🤝 Scammer meets Scammer

Gm, this is the doodhwala the crypto newsletter that’s so good you’ll be saying, “Yeh Dil Mange More.” For our non-Indian frens this means — “We love the doodhwala so much!”

No lies 🤞

Here’s what we got for you today:

• BitBoy in the Bahamas

• $wBTC or $BTC going to the moon?

• No party like an ETH India party

• Milky Meme of the day

🤝 Crypto scammer meets crypto scammer

Bitboy.

That’s not the child version of a crypto superhero.

Bitboy is crypto influencer and a well-known crypto “scammer.”

But right now, this crypto scammer is hunting down (quite literally) the BIGGEST scammer in crypto.

SBF.

We’ve got a scammer showdown. 🤺

Bitboy (real name: Ben Armstrong) wants to find SBF (real name: Scam Bankrun-Fraud) and prolly shill him some shitcoins like he does on his Youtube channel to his 1.4 million subs.

This weekend, the crypto influencer went down to the ☀️ Bahamas ☀️ and was live streaming outside the FTX HQ.

I hope he didn’t peek through the curtains because some nasty things might be going down. 🤢

Long story short: He didn’t find Sam. He didn’t even get to speak to Sam.

Maybe if he posed as the New York Times, Sam would come speak at his summit.

But he did find something. 💡

He found, Sam’s Toyota Corolla, the same one from the Nas Daily interview.

Bitboy even took a few close-up pictures of some documents and medical tablets.

Bitboy: Good or Evil?

Yeah, I don’t like Sam’s scammy ass either, but this is a publicity stunt from Bitboy.

Don’t confuse Bitboy for some caped vigilante like his name claims to be.

HE’S A SCAMMER. Here’s a list of scam coins he’s promoted in the past:

• Ink Protocol

• ZAO Finance

• Ethereum Yield

• Meridian Network

• Cypherium Blockchain

• PAMP Network (really?)

He promotes crypto scams like Karan Johar promotes film stars’ celeb kids.

All of them went from 🚀 to 💩 real quick but Bitboy pocked ~$50k for videos pumping these coins on his channel.

Unwanted advice from the doodhwala:

A lot of influencers will want to sell you stuff.

But in the bear market, you ain’t buying with cash (because we broke af)

You’re buying with attention. Be careful of who you focus your attention on.

Meanwhile, we just focusing on the lulz.

Watch out for $wBTC?

$wBTC or Wrapped Bitcoin is in BIG TROUBLE.

First of all, what’s a $wBTC? 🤨

wBTC is an ERC-20 token pegged to the value of $BTC.

Kinda like a dubbed version of a movie. You’ll enjoy the movie but it’s just not the same.😅

People use $wBTC because, even though Bitcoin is cool and all, you really can’t do much with it.

You can send it to someone or just HODL it. Nothing much else.

Sure, there are protocols like Stacks and Sovryn that are building DeFi for Bitcoin but they are nowhere close to where DeFi on Ethereum is.

Hence, the creation of $wBTC. 😎

You can mint $wBTC in exchange for your $BTC and participate in the degenerate world of DeFi on Ethereum. 💰

Aave, Curve, Maker and anything you want can be used.

So what’s happening? 🤨

There are currently around 230k $BTC “on” Ethereum.

This makes the market cap of $wBTC around $3.73 Billion. 🤯

But the supply of $wBTC has been dropping since May of this year.

In these past 6 months, $wBTC has seen some of the biggest burns. In July, around 9500 $wBTC was burned in just one day! 😅

And who has been burnin’?

We’ll give you 3 guesses.

• SBF?

• FTX?

• Alameda Research?

Well, they’re all the same, aren’t they? 🤦‍♂️

Alameda burned close to 20k $wBTC since May, including $52.7m’s worth just 2 WEEKS AGO!

Not just this.

There is another shady name in this top burner list- 3AC Capital.

And because of all this FTX drama, $wBTC has been depegging. 😭

Depegging is when the wrapped asset like $wBTC stops having a similar price of its original asset, $BTC.

If people start getting afraid then this depeg is going to get worse and will affect the overall liquidity of the ecosystem. 😬

Given that the underlying asset is $BTC, most investors might convert their $wBTC back to $BTC and put it into cold storage.

In this case, the risk is minimal for the investors, but the ecosystem is screwed.

Hopefully, it doesn’t happen but then again…never say never? 🤞

Crypto entrepreneurs ain’t partyin no more

Guess which of these are getting wrecked because of the bear market:

🍾 Night clubs (because crypto bois love to party)

☕️ Starbucks (because who doesn’t love free Wi-Fi and bad coffee)

🛺 Taxi drivers (because crypto bros are going from meet-up to meet-up)

The right answer is 👉 all of the above.

But the one we’re looking at is nightclubs.

Not because we like to party, but because they’re getting absolutely wrecked.

Last year during the bull market, crypto bois and gals were going to nightclubs and spending close to $50,000 (Rs 40 lakh) a night.

This was 0.83 BTC or 11.1 ETH a night during the top.

This is 3.1 BTC or 41.2 ETH a night during the bottom.

Yeah, that’s how we look at 🧸 markets.

Get this, a 24-hour nightclub in Miami (America’s Goa) was accepting crypto payments during the 2021 bull market.

Woah, first I’ve got a question — is a 24-hour night club a day club for half the day?

They processed $6 million (Rs 50 crore) in crypto transactions.

This year, their crypto transactions dropped by 99% to less than $10,000 (Rs 8 lakh). That would be worth less than one bottle of champagne (alcoholic Appy Fizz) last year.

But don’t 🫵 YOU 🫵 worry.

While nightclubs are dying meetups are thriving.

In the next week there are:

• 32 — yes THIRTY-TWO — meetups in Bangalore 🇮🇳 (Nov 29 - Dec 5)

• Art Basel in Miami 🇺🇸 (Dec 1 - Dec 3)

Which events are you going to? Let us know by REPLYING to this email and we’ll doodh drop in.

Check out all ETH India side events here:

Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)

That’s all for today bhaiyo aur bheno! Naale Sigona!

Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

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 a 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.