July 21, 2022

🥛 Instant reactions to Elon selling tons of BTC 😲

GM. This is the Milk Road, the newsletter you lean on for crypto news.

You can lean on us like Michael Jackson in Smooth Criminal.

Here's what's cooking today:

  • Tesla sold 75% of their Bitcoin in Q2

  • Polygon launches zkEVM

  • Minecraft bans 3rd party NFTs

  • Meme of the day


Tesla’s Q2 report came out of the oven yesterday. And it was hotter than the temperature in Europe right now.

Why? Tesla sold 75% of its Bitcoin in Q2. 

Look. It’s a free country. Sell, buy, do what you want. 

But Elon, baby, why did you lie to us?

So – why did Elon and Tesla sell? 

They didn't say much besides they were worried about lockdowns in China & were concerned with the environmental impact of Bitcoin.

Others suspect it’s because if they didn’t convert to cash then they would've had a negative cash flow quarter (bad for the stock price). 

Either that or they have less faith in Bitcoin as a treasury reserve asset. 


Yesterday Polygon dropped a huge announcement – the release of zkEVM. And no, that’s not the name of a new spaceship in Star Trek. 

zkEVM stands for "Zero-Knowledge Ethereum Virtual Machine" (nerd speak for "eth grease").

And everyone's saying it's a big deal for ETH, but …what is it?  

Let's make it stupidly simple with a "Driver's License" analogy…

You need a driver's license. If you're American, that means you need to go to the DMV. 

If you don't know what a DMV is, just close your eyes. Imagine hell. Now, add paperwork. There, you've got it.

Ethereum is like the DMV. 

It's SLOW (~15 transactions per second) & EXPENSIVE ($10-$100 gas fees) 

Polygon's new thingy is gonna make it 2-3X faster and ~10X cheaper to use Ethereum. 

The key details: 

  • It's compatible with ANY solidity smart contract (devs don't need to change their code) 

  • It uses ETH as the gas token (no new token required) 

  • Code is open source, and available now— test net in a few weeks. Full launch early next year.

This is big because people have been excited about "zero knowledge" methods, but most people thought it was still ~1-3 years away. 

This announcement is like DoorDash showing up in 10 minutes instead of 40. Top 5 best feelings.

Polygon is excellent at biz dev. Great at marketing. Now they need to deliver on this promise!

ps. sorry Vitalik for comparing ETH to the DMV. 

<3 you. just needed an analogy


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Minecraft dropped a bomb yesterday – they're banning 3rd party NFTs.

Here’s why:

  • NFTs give digital ownership based on scarcity & exclusion

  • Players earn rewards as they complete different missions, which makes it unfair for other players that don’t have the NFTs

  • Minecraft already has assets in its game and “strives to provide a marketplace where the values can be recognized”

Skeptical Translation: “We don’t make as much money now and aren’t in control” 

This is big because there were already some well-known NFT projects are building on top of the Minecraft servers. Like NFT Worlds. 

Now they’ve been sent to the Gulag. Ouch.


CoinDesk reported that someone overheard Vitalik ordering a cup of hot water at the ETHCC conference in Europe… so we'll take their word for it.

P.S. – If you reply to this email with “Billy The Kid”, we will send Billy to a fancy coffee shop and have him order hot water in the most elaborate way possible and post the video tomorrow. 

P.P.S – Thanks to all of you for replying to our poll yesterday, we'll share the results tomorrow!

That's all for today folks. See ya tomorrow!

Shaan "Chocolate Milk" PuriBen "2% Milk" Levy &  Diego "El Lechero" Salinas

A Review from the Road…

Vitalik Pic of the Day…

Vitalik spitting bars at ETHCC!

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.