Dictionary of Crypto

[BitcoinNational]

so wondering if a dictionary is needed to define terms

will try to change the poll periodically

[1714129249]

1714129249

[1714129249]

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[BitcoinNational]

DEFINITIONS (go here)(you suggest them / you define them)

B E & L ... btc, eth, ltc

CAB ... cap, ass, biz

Consensus Algo

crash ... Markets are generally thought to have crashed when prices drop by 10 percent or more in a given day.

dac

dao [ DO NOT POST SESC LINKS ]1[/url]

dex is shorthand for a Decentralized Exchange

fault recovery or state recovery ... the chain .. it broke now fix it mode of POW

federated chain ... aka permissioned ledger

FOMO ... acronym .. Fear of Missing Out, akin to avarice / cupidity

FUD ... acronym ..  Fear Uncertainty & Doubt

fugazi .... primary source see Wolf of Wallstreet  ... old sauce "fucked up, got ambushed, zipped in [a body bag]" ... 1. Fake, false 2. A really bad knockoff, a copy.

HODL! ...

HUS ... acronym ..  Hype Up & Schill

ICO ... acronym .. initial coin offering ... see SCAM!

Larimer .. a "Larimer" .. decepticon / knave

Lightning Network is a system of bilateral smart contracts, where you may earn a fee by providing liquidity to other users.

MPA (Market-Pegged Asset) ... thread https://bitcointalk.org/index.php?topic=1538757.new#new

merge-mining aka auxiliary proof-of-work (AuxPoW), allowing a coin to be mined in concert with another like BTC or LTC .. eg. https://www.multipool.us/

PoB (Proof of Burn): A mechanism where a participant is rewarded when he shows he has destroyed coins by sending them to an "unspendable" address. It can be used to achieve distributed consensus in a cryptocurrency: those who burn most currency have the highest probability to find blocks. But it is also used to "bootstrap a new cryptocurrency off of another": when a participant "burns" coins from one currency, he gets tokens in another one. (More info in: http://en.bitcoin.it/wiki/Proof_of_burn)

PoS (Proof of Stake): A mechanism to achieve distributed consensus among a network of participants. Staking there is providing updates to the whole network's state, where you earn fees for contributing to the validity and the security of the network.

Pre­mine and Instamine:
A pre­mine is where a coins lead developer mine the genesis block and subsequent blocks in secret for a period of time, prior to publicly launching their new cryptocurrency, aka, unfair launch. These are almost always scams so general advice stay away.  Premine introduces the need to trust the developer(s) and causes centralization of funds both of which are proven has high risk factors in crypto.

REKT ... visual ref. http://imgur.com/gallery/Q6MuD

schill ... a shill, also called a plant or a stooge or a decoy, is a person who publicly helps or gives credibility to a coin without disclosing that they are being paid to promote/advertise the coin (see sockpuppets, propaganda -ist). v. to shill, dupe bystanders into participating in a swindle or scam.

single issue poster

sleepers ... good coins, with solid parameters, trading at low volume for long periods, but due for some explosive future gains

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comparison / opposites

Longs borrow fiat to buy bitcoin and then resell them higher for profit, shorts borrow bitcoin to sell and get fiat then rebuy them for cheaper and get profit.

FUD vs HUS


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phrases

"the hype cycle” ... All new technology seems to go through it.  A simple way to explain it is to look at the rise of the internet and the dotcom boom-bust.  In crypto a major hype cycle began in late 2013 with BTC priced above $1100 and LTC hitting $50, 1000s of 'alt coins' where released.    

"the oldest trick in the book" ... http://imgur.com/ZA9fjqJ

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opinions

Eth was just a banker backed scheme to try and co-opt Bitcoin and replace it with a premined, permissioned ledger, I'd say zero is too high of a price.

Ethereum:
- There is no way you can predict anything about Ethereum because it's consensus mechanism and other attributes aren't even finalized.  It's like saying "the pizza tastes good" after you order it before they even make it.


NXT
- Once stakers have to pool their stake, which is inevitable, or the network doesn't function, the system basically becomes a far less efficient, less distributed version of DPoS, so I consider PoS kind of a dead end in that regard.

Nxt 2.0

Nxt 2.0 is an over-engineered hot mess just like the original, except with less support.

Ripple

Premined permissioned ledger scam to extort money from idiots.

iota

the latest scam from the nxt1 crew of progscammers that exited that project and now need more of your btc

monero

No it has fuck all.  It is a currency for obese pedophiles

[fortunecrypto]

so wondering if a dictionary is needed to define terms

will try to change the poll periodically

For the late comers sake we need one with so many terms coming up that are dedicted to crypto currency newbies are at lost on those terms  sometimes I have to dig to this forum and google to find what are some words related to crypto currency..

[BitcoinNational]

ICO = Initial Coin Offering

similar to IPO; Initial public offering
https://en.wikipedia.org/wiki/Initial_public_offering

Initial public offerings are mostly used by companies to raise the expansion of capital, possibly to monetize the investments of early private investors, and to become publicly traded enterprises.

There could be a more salty definition of ICOs.  Whereas IPOs are often underwritten to have a minimum value by a ratings company, ICOs start with no backing and rely purely on the amount of hype generated prior to sale of the 'premined' coins.  Whereas IPOs also require public record of pre-offer buyers and sellers, ICOs have yet to provide such public scrutiny.  It should be stressed that there is no cost of coin production, as all initial coins are produced at nearly no cost.

