Crypto Terms 101: Must Know Language For Web3

What up? What up? It is Joe Fear. And today it's just me on the mic. And what you and I are gonna do, what we're going to do is have a crash course in crypto and basically around the terminology, in the language that's used in cryptocurrencies and this whole market in Web three. What we're gonna do is break down and demystify some of that stuff. Because if you're anyone like Matt or myself, when you're first getting into this space, you might be going to Twitter or joining some of these disc.

You know, there's communities around these projects. You're quickly going to realize that there's a whole nother language being spoken. There's all these different acronyms that you're probably walking into and then quickly going to Google and be like, what does that mean? We figured it would be a smart idea, and this is actually at the request of a bunch of people in our community to break down what we see as like the top terms and the things that are being used that you should know about. This is an intro. Intro, intro, intro, intro.

Hustle and float.

Shark with your boy, my boy, Matt Wolf and Joe Fear. Hey, yo, Matt. All right, how you doing?

I'm all right.

All right, cool. Yeah, yeah. So, like you care. Well, I know you're right. I'm just moving on to the next thing, so. Just kidding. All right. We recently did a full on audit of our site. We did. And we saw SEO audit, specifically. Yes, SEO audit. And we had some issues. We had some issues. So walk me through this. We used ahrefs.

We did use ahrefs. And when I ran our site through ahrefs, I found all sorts of little calamities.

Calamities, yes. So ahrefs, it was nice enough to give us the advice on how to fix these things, I believe.

Right?

Yes.

AHREFS tells you, hey, look, this should be HTTPs, but you've got it as HTTP. Maybe go fix that. Hey, this link is porting to a 404 broken page. Maybe go fix that one.

No bueno.

Hey, this URL here is redirecting like four times. It gets to the final destination. Maybe that's something you could fix. Right? And you go and fix all those things and next thing you know, your site actually ranks a little bit better and goes a little bit faster.

So the point is we should probably be paying attention. Everyone you listening? Should be listening. Monitoring your SEO health, right?

Yes.

Matt, you're the SEO overlord over here, at least of the two of Us.

You should be monitoring your SEO health. If SEO is important to you and.

Your business, yes, definitely. Should. We get most of our new traffic through SEO, and it's fabulous because it's free traffic, but we position our content in a way where it's attractive to Google and you, the listener. If you came through SEO, maybe. So Ahrefs is hooking you up, though, because they still have their normal Ahrefs, which we highly recommend we still use to this day for years and years and years on end. Every other SEO expert that we've had on the show also uses it. Well, now they have a free version that is actually a thing that's gonna monitor your website for its health, 100 SEO issues and more backlinks, like, you'll know who's linking to you and all that stuff. There's opportunities for you to do stuff there. And then, of course, all the keywords that are ranking for you. You can get this for free.

Yeah, it's free. We talk about Ahrefs. We've been talking about Ahrefs forever. They now have a new thing called Ahrefs Webmaster Tools. You can find out about it over@ahrefs.com awt that's a hrefs.com awt and ahrefs webmaster Tools. It is a free version of Ahrefs. So go check this thing out. Best conversion rate you're gonna get. Monitor your SEO health, backlinks and keywords for free. Check out ahrefs.com awt what I'm gonna.

