Popular Crypto Slang Terms. Part 11

Our series on professional crypto slang is growing. If you missed earlier parts, catch up with the links below:

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 8

Part 9

Part 10

Backing up the truck

In trader lingo, “back up the truck” means to invest heavily or put all available funds into an asset. This phrase became popular in the financial markets during the tech boom of 1995–2000, known as the “Dot-com bubble,” when investors were exceptionally optimistic about the prospects of new internet companies and invested all their free (and sometimes borrowed) money in their stocks. These companies were emerging rapidly, leading to the quick formation of the bubble. 

Today, this phrase is applicable to any investment instrument, including cryptocurrencies.

Experienced investors use “back up the truck” when they are completely confident about an asset's potential (perhaps based on insider information), so they see no need to spread their eggs across different baskets. 

However, this term is often used ironically, especially when referring to novices influenced by FOMO who invest in lesser-known shitcoins. It suggests that they are recklessly investing all their funds in what is essentially a lottery ticket, hoping against odds for a huge payoff. 

Naturally, when it comes to Bitcoin, no one ridicules the cautious investor since investing significantly in this asset is both advisable and feasible.

Another overly eager investor puts all their funds into worthless tokens. Source: Х

Catching a falling knife

The term “catching a falling knife” vividly describes the risky attempt to purchase an asset during its rapid decline. It is a hazardous strategy, as it presupposes that the price has bottomed out and will soon recover. However, it's common for the price to continue falling, leading to substantial losses for the trader.

This expression is often linked with phrases like “Nuke” or “Dead cat bounce,” as accurately predicting the end of a downturn is challenging. Experienced traders humorously warn that for such risk-takers, the market offers a special: “Buy one dip, get one for free!” They are not wrong. 

Moreover, the fear of missing out on a profitable opportunity can drive a trader to buy an asset as its price falls, hoping for a quick recovery. But this decline might be due to serious underlying issues within the project. In such cases, your investment may diminish in value along with the token.

Don't try to catch falling knives—it can be painful. Source: Reddit

If you're tempted to press the “Buy” button—double-check that the transaction complies with your trading system's rules. Yet, this advice might not be perfect if your strategy specifically involves buying during downturns.  

Regardless, newcomers are generally better off avoiding such maneuvers.

Mental Gymnastics (MG)

The term “mental gymnastics” is used to describe when someone performs complex, quasi-intellectual maneuvers to avoid accepting a conclusion that conflicts with their desires or beliefs.

In the crypto community, this expression is used in three specific situations:

• When someone tries to intricately and illogically justify or explain dramatic fluctuations in cryptocurrency prices. (“Wow, the ABCD token just dropped unexpectedly? It's just a temporary correction before a new rally! Look, the RSI is already overbought! We’re going To The Moon!”).
• When a trader who has recently closed on a losing trade soon starts to rationalize, convincing themselves and others that it wasn't a mistake on their part but rather that external circumstances were to blame (“This new meme coin was supposed to soar! The community was buzzing about it so much! I bought in as they recommended! I didn’t make a mistake; it was all the market makers' manipulations!”).
• When someone invariably sees hidden agendas and attributes simple events to complex conspiracy theories, including the influence of secret societies or reptilian overlords.

A typical crypto enthusiast's vs the mental gymnastics of Craig ‘Fake Satoshi' Wright’s defender. Source: Х

If you encounter the term “mental gymnastics” in a chat, rest assured: someone is attempting to dodge an obvious truth by crafting awkward explanations, which usually provokes trolling from others.