.280 Total value locked and this for first to how on 0:13:01.400 --> 0:13:05.280 DeFi platforms people will deposit crypto and the hopes of 0:13:05.360 --> 0:13:10.040 earning interest and yield. The processes like lending and TBL 0:13:10.160 --> 0:13:14.360 just basically refers to the total value of those deposited 0:13:14.400 --> 0:13:17.840 assets on a DeFi protocol. So it's almost like assets 0:13:17.920 --> 0:13:22.200 under management exactly. Another sort of big concept that gets 0:13:22.240 --> 0:13:25.040 thrown around the laws, especially by venture capitalists, is this 0:13:25.160 --> 0:13:28.280 whole idea of Web three. What I would love to 0:13:28.400 --> 0:13:31.199 hear from you is what web three is and what 0:13:31.400 --> 0:13:36.000 it isn't. Web three is just a brand new version 0:13:36.360 --> 0:13:41.000 of the Worldwide Web basically, but it's built on the blockchain. 0:13:41.400 --> 0:13:44.600 So if you think about the Internet that we have currently, 0:13:44.840 --> 0:13:46.640 a lot of people might argue that we have a 0:13:46.679 --> 0:13:49.360 lot of tech companies that have just taken so much 0:13:49.440 --> 0:13:52.840 ownership there and they just control so much of the Internet. 0:13:53.320 --> 0:13:57.280 Web three sort of shifts the power back to the 0:13:57.480 --> 0:14:00.319 user away from some of the tech come niece that 0:14:00.360 --> 0:14:02.560 have sort of been sucking up all of our data 0:14:02.640 --> 0:14:05.680 and selling all of our data and information to advertisers, 0:14:05.760 --> 0:14:08.599 so gives the ownership back to the users. How is 0:14:08.640 --> 0:14:11.160 that actually happening or is that like the sales pitch. 0:14:11.760 --> 0:14:15.480 It's very debatable. It's a super hot topic, um within 0:14:16.040 --> 0:14:19.600 you know, venture capital investing in crypto, especially, you know, 0:14:19.680 --> 0:14:23.359 when investors are putting a lot of money in platforms 0:14:23.400 --> 0:14:27.560 in exchange for tokens that give them control over how 0:14:27.640 --> 0:14:30.480 the platform is managed. So they're getting these massive amounts 0:14:30.520 --> 0:14:33.520 of tokens that give them voting rights in terms of 0:14:33.600 --> 0:14:36.480 how you know, a protocol is moving forward, and they 0:14:36.520 --> 0:14:38.880 help shape how it exists. Um And they can also 0:14:39.000 --> 0:14:42.240 stand to benefit enormously if the protocol takes off. So yes, 0:14:42.360 --> 0:14:46.840 this is an area of debate whether or not web 0:14:46.920 --> 0:14:50.880 threes actually decentralized space. Because in an actually decentralized space, 0:14:50.960 --> 0:14:52.920 like we could all quit our jobs and sell art 0:14:52.960 --> 0:14:55.800 on the blockchain and monetize that art directly and you 0:14:55.840 --> 0:14:58.800 know not need agents or brokers or or anything like that. 0:14:58.920 --> 0:15:01.160 But that's not so we are happening at scale yet, 0:15:01.800 --> 0:15:04.840 not yet. I mean we've seen attempts, We've seen you know, 0:15:04.960 --> 0:15:08.440 things pop up like decentralized social media networks, and you know, 0:15:08.760 --> 0:15:14.200 really interesting applications. But Web three is only of the 0:15:14.240 --> 0:15:16.800 way there, and I've heard that from people who are 0:15:17.080 --> 0:15:20.200 really gung how about the space? Okay, well, a thing 0:15:20.280 --> 0:15:23.520 that's happening today is yield farming. I am not allowed 0:15:23.560 --> 0:15:26.400 to yield farm because I am a reporter reposing on finance, 0:15:26.440 --> 0:15:28.000 but some people are and they're making money. You tell 0:15:28.080 --> 0:15:30.680 us how this works. Yeah, so yield farming. You make 0:15:30.720 --> 0:15:33.600 your crypto work for you. You want to earn interest 0:15:33.920 --> 0:15:36.920 through things like lending out your crypto. You might actually 0:15:36.960 --> 0:15:40.760 get a new coin in exchange for lending your own holdings. 