Do here is spend a little bit of time and actually use this doc that Matt and I are making right now. It's still a working doc, but it should be done in a day or two. And I'm just gonna kind of cherry pick a handful of maybe a good 20 of them or so that you can understand that we could discuss here, and I can give you some examples. But what you should do right now, if you haven't done it yet, is go join our exclusive community. It's a free community over on Discord. And if you haven't used Discord, you should definitely get into that, especially if you're gonna play in the web3world. Go over to hustleandflowchart.com Discord. That's hustleandflowchart.com discovery D I S C O R D. It's totally free, and you might need to install Discord, you know, if you don't have it on your computer. Totally quick and simple to do. But once you're Inside of there you're gonna totally see this community that you have never seen before, most likely. And there's all these different channels around Web3 and crypto, but also a bunch of stuff around podcasting, marketing and just general stuff that we're, that we're discussing. So make sure you're in there and win this big document. This is gonna be a free PDF, but we just need to still put some final touches on it. This is gonna have a whole bu of different terms and just different language, you know, words and acronyms that you want to know with crypto. And we're going to put it available inside that discord. We'll put a link to where to go grab it and also check out, you know, the show notes and all that stuff. We'll update this episode once it's live. Give us a day or two of this going live. So in this episode I want to go and kind of COVID some of the high level items on that list and really just give you, just give you a good start here on the crypto front. I'm just going to start with the, the most obvious one, and this actually isn't even on my list for some reason, is NFTs. So NFTs, most likely you've heard about these. This is kind of the thing that's been popping over the last years or so, or years really this year is it stands for non fungible token and these things. That means it's a 1 of 1. You know, it's not replicatable, it's a unique thing. So that could be an image that has, that is a unique image online or it could also be a some type of utility that is unique as well. And it might give you access to something along with some other benefits that are unique to you and that makes it different from others. It's non fungible. So the idea is that these NFTs are going to become a piece of everything. I mean, it's gonna be maybe years and years until it rolls out into the mainstream more so. But right now you see a lot of profile pictures, JPEGs essentially being sold on places like OpenSea. So if you go check out OpenSea IO, you're gonna be able to search up all these different project NFT projects. And a lot of them, you know, pretty much all of them are gonna have these images that you can kind of see what NFTs look like. Now OpenSea IO is the marketplace. It's one of the biggest ones, but there's some other ones coming out. But go check it out. NFTs are evolving like crazy though. So just keep a finger on the pulse and know that NFTs can come in any shape or form. It could be, you know, an access pass, it could just be an image, it could be a song with some rights. You know, it has all these things attached, utilities and access to live events potential. It could be like a wearable, like shoes in the metaverse. I mean there's all sorts of stuff that you can do with NFTs. And eventually, you know, the way that we see it going is that you know, your, your house deed, you know, the title to your car, those will likely become NFTs, your, your identification card because these are unique to you and they're going to be stored on some kind of ledger, a database that's a blockchain. So you know, it could be check and verified by, by anybody else that it's legit. So that's the idea behind NFTs, is that that's going to be the piece that's kind of attached to almost everything in crypto in some way. It's going to have an element there. Alright, so NFTs are huge and keep an eye on those. So another one on the list. Let's talk about DeFi. And then what that stands for is decentralized finance. And this is a big broad topic and it's one of the hottest things in crypto right now. It's also one of the things that has the highest amount of scams and rug pulls. And we'll talk about what rug pulls are shortly here. And the Idea here is DeFi. The idea is that it's a different type of financial system and the idea is to remove the intermediaries, the middlemen and leveraging blockchain technology. So there's different blockchain platforms allow for defi. And the idea is that it's allowing people like you and I to invest in these projects or these protocols that serve some kind of purpose. Typically there's some kind of application, a decentralized Application or a DApp, a D app that uses Defi to essentially do its thing. You know, it's, it's, it's kind of leveraging another term that, that I'm going to talk about, which maybe I'll just roll into right now called liquidity pools. And you know, liquidity pools and this syncs up with Defi basically allows users like you and I to buy and sell crypto on decentralized exchanges. And it's leveraging Defi platforms, the things that you Invest in, to essentially remove the middleman. So the idea is if you can fill, or if you invest in some of these liquidity pools and follow the terms, it's essentially a pool of currencies or tokens, cryptocurrency tokens, and a smart contract. And essentially you can stake your money or put your money in this place for a set amount of time, and you're rewarded for funding the pool, the liquidity pool. And for instance, that can allow these exchanges, these decentralized exchanges to operate where a user can go there and say, hey, I want to exchange Bitcoin for Ethereum. And because there's liquid, these liquidity pools on both ends that you and I can fund to get a reward out of, that's what liquidity pools are. It allows for the transfer of these assets and the exchanges to happen without some kind of bank or a centralized middleman to do that and then basically earn off of that. So instead you and I can earn off of that transaction for investing in and supplying that liquidity pool with our own cryptocurrencies. Hopefully that made sense, but that's how it ties into Defi. And the beautiful thing is with Defi is there's so many different things and projects popping up. So it's one of the hottest things. But like I said, there's a lot of scams basically paying attention to Defi platforms because there's so much money there. And. And the idea is that, you know, with these contracts, sometimes people know how to do some really sneaky stuff. So when it comes to Defi and really everything in crypto, do your own research. And that's dyr, that's another term. Do your own research. You'll see pop up. So the idea is to keep an eye on Defi and get involved, but do your own research. You know, Matt and I love Defi, but there's