Gm. This is the doodhwala, the newsletter that shocks you like the old Havells ad, but in a good way.

Prices dekh ke, shock laga laga shock laga kya?

Here’s the BIG scoop of the day:

• Not again Mrs. Sitharaman

• ETH Miners…back from the dead?

• Chaach and Charts: Are P2E games 💀?

• Meme Of The Day

Let’s get into it!

Are you OKAY — Mrs. Sitharaman?

Mrs. Sitharaman is at it again.

This time, she’s calling on the AVENGERS to take on crypto. 👩🏽‍⚖️

Not the superhero Avengers. But the politician Avengers — the G20.

What tf is the G20?

The G20 is like an annual meetup (but of 60-year-old finance politicians who’ve never used emerging financial technology) where they talk about emerging financial technology.

And next year, guess who’ll be heading the G20?

👉 India 👈

And we’ll be repped by our Finance Minister Nirmala Sitharaman.

So, to discuss what’s gonna be on the agenda next year, Mrs. Sitharaman was in Washington DC last week where she:

• told everyone how much better Indian food was

• bought cheap electronics for the nephews and nieces

• called for cryptocurrency regulations

So, what did she say about crypto?

She said crypto is used for v v bad things like money laundering, terror financing, and drugs.

She even highlighted the recent seizures of crypto from exchanges by the Enforcement Directorate.

Here’s what she told the other countries:

• no one country can handle crypto

• several countries should be regulating crypto

• crypto regulations should be on the table at the G20

🤦🏽‍♀️

So, what should we expect?

India will be leading this G20 thing but India’s track record with crypto is…not the best:

1️⃣ — imposed two kinds of taxes on crypto (flat 30% tax on gains + 1% TDS).

2️⃣ — prevented banking and payment partners to work with crypto exchanges.

3️⃣ — struggled to classify crypto as a good or service but plans to impose an indirect tax.

Based on India’s history of nuking the crypto industry, the G20 agenda is likely to be as stressful as waiting for my 10th board exam markets 😰

And here’s what we think will happen:

• Mrs. Sitharaman will call for global crypto regulations

• Other countries will consider it

• Indian media will call this the end of crypto

• That neighbourhood uncle-ji will say, “Yeh crypto scam hai!”

• But nothing will happen after that

Why?

Doodhwala’s take: When was the last time countries agreed with each other on regulations?

The only thing Indians and the Chinese can agree on rn is their love for Aamir Khan.

The only thing Indians and Pakistanis can agree on is Chicken Tikka Masala is the national dish of the UK.

So, we think global consensus on crypto regulations is still far off.

And globally regulating decentralized cryptocurrencies is not easy fam.✌️

ETH Miners…back from the dead?

On September 15th, the Ethereum Merge was finally completed after years and years of talks, charcha, and postponements.

Even Bangalore Metro construction was completed during this time. 

Jk. That will only be completed after the next Haley’s comet appearance.

So Ethereum moved from Proof-of-Work to a Proof-of-Stake chain and most of the miners were a teensy bit upset.

This is because the Proof-of-Stake blockchain doesn't need miners to validate transactions through traditional methods using huge amounts of energy to solve a problem.

But one miner was so pissed that he took action instead of just posting Vitalik diss tweets on Twitter.

Chandler Guo, a former Ethereum miner, spawned a hard fork of Ethereum last month that has been garnering a lot of attention lately.

EthereumPoW is that hard fork and there has been quite a bit of activity on that chain over the past few weeks.

Here are the juicy bits:

• 100+ projects have been launched on the chain including DEXs and DeFi protocols

• Prominent ETH Mining pools like Nanopool and Poolin have come out in support of the chain

• The current TVL is about $3.6 million (and it's up 260% since September 2022)

What does Vitalik Bhai have to say about this?

Vitalik bhai has been pushing Ethereum Classic (ETC), another Ethereum hard fork that was created in 2015, for people who are interested in mining.

But Guo firmly believes that ETC has no ecosystem development and its NGMI (that’s crypto for Nahi Ho Payega!)

We're yet to be seen how EthereumPoW fares in comparison with ETC in the long term given its recent uptick in activity.

But ETH's already at POS.

And the battle between EPOW 🤜 🤛 ETC looks like Cristiano Ronaldo and Anthony Martial fighting for the substitute's spot on the Man United bench. 🤣 

Will this battle create a great ecosystem?

Not just miners but also users of the projects or will it be a case of “25 din me paisa double”

Only time and God (Rajnikanth) can tell but the doodhwala will fo sho be listening. 😎

This P2E game ain't 💀

  Check out our favourite P2E games rn 👉Flappy Musk and Whack A Tate

  Chaach and Charts: Are P2E games 💀?  

Last year, everyone and their Nani were talkin about play-2-earn games! Even us

People became literal millionaires by playing Axie Infinity and earning $AXS tokens.

Then came the bear market 🐻

Now, all these P2E coins are DOWN BAD!

Just look at that MASSIVE crash in the price of SO MANY P2E coins.

The last time the price of a project went down this bad, a certain Do Kwon was behind it. 👀

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.