The STABLE Act: A Threat to Tether, Stablecoins, and the Future of Altcoins?

If this bill goes through, only insured banks could issue stablecoins, putting Tether and others under serious pressure and potentially shaking up crypto market liquidity.

Altcoins could take a hit too—many rely on stablecoins for trading and liquidity. If regulators tighten the grip, should we bet on decentralized alternatives or see stablecoins forced into compliance with banking laws?

Is this regulation protecting the market or killing innovation?

Proton Enters Crypto Space with a Self-Custodial Bitcoin Wallet Focused on Privacy

Proton, a Swiss privacy technology firm best known for its encrypted email and VPN services, has launched Proton Wallet, a self-custodial Bitcoin wallet designed to protect user privacy and security. The wallet is available for both Android and iOS users, allowing users to buy, store, and send Bitcoin without interference from centralized platforms... Read more here.

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After few months, it's finally out of beta/testing version. While it's open source and self custodial, it's also categorized as web wallet where I hesitant to recommend it. Your opinion is greatly appreciated.

Interesting move from Proton! Their privacy-first approach aligns well with Bitcoin’s ethos, but a web-based self-custodial wallet raises security concerns. Open-source is a plus, but without a solid backup and security model, users should be cautious. Promising, but worth a deeper look.

Quote from: TokenTactician24 on October 10, 2024, 10:11:05 AM

I’m cautiously optimistic; while the RSI is stable, we could see a push towards $65,000 in the next few months.

$65,000 in the next few months???!! This is not cautious optimism, this is pessimism

I am optimistic that Bitcoin will reach $85,000 in the next few months.

However, there is no guarantee that these expectations will come true. The world is witnessing great tensions, especially the escalation of the conflict that threatens to turn into a regional war. Since the Middle East region has the largest oil reserves in the world, we may witness an energy crisis that will cause economic problems in all countries, affecting fiat and Bitcoin.

Haha, $85,000? I like the enthusiasm! But you know, being a bit of a pessimist actually helps us stay grounded. Optimism is great for dreaming big, but it’s the cautious outlook that makes sure we’re prepared for those bumps ahead. Sure, Bitcoin could shoot up—but with global conflicts and potential energy crises looming, we might want to keep a more realistic view on those numbers. Sometimes, a little pessimism is just good risk management!

Well, I am already used to the rollercoaster nature of Bitcoin and if one is surprised of this nature then he must to get acquainted with it. With Donald J, Trump poised to win the November 5 election against the weak and "knucklehead" team of Harris/Walz, there can be more energy by the market come next month. The Middle East problem may continue to be affecting for the remaining days of 2024 but there can be more bright sides in the first quarter of 2025. As what I said in other posts, we can be lucky if BTC can be able to make it beyond the $70K line and make a new ATH before December 31...as we know that December is not also a very good month for the crypto market.

Haha, you’re right! Bitcoin's rollercoaster ride is no surprise at this point. If Trump’s win does bring market energy, we might see that $70K push. But with the Middle East crisis and global inflation still in play, I’m keeping my expectations cautious for Q4. Historically, December hasn't been kind to crypto, so we might have to brace for more volatility before year-end!

Do you use a password manager for your online accounts, exchanges, 2FA and wallets?

Which one do you use and why? Share your experiences.

What do you think of closed-source password managers like 1Password?

And open-source ones like Keepass?

Here is a comparison of most password managers (I don't know if the list is up to date), which may help you in your choice.

I’ve been using 1Password for years and it’s been a game-changer. Super secure, easy to use, and perfect for managing everything from my exchanges to 2FA. The closed-source aspect doesn’t bother me since they’re constantly audited and reliable!

We have all heard that Bitcoin is digital gold, especially in the task of protecting assets during the inflation wave of 2021-2023^[1], Bitcoin is even expected to become a new standard for assets in the future^[2]. We have a lot of articles comparing Bitcoin with Gold, but they seem to belong to different worlds: Bitcoin is a cryptocurrency, and Gold is a precious metal commodity^[3].

I believe in the potential and future of Bitcoin, but I'm quite curious about the possibility that Bitcoin can replace Gold or at least catch up with Gold in capitalization.

According to statistical data, Gold's current capitalization is 13,474T USD, while Bitcoin's capitalization is 957.74B USD, only 7.1% of Gold's capitalization^[4]. This means that assuming the Gold price remains unchanged, the Bitcoin price needs to increase by 14 times and 1BTC = 678K USD to catch up with Gold.