just. It's some interesting stuff going on over there. But the idea is to figure out how to leverage that and also liquidity pools to kind of get an action there. But that's. That's more or less the idea there between those things are under those things. So going on to. Let's see, I'm gonna kind of bounce around a little bit, but gas fees, you know, this is something that you hear talked about a lot on Ethereum on the Ethereum blockchain. And, you know, if you're, if you're in the NFT space or if you've been following NFTs, you'll realize, like, if you want to Go buy an nft. Well, you're gonna have to pay a gas fee. And you know, this is, there's gas fees on all sorts of different blockchains. But a lot of times you hear it mentioned on Ethereum because right now they're really high. Essentially a gas fee, you're just paying for the fees to make that transaction happen. It's just a fee paid on the network in exchange of some kind of, you know, it's because of the platform's computational power, so you're paying that. And right now Ethereum's gas fees are pretty dang high. But if you go check out some of these other blockchains, like let's say Avalanche, and there's all these other, you know, Solana is another one, the fees are much different. So just know that, you know, there is a fee that you're gonna pay that's called gas fees. And then you just gotta kinda take a look at where you're investing your money and there might be a fee associated with it. Alright, so the next one is a dao. So this stands for Decentralized Autonomous Organizations. That's a very fancy word to basically say this is like an organization, it's like an upgrade of an llc, if you can kind of think of it that way. A dao, A D, A ow. A DAO is founded upon kind of a set of rules that are defined in these smart contracts. And smart contracts are essentially these, you know, these coded up contracts based on the blockchain. Now when you're in a dao, there's certain rights that are given out to people who are involved in that dao. So it could be, you know, and it's all basically it's based off of tokens. So this, where, this is where it goes back to governance. Governance essentially gives people voting rights depending on what they're holding. Typically it's tokens and that gives you the rights to vote on different things around a project that you might be invested in. So just imagine there's a project out there and it happens to be structured online as a dao. So one of these decentralized autonomous organizations. So there's no leader, there's no CEO, there's no CFO or coo, there's no titles. It's basically, hey, if you hold enough tokens, you have different rights, you have different governance abilities over that dao. You can kind of steer the direction of what that technology is or what they're going to do with strategy or what kind of upgrades are coming in the future. All that kind of stuff. There's abilities to vote on these things, and typically it's done in discord. So let's imagine you're holding some tokens. You can actually have that in your wallet and say, oh, okay, I hold this amount of tokens. Well, now I can vote. My voting counts for this amount of money. You know, these things to steer this project. A lot of people, you know, if you want to be invested in something, they want to have a say in it. Well, that's governance. So it's pretty cool. And daos are really, really fascinating. And I really see this popping up as a big structure for entities online in the future. And it's definitely going to shape into a whole bunch of different forms. So keep an eye on daos. That's dao. All right, so now let's go down to. I'm kind of bouncing around on these terms, but, you know, it's all going to kind of make sense, especially when you get that doc when we have it out for. I mentioned rug pulls earlier in relation to defi. So rug pulls, R U G pull. Essentially, this is when you just got scammed like something bad happened. This is where a developer, whoever made the project, or maybe it's an NFT project and they're not there to support your community. The idea is it's a rug pull when they sell you something like NFTs. Or maybe someone develops a. A DEFI project and you invest money into it. Well, a rug pull happens when the developers go away and they essentially take all the investors money. That sucks. And Matt and I have been a part of that. When it comes to some NFT projects, we've been a part of where we've been sold NFTs and, you know, 10,000 others were sold as well, you know, and essentially that means when we purchase and get the NFTs, we got what we paid for, but we expected a roadmap, we expected more to happen. So the value of these things grow. Maybe the utility is actually realized. Well, without someone there to back it up, like the developers and people behind the project, then it's kind of useless and people lose trust in that project. That's a rug pull. You don't want to be a part of that. So you prevent yourself by doing that, by doing some research, talking to people that you trust and really doing your own research. That's super important with this stuff to prevent rug pulls. But, you know, it's not like you can perfectly make that happen, you know, to avoid a rug pull. So do Your best. But a rug pull is just that, you know, it's just making sure that you're kind of good to go and you're avoiding the worst case scenario, which is basically just losing your money. All right, so a couple other things I'm going to go through are I mentioned some previous episodes, but you know, there's public keys. When it comes to your wallet online, using something like MetaMask, you have a public key. Essentially it's just a bunch of alphanumeric characters that is an address and that's what you can use to send peer to peer transactions without having to use any private keys. So those are public keys. So on the other hand, we have private keys and these are kind of similar. They're alphanumeric strings and those are generated when you create a wallet address and they serve as its password or access code. So definitely don't want to give private keys away. And public keys, of course you're going to use those to receive money. So you can actually use that and you can use that to send money as well to other people's public keys. Now, also mentioned on the security episode recently are seed phrases. You don't want to give your seed phrase away. And when I say seed, that's S E E D and that is like 12 to 24 words that are given to you when you open up a wallet. Or sometimes it could be a wallet like MetaMask or, or it could be a cold wallet like a Ledger X, which I also referenced in the security episode last week. So make sure you never give away your seed phrase. That's the worst thing to do. And once your seed phrase is given, that means that the person has total access over your funds in that wallet. So seed phrase, you definitely want to know what that is. It's not something you ever want to share with anyone. That's just, that's just yours to keep and you definitely want to protect it at all costs. So I'm going through things, a couple other terms