Which Crypto Phrases Will Become Extinct? Industry Experts Weigh In

The world of cryptocurrency is filled with a plethora of unique phrases and hyper-specific terminology that usually has an interesting backstory.

One of the most infamous examples of crypto-jargon, ‘hodl’, arose out of a simple misspelling of the word ‘holding’ on a Bitcointalk.org post way back in December 2013.

But as the cryptocurrency industry continues to ebb and flow, the lexicon changes with it.

Breaker Magazine profiled a list of cryptocurrency experts and enthusiasts who were willing to chime in about what terms and words might stick around in the crypto world, and which ones could be relegated to the dustbin of history.

Commonality Brings People Together

One trend that was seen in a couple of the comments was the idea of commonality. Some thought words that seemed to drive wedges between people would eventually become obsolete.

Po.et CEO Jarrod Dicker noted how “the only terms we’ll remember (or need) are those that bring everyone together.” He asserted how terms like ‘nocoiners’ and ‘bitcoin maximalists’ would eventually disappear.

A somewhat similar sentiment was expressed by cryptocurrency enthusiast Preston Byrne, who predicted ‘nocoiner’ would be gone in the next three to five years. Byrne specifically noted how everyone would own some sort of a coin at this point in time.

Logos Network founder Michael Zochowski pointed out how terminology in the future would probably be emblematic of a more mature ecosystem, one that is going to largely move away from individual investors who are just trying to cash in on short-term gains.

As a result, he speculated that shallow terms, like ‘FUD’ and ‘shill,’ might make their way out of the space.

Are Some Terms Here to Stay?

Despite the difference in opinions, there were a couple of phrases and terms that some seemed to muse would stay around for a while.

Byrne pointed out how the ubiquitous ‘HODL’ had already diversified into other phrases, meaning it would probably stick around for the next five years. BloXroute Labs founder Emin Gun Sirer also said HODL would still be around for the same time frame.

Some, like Blockchain Capital LLC’s Jimmy Song, thought some terms would disappear once people realize how silly the underlying concepts are.

He specifically noted how EEA/Hyperledger “haven’t produced” anything and would go away once it stopped getting funding. Song expressed a similar sentiment for DApps, DPoS, and ICOs, after they “are going to be shown to be massive failures in 10 years’ time.”

U.S. Congressman McHenry Calls Bitcoin ‘An Unstoppable Force’ at Libra Hearing

As far as cryptocurrency fans are concerned, one U.S. Congressman, Patrick McHenry, was the star of the House Financial Services Committee hearing on Libra on Wednesday (July 17). 

Before we talk about what happened at this hearing, and more specifically, how Congressman McHenry managed to endear himself to all blockchain and cryptocurrency fans, it might be helpful to present a very brief biography of him here.

Patrick Timothy McHenry is the U.S. Representative for North Carolina's 10th congressional district. He is serving his eight term at the U.S. congress, where he is currently the Republican Leader of the House Financial Services Committee, "a committee he has served on since he was elected to Congress" (in 2004, when he was just 29 years old).

On Wednesday (July 17), a day after Facebook's David Marcus, who is a co-creator of Libra and the head of the Calibra project, faced tough questions at the U.S. Senate Committee on Banking, Housing, and Urban Affairs (aka "Senate Banking Committee"), came the real grilling at a full hearing (titled "Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System") of the U.S. House Committee on Financial Services.

Committee Chairwoman Maxine Waters (D-CA), who had previously implored Facebook to stop working on the Libra project until Congress could understand better the implications of what Facebook's proposed cryptocurrency, started the hearing by delivering a prepared statement, during which she, once again, expressed her "serious concerns with Facebook’s plans":

This venture is slated to be based in Switzerland, which has a history as a monetary haven for criminals and shady corporations. Facebook’s plans raise serious privacy, trading, national security, and monetary policy concerns, not only for Facebook’s over 2 billion users, who will have immediate access to these products, but also for consumers, investors and the global economy.

 Congressman McHenry's gave his opening remarks around 11:00 (Eastern Time). Here were the main highlights:

  • "Washington must go beyond the hype and ensure that it's not the place where innovation goes to die."
  • "Just because we may not fully understand a new technology proposal does not mean we should immediately call for its prohibition, especially when that proposal is just that — a proposal."
  • "The reality is whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real. And Facebook's entry in this world is just confirmation, albeit at scale."
  •  "The world that Satoshi Nakamoto, author of the Bitcoin whitepaper, envisioned—and others are building—is an unstoppable force."
  • "We should not attempt to deter this innovation, and governments cannot stop this innovation. And those that have tried have already failed."
  • "Instead of a knee jerk reaction of banning something before it begins, my Replication colleagues and I want to first try an understanding. An in turn, based off what we learn, determine whether or not our current regulatory framework meets the demands of this new technology."  

Then, around 15:30 (ET), McHenry began his questioning of David Marcus about Libra; some of his most interesting questions are listed below.

McHenry: Is it a security?

Marcus: We don't believe it is, Congressman.

McHenry: Is it a commodity?

Marcus: Congressman, based on current U.S. law, it might be a commodity, but we see it as a payment tool.

McHenry: Is it an exchange traded fund?

Marcus: It is not, Congressman.

Congressman McHenry repeated his claim about Bitcoin being an unstoppable force during an interview with Andrew Ross Sorkin on CNBC's morning news and talk program "Squawk Box":

I think there is no capacity to kill Bitcoin. Even the Chinese with their firewall and their extreme intervention in their society could not kill Bitcoin.

Sorkin then told McHenry that although it might not be possible to technically "kill" Bitcoin, it was possible for governments to create legislation that made access to Bitcoin illegal for their citizens at fiat on/off ramps such as exchanges (e.g. Coinbase) and custodial wallets (e.g. Calibra), and that would "effectively make it very very difficult for the mainstream to use it." Sorkin then said that's why investors in Bitcoin were worried, which explained the recent drop in price.

McHenry replied:

Yes, so the price has come down to roughly $10,000... But you are talking about something that... people were giving away for free. It's now trading at $10,000... But the essence of Bitcoin is what Libra, Facebook, and corporates are trying to mimic.