Why I Think The Word 'Cryptocurrency' Should Be Replaced With Smart Money

7 months ago

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When you do a search for smart money here’s the current definition:

“Experienced, well-informed investors, gamblers etc considered as a group.” -Wiktionary https://en.wiktionary.org/wiki/smart_money

Wait a minute! We have smart cars, smartphones, smart TVs, smart toilets but we don’t have smart money?

This is absurd! But we do in fact have smart money right now and I’ve been living off smart money for almost a year now. It does exist and it’s better than regular money for a number of reasons.

I read an article on Steemit written by @pfunk and in it, he suggested that everyone in the cryptocurrency world should just start using the term, ‘smart money.’ That made a lot of sense to me too, as I have been gnashing my teeth about this issue for some time now. I think he made an excellent point to start using the term ‘smart money’ and I’m ready to embrace this too. After all, cryptocurrency truly is an advanced and very smart form of digital currency.

It can do things that regular money cannot, like, be transferred to a friend in a foreign country in a matter of seconds with very low transaction fees. Some digital currency has privacy features that regular money cannot begin to compete with. And the most advanced feature of smart money is that no one government, corporation or powerful entity can control it. This is a huge deal because that means the flow of smart money cannot be restricted, contained or blocked by a particular group of people.

It’s pretty obvious that mainstream society will not be adopting cryptocurrency as long as it’s still called cryptocurrency.

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The ‘crypt’ part of this word conjures up images of evil goons who inhabit rat-infested, scary underground crypts where spiders, used needles and drug deals gone bad live side by side. There is just no getting rid of evil imagery as long as the word ‘crypt’ is involved.

The average person has no idea what cryptocurrency actually is, and they won’t bother finding out due to the creepy sound of it.

Humans are still wired in such an emotional way and this has not been properly factored into the understanding of how to help Bitcoin and other alt coins become adopted by the masses. Smart coins would be my favored term to describe alt coins because of the negative association with Alt-Facts, Alt-Right, etc.

There’s another thing that’s crucial to mainstream adoption: trust. Most regular people trust their banking institutions with their money. Individuals spend very little time worrying about the safety of their money. They are fine letting someone else deal with that. There are fraud departments that exist in banking institutions that make people feel more secure. It takes a long time to build up enough trust when money is at stake. Most people are not willing to gamble with their hard-earned cash in some alternate alt coin cryptocurrency world. It all sounds too risky and too scammy.

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We are accustomed to money being like water whose flow has been constricted by giant dams. Those giant dams are the multi-national corporations, governments and uber rich families that have dominated and controlled the flow of money in the world for a very very long time.

But what if money flowed more naturally like water and in a decentralized way that is separate from the control of corporations and governments?

What if money flowed from person to person and banks were not in the middle? What if governments didn’t create money in a haphazard, willy-nilly fashion but instead, a mathematical algorithm created digital money in a stable, methodical and logical pace, with predictable outcomes?

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What if security was built into this new smart money in such a way that it was resilient and robust? What if people from all over the globe secured this system and maintained its safety, security and value? How would that disrupt everything? How would smart money change the power dynamics in the world, in the corporations? How would this change the way we work and live? It is changing all of these things. I’ve seen it with my own eyes.

However, I think the same forces of centralization will rule in this new digital currency world as greed has a way of asserting its nasty head over and over again. I think over time there will just be different rulers. Call me pessimistic, but I see the real obstacle towards progress as being a flaw in human nature, not technology. Technology is only as good as the humans designing it and using it are. Just because you can write code doesn't make you a genius. Holistic thinking is more important than ever before. The era of the "lone genius" is over. The ones who succeed will be the ones who can bring forth the best in everyone and create a cohesive, unified force that keeps attracting intelligence and shared values.

A bunch of warring fools will make even the most technologically advanced tool utterly worthless.

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great idea! Can you image the face of most of my friends here in italy when I talk to them about cryptocurrencies? "CryptoWHAT?"
In Italian "crypto" souds as the word "cripta", one of the italian words for the place where people R.I.P, creepy!

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SAME HERE!!! I REFUSE TO USE THE WORD ANYMORE.

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Crypto/critto means hidden so it makes sense... in italian you say crittografia and crittovaluta without the p, but I agree there are way better terms : D

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I say "criptovaluta" instead of "crittovaluta", but only because I usually talk/write about it in English and so I often mix the languages, damn :P

I agree. It's a heck of a lot more approachable and less cryptic (over a person's head.) And who doesn't want SMART money? It's a no brainer > only a woman could come up with that idea > or a sensitive man.
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Hey, who you callin' sensitive? :P

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No worries > it's all good > We all have our moments.
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If you just stay and think for a second, we are smart people with smart money! Poor people who don't know about crypto!

I agree crypto is cryeepy. But I think that the "smart" prefix is going the way of "e". Remember e-commerce, e-cash, e-mail? Well email is here to stay 😅 but smart will probably die completely in a few years. Same thing with "virtual" but didn't make as much of an impact.

What about cloud-money? Or cloud-cash? My prediction is that "cloud" still has a good few years left in it.