here I want to cover. Here's an acronym that you should know. Kyc. So this is short for know your own customer or know your customer. And this is where certain crypto exchanges, like Coinbase for instance, or Binance us, they will ask for your personal details, your address, your ID and all that kind of stuff. And essentially that's there to kind of track you. And you know, this is for trading platforms and exchanges and this just means that they want to verify your identity and not all of them do this. So, you know, just kyc, that's what it's all about. We're not going to give any advice on this front, but just know that there's certain platforms that kyc, they want to know their customer with this information. And then there are other exchanges and platforms that do not kyc. So just know that that's an element and that they're not all created equal. But there are reasons, you know, centralized exchanges like Coinbase will ask for that information. And you know what, that's an entryway into crypto for a lot of people. It's a pretty simple one. So we, we recommend doing it that way. That's how Matt and I got started and we use that often. A lot of people do, but that's what KYC stands for there. All right, so what I'm going to do, there are some other terms. I'm not going to bore you or really get into all of these. And I hope I'm not boring you because there's a lot of stuff here. Again, once we have this document ready for you, it should be in the next day or two. Go download this sucker. It's gonna be free. And make sure to go over to hustleandflowchart.com Discord and you'll get notified once that thing's available to you. So a few other things I want to go over are some acronyms that you'll probably see. And these are. This is going to be super fast. So just hang on with me. I'm just going to just kind of say this, kind of rattle them off quick. This is going to be helpful when you're in the Discords, you know, and you're seeing some like three letters, four letter acronyms and you're like, what the hell does that mean? Well, I'm just going to give it to you here. And again, they're in the doc. And also Twitter. You're going to see a lot of this used on Twitter. So let's start at the top. We have a cex. I don't think I would pronounce that as a word. So CEX stands for centralized exchange. That's something like a Coinbase, a Binance. Those are centralized exchanges and they have KYC like we were just talking about. But then on the other hand, we have decentralized exchanges and those are things like Uniswap or Sushiswap. If you don't know what those are, don't worry, you can just Google them or we'll have more episodes around them. And that's a dex or dex. So you have The CEX and a Dex Centralized exchange and decentralized exchange. Next you have wgmi or sometimes it goes by wagmi. Wagmi. And that means we're going to make it. That's an empowering thing. That's good when people are saying that, but it's not so good when you see NGMI or not going to make it. That's recently saw Dennis Rodman, the old basketball player got called out. Basically someone said, hey, you're not going to make it. Ngmi. He took notice of that and he ended up actually getting into the crypto game and buying some NFTs. So I guess he's going to make it now. WGMI. So that's all that is. It's just kind of one of those. Here, let's go. They're not going to make it. They're thinking the old school way, something like that. So another one is D Y O r do your own research. That is pretty much said on every YouTube channel. Every, you know, any kind of prediction or, you know, it's not financial advice, which is the next one. But the whole thing is you're going to hear D y o R or see that written out. That just means do your own research before getting into something. Next one is nfa. That is not financial advice. Again, you're going to see that basically paired up with your own research. So it's. That's NFA is not financial advice. You're gonna see that seen a lot on different YouTube channels and whatnot. We've said the same thing before as well. Another one is fomo. This is one that's kind of outside of the crypto, but F o m o Fear of missing out. You don't wanna do that. Fomo, no fomo. So a lot of people do FOMO unfortunately in crypto and they rush into stuff or they make bad decisions. You don't need a fomo. There's an opportunity happening like every second on Crypto. So don't fear that you're gonna miss out. The whole fear you should have is basically making a bad decision. So don't do that. Don't let FOMO creep in. But that's what it stands for. And then the next one is FUD or F u D. That's fear, uncertainty and doubt. You know, people don't like to hear that kind of stuff. So you hear like, don't fud man, don't give me the fud. Fear, uncertainty and doubt. That's fud. So when you see that mentioned, you see That a lot in Discord and Twitter. Those are sometimes, I mean again, do your own research. Some people just will scream, oh, that's fud. If someone has some criticisms on a project, well, just do your own research and make that decision on yourself, for yourself. But you know, because it could be valid or maybe it's not. Maybe someone's just not understanding things. Either way, FUD is fear, uncertainty and doubt. Now next one is HODL or O or hodl. That means hold on for dear life. And you know that's, that's essentially just, just holding. You know, it's, it's holding on to your cryptocurrencies, it's trusting in the projects you're, you're invested in. You know, you hear this a lot. I think it started with bitcoin originally is, you know, just, just hodl, hodl. It's going to go up eventually. Just give it time. And that's, that's what you see used a lot is hodl. Now next one is lfg. It gotta love this one. It means let's fucking go, let's go. So lfg, it's empowering, it's pump up, it's getting the, it's getting the team rally, getting everybody rallied. Let's go lfg. Now another one, this is my favorite. It's the GM or gn. GM or gn. Good morning, good night. You see that so much and you see people type in GM gn. It's just kind of funny. And to say it is even funnier. So that's a very simple acronym. But people like saying good morning, good night. That's nice of them, huh? So gm, gn, whatever time it is for you over there. So that's the last of the acronyms and a few other terms. I'll just hit these really fast that you'll probably hear talked about often are diamond hands. This is one where this is kind of a term that refers to people who hold their coins even if their portfolio drops a lot in value. Some say if it drops 20%, but they're still holding because they believe in this thing. People will be calling them diamond hands. That's kind of a term that they'll use. Now on the other hand, there are paper hands, which essentially means someone who sells their position or the cryptocurrency or their NFT too quickly. Maybe it blew up in value right after or it was on the way up. Well, you paper handed it because you just sold out too early. Some people would say on the bored ape yacht Club some of the most popular NFTs out there.