0:15:41.200 --> 0:15:43.560 So this is like a pretty exciting area where people 0:15:43.600 --> 0:15:46.440 think that they can make a make a big buck on, 0:15:46.880 --> 0:15:48.840 you know, lending out their crypto. So one of the 0:15:49.080 --> 0:15:52.720 big I don't know, perhaps more fun parts of crypto 0:15:52.840 --> 0:15:55.120 is the idea that like there's literally a meme for everything, 0:15:55.720 --> 0:15:58.080 and you know, there's also some acronyms that people throw 0:15:58.160 --> 0:16:02.560 around a lot. You know, I will have um friends say, Okay, 0:16:02.560 --> 0:16:05.160 I keep seeing these people like typing on Twitter GM 0:16:05.280 --> 0:16:06.960 or w A g M I and I don't know 0:16:07.000 --> 0:16:09.480 what these things mean. Help me, So let's translate a 0:16:09.520 --> 0:16:11.720 couple of those two. This is one of the more 0:16:11.800 --> 0:16:13.800 fun parts of the crypto space. So you have a 0:16:13.880 --> 0:16:17.680 lot of the crypto dialogue and discourse taking place on Twitter. 0:16:17.800 --> 0:16:20.760 So you might see people log on in the morning 0:16:20.800 --> 0:16:25.240 they'll say GM, which means good morning, g N means 0:16:25.320 --> 0:16:28.160 good night. So you have a lot of people talking 0:16:28.320 --> 0:16:31.480 to each other through these memes or acronyms. So just 0:16:31.640 --> 0:16:33.760 to give you maybe a quick rundown of some of 0:16:33.840 --> 0:16:39.120 the more popular ones. Is just an aspirational meme that 0:16:39.320 --> 0:16:42.600 refers to Lamborghini's where a couple of years ago, during 0:16:42.600 --> 0:16:44.880 a huge crypto boom in two thousand seventeen, you've had 0:16:44.920 --> 0:16:48.680 people buying really fancy fancy sports cars and showing them 0:16:48.720 --> 0:16:51.440 off at different crypto conferences, and so you have people 0:16:51.520 --> 0:16:53.840 sort of saying when Lambo, as in, you know, when 0:16:53.840 --> 0:16:56.800 are we going to hit the riches. Lf G is 0:16:56.840 --> 0:17:05.600 another abbreviation. It means let's blank and yes. So it's 0:17:05.680 --> 0:17:08.680 just it's a rallying cry for people in the crypto space. 0:17:09.440 --> 0:17:14.960 H f SP means that actually it's a taunt. You'll 0:17:15.000 --> 0:17:18.200 see it on Twitter all the time. It's pretty derogatory. 0:17:18.520 --> 0:17:22.960 It's you know when somebody is sort of calling out 0:17:23.040 --> 0:17:27.440 crypto for whatever bad influence it's having, or for lack 0:17:27.520 --> 0:17:30.920 of regulation, or for prices crashing, or for anything that 0:17:31.280 --> 0:17:34.040 that's sort of been negative in the crypto space. Crypto 0:17:34.160 --> 0:17:38.000 fans might reply with h f SP, have fun staying poor, 0:17:38.960 --> 0:17:41.080 And I'm sure in the past couple of weeks those 0:17:41.160 --> 0:17:44.240 crypto critics are now replying to crypto fans with h 0:17:44.400 --> 0:17:48.320 f SP. They might be. There's a lot of interesting, fun, 0:17:48.960 --> 0:17:52.000 crazy stuff happening on Twitter in regards to a lot 0:17:52.040 --> 0:17:56.960 a lot of McDonald's applications being passed around. Oh man, 0:17:57.560 --> 0:17:59.320 what else should our listeners know? How can they go 0:17:59.480 --> 