Two perfect storms descended upon the Korean peninsula in late 2017 / early 2018:
(1) Unusually strict capital controls and anti money-laundering rules that make it difficult to trade Korean Won (for, say, USD) or move KRW out of the country.
(2) A longstanding love of gambling that resulted at one point in 10% of all crypto assets–and well over 50% of XRP–being traded by a country that represents under 2% of the world GDP, leading to intense demand for all things crypto.
Despite the obvious arbitrage opportunity (at one point leading cryptos were nearly 50% more expensive on Korean exchanges), the regulatory framework made it virtually impossible for anyone to cash in on the kimchi premium and balance the market.
Moon: sudden, rapid and extravagant appreciation of a cryptocurrency. Can be used as a verb, or in the sentence “XRP to the moon!” Inspires a lot of “art” on the message boards (see below). Sometimes when people are particularly excited, it’s “We’re GOING TO PLUTO!”
Lambo: what you can buy with your crypto after it moons
HODL: in 2013 somebody who was clearly inebriated posted that he was not letting go of his BitCoin even though it had just crashed pretty badly: I AM HODLING. If you HODL long enough and your cyrpto moons, then you can get yourself that lambo!
dETHroning: What happened when Ripple/XRP’s market cap exceeded the market cap of Ethereum/ETH in late December 2017
Rippening: What will happen if Ripple/XRP’s market cap exceeds the market cap of BitCoin/BTC.
Altcoins: cryptocurrencies that aren’t BitCoin.
Shitcoins: for some (especially “BitCoin maximalists”), synonymous with altcoins.
Whale: someone who owns a significant fraction of a crypto’s market cap. Since these things typically start at fractions of a cent, it’s easy to amass a chunk of the currency before it moons (or before it gradually ramps up). Later on, traders who don’t understand why a price isn’t mooning, or even budging, on good news, can just blame the whale for selling.
From https://www.investopedia.com/terms/h/hnwi.asp :
What Makes a HNWI?
The most commonly quoted figure for membership in the high net worth club is $1 million in liquid financial assets. An investor with less than $1 million but more than $100,000 is considered to be “affluent” or perhaps even “sub-HNWI.” The upper end of HNWI is around $5 million, at which point the client is then referred to as “very HNWI.” More than $30 million in wealth classifies a person as “ultra HNWI.”
e.g. It’s Complicated, First Wives Club…
A really great 2br apartment.