When you look at some of the sales transactions and people when they bought it originally and they sold for maybe double what they were minted on, which originally when it was worth much less, now they're hundreds of thousands of dollars. It'd be argued that some of those early holders sold when it was just, you know, they made maybe a few grand off of it or maybe you know, couple eth. Couple ethereum that they were paper handing that thing. You don't really know but at the end of the day it's just, it's just someone who sells too early. Now another one, another term is degens. Now this basically stands for degenerates. And it's kind of funny, it's referred to often in the defi community, so the decentralized finance community and it's kind of described as these are a group of people or subculture that are down to just kind of get into some of these more riskier things and you know, the ones that might have really high growth potential but also really high potential of dumping. And some of these are maybe pop up defi things or projects that are just kind of like, you know, they're a little risky but you know, I'm just going to throw 50 bucks, 100 bucks or a little bit more in there. Whatever is your gambling money essentially. You know, sometimes there's a bunch of groups on Telegram or Discord Talk. It's a bunch of degens over there. It's just kind of funny but that's a term. It's just degenerates and people that just kind of just a little bit more risky getting into some of this crazy stuff. And a lot of it is in defi and that relates to another term called apen or ape and in there's a bunch of ways or apes that's essentially a trader, someone in cryptocurrency that buys a token or you know, maybe it's a. Maybe there's a defi project or an NFT and they just buy it kind of quickly or after the launch or just quickly without really doing a bunch of research. Maybe they heard something was interesting, they heard it from a buddy, but they didn't really do their own research. They just eaped in. That's kind of what that means. So the very last one is alpha. So this one, this is basically.

