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The Bitcoin community is no longer a niche. Numerous Bitcoin users and people who are interested in or hostile to Bitcoin have created many interesting memes for the Bitcoin world, some of which are pure jokes, some are earnest warnings, and some are attempts to show their superiority or the hope of getting rich overnight... The following is a summary of some of the common memes in the Bitcoin community, which also includes some explanations and the author's personal opinions. Hodl & Hodler
In almost any Bitcoin community, you will see the words Hodl and Hodler. It can even be said that they are the most popular memes in the Bitcoin community. Their meanings are also very simple, which is almost: "coin holding" and "coin holder"; but these two words mainly focus on emphasizing "long-term holding and resolutely not selling".
The word hodl comes from a discussion thread on the bitcointalk.org forum in December 2013, when Bitcoin was experiencing its second surge in history and its price exceeded $1,000 for the first time. The thread was from user GameKyuubi and was titled “I AM HODLING”: The user called himself a "bad trader" who always had trouble finding the right time to buy and sell, and ended up losing money on his trades. He concluded that "in a zero-sum game like this, the trader can only take your money when you sell." Therefore, in order to avoid losses, you must keep HODLing. Not your keys, not your coins.
“If you don’t have the key, you don’t have the coin.”
Bitcoin was originally designed to fight against central banks and give monetary power to the people, but the emergence of custodial exchanges goes against this original intention. People keep Bitcoin in exchanges for a long time, and many users have never used their digital wallets, so exchanges have become Bitcoin banks to a certain extent - and they basically do not pay any interest. This situation may lead to exchanges selling Bitcoins they do not own on the basis of ensuring liquidity, thereby achieving de facto Bitcoin issuance. This is obviously contrary to the original design of Bitcoin.
Therefore, there is a voice in the Bitcoin community calling on people not to store Bitcoin in exchanges for a long time, but to transfer it to their personal wallets after completing the transaction.
The call for controlling your own keys has now developed into an annual "Proof of Keys" campaign. The campaign is held on January 3rd of each year, the day when the Bitcoin Genesis block was born (also known as Bitcoin's birthday), encouraging all Bitcoin owners to deposit their Bitcoins held on exchanges into their personal wallets on this day to test the exchanges' solvency and see if they are fraudulent.
However, this initiative is too idealistic and difficult to be truly effective. One of the main reasons is that the withdrawal fees of exchanges are generally too high (many are 0.0005 BTC) - although in fact the transfer fees are much lower and exchanges often package transfers, which can further reduce the fees; in addition, many exchanges still do not support the lower-cost SegWit solution and the Lightning Network solution that is friendly to small withdrawals, which is also a major reason for the high withdrawal costs.
Another reason is that many traders only use Bitcoin as a tool to earn legal currency and do not care about the control of the Bitcoin itself. Some people do not even know what Bitcoin is or think that the process of controlling the key is too complicated or unsafe because they do not know more.
The situation where users do not have their own keys will continue to exist for a long time, but I don't think there is any need to worry too much. With the development of the Bitcoin field and related laws and regulations, exchange audits can largely curb the exchange's virtual issuance of additional funds; in addition, distributed exchanges can also be helpful. Moon
The most important and main reason why long-term Bitcoin holders hold on to it firmly is that they believe that Bitcoin will reach the moon one day, that is, they believe that the price of Bitcoin will reach a very high level one day in the future - but how high, different people have different opinions.
Some common Moons include one coin for one villa, one coin for one young model, and one coin for one Lamborghini. Of course, don’t forget John McAfee’s prediction that one Bitcoin will reach $1 million by the end of 2020. He even bet: “If I’m wrong, I’ll eat my own dick.”
However, for many people, the Moon is not that far away, and $50,000 may be enough. One Bitcoin equals one Bitcoin.
“One Bitcoin is equal to one Bitcoin.”
It cannot be denied that most people see Bitcoin as a way to get rich quickly, so they are particularly sensitive to the high volatility of Bitcoin prices. Some users even check the price of Bitcoin every one or two minutes, almost like an addiction. A Reddit user shared his experience:
The worst part was that I was constantly checking the price. And not because I was looking for a sell opportunity, I just wanted to see how much money I could make in a day. It was like I felt like if I didn’t check, the price wouldn’t go up. And when I wasn’t checking the price, I was reading articles about Bitcoin or watching YouTube videos about Bitcoin. My life became an echo chamber of people talking about accumulating more Bitcoin. I had a hard time sleeping and I started to act rude at work.
