👀 2 Reasons This Week Is Massive For Crypto

Gm, this is the doodhwala, the crypto newsletter that helps you avoid the punches and land the big shots. We’re the Mickey to your Rocky. 🥊

Here’s what we got for you today:

• 🏦 PayPal’s Entry: PayPal launches PYUSD, But With Big Flaws

• 👀 ETF Approved?: Entering one of the biggest weeks in crypto

• 📈 Cheese and Charts: Ups and Downs in Coinbase’s L2 chain, Base

• 🛠️ Resourcewala: Let’s understand Token Velocity

• 🍼 Doodhshots: El Salvador gives a green flag to Binance

💥 PayPal Enters And Causes Problems

PayPal, our OG online payment buddy, has got into crypto. Yeah CRYPTO!!

Teaming up with Paxos, they released the PayPal USD stablecoin → PYUSD. 🚀

Haven't heard of stablecoins?

No worries. But don’t say that you haven’t heard of doodh too (we might get angry).🥛

Well, Stablecoins are a type of cryptocurrency pegged to a stable asset, like the US dollar, which keeps their value...well, stable. Except in times of crisis like this or this.

Now, why’s everyone talking about it? 🤔

Because PayPal’s not just any company, it's a HUGE one! Its entrance could mean more peeps, err... people, using crypto for their daily things.

But... and it's a big BUT 🍑 – not everyone's celebrating its crypto entrance.

Why? Well, here’s why:

1️⃣ Control Issues

PYUSD is more controlling than your ex-girlfriend.

The Paxos trust (which is overseen by the New York Department of Financial Services) can pause PYUSD functions if they sense security threats.

So, some are going, "Hey, that's against the crypto spirit!" 🤨

Plus, Paxos can freeze your assets if the big government bodies ask them to.

Yes, you heard that right!

2️⃣ Lookalikes... but not the good kind

• We've seen stablecoins like USDT and USDC lose market love because of... you guessed it, centralization fears.

• So, PYUSD’s popularity is kinda hanging in the balance, you know?

3️⃣ Old School Tech

• PYUSD's tech is kinda like using a flip phone in 2023. It's coded with an older Solidity version (think, the language running the Ethereum blockchain).

• Some tech nerds are raising eyebrows because of potential bugs with this version. 🤓

But, not all is bad news for PayPal.

Jeremy Allaire, the big boss at Circle (they issue USDC stablecoin), gave a thumbs up to PayPal and Paxos. It’s a good thing that it’s coming from a rival.

Mixed Feels 😶

A quite popular online poll on Crypto Twitter measured the sentiments around PYUSD as:

• 49% – PYUSD's entrance is 🔥

• 17% – gave it a 😒 MEH

• 34%? – went full 🤢 on it

• 100% – said you should subscribe to the doodhwala

Doodhwala’s Take:

PayPal’s new coin is getting mixed feelings. Some like it, some don't.

And that’s happened with almost every coin in the past. So, not too big a deal.

But one thing that everyone likes is doodh. 🥛

Meeting Vitalik, The Future Of Ethereum

You must’ve heard about ‘When Harry Met Sally’?

Now get ready for ‘When Raghu Met Vitalik’.

Our chief normie met the co-creator of the largest public blockchain, Ethereum in Bangalore.

This one is a special one. In this podcast, the normies talked about:

• The Future of Ethereum (OBV)

• Vitalik’s views on the Indian ecosystem

• Why Vitalik ran away from the people in China

BONUS: How does Vitalik take his doodh? 👇

🤩 Upcoming → ETF Approval?

This week could possibly be one of the biggest weeks in crypto history! (probably) 😮

Why is it one for the books? 📚

Because there are 2 upcoming events that could make or break the crypto market this week:

• The US Consumer Price Inflation Data. (10th August)

• The deadline for ARK Investments Bitcoin ETF approval. (13th August)

Why are these events important? 🤔

And the bigger question - How the frick can they affect your bags? 💰💰💰

Let’s get ready to unfold the G.O.A.T week! 🐐

1️⃣ Consumer Price Inflation? WTF is that?

Inflation.

This 💩 is the biggest reason why your daily doodh is so expensive now. 🤷

Inflation refers to the general rise in the prices of goods and commodities in an economy. 🔺

And the US Federal Reserve is the entity that ensures that Inflation doesn't get so high that we end up drinking oat milk. 🤢

Here's the problem tho:

No one knows how good of a job they're doing. 🧐

In the past year, the FED interest rates have gone all the way up to 5.5%, the highest in 22 years. 😨

And yet, inflation is still above their targeted price.

And this is the first week after many months, where analysts are predicting a 0.4% uptick in inflation.

Especially when the FED chair clearly mentioned that the economy was in a disinflationary state. 🤷

This could add more confirmation bias for the Bitcoin story —

Inflation bad. ❌

Bitcoin good. ✅

And not just the CPI.

But also the Producer Price Index (PPI), a measure of the change in selling prices for producers of stuff like fuel, minerals, etc.

