Knowing how to speak and understand a real crypto degenerate

When a degenerate ( of people in English) speaks crypto, this can quickly confuse the novice. What is most confusing for a newbie who is discovering cryptos is certainly the cultural elements specific to this universe.

In reality, the word "degenerate" does not have such a pejorative connotation as it does in everyday language.

Degenerates is a word that was originally used by crypto-haters who declared that people who bought cryptos were degenerates. Many crypto-holders will even self-declare themselves as if to show that they fully accept what they can be accused of.

It is then a term which entered into verbal practices. And, its use will be diverted.

Some words will even have a different meaning depending on the context in which they are used. This is for example the case of the word "gm", which refers to " Good Morning, "Genetically Modified," or "Good Move," or even General Motors in a lesser version.

Many crypto-holders will even self-declare themselves as if to show that they fully accept what they can be accused of.

What is a degenerate?

Crypto holders have their own language and their own credentials. In this slang lexical set, we find own expressions, memes, turns of phrase, etc. In short, it is all this slang used by its own community which constitutes the crypto universe.

Investing in certain cryptocurrencies or buying bitcoin will not make you a member of the very select community of cryptomaniacs. There is precisely this "cultural" barrier that will prevent you from grasping all the nuances. This is the difference between a broad audience and a community.

Indeed, these elements are not simple details, they are of major importance in certain projects and are essential for better understanding the challenges of blockchain as a whole.

From this, we also understand that it is not just an epi-phenomenon. The fact that institutions also enter this universe says a lot about the sustainability of the thing. It is a new paradigm that is emerging, just as the creation of Facebook at the time shaped the paradigm of startups and social networks. Yes, the parallel is interesting, especially when we consider to what extent this has modified our behavior in an intrinsic way.

The NFT Slang Dictionary

A very “influential” influencer (we like tautologies at zonebitcoin) by the name of Punkxnumx to publish on Twitter a list of the most used terms on Twitter and on crypto forums such as Discord for example.

https://twitter.com/punk6529/status/1433002127669047296

In the people's dictionary, it lists 67 terms with even example sentences in which they are used. The list can of course be extended and even corrected in case of errors by everyone.

You need to know a number of these terms if you want to better integrate into this ever-growing community. This will then be much more user-friendly for you.

And over time you yourself might invent new terms.

Here is the translated list stated in Punk6529's tweet:

We have a lot of new NFT Twitter entrants. This is a thread to teach them our ways.

NFT Twitter has a great culture, very positive. Let's keep it that way.

2/ GM

gm means "hello"

We say hello to each other because we are a friendly, happy, upbeat global community and it's nice to say hello to your friends at the start of your day.

3/ Ser

Ser means "sir"

It's a way to respectfully present yourself or perhaps share an alternative point of view

4/ Fren

Fren means "friend"

Because we are all friends here in a joyful quest for collective mission.

5/ GMI / WAGMI

“Gonna Make It” / “We're All Gonna Do It”

The happy future state where everyone understands our JPGs like we do.

“MOMA just bought a punk. WAGMI”

6/NGMI

Not Going To Make It. We're not going to make it (not succeed).

Best used in a self-deprecating tone about one's own poor personal decisions.

“Sold a Fidenza for 5ETH. NGMI »

7/ McDonald’s

Our backup career plan in case the NGMI scenario comes true

“Sold a Fidenza for 5ETH. Apply now at McDonald's”

8/LL

Larvlabs, the creators of punks, autoglyphs and meebits

"LL rarely tweets"

9/ ABC

ArtBlocks, the world's largest generative art platform, with three collections: Curated (ABC), Playground and Factory

"His ABC collection is"

10/ Generative art

Algorithmically generated art, ideally in real time when minted.

"She is a new shining star in gen art"

11/ PFP

Profile picture. Punks, monkeys, cats, dogs, skeletons and so on, all of which we use in our proto-metaverse of Twitter and Discord.

