Crypto Quiz Part Two: The Flippening

Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more

Congratulations, you passed the first part of our crypto term quiz. We’re very proud of you. But that doesn’t mean you’ve learned all there is to know. Especially because this is crypto where people invent new weird terms every day. Here, we invite you to test your knowledge and read really bad wrong answers in our second installment.

1. Mining means...

a. When a user has forgotten their crypto account information and has to “mine” their password on an old Motorola Razr to retrieve it.

b. A specific nervous disorder diagnosis for people who have crypto-related anxiety. When someone is “mining,” they’re spiraling and need to seek treatment.

c. A method to generate new coins and verify balances and transactions using fancy computers and complex math conducted by users, who are rewarded with crypto for their efforts.

d. The act of searching for a local burrito spot that accepts crypto.

2. A Ledger is...

a. Hardware developed by an A.I. secretary named Helen, which reviews all of your crypto spending with commentary like “that was a dumb one” and “who raised you?”

b. A ledger is a kind of decentralized, anonymous, public record of every crypto transaction ever and the amount and location of all the currency in circulation.

c. An unmarked grave in the Père Lachaise Cemetery (near Jim Morrison’s), said to be the resting place of a prescient Renaissance poet (“o crypt-o coin, I gird thy loin”), where devotees pilgrimage every spring for good juju.

d. A digital “to-do” list that centralizes your crypto goals, as well as household chores and dental reminders.

3. A Flippening is...

a. A term for the day experts predict ethereum will surpass bitcoin as the largest cryptocurrency, which does not involve a large group of people disappearing into thin air, leaving their clothes behind.

b. A day in mid-March when all crypto is worth the price of a single farthing, because it’s funny to say “farthing.”

c. A signature haircut, sort of like a bowl cut combined with a mullet combined with a French braid, that’s the mark of a crypto billionaire.

d. When a user “flippens” their currency into a farmhouse-style decorated converted barn condo. Lots of gingham and exposed beams.

4. Mt. Gox is...

a. A spa in the Netherlands where the founders of various crypto firms meet every year to — honestly? — lose a little weight and take medicinal psychotropics.

b. In early drafts of the Lord of the Rings, Tolkien refers to “Mt. Gox, a place where money passes between the minds of men and becomes stronger as the sunset fades,” an influential passage to the creator of bitcoin.

c. An enclosed suburb in Japan home to the world’s richest crypto founders. Has a nice community pool.

d. The once-dominant Japan-based bitcoin exchange that went bankrupt in 2014 after being hacked. Stands for: “Magic: The Gathering Online Exchange” because it was originally an exchange for the fantasy card game.

5. The Web 3.0 is...

a. A dive bar in Calgary with a jukebox that only accepts cryptocurrency and home to the world’s first poutine vending machine.

b. A movement that envisions a new internet built on the principles of privacy and decentralization (imagine if three giant tech companies didn’t have all of your data — wild, right?).

c. A streetwear brand famous for caricatures of cryptocurrencies modeled after the Goof Troop.

d. The term for a future in which experts predict all currency is digital, except for good old fashioned lunchroom bartering.

6. The Moon is...

a. When a cryptocurrency founder drinks too much peppermint schnapps and shows their buttcheeks to stakeholders.

b. A currency backed by heavy minerals that operates somewhere between crypto and hard currency. Also leaves a rash on your hands.

c. When a cryptocurrency is experiencing an uptick in the market it’s referred to as “mooning” or going “to the moon.” Confusingly, there is also a coin called MOON.

d. When a user “moons” it means they went hard for crypto once and then never used it again, similar to NASA and the moon. Do they even care about that thing anymore?

Answer Key: 1. c, 2. b, 3. a, 4. d, 5. b, 6. c

Alex Beggs is the senior staff writer at Bon Appétit. She only plays with Monopoly money.

Money Diaries


Margaret Atwood


Get the best stories from our magazine every month

Sign up for our email newsletter

  • Finance for Humans

    How I Got Out of (a Lot) of Credit-Card Debt

    When she was 30, Pauleanna Reid—journalist, advice-giver and entrepreneur—found herself in more than $50,000 in credit-card debt. Now, at 32, the debt’s gone and her business is thriving. Here she breaks down her advice for getting out of debt and staying on track.

  • Finance for Humans

    Emergency Money: What to Do When Your Bills Are Bigger Than Your Income

    If your income has taken a hit and you have to tap into savings (or debt), how you do it is important. Here’s our guide to which accounts to pull from, how to avoid penalties and fees and taxes, and everything else you need so it's easy to get back on track when this is over.


    The simplest way to invest in crypto

    Buy and sell Bitcoin and Ethereum instantly, 24/7, through the Wealthsimple Trade app.

    see-more cta
  • Finance for Humans

    What if I Missed the Entire Bull Market?

    Say you’re a millennial who came of age right at the cusp of the Great Recession. Or you didn’t start investing because you were freaked out by that recession. Or you had student loans weighing you down. And now the ride is over. What to do if you missed the bull market?

  • Finance for Humans

    Now Is a Really Good Time to Understand How Interest Rates Work

    Financial disruption has been coming fast and furious. In the midst, interest rates have been slashed to near zero. Here’s how to understand what that means, and what it’ll do to your mortgage, your savings account, and your investments.


The simplest way to invest in crypto

Buy and sell Bitcoin and Ethereum instantly, 24/7, through the Wealthsimple Trade app.

full cta

Our best stories, once a month.

Sign up for our newsletter

The content on this site is produced by Wealthsimple Technologies Inc. and is for informational purposes only. The content is not intended to be investment advice or any other kind of professional advice. Before taking any action based on this content you should consult a professional. We do not endorse any third parties referenced on this site. When you invest, your money is at risk and it is possible that you may lose some or all of your investment. Past performance is not a guarantee of future results. Historical returns, hypothetical returns, expected returns and images included in this content are for illustrative purposes only. By using this website, you accept our (Terms of Use) and (Privacy Policy). Copyright 2020 Wealthsimple Technologies Inc.