It’s week 5 of our web3 and crypto slang and jargon. If you haven’t read weeks 1-4 you can find the links at the end of this article.
The blockleaders
This week is all about the acronyms. SVP of Curios Greg Keogh joins us again with some more of his favorite terms. We also spoke to Michael Ashley Schulman, chief investment officer for Running Point Capital, and TokenTag CEO and co-founder Daniel Vataj.
This week’s crypto and web3 slang
1. BTD or BTFD
A particularly useful one during this crypto winter. BTD stands for ‘buy the dips’ with BTFD being the expletive version. It refers to buying an item at a discounted price, which is typically seen as a good deal because the asset is anticipated to recover and improve in value over time following the brief correction.
2. DSCVR
DSCVR is a favourite for Michael Ashley Schulman
“My fav slang is DSCVR which is short for ‘to discover’. There is also a Web3/Blockchain social network called DSCVR- one that plays up on this idea since a social network is the perfect place to DSCVR something.” he told Blockleaders.
3. FOMO
FOMO is a ‘fear of missing out’. In investing it’s fear of passing up an opportunity that causes distress. This typically occurs when investors acquire an asset after it has already experienced a significant price increase in an effort to get in and out before a pullback happens. This is referred to as “aping in” or “FOMOing in.”
3. GM
GM stands for ‘Good Morning’ but is used at all times of day or night. “This is a common greeting in the web3 and NFT communities.” Greg Keogh told us. “The phrase is often used multiple times in a row. A speaker at a NFT or web3 event will likely start with ‘GM GM GM Everybody!!’”
4. HFSP
HFSP is ‘have fun staying poor’. It is a criticism sometimes leveled at people who don’t possess any cryptocurrencies or don’t think a certain commodity is worth its weight in gold.
5. LFG
Let’s effing go. People use it when they’re excited about something.
6. NGMI
My second fav slang term is NGMI” Michael Ashley Schulman says, “[It’s] short for ‘not gonna make it’, often referring to an NFT, token, or idea that will not survive or at least won’t recoup its production costs.
7. WAGMI
WAGMI is the positive version of the above: we’re all gonna make it. Daniel Vataj is a fan.
“We’re still in the early days of web3 – which means that we, as a community, often have to deal with things like downturns, critics, and more.” he told us. “Everyone in the industry right now should feel proud to pioneer a space that’s poised to transform society. Though it’s difficult at times, if we continue to have conviction, it’ll pay off in the end!”
Read parts 1-4 here.
