Welcome to another episode of Crypto Jargon.
The series where we break down the complex crypto terminology
Today’s episode features the following slang acronyms:
These are acronyms mostly used on chat forums and Twitter
and haven’t quite made it into the mainstream yet,
So if you happen to spot them and not sure what they stand for, keep watching:
This episode is sponsored by Ledger:
The maker of the best hardware wallets on the market.
their devices support more than a thousand different crypto assets
so you can safely store all of your tokens and coins in a robust cold storage
and truly be the owner of your private keys and have the best protection against hackers.
To find out more about it,
Check out the description of the video
where you will find the link and my tutorials on the Ledger Nano S and Ledger Nano X devices.
Starting with CYA or CYOA
They are referring to the same thing Cover Your A** or Cover Your Own A**
and can mean two things:
First, It is referred to covering your digital footprint, your online activity in order to not be identified.
But more often it is used simply as a warning
about careless investments to those who are new to the crypto space.
It means that one should do a lot of research before they take a buy position of any crypto currency
and also make sure that they have a stop-loss to protect against possible reverse in the market.
In that respect, similar usage has the acronym DYOR
which stands for: Do Your Own Research
not to be confused with the luxury fashion House of Dior..
The warning here
is that you really have to protect yourself against losses and scams by doing a lot of research and mainly,
Your Own Research, rather than just following other people’s advice blindly,
which can get you in trouble.
There are too many Shills, Trolls and Scam artists, who can easily misguide you and caused you great losses
So most of the influencers and content creators would always tell you to Cover Your A**
by doing your own research.
By the way, Shill and Troll are terms I cover in another episode in this series.
So take a look in the description here for the link.
Another common expression on forums and chat rooms is ELI5,
which stands for: Explain Like I’m a five-year-old,
Basically calling for a simple,
easy to follow explanation of something that is usually more complex.
Just what I’m doing here with this series.
In My Opinion. I’m doing a good job. Wouldn’t you agree?
well, this is what IMO stands for.
and Lastly, YABC which stands for “Yet Another Bitcoin Company”
or it can also be used as “Yet Another Blockchain Company”.
It’s a term indicating that there is really nothing special with a specific company
and that it’s just trying to jump on the Bitcoin blockchain trend for more gains
There are thousands of companies that want to be associated with Bitcoin
just to appear as cool
and in 2017 there were many instances where
businesses added the word blockchain
or Bitcoin to their brand name
and saw huge increases in revenue as a result.
Enjoying this content?
Why not grab a copy of my book: Crypto Jargon A-to-Z
the most thorough dictionary that exists to date with over 700 definitions of acronyms,
trading slang, and all the crypto terminology you need.
Just go to www.ojjordan.com/cryptojargon and grab your digital copy today.
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