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* Business

# Crypto Dictionary with Andrew Chow, Author of "Cryptomania"

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## Video: Crypto Dictionary with Andrew Chow, Author of "Cryptomania"

[Watch (HLS stream): Crypto Dictionary with Andrew Chow, Author of "Cryptomania"](https://cdn.jwplayer.com/manifests/28wiy1oZ.m3u8) (3:12)

![Crypto Dictionary with Andrew Chow, Author of "Cryptomania"](https://cdn.jwplayer.com/v2/media/28wiy1oZ/poster.jpg?width=720)

_Published 2024-08-14. TIME tech correspondent Andrew chow provides definitions for common terms used in the often baffling world of cryptocurrency._


---

Aug 15, 2024 8:23 PM UTC

---

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### New CEO of the Failed Cryptocurrency Exchange FTX: 'Old Fashioned Embezzlement'

---


## Transcript

I'm Andrew Chao. I'm a tech correspondent at Time Magazine and the author of cryptomdia. And this is your crypto dictionary. Cryptocurrency. This is money. This is traditional money. Mostly, we don't really use cash like this anymore. We swipe our credit cards, and the transactions go on some sort of ledger that keep track of how much money we have. Cryptocurrency is an endpoint of this progression, where our money is stored on a block chain or digital database that keeps track of where all crypto is around the world. Block chain. A blockchain is a digital database of transactions that isn't controlled by any centralized entity like a bank or government, but rather watchdogs around the world who keep the system up and running.

Bitcoin. Bitcoin was the first cryptocurrency, and it's the most valuable. As of recording, one bitcoin is worth about $55,000. A theoria. Ium is a block chain created by Vtaic Buterin. It attempted to expand the block chain so that it was not only for money, but for all sorts of other applications. During the pandemic, Etherium allows for the rise of NFTs, Dows, and all sorts of other crypto activity. FT. NFT stands for non fungible Token. It's a digital asset on a block chain. And NFT can be attached to a song or a movie or a land deed or basically anything you can imagine. And each NFT comes with a certificate of authenticity, which proves that it's one of a kind.

Dow. Dow stands for decentralized autonomous organization. It's an organization that lives on the block chain. During the pandemic era bull run, many crypto enthusiasts believed that Dows were going to replace basically every organization possible, that they were a fair and more streamlined way to cast votes and organize over traditional corporations with board rooms or city councils or artistic communes. So many dows were spun up over that time, and very few have lasted. Stable coin. A stable coin is a type of cryptocurrency. Other cryptocurrencies like Bitcoin and ethoum can rise and fall really fast.

Stable coins are always supposed to hold the value of $1, and they serve as a safe haven for when the markets get chopped. Mean coin. A mean coin is a type of cryptocurrency that doesn't have an underlying utility or value, but rather derives its power from the communities of people posting about it and making memes about it. So, Dose coin is a famous mean coin that has been powered by the likes of Elon Musk and other champions. The Gen. It's short for degenerate, and it's a word that crypto traders refer to themselves as when they're going especially hard. You can find a full glossary of terms at the end of my book, cryptomi h.

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