@stellabelle
I'm with you 100% on this one. From now on it's "SmartMoney", soon to be simplified to "smartmoney", and differentiated from "smart money". Comapare "mind set" with "mindset".

It may be annoying at first to add "(cryptocurrency)" after the word early on, for clarity. Intelligent people like to be exacting in their terminology and many take pride in having more smarts than the overwhelming political majority whose IQs hover around 100 and lower. But this attitude will lead to failure or, at the least, slowing down "smartmoney" adoption.

Cryptocurrency fits in well with the geek mystique, but it thoroughly snubs and leaves cold the masses who will be using smartmoney as part of their daily lives in the future.

Perhaps, we could even take things further and rename STEEM as Smartmoney! The first one to commandeer that term can create much acceptance through the use of some simple psychology: pound the word into the sheeple's brains until they accept it as God-given, especially since it is already a common phase in the English language and not requiring recognition.

"Smartmoney" does not represent the dumbing down of geeks, but rather the smartening up of the masses!

I read an article on Steemit written by @pfunk and in it, he suggested that everyone in the cryptocurrency world should just start using the term, ‘smart money.’

I thought it was a great idea then and I think it is a great idea now.

Sadly cryptocurrency is the domain of very technical people and idealists who don't always get the importance or need for correct branding.

Success thus far has occurred in spite of rather than due to their ability to market.

Using the smart money tag at least re-frames the situation in terms that most people can relate to.

To be honest, I'm really surprised that no currency has actually used the name "SMART" - trademarking might be an issue (but the only other use is for a car company so unless Mercedes Benz are making a cryptocurrency I don't think they would really have a case).

I actually suggested it as a name for one of the alts I invested in back in 2014 as often is the case they didn't see the point (it had much bigger problems though).

We should just start using the term "smart money" until it starts to stick.

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I am only using the term smart money from now on. I'm deleting the "c" word from my vocab.

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Hey I found these actually

https://www.reddit.com/r/Bitcoin/comments/28vrvv/why_not_refer_to_crypto_currency_as_smart_money/

I've heard the argument that the term "crypto currency" has negative connotations for the average person. I think initial perception is a big part of why some are reluctant to look into bitcoin further. I think "smart money" is an appropriate nick name to get started as a general term. Any thoughts?

https://www.reddit.com/r/Monero/comments/3gjduy/say_hello_to_smart_money_not_cryptocurrency/

Say hello to "smart money", not 'cryptocurrency'. Monero should lead the charge in this rebranding effort.

Cryptocurrency simply isn't going to work as a mass market identifier, except as a technical explanation of what this stuff actually is. But earlier today, someone on /r/Bitcoin mused about calling it 'smart money', which is such a good idea I'm jealous I didn't come up with it myself.

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But what would all the crypto folk call themselves if they couldn't be crypto something or other!! Smart &insert cool name& just isn't the same!!!

Seriously though, i agree. I see the eye rolling when I mention cryptocurrency to your average Joe. The first thing they do think is that it's all an elaborate scam.

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Funny thing is, there are plenty of scams going on.

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Oh yeah! The reading I have done has been littered with pump and dump and all manner of other schemes!

I prefer digital cash or digital money, but also smart money is better than cryptocurrency.

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Does your preference has anything to do with Dash? Just teasing.

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Yes, not my idea : ) Electronic money also is easier. I don't love the term smart-anything because smartphones and smart-TVs are not so smart, but that's a personal opinion.

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Did you know that in Dutch smart means sorrow. But it also means impatience and desire. How about putting smart in a different language light? I can see why you don't like smart-things. Are you perhaps dutch?

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Ahah I'm not dutch, I didn't know that!
Sorrow, impatience and desire: could be the new iPhone slogan. You know, people making lines and debt to buy the brand new 700+ eur fetish.

Yes, this is a great idea @stellabelle. I will begin calling it smart money from now on. Spread the world. Very good post and resteemed it.

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ah..........now it all makes sense.

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How about Esmartmoney
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Sounds like an idea whose time has come... "cryptocurrencies" sounds too much like "cryptic currencies" for most people's liking; I get quite a few eyerolls, even from smart people I know well... the only thing with "Smart Money" is, isn't it some mutual fund company's slogan? I don't know, I'm just asking....

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i have no idea. All i know is that if we all decided to start using smart money right now, the dictionaries will include it.

good post, resteem it!

Thats actually true lol everything is smart something these day haha.

Steemit attracted me in 2017, looking forward to sharing my values...

Physics, government fiat, math, currency & money

There is a difference between money & currency, @stellabelle.

This is why we have fiat currency, paper currency & crypto currency. ##### Gold is sound, honest money. because of physics not economics or math.

Money

With a Goldmoney account, you can do everything that you can do with crypto because the tech that under drives Goldmoney, earlier called BitGold is built on blockchain. The underyling asset being gold, not math, as in crypto, your gold is stored or vaulted in your name by Brinks or Loomis under bailment.

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nigelmarkdias Nigel Mark Dias tweeted @ 16 Feb 2017 - 17:45 UTC

Gold is intrintiscally money thru physics, not economic diktat
Dark web : internet :: crypto : currency
QED… twitter.com/i/web/status/8…

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