PPI is a leading indicator used to predict future rate hikes is coming up this week as well.🗓️

A raw cow milk chugging week indeed! 🐄🥛

2️⃣ Bitcoin ETF? WTF is that?

In case you didn't notice, Bitcoin ETFs, a.k.a, Exchange Traded Funds - are on their way to take over Wall Street. 🐂

Exchange-traded funds help investors to gain exposure to a basket of assets—

And help establish their presence on the world stage. 🌎

Ever since BlackRock and 8 other institutions filed for Bitcoin ETFs to the SEC, everyone wants to know wtf happens next. 🫢

This is literally the conversations happening between crypto traders rn. 👇

Here's why it's important tho:

ARK Investment, the first company to file for a Bitcoin ETF – Their deadline for approval by the SEC is arriving this Sunday. 🤫

Although there's a possibility that the SEC asks for an extension, the odds are always out there.

The gamble, however, is what we can call upon. 🎲

3️⃣ Cathie Wood is bullish on the ETF.

Cathie Wood, the person behind the Bitcoin ETF filing and founder of ARK investing—

Cathie is quite the bullish person. 🚀

Her latest appearance on Bloomberg however suggested 2 things:

• The question is not how, but rather WHEN the ETF will be approved.

• She thinks that the SEC will approve multiple Bitcoin ETFs at once.

She's not saying there's a wave coming. She's predicting a whole frikkin Tsunami that's about to hit the market!! 🌊

What do you guys think?

Is there a Bull-Bear case that can play out soon?🤔

📈 Cheese and Charts: Base On The Rise (Despite Some Lows)

Everyone loves a comeback story.

And Base, Coinbase's Layer 2, might just be preparing for one.

So here’s the deal with Base:

🔹 Daily active users peaked at 85.66k, but now they're down by 39%.

🔹 Daily transactions once hit 611.35k, but have fallen by 73% from that high.

🔹 The total value locked (TVL) has decreased from $41.2m to $24.2m.

Sure, Base might not be in a good position right now, but there's this hint of another rally.

What hint? This fall in the numbers might just be a part of a big uptrend for Base.

Base might have taken a breather, but it's not out of the race.

So, what do you think?

Is Base about to rally? Or will Base settle on its base?

(REPLY and tell us below👇)

🛠 Resourcewala: WTF Is Token Velocity?

So you're planning your token economics, huh? 🧐

And you've heard that "Limited supply, more demand = skyrocketing prices."

It's sweet, but you're missing out on the velocity problem. 🌪️

That's right! It's not just about demand and supply; it's a high-speed chase involving velocity. But what's this velocity problem and why does it sound like we're talking physics in crypto? 🤔

Strap in because we're about to break down:

• What the hell is Token Velocity? 🌀

• The 'Velocity Problem' - and why your token might be on thin ice ❄️

• Mechanisms that reduce velocity: the brakes on your token express 🚂

Plus: An in-depth example that'll make this all crystal clear 💎

LFG! 🔥🔥🔥

🍼 Doodhshots: Binance 🤝 El Salvador

• 🧐 Huobi Sus: Huobi received $200 million in USDT and $9 million in ETH from a whale following bankruptcy suspicions. Transactions Just-In Sun.

• 🧐 Binance Sus: Binance sold its USDC and ETH reserves during the collapse of Silvergate Bank earlier this year. CZ = Pump & Dump master?

• 🥭 Mango Shake: Mango Markets, one of Solana’s premier trading DEX, is short on cash and has a lot of legal bills piling up. Back to McDonalds then?

• 🇸🇻 Salvadorian Win: Binance has received a full license to operate its business in El Salvador, where Bitcoin is a legal tender. Funds finally SAFU?

• 👨‍💻 Interview Scam: North Korean hackers called the Lazarus group, have scammed $37 million using Mock Job interview invites. One more reason to stay unemployed.

📍Web3 Events Nearby

Another weekend coming up, another meetup to attend. 😎

This time it’s Bigger & Better! We’re talking about Web3 Conf India 🏖️

Check out ➡️ meetupswala.xyz for all the side events

Here are the top Web3 Conf side events for this week:

1️⃣ Shardeum: Let's Get Sharded ⚡️

🗓️ This Sunday 📍 Goa

⭐️ Register here → https://www.meetupswala.xyz/events/1009

2️⃣ AlgoBharat Connect - Goa!

🗓️ This Saturday 📍 Goa

⭐️ Register here → https://www.meetupswala.xyz/events/1023

3️⃣ Builders Brunch

🗓️ This Saturday 📍 Goa

⭐️ Register here → https://www.meetupswala.xyz/events/1024

💰 $69 Million For 5000 DAYs

Imagine working for 4,999 days and not earning anything. 0️⃣

That’s 13 years of work for N O T H I N G. 😭

And then, one fine day, you get a massive bag 💰 of $69 million.

Not just that. 👇

This $69 million (🤭) sale is the first sale of the NFT bull market and the 2021 crypto bull market. You’re seen as a revolutionary, and your sale is seen as the first sale of the biggest art market in the world.

Click the link to out how 👇

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.

Today’s edition was brought to you by Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya