Bitcoin and Blockchain Terminology, PPING, FOMO, FUD, KYC etc

Bitcoin and Blockchain Terminology

You may have noticed that I like to refer to this market as Digital Assets instead of crypto currencies, why?

Well I have an aversion to the term crypto currencies on three levels (the fact that blockchain and the mathematical cryptographic algorithms that maintain the platforms is no the point);

• Firstly, the media or fake news apply a negative connotation to the term. This plays into the narrative of all the stakeholders that are threatened by Bitcoin and the blockchain,   
• Secondly, not all blockchain technology is currency based. For example platforms like Etherium are smart contract/ platform based, Iconomi is a token based asset that is backed by Digital Asset Arrays, in the blockchain market place &
• Thirdly, the "crypto" aspect of the market, the "anonymity" of the user is questionable in many of these digital assets as the blockchain of many is able to be viewed (like Bitcoins Public Ledger) and the linking of this to individuals through IP addresses and time of transaction etc is very easy, Sure using TOR browser's etc changes this. However the gateway from the digital space to the hard wired world of products and FIAT currency is still tracked and rightly so. There needs to be some type of record as to what is going on especially if you are in business.

As the operator of Quickbit Bitcoin Exchange Susnhine Coast, my aim is to provide information regarding this digital market space and help retailers and customers on-board and provide a on-ramp or FIAT to digital asset gateway.

So straight into it;

• Crypto Currency, a digital currency that is based on cyptographic platform. anonymity may or may not be part of its characteristics.
• FUD, Fear Uncertainty Doubt 
• KYC, This is often seen in connection with purchasing digital assets and stands for Know Your Customer and refers to the identification rules that apply usually to the purchase of these assets or has been legislated by some governments to exist on any on ramp or off ramp to digital currencie. This is usually seen as having to supply documents that prove identity of the user like: drivers licenses, passports, phone numbers etc.
• PPING or Pumping refers to the hype that is generated around certain digital assets by stake holders. This is the process of hyping up an asset using different techniques such as, fake news, Social media hype, Troll box hype, general misinformation designed to inflate the price. This is usually coupled with pools of investors or single large stake holders driving the market price up with tactical buying to make the impression of a positive market. This is fed back into social channels and perpetuates the hype and price rise at a pre determined point that the stake holders or pools of stakeholders have set they then sell at the highest point in the market, Dumping.
• Dumping, is the large scale sell off of assets to profit the individual.
• Shorting, in finance is the practice of selling financial instruments/ assets that are not currently owned (usually borrowed). This is what day traders and speculators do with borrowed assets.
• FOREX, Foreign Exchange markets.
• AML, Anti Money Laundering, usually linked in conversation with KYC. Money laundering has been part of business sits it's inception, how to control this criminal aspect is with good policy, auditing etc. Just because a business uses KYC & purported AML it doesn't stop high end laundering of money/ tax evasion from multinational companies like Google, Apple and others as they use very complex TA (Tax Avoidance) schemes with internal money and asset transfers, property schemes and internal asset/ debt leveraged schemes and money laundering techniques that are technically legal but essentially the same as criminal activity. Therefore AML actually stifles innovation and growth at the grass roots level instead of actually stopping criminal activity where it actually matters.
• Day Trading, the practice of buying and selling; currencies, stocks, shares, financial instruments, digital assets etc during the day to day volatility or highs and lows of the market. A highly risky and potentially highly profitable practice/ business, that people and institutions engage in for profit.
• FOMO, Fear Of Missing Out, this is one for the speculators and new combers that drives the price up. People see the price or charts going up and this drives the fear of mission out impulse, usually leading to a buy trigger in the person. Beware of (Pump and Dump) cycles..
• Onboarding, the process of getting groups to adopt, agree or become party to a proposition, platform or idea. As we can see with Etherium there has been an active drive to Onboard technology companies onto the platform.
• Onramp, a avenue or way of joining, for example in the digital currency or asset space, we can see Bitcoin ATM's, online purchasing gateways via credit card or bank deposit and platforms that promote peer to peer transactions.
• Offramp, an avenue or way to go from the digital space back into the FIAT space or tangible space, stocks, shares, precious metals etc.
• Fiat currency, often referred to as Fiat is legal tender whose value is backed by the government who issued it, that is it is backed by faith and the status quo. The status quo is determined by the BIS (Bank of International Settlements),the Federal Reserve, The World Bank, the IMF (International Monetary Fund, SWIFT (money transfer system based in Belgum but US dollar transactions are overseen and approved by the United States), LBMA (London Bullion Market Association and New York) controll the price of gold, SGE (the Shanghai Gold Exchange),  PBOC (Peoples Bank Of China), AIIB (Asia Infrastructure Investment Bank), BRICS Bank (Brazil Russia India China South Africa), CIPS (China International Payment System) & RPS (Russian Payment System). The IMF set up the SDR which will be the new global world currency. An SDR is special drawing rights made up of the British Pound, Japanese Yen, US dollar, Euro, Chinese Yuan, The new international currency or the SDR is made up of these five existing currencies.  A great video for this is by Kenneth Storey here https://youtu.be/M7QMMqyEl_I
• Commodity money, is money whose value is underpinned or backed by a physical good such as gold or silver. The gold standard in 1900 was that "a dollar" would be backed by of 1.6g of gold. The world moved to a FIAT based currency system On 15 August 1971, when President Nixon announced that the United States was decoupling itself from the gold standard see the video here https://youtu.be/rcnhF09QN78.

Follow the link below as an easy way to our site, where you can buy bitcoin on the Sunshine Coast you can go to Quickbitbitcoinexchange.com or quickbit.mobi
I'll keep updating this post, happy Bitcoin-ing..