Any kind of stuff that you information that you might get from a development team, you know, someone on the inside that you know, let's say on. On lads Lad City. So when we're on there or when you're watching Lad City, the network that we're a part of, you'll actually see that they bring a lot of project owners on and then they get some alpha from them. So essentially they're getting advice or input and, or they're giving kind of some, some what's to come opportunities and features and releases and all that before it really goes mainstream and they're giving it to some kind of community. And it could be one to one or it could be on like a YouTube channel. You see a lot of people saying, oh, we got all the alpha, we got it all here. And essentially that's just kind of before it's released to the general public in a big way. If you're getting in on Alpha, you know, obviously always do your research, but that could potentially give you a better opportunity to get in before the masses and potentially earn a lot more from whatever your investment looks like in that thing. You see that a lot in games that are coming out, you know, on YouTube. You know, game gaming on the blockchain in and crypto is huge. You'll see a lot of gaming Alpha because there's all this stuff that's kind of coming up in the pipeline. So that's what alpha means and that's what all this stuff means. I mean there's a lot I can keep going on all day. I don't know how long I've gone now, but I'm gonna stop it right here because the doc that we're wrapping up is going to be free and available to you in the next couple days or so. And again this is gonna be totally free. But make sure that you're in our discord. You'll be first to know about it there. And also on our email list we'll be emailing you. So keep a lookout there, make sure you're on there, but go to hustleandflowchart.com discord and you're going to have everything there waiting for you. And make sure to keep a lookout for the announcements for when this doc is available. And obviously come say hi to Matt and I as well and everyone else there because we're having a good time. We're always passing around the latest alpha and hanging out with cool peeps like yourself. We can't wait to meet you and hopefully you learned a thing or two and you're not going to get a little bit cross eyed, not too cross eyed off of any of these terms here and straightened it out for you. So till next time, I appreciate you very much, and we can't wait to go a little deeper with you and we'll see you in the next episode. Yeah, bye.

Thanks so much for tuning into that episode.

I hope you dug it.

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Sa.