"This PFP gold snail is sick"

12/ Rare looks

Rarity is often a factor in value in this space. Used ironically.

[posts a photo of a steak]

"It looks rare"

13/ FOMO

The fear of missing the train (Fear of Missing out).

Buying an NFT because you're afraid of missing out on the next big thing.

“I have FOMO in Golden Snails and I don’t know why”

14/ Cope

The opposite of FOMO.

Not buying an NFT because one is dealing with their previous mistake of not FOMOing at 1/10th the price.

"I know Golden Snails is up 50x and headed to Christie's, but I didn't like the launch so stay out"

"OK, LOL, cope"

15/ 1:1 Art

Art where each piece is unique (1 of 1). This can be considered a contract with the PFP and Generative Art collections which generally range from 200 to 10 pieces.

"1:1 szn coming soon"

16/ Szn

Szn means season which means market cycle.

Crypto szns are accelerated IRL seasons. NFT szns are accelerated crypto seasons. May last as little as 1-4 weeks.

17/ IRL

IRL stands for In Real Life, otherwise known as the world beyond OpenSea, Twitter and Discord.

It is not recommended to spend too much time there. IRL doesn't have enough good JPGs.

18/ Probably nothing

“probably nothing” means “probably something.” It’s the polite way of FOMO, with plausible deniability and barely noticeable.

"Visa bought a punk. Probably nothing"

19/ Until only

originally popularized by

@CryptoCobain

for ETH this year (I think).

This is the direction everyone wants for NFT prices, certainly preferable to the less popular alternative of “Down Only”

20/ Liquidity

ETH available to purchase JPGs. It is an impossible state of being. Any available ETH immediately converts to JPG, so everyone is in a state of perpetual illiquidity.

—>Understand what they are liquidity pools

21/Mint

Action of initially issuing a work of art on the blockchain, either by the artist or by the collector.

“Wow, nice photo. Perfect ! »

22/ HEN

An absolutely maddening marketplace for art published on the Tezos blockchain that combines:

a) huge amounts of interesting and inexpensive NFTs

and b) the worst user interface created by any marketplace site in decades

See https://hicetnunc.xyz

23/1/1 from X

The way of thinking about PFP collections and gen art (generative art)

The punks are 1/1 of 10. The Fidenzas are 000/1 of 1.

Each one is unique, but they belong to an entire cohesive collection unlike 1:1 art.

24/ Right Click as Save as

The first thought of every person new to the world of NFTs when they discover NFTs – which then demonstrate their vast technical ability to download an image from a web browser.

Civil: "I right clicked on 6529 saved and now it's my PFP"

25/ This is the way

A way to praise socially positive behavior

"She never shilled her project"

"This is the way"

26/ Floor Price

The lowest asking price available on OpenSea / Larvlabs/etc, either for a collection as a whole or for a subset of the collection.

The holders of the collection generally agree to set a floor price.

27/ OG (gangster origin)

OG stands for original gangster. First becoming popular in '90s hip-hop, the term super-Lindy is only passing through community after community, year after year.

This means the people who were the first to believe in the project and who gained respect in the community.

"He's an OG punk holder"

28/Alpha

Alpha is an investor/hedge fund community term representing the outperformance generated by the skill of the asset manager relative to beta (market performance).

Most people's alpha IRL and in crypto is beta in disguise.

"She's dropping a serious alpha today"

In classical finance, alpha is the measure of the performance of an investment portfolio relative to some benchmark, usually a stock market index. In other words, it is the degree to which a trader has managed to "beat" the market over a period of time. Alpha can be positive or negative, of course.

29/ Its Money Laundering

This is meant to suggest that NFT prices are not real because people use NFTs to launder money. The exact mechanism of how it works in highly liquid markets is never described.

This is a specific form of IRL and crypto twitter adaptation on NFTs

30/JPG

JPGs refer to our NFTs which may be JPGs or GIFs or PNGs or audio or video files or computer games.

