🇮🇳 Time Bomb for Indian Exchanges

Gm, this is the doodhwala, the crypto newsletter that’s made up of the same ingredients as the PowerPuff Girls.

🍦 Sugar. 🌶️ Spice. 🫂 And everything nice.

But we added an extra ingredient – 🧪 Chemical X (really lame jokes)

Here’s the fresh coverage for today:

• 🇮🇳 Fallen Exchanges: Just 21 months left

• 👺 The $BEN scam: How 2 Bens created a scam coin

• 📈 Finally!!: Bitcoin finally peaked, all down from here?

• 🛠️ Resourcewala: Wtf is yield farming

• 🍼 Doodhshots: Crypto? Bali? GET OUT

🇮🇳 Bear Grylls Inspires Indian Crypto Exchanges

The lineup for that Bear Grylls’ show is coming in hot! 🔥

After guest appearances from

👉 Celebrities

👉 Movie Stars

👉 Prime Ministers

We have some of the best – Indian Crypto exchanges getting featured!

Why 🇮🇳 crypto exchanges?

Coz with the combination of:

• the bear market

• the poor regulations

Exchanges are in full-on survival mode right now. 😥

Why are Indian exchanges struggling?

It’s nothing new that India is NOT the best place for crypto companies.

In 2022, the Government of India came out with a new taxation system that imposed a 30% flat tax on profits made on the sale of virtual digital assets.

This pushed trading volumes on crypto exchanges down by almost 70%.

On top of that, the laws that govern operations for crypto are very weak and unclear. 🙁

All this has made exchanges 👇

• Maintain low reserves/liquidity

• Lay off employees to manage burn

• Suspend hikes and re-negotiate salaries

And it’s getting worse:

As if the poor regulations and ongoing bear market wasn’t bad, Indian banks decided to make it worse.

Multiple banking partners are shadow-banning crypto exchanges.

This prevents users from:

• connecting their bank account to exchanges

• depositing INR to the crypto exchange

• withdrawing INR from the exchange

💀

Can they face Armageddon?

We just deliver milk, we don’t know. 🤷‍♂️

We’ve clearly already seen the problems that exchanges have during tough and choppy markets. 💀

From withdrawal halts to deposit problems, we have it all!

The biggest Indian exchanges stated in a recent study:

The newest threat in town also happens to be the entrance of international exchanges.

At the beginning of 2023, data revealed crypto traffic in the nation continued its downward trend. Indians had moved more than $3.8 billion in trading volume from local → international crypto exchanges.

While Indian regulations are 💩 and exchanges are going 📉, at an international level, the Indian politicians are talking big (typical 🤣)

India is the leader of the G-20 for the current term and is working towards building an accurate crypto framework that will focus on:

👉 KYC Mandates

👉 Anti Money Laundering

👉 Free doodh schemes for degens

Doodhwala’s take:

We believe in India and Indians. But Indian crypto exchanges? Not so much 💔

🔺 Two Bens creating a crypto bubble!

Bubble.

In crypto…even a single dude can create a bubble (just like blowing a bubble gum).

So, this time it's these 2 dudes named Ben. Yeah, 2!

How about that for a shitload of cringe?

Our two antagonists of the day:

👉 Ben Armstrong, aka BitBoy

👉 ben.eth, aka the creator of the $BEN coin

Let's break it down:

First up, BitBoy, a YouTuber famous for his outrageous antics and questionably educational crypto content.

Here he is, doing his scammy shit👇

He's been known to promote scammy coins that ended up dropping by 99% in a matter of days.

Then we got ben.eth → a cryptopreneur who shot to fame in the web3 scammer-verse after creating the $BEN token.

BitBoy and ben.eth are the Joey and Chandler of the crypto universe, except not at all funny.

Now, this is where things get cheesy.

Remember that $BEN coin?

• It was created by ben.eth

• And sold to BitBoy 

And guess what? This coin is as useful as a doodhwala without any doodh. 🤷‍♂️

Despite being a big, fat nothing, this coin is enjoying some sunny days, hitting all-time highs.

Why?

BitBoy, the so-called YouTube maestro, hinted (in a manipulative way) it'll be sponsored by a popular crypto-gambling site.👇

But wait, there's more!

The sale of this seemingly worthless coin was...well, let's say, "a shitty mess."

🗓️ BitBoy promised not to sell any $BEN tokens for "at least 6 months."

🗓️ 5 days later - Boom! He sells them. 🤯

And what's ben.eth next move?

He's off to new scams, with a new token → $PSYOP.

To buy $PSYOP tokens, users had to trust ben.eth and send ETH directly to his address.

This raised a lot of questions - where was the contract? is he gonna run away with the money? does he even drink doodh? 🤔

Still, this didn't stop the flood of ETH into ben.eth's wallet.

When the contract finally went live, here’s what happened:

• Early buyers noticed discrepancies between what they'd bought and what was airdropped into their wallets.

• This led to discussions about the legality of ben.eth's actions.

• An attorney even considered a class action lawsuit against ben.eth.

His response? Threats of a counter-suit. 💀

Yet, no one knows if any legal action will materialize.

To date, Ben.eth holds almost the entire supply of this token.

And now he’s on to launch (another) new scam meme coin → $LOYAL.

Just look at his damn guts! 🤬

BEWARE of Bens!

Doodhwala’s Take:

Cuz of these scammers people are losing BIG money and their faith in crypto.

And let's not even get started on how much therapy they'll need. 🤦‍♂️

📈 Cheese and Charts: Fee Peaks and Bitcoin Valleys

In the crypto world, there's a love-hate relationship with fees.

High fees on-chain signal high demand, but they're like that extra spicy biryani that feels great at first, then leaves you gasping for water. 🌶️

Check out this spicy correlation 📊

Whenever Bitcoin's on-chain TX fees reach a new peak, Bitcoin prices top out.

💸 2018: Fee peak at $20.7M, Bitcoin topped out at $20k

💸 2021: Fee peak at $16.8M, Bitcoin topped out at $60k

And now, we’re in 2023, and we’ve just hit a fee peak at $17.8M

So, what’s next for Bitcoin price? Are we gonna top out at 28K or go up?

Well, we’re watching, while sipping on some hot doodh. 🥛🧀

What’s your guess on the upcoming Bitcoin price movement?

(REPLY and let us know your thoughts)

🛠 Resourcewala: The Ultimate Guide to Yield Farming

Forget about milking cows, it's time to milk your crypto! 🐄💰

Welcome to the world of Yield Farming! 🌾

But what's up with Yield Farming anyway? And how the heck does one farm yield? 🤔

This new resource is all about:

• WTH is Yield Farming?

• Why should you give a damn?

• The Yield Farming PROs and CONs

🍼 Doodhshots: No crypto tourism in Bali

• 🌴 Bali Ban: Bali tells tourists not make payments with crypto. Honeymoon cancel then?

• 🐶 Doge climbs: Doge traded more than BTC and ETH recently. Who let the dogs out?

• 🇱🇦 Laos Chads: Laos says that it prioritizes blockchain over crypto. Right move?

• 😯 Jimbo Jungle: A possible agreement post a hack of Jimbo protocol is in place. How soon we ask!

• 🪙 Profit booking: BTC short term holders are selling in profits. Wen airdrop?

🤣 Milky Meme Of The Day

Doodh > Beer

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