🗑 Bitcoin’s being trashed and what the heck is Flippening?

Namaskaram frens! We are your Doodhwala, and we won’t judge you if you take your doodh as coffee or tea. As long as you take your doodh, we’re goodh.

Here’s what we’ve got for you today:

• Flippening — what the heck is it and why does it matter

• Bitcoin in the TRASH

• A crypto snippet to melt your heart

• Meme of the day

Flippening — what the heck is it and why does it matter

If you’ve heard anything about crypto recently, you’d have heard the term “the flippening.”

No, it’s not the Superstar’s iconic coin flip in Sivaji.

Or Jai’s decisive coin flip in Sholay.

It’s when (or if) Ethereum flips Bitcoin.

Right now, in terms of market capitalization (a fancy word for the volume of something * the price of that something) Bitcoin is worth $420 billion (I’m not even making this up) or 42% of the entire crypto market and Ethereum is worth $185 billion or 18% of the crypto market.

The flippening is when:

Ethereum’s market cap > Bitcoin’s market cap

and

Ethereum as a % of the crypto market > Bitcoin as a % of the crypto market

This would be a big deal because it would mean that Bitcoin is not the top-dog cryptocurrency in the market and Ethereum’s claim of a decentralized internet would be more valuable than Bitcoin’s claim as a decentralized currency.

It’s like if India had to choose between Rajnikanth or Amitabh Bachchan!

Why are we talking about the Flippening now?

In a few months (fingers crossed) Ethereum will undergo The Merge. This would transition Ethereum to a proof-of-stake crypto, from a proof-of-work crypto (like BTC).

This would, in the Godfather of Ethereum’s (Vitalik Bhai) own words, allow the blockchain to process “100,000 transactions per second.”

Wow, that’s more masala dosas than we can eat per second!

So, the thought process goes something like this:

Ethereum processes more transactions → Ethereum becomes more scalable → More apps deployed on Ethereum → Price of ETH (to process transactions increases) goes up → Ethereum’s market cap increases → Ethereum flips Bitcoin

Okay. Got it?

Will it happen?

Beats us.

We’re bad at predicting things. After all, we’re RCB fans 🥲

Doodhwala’s take: The Merge is a fair way away, but the flippening is a LONG LONG way away (if it even happens).

Beyond Bitcoin and Ethereum, the next biggest non-stablecoin crypto is BNB which is 4% of the crypto market.

So, it’s fair to say that Bitcoin and Ethereum (in whatever order) will remain the top two, just like Big B and Rajni.

Why can’t we love 'em both?

Bitcoin in the TRASH!

You all remember the story of Manjhi- the mountain man right?

A tale of grit and perseverance in which a man carved through a mountain to create a road with just a chisel and hammer.

Now, let us tell you about the crypto version of that story.

Although the cause may not be as noble as Manjhi’s.

This is James Howells.

His whole life changed when he threw away a hard drive in 2013 that contained 8,000 Bitcoins in it.

Yes. 8,000 Bitcoins.

The current value of that would be around $180 million.

Why did he do that?

Because he had 2 IDENTICAL hard drives and he threw away the wrong one. (smh 🤦‍♂️)

He is now on a mission to dig through 1.1 lakh tons of garbage in the hope of finding it.

And he wants to do it Dhoom style.

James has assembled a team with expertise in AI, data extraction, waste management and landfill excavation.

Now you might wonder if one of these guys finds it, won't they just keep it?

For that, we would say, you do not know about the robot dogs. 🙃

Our man has plans of keeping 24-hour CCTV cameras along with 2 robotic spot dogs from Boston Dynamics patrolling at night.

No, don't wipe your eyes. Because you read it right.

The whole plan is expected to cost around $11 million and take about 3 years to complete.

The only thing stopping him from doing it is his local government in Wales (that’s the part of the United Kingdom and Great Britain you always forget).

They believe it will be an environmental disaster to dig up so much buried trash.

But James promises to put it back just like we promised to put the radio back after we opened it up for a “school experiment” as a kid.

This whole thing is absolutely crazy!

The good thing, however, is that James intends to keep only 30% of it and split the remaining amount between the team that helped him and his local community.

He is now preparing a proper pitch to convince his government. With a slideshow and everything.

Let’s see if they allow the making of Dhoom 4: Kacharawala. Fingers crossed. 🤞

Wholesome: A crypto bro tipped $3k (Rs 2.3 lakh) at a restaurant

Crypto bros are known to be Lambo-roaring, Rolex sporting pricks.

But some of them are nice, like really really nice with their money.

One crypto bro — the legend known as Eric Smith — donated $3,000 or Rs 2.3 lakh at a restaurant.

And get this, his bill was $13.2 (Rs 1k). That’s a tip 3,000 times the bill!

If you told this to my cheapskate chachu, he’d be picking up his jaw off the floor.

My dude also wasn’t selling anything. He simply wanted to give back to the community!

You’re a real one, Smith.

Doodhwala loved this story so much that we just minted the ENS domain ericsmithisarealone.eth.

So, Eric if you’re reading this we want you to know you’re a real one.

Give us a holla and we’ll transfer the domain to you.

Meme of the day

That’s all for today peeps! Kal Milenge!

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 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.