This is claiming an insult/insult to the community since many normies think "but you just buy JPGs, are you crazy or what?"

"They will never steal our JPGs"

31/ Delist

Remove your NFTs from Opensea (no longer offer them for sale) as prices are rising rapidly and they may be sold and market expectations of their value have changed.

“Golden Snail 5ETH floor. Delist!”

Also related to: » Hide your JPGs »

32/ Discord

A widely used NFT twitter messaging platform for NFT project communities.

Discord is everything:

a) Useful

b) overwhelming

c) lots of scammers

d) will eat up all your CPU powers

e) set by default to annoy everyone for miles with notification beeps

33/ Roadmap

The set of activities that an NFT project (usually PFP) plans to do to add value to a community.

Roadmaps are considered desirable in PFP projects and insulting to ask for in art projects.

Needs some precautions to not accidentally violate securities laws.

34/LFG

F***ing Go. Used when you are excited about something. Best used with rocket emojis.

“New Golden Snail mint. LFG «

35/ Few

Few is short for "few understand." Like "probably nothing," it's polite FOMO.

"MOMA bought a punk. Few"

36/ Gas or Gas Wars

The state of chaos that ensues when all NFT twitters try to create the same project at once, driving up gas prices for the entire Ethereum network.

The hardest unsolved problem in computer science – there's a Nobel Prize waiting for someone.

37/Ded

Ded is the misspelled abbreviation of "dead". See also "deceased"

“I sold my Fidenza for 5ETH. I died.”

38/ Rug

This has spread on Twitter and especially in DeFi, where many projects have been pumped and dumped in retail.

Not 100% sure if mats as a concept makes sense in the context of JPGs, but it's used for developers leaking their project +/-

–>>>Read the article which explains what is a rug sweater

39/ IYKYK

(Acronym for If you know, you know)

If you know you know

It is, like "little" like a polite form of FOMO in most usages, but not all.

"MOMA bought a punk. IYKYK"

40/ Derivatives (derivatives)

Spin-off projects from the original project, first popularized among a wide variety of "alternative" punks.

The smart take on derivatives is that they're good, they improve on the brand of the original, and everyone should stay cool about them.

41/ Noob/Pleb

Beginner and plebeian. The opposite of OG. How politely you use these terms is your own business.

"6529 is such a noob. I can't believe I forgot to hit the gold snail"

42/ Seems legit

“Seems legitimate” in other words, the project appears serious and potentially has good prospects.

Can be used directly or ironically about a project's outlook

“I'm launching Baby Fast Food Golden Snails on Solana”

" Seems legit "

43/ Meatspace

Another term for "IRL". That vaguely annoying reality where the laws of physics and biology apply. Not highly recommended.

The floor of cows you would say in French.

44/ Buying on secondary

Buy on secondary.

When you are unable to create a project and need to purchase from the marketplace opensea.

Comes from the world of finance – primary share sales come directly from the company; secondary is what you trade day to day. Almost all actions are secondary.

“I missed the mint, I have to buy on the secondary”

45/ Schelling Point (Focal Point or Point Shelling in French)

A game theory term that many people think applies very well to NFTs (and BTC)

Specifically, some NFTs will become stores of value and, as such, will become more of a store of value, storing more and more value in those NFTs

(See concept of Focal Point)

46/ Up Only

A phrase widely used on Twitter by investors for the idea of excitement in a bull market.

47/ Wenmoon?

When will the moon arrive? This one comes from CryptoTwitter and refers to the price of your NFT ascending to the moon which is still very far away currently.

Less popular on NFT Twitter because we're a little less financial here. Used more ironically.

“6529 x Golden Snail collaboration”

“Wen moon, sir?” »

48/Valhalla

A huge hall where dead Vikings party alongside people with valuable NFTs.

A video to explain the phenomenon of degens (degenerate):

Note: There is no financial advice in this or any other article on this site. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.

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