0:18:02.560 bravely forth into the crypto wonderlandes and know what people 0:18:02.600 --> 0:18:06.080 are talking about? Yeah? No, I mean, there's so much 0:18:06.160 --> 0:18:08.960 information online for people to sift through that it can 0:18:09.040 --> 0:18:12.560 be hard to cut through the noise. But there are 0:18:12.720 --> 0:18:16.080 some really good educational resources out there where you know, 0:18:16.240 --> 0:18:19.160 you can learn about these terms and you know, kind 0:18:19.160 --> 0:18:22.480 of figure out your own way within the space. And basically, 0:18:22.560 --> 0:18:24.760 I also think the new rule is if it exists 0:18:24.920 --> 0:18:28.119 in crypto, there's a meme a bit. Yeah, so you 0:18:28.240 --> 0:18:29.800 have to have a sense of humor when looking at 0:18:29.840 --> 0:18:33.720 this space. D y o R means do your own 0:18:33.880 --> 0:18:37.040 research exactly. That's a popular one and very linked to 0:18:37.119 --> 0:18:39.520 what Hannah was saying. Fact, there's always always a way 0:18:39.560 --> 0:18:41.600 to find something out. The problem is not everything that's 0:18:41.600 --> 0:18:44.879 out there is necessarily reliable. But hey, um, well this this, 0:18:45.280 --> 0:18:47.159 this is great. I'm going to just send this episode 0:18:47.200 --> 0:18:49.240 around any time anybody in my family sends me what's 0:18:49.320 --> 0:18:50.480 up and they're like, what does this mean? I'm like, 0:18:50.560 --> 0:18:52.720 here you go. Here's Hannah and hold on explaining this 0:18:52.800 --> 0:18:54.960 to you. So thank you so much both of you 0:18:55.080 --> 0:18:57.639 for joining us. It has been a real pleasure and 0:18:57.800 --> 0:18:59.920 look forward to having you back on again soon. Thank you, 0:19:00.320 --> 0:19:03.440 thanks for having us. You can find more of all 0:19:03.440 --> 0:19:06.880 Donna and Hannah's reporting on the Bloomberg Terminal, on Bloomberg 0:19:06.960 --> 0:19:10.920 dot com and on Twitter. Hannah is h G. Miller 0:19:11.000 --> 0:19:18.240 twenty nine and vil Donna is at Vildanna Hadrick on 0:19:18.320 --> 0:19:21.600 the next episode of Bloomberg. Crypto Fidelity, one of the 0:19:21.680 --> 0:19:25.000 largest investment managers in the world, made headlines when it 0:19:25.040 --> 0:19:27.840 announced its intention to offer clients the ability to invest 0:19:27.920 --> 0:19:31.080 in crypto through their four oh one Keve retirements accounts. 0:19:31.720 --> 0:19:34.320 In such a volatile environment, is it a risky bet 0:19:34.400 --> 0:19:37.400 to add digital assets to your retirement plan. I'll talk 0:19:37.440 --> 0:19:40.520 to Bloomberg reported Susann Woollie about the recent history of 0:19:40.560 --> 0:19:42.960 four O one, key investments in crypto, and why the 0:19:43.080 --> 0:19:46.760 US Labor Department is less than enthusiastic about fidelities move. 0:19:47.800 --> 0:19:50.879 I'm Stacy Marie Ishmael, and this is Bloomberg Crypto, a 0:19:51.000 --> 0:19:54.320 daily podcast from Bloomberg and I Heeart Radio. For more 0:19:54.359 --> 0:19:57.200 shows from I Heart Radio, visit the I Heart Radio app, 0:19:57.520 --> 0:20:01.320 Apple Podcasts, or wherever you get your podcas tests. Email 0:20:01.359 --> 0:20:05.200 your comments, questions or suggestions to Crypto at bloomberg dot net. 0:20:05.720 --> 0:20:09.960 Find us on Twitter at Crypto. The producer and editor 0:20:10.000 --> 0:20:14.000 of this episode is Vicky Vergolina. Our engineer is Blake Maples. 0:20:14.720 --> 0:20:18.840 Original music by Leo Sidron. Bloomberg's head of Podcasts is 0:20:18.880 --> 0:20:19.680 Francesco Levi.