Let me make it clear. I made this word up: Cryptonym. Well, technically, the word itself already exists. Per Merriam-Webster online dictionary, a cryptonym is a secret name or code name. But I just needed to use it to mean another thing in the world of cryptocurrency. That is, cryptonyms are "crypto-related acronyms" that are used in cryptocurrency. Outside of this article, please refer to the formal meaning of cryptonym mentioned above.
Cryptonyms are very common in the crypto community. It is basically made up of phrases woven together for easy understanding. Cryptonyms continues to evolve within the crypto industry.
For the past few days, I have been hearing and seeing three cryptonyms in social media, e.g., Discord, Telegram. These are HODL, FUD and FOMO. I used Google Trends to know how each of these cryptonyms compare with each other in Google search trends for the past year.
Getting the top spot is HODL (Hold On for Dear Life). Most would probably know this as "Hold On for Dear Life", but HODL is actually just a misspelling of "hold" in a bitcointalk forum in 2013. Hold refers to an investment strategy of buy-and-hold. Eventually, it made its way into memes and the rest is history. On how it came to be "Hold On for Dear Life" is anyone's guess, but it perfectly captures the scenario. As I mentioned, its evolving.
Second place is FUD (Fear Uncertainty Doubt). My best guess is that people are hearing more of FUD in the community because of the recent crypto crash or what appears to be an upcoming bear market for crypto. What you do not know is that FUD has been used since the 1920s, but its current technology-related meaning was used in 1975. Eventually, it seeped into cryptocurrency.
Interestingly, the huge spike above after April 2021 is around the May 2021 crypto market crash wiping out $1 Trillion within a week (See references).
Last but not the least is FOMO (Fear Of Missing Out). You would normally hear FOMO mentioned in Discord, Telegram, during crypto project campaigns, or ICO advertisements. What you do not know is that this phenomenon was first identified in 1996 and is related to another phenomenon of "Keeping up with the Joneses". The phenomenon of having this fear of missing out is not dedicated to cryptocurrency but is applied across different settings, like social media, video games, etc.
Below are other cryptonyms that you may encounter in the world of crypto. I will write future posts about these so stay tuned
1. FOLE (Fear Of Losing Everything)
2. BTFD (Buy The F*cking Dip)
3. BTD (Buy The Dip)
4. ICO (Initial Coin Offering)
5. BYOB (Be Your Own Bank)
6. DYOR (Do Your Own Research)
7. DEX (Decentralized Exchange)
So, what do you think? Is 2021 the year of HODL?
Also, if you have other "cryptonyms" you wanted to share, please provide your comments below.
Hope I was able to provide some useful insights. If you reached the end of this article, thank you. Please show your support with a like, comment or a tip. It would be greatly appreciated.
