⏪ Doodhwala Weekly Recap: September 4

Gm, this is the doodhwala. The crypto newsletter that’s like a much cooler version of the book “10th Board: Last 10 Years Solved Papers”. We help you crack the crypto exam like a pro 😎

Here’s the spicy recap of the week:

• Monday: SBF is not going after the Chinese

• Tuesday: Big BTC whale making big BTC transactions

• Wednesday: Crypto.com makes a rounding error

• Thursday: Bitcoin’s poster boy accused of tax fraud

• Friday: Bitcoin ain’t being sold just yet

Oh and btw, the doodhwala team will be at Sino Global Capital’s Demo Day today. If you are there then find us and we’ll give you some epic doodhwala merch!

If you aren’t there then don’t worry! We’ll let you know what happened there tomorrow.

Monday: SBF is not going after the Chinese

Last week, Bloomberg reported that Sam Bankman-Fried a.k.a SBF, the Lord saviour of dying crypto exchanges, is planning to acquire Huobi.

Huobi is a leading crypto exchange in the world which was founded in China.

This report came after Cointelegraph reported that Leon Li, the co-founder of Huobi, was considering selling his majority stake in the company which is currently valued at over $1 billion.

When the question as to who would be actually buying it, everyone looked towards the saviour- SBF.

This is because in the past year his companies, FTX and Alameda Research, have bailed out other exchanges and lending companies like Celsius and Voyager Digital.

It is only logical for people to think the saviour will also buy one of the other big exchanges.

But our Lord came out and said THERE SHALL BE NO ACQUISITION.

The reasons are not very clear and we are not even certain that he was planning to buy Huobi in the first place.

Regardless, we’ll keep an eye on this to see if our Lord decides to reconsider.

Tuesday: Big BTC whale is making BIG BTC transactions

 A Bitcoin whale who had over 1,34,000 BTC is selling their remaining 10,000 BTC worth over $200 million.

The wallet was created back in 2013 when people were just learning the ABC (or rather the BTC) of Bitcoin.

This whale had remained dormant for the past nine years and now, it finally woke up to make the transactions. 

Why is this happening?

Not sure.

Maybe the whale is feeling the effects of the declining economy?

Or maybe the whale has a wedding coming up. (you know how expensive wedding shopping can be)

But what is clear is that the whale has been smart in transferring these Bitcoins.

The 10,000 BTC were sent in 2 transactions of 5,000 BTC each and then further split into multiple transactions, the smallest number being around 47 BTC to one wallet.

It seems like the whale has a big family to take care of or they are just creating a complex network of transactions to avoid tracing.

Either way, the whale is now officially out of the cool HODL gang. 🤷‍♂️

Wednesday: Crypto.com makes a rounding error

What do these leagues have in common?

• NBA

• Formula 1

• Champion’s League

No doodhwala sponsorship (yet!) but also deep Crypto.com sponsorship.

The crypto exchange is sponsoring everyone from Matt Damon to my neighbourhood pani-poori guy (try his sukha puri, it’s got milk in it).

But this week, they made a small, teeny-tiny, miniscule, chota error.

While processing a $100 (Rs 7,900) refund to an Aussie woman, they accidentally sent her $10.5 million (Rs 83.7 crore).

That’s 1.05 lakh times how much she should’ve gotten.

Talk about a rounding error.

Btw this happened in May 2021, and Crypto.com didn’t know till Dec 2021.

What did she do?

She bought a mansion for her and her sister and sent $300k (Rs 2.3 crore) to her daughter.

Now, Crypto.com is suing her. But she’s on the run, probably in a Lambo or a yacht.

Thursday: Bitcoin’s poster boy accused of tax fraud

After stepping down as Exec Chairman of Microstrategy, Baba Bitcoin-dev aka Michael Saylor was accused this week of tax fraud.

The amount? $25 million (Rs 200 crore)

What caused this massive tax fraud?

Man resides in Florida (low tax rates), his company Microstratey is based in Virginia (low tax rates), but he spends time in Washington DC (high tax rates).

But he doesn’t wanna pay high taxes.

This case of moving around and not disclosing your HQ is common in crypto.

Binance does it all the time.

In fact, my friend from Noida does this too. He keeps saying he’s from Delhi! Bro, we all know you’re from UP!

Now, I know what you’re thinking when you look at this.

“Oh of course Saylor is buying Bitcoin to evade taxes.”

But it wasn’t him buying Bitcoin personally, it was Microstrategy (they’ve bought nearly $4 billion BTC).

And they did it through legal means. I mean they even took a loan from a regulated bank to buy Bitcoin.

But Saylor’s problems are Saylor’s problems not Bitcoin’s.

Friday: Bitcoin ain’t being sold just yet

Blockchain data is a beautiful thing.

It shows you who’s holding, who’s selling, at what price and at what profit margin.

The thing is — most Bitcoin wallets aren’t selling.

• 62% of wallets have been hodling BTC for at least 1 year

• 32% of wallets have been hodling BTC for 1 month - 1 year

• 6% of wallets are holding for at least a month

That’s not even the best stat.

Out of 62% of Bitcoin hodlers for at least a year about one in three have been holding onto BTC for more than 5 years.

And they’re up nearly 450%.

Not bad.

And the best stat of them all?

Reading the doodhwala will help you become taller, stronger, and sharper.

So chug your Horlicks with some doodh, read the doodhwala every morning, and continue hodling.

According to data from the trading analysis platform TipRanks, while on-chain signals remain bearish for BTC, 62% of wallets have held BTC for one year and above. On the other hand, 32% of wallets are shown to have held for a month up to a year. Lastly, those who have been holding for less than a month are only 6%.

Tweet Of The Day

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.