PRO (obviously)

It is just a method of coin distribution to fund development.
Crowdfunding is used to distribute the coins, instead of mining the coin initially.
https://en.wikipedia.org/wiki/Crowdfunding
https://en.bitcoin.it/wiki/Mining

CON

My advice would be to avoid them all.

This stuff is not *supposed* to be about new people coming here trying to make money.

..it's about "Alternative digital Currencies"

 ICO  =  SCAM  

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Best funding model? https://bitcointalk.org/index.php?topic=1433452.0
What is ICO ? https://bitcointalk.org/index.php?topic=1451023.0

[BitcoinNational]

found official def.

 What is ICO?

An ICO, Initial Coin Offering, allows a new developers team to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of debt, or working capital. A company selling on ICO is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their ICO coins. After the ICO, when coins trade freely in the open market, money passes between public investors. For early private investors who choose to sell shares as part of the ICO process, the ICO represents an opportunity to monetize their investment. After the ICO, once coins trade in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market, or hold to see further development and growth potential in the project. This type of offering is not dilutive or inflational, since no new coins are being created.

http://saldigi.info/info/ico

[DecentralizeEconomics]

I called somebody on here a "Larimer" the other day, and a crypto novice gave me a blank stare.  I explained to him that "LARIMER" is an acronym for a "Lying Ass Robbing Ignorant, Mindless, Eager Rookies".  He instantly understood.  I thought I'd share this definition with any other inquisitive newcomers.

[BitcoinNational]

Calling Lightning a Proof-of-Stake system is orthogonal to the concept usually labeled as PoS. Him having done so will just generate loads of confusion.

What we usually describe as PoS is a mechanism to achieve distributed consensus among a network of participants. Staking there is providing updates to the whole network's state, where you earn fees for contributing to the validity and the security of the network.

On the other hand, Lightning Network is a system of bilateral smartcontracts, where you may earn a fee by providing liquidity to other users. Nodes along a payment path don't provide any proof whatsoever, they merely forward a payment. There is no global consensus in Lightning, contracts are created, verified, and executed between two or a small number of participants. Any need to create consensus in the case of disagreement is provided by the proof-of-work of the Bitcoin network.
https://www.reddit.com/r/Bitcoin/comments/4g4q24/andreas_antonopoulos_blows_me_away_by_probably/d2eron4

PoS is a mechanism to achieve distributed consensus among a network of participants. Staking there is providing updates to the whole network's state, where you earn fees for contributing to the validity and the security of the network.

Lightning Network is a system of bilateral smart contracts, where you may earn a fee by providing liquidity to other users.

[BitcoinNational]

ShapeShift appears to be a simple web service. It’s taken a lot of work by our engineers to keep up that appearance. Behind the scenes, the platform is complex. Over 1,400 direct asset trading pairs, integrations with half a dozen exchange API’s requiring real-time price information on all offered cryptocurrencies, low-latency service API’s to several dozen partners, the monitoring and calculation of constantly changing exchange rates and order book depth in some of the most volatile markets on Earth, and incorporation of what can only be described as alpha-level software in various states of disarray (coin daemons…bleh).
https://news.bitcoin.com/looting-fox-sabotage-shapeshift/

[alenevaa]

so wondering if a dictionary is needed to define terms

They say the best dictionary is google 

I voted for dex. What's it?

[BitcoinNational]

dex is shorthand for a Decentralized Exchange.


something called bitsquare is all the buzz this week.
BTS, NXT, XCP, Blockshare ... all the 2.0s are all trying to build one ... but we need a Larimer to give it a smart definition.

[alenevaa]

dex is shorthand for a Decentralized Exchange.

Thank you for the explanation!

I know that in math dex is decimal exponent.
And I could not understand how it is connected with Crypto world. 

[BitcoinNational]

update ICO

So ico is complete scam normally. Don't be told otherwise by the scammers. The only legit way of distribution is mining - longterm mining.
You're welcome.

[TPTB_need_war]

Re: What is ICO ?

Idiot's Coin Owership plan.

Via:

Instant Corruption Obfuscation scheme.

Edit: Idiomatic Conundrum Oligarchy debacle.

Inimical Cartelized Organization

Iota Co-owners' Opulence

[BitcoinNational]

ico might have a future; but all have had shady pasts

it will take escrow and creditable backers first
+some kind of arbitration system

Instant Corruption Obfuscation scheme.

best disinfectant is sunshine to clear things up

[BitcoinNational]

Spoetnik Thread on ICOs

I think it's time we started cleaning up the Altcoin scene of all these crappy scam coins !

[bitbite111]

FOMO Fear of Missing Out

[coinstatic]

I'd like to ask, what is the actual difference in an ICO and a Pre-mine?

If there is no difference then why is there even 2 different names?

[tuvok007]

Thumbs up for the creator of the topic,I often wonder what some acronym means.

[BitFomo]

REKT: The aftermath when you invest in altcoins after your barber give you investment advice.

[BitcoinNational]

I'd like to ask, what is the actual difference in an ICO and a Pre-mine?
If there is no difference then why is there even 2 different names?

ICO vs Pre-mine

you must buy the premine = ICO
you get payment from the premine for doing bounty work contributing to the coin project = premine (conventionally)