This is where this sentence comes in. If you hold on, then the short-term price is meaningless to you. One Bitcoin is always equal to one Bitcoin, it will not increase or decrease. So why bother with the price? Go enjoy your life! Isn't that the ultimate purpose of your hard work and struggle to make money? Shitcoin
We usually refer to digital currencies other than Bitcoin as "altcoins", which is a neutral term. "Shitcoins" are obviously hostile and contemptuous, but the scope of this term varies from person to person:
Everyone thinks that the so-called digital currencies and tokens created to make money are junk coins. This is certain and needs no further explanation.
Some people believe that non-decentralized digital currencies (such as Ripple) are junk coins because if they are not decentralized, they are essentially no different from banks.
Some people think that forked coins (such as Bitcoin Cash) are junk coins. There are huge differences of opinion on forked coins. Some people think that forking is everyone's right, and as long as users agree, it is reasonable. Some people think that forked coins are the project parties who want to use Bitcoin's influence to make money or deliberately create a split in the Bitcoin community to profit from it; considering that some forked projects have added a considerable amount of so-called "pre-mining" for themselves, such concerns are not groundless.
Some Bitcoin supporters (Bitcoin maximalists) believe that all other coins except Bitcoin are junk coins. 21M Club
The "21 Million Club" refers to those who own at least one Bitcoin.
Since there are approximately 21 million Bitcoins in existence (20999817.31308491), the maximum number of people who own at least one Bitcoin is 21 million. And given the lost Bitcoins and Bitcoins in Satoshi’s account that are probably locked forever, plus some people who clearly hold large amounts of Bitcoin (they are also called “Bitcoin Whales”), the number of people in this club is much smaller than 21 million.
In the eyes of some people, the "21 Million Club" is a status to be proud of or a goal to accumulate Bitcoin, because it seems to indicate the hope of becoming truly rich overnight in the future. 0.28 BTC
Since the total amount of Bitcoin is fixed, according to the current world population, as long as you own 0.28 Bitcoins, your Bitcoin assets will exceed those of the other 99% of people in the world, making you one of the top 1% of the Bitcoin rich list.
That’s right, you only need 0.28 bitcoins to become one of the few in the world. Bitcoin Grandpa
Bitcoin Grandpa is a popular cultural meme in the Bitcoin community. This picture is divided into two parts. The upper part is an old man holding a coffee cup and looking at a computer, and the lower part is the old man with a half-smile, half-crying expression. Therefore, people can add descriptions to this picture based on their own ideas and the current status of Bitcoin. However, there is also a Soha old man in the Chinese community: Roller Coaster
"roller coaster"
This is also a cultural meme. Since Bitcoin often experiences big ups and downs, like a roller coaster, some artists have created Bitcoin cultural memes specifically about riding a roller coaster, in all directions: Faketoshi
"Fake Satoshi, fake Satoshi"
Soon after Bitcoin was created, its creator, Satoshi Nakamoto, disappeared. To this day, his true identity remains a mystery, and no one seems to know whether he is a man or a woman, old or young, a person or a team.
However, for some purposes, some people have come forward claiming to be Satoshi Nakamoto, although no one can credibly prove themselves at present, including Craig Wright and Bilal Khalid.
Other common memes that are not unique to the Bitcoin world
FOMO: Fear of missing out. Some people buy Bitcoin or other digital currencies blindly because they are afraid of missing out, and even buy them with loans, which results in losses. FOMO is easy to appear, and the way to fight it is simple: understand. Not only understand Bitcoin, but also understand yourself. Don't let yourself go with the flow and become a slave to the market.
FUD: Fear, Uncertainty, Doubt. When the price of Bitcoin fluctuates greatly (especially when it falls), people may worry that they have no choice but to sell their Bitcoins, otherwise they will lose more or earn less. But later facts may prove that FUD may lead to wrong decisions. The way to fight FUD is to learn more about the real information, recognize the true value of Bitcoin, and reasonably face up to your expectations of Bitcoin.
Only invest what you can afford to lose: Only invest what you can afford to lose. This is a good investment advice, especially for Bitcoin, which may have high risks. Don't borrow money to invest, don't invest in high-risk futures... But as the old saying goes, "You can't catch a wolf without sacrificing a lamb." Everyone has their own risk preferences, and high risk does not mean failure. In short, the most important thing is to rely on your own independent judgment.
If I win, I will get a young model from the club; if I lose, I will have to work in the fields: All or Nothing. This is a typical gambler's mentality: invest everything you have in your own success; but at the same time, it is also an open-minded mentality: it doesn't matter if I lose, I can still survive, it's just a little harder.
Buy the dip!: Every time Bitcoin plummets, there are people shouting "The price has dropped, buy it quickly!" They regard the drop in Bitcoin prices as the best time to accumulate Bitcoin, but it seems that they are also trying to fight the negative sentiment in the market by shouting like this. After all, it is easy to shout slogans, but they may not really buy. |