Obviously, this is no easy task in the upcoming cycle, even in PlanB's most optimistic prediction, 1BTC = 500K USD^[5].

Looking at the BTC price chart, we see that the slope of the price chart gradually decreases with each cycle, confirming a weakening in price momentum, which is the opposite of what we can see on the DJIA chart. Assuming BTC will continue to fluctuate at its current rate of price growth, $678K USD will not arrive before 2028, meaning we cannot see BTC triumph over Gold before 2028. I think Bitcoin will catch up and surpass Gold in 3-4 more cycles, meaning around 2035-2040.

Of course this is just the simplest analysis I can present on a price chart, assuming the Gold price remains unchanged in the future. In fact, when inflation cannot be controlled, I believe that Gold price will continue to increase strongly in the future.

I personally do not expect that Bitcoin will surpass Gold, because by then, the BTC price will be too high and cause BTC to lose a lot of value in payments, maybe then BTC will only be in reserve account of governments.

I just want to see Bitcoin surpass top 2 Microsoft ~ cap 3,026T USD, at that time 1 BTC = 154K USD.

I want to know your opinion:

• Do you think Bitcoin has any chance of catching up and then surpassing Gold in capitalization?
• If so, when in the future might that event take place?
• If this happens, will it be a good thing for Bitcoin?

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References:
[1] GrayScale: October 2023: Rising demand for Bitcoin as Digital Gold
[2] ‘The Bitcoin Standard’: A review
[3] Gold vs. Bitcoin: Which Is Better?
[4] Top Assets by Market Cap
[5] Bitcoin Will be Scarcer Than Gold After Halving, $500K BTC Price Predicted

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Note:

• My opinion was posted first in that topic, on Bitcointalk
• I leave the source link to avoid plagiarism accusation.
• I excluded/ included minor things from an original thread ^{if necessary}.

This post raises interesting points about Bitcoin's potential to rival gold as a store of value, particularly during inflationary periods. However, I believe the comparison oversimplifies the dynamics of both assets. While Bitcoin is often dubbed "digital gold," it operates under fundamentally different principles, such as its volatility, regulatory challenges, and unique adoption curve.

Bitcoin’s future isn’t solely about catching up with gold’s market cap; it's about redefining the financial landscape. Gold has centuries of stability and trust as a safe-haven asset, while Bitcoin is still carving out its identity in the investment world. Instead of focusing on a direct competition, we should consider Bitcoin as a complementary asset that offers different benefits, such as portability and programmability, which gold cannot provide.

In the long run, the true measure of Bitcoin's value may not be its price relative to gold, but rather its ability to reshape how we think about money and value in a digital age. Therefore, rather than fixating on the capitalization comparison, it's essential to focus on Bitcoin's unique attributes and the evolving role it could play in a diversified portfolio.

Recovery scams aren’t new, unfortunately, and the FBI seizing just three websites barely scratches the surface. These scams prey on people’s desperation after losing their crypto, and it’s rampant. The best defense? Guard your seed phrase like gold. Recovery services are often just as sketchy as the losses themselves, and you’re essentially handing over your keys to thieves. Stay vigilant!

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Binance faces an $86 million tax demand from Indian authorities under the Goods and Services Tax (GST) framework. This comes as the crypto exchange seeks to reestablish its presence in the country, which has been marked by a challenging regulatory journey.

The return of Binance to India comes after Indian anti-money laundering (AML) agencies gave Binance the green light to resume operations.

On August 15, 2024, coinciding with India’s 78th Independence Day, Binance announced its reentry into the Indian market. The company sees this as a fresh start for cryptocurrency adoption in India, a rapidly growing digital economy. Yet, this fresh start is complicated by past issues.

The origins of this tax dispute can be traced back to December 2023, when India’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, for operating illegally in the country.

Get more of this Binance story here.

The Indian government through its regulatory agencies is really maximizing all the possible means to tax Binance and since Binance is really interested to get back to the country's crypto market then it must start to negotiate the amount the government might be demanding for it to pay. Let's just say that this can be the cost of doing business with a big market such as India. Let's not hope that this will not be affecting its operation and the fees Binance would be imposing its users...because too much can lead to stagnation which can be a lose-lose to all parties involved. what is opinion with this development.

Do you think this is already excessive on the part of the Indian government or you feel this is just fair and right since Binance violate the law and is so rich, anyway?

The post highlights Binance's return to the Indian market, marked by an $86 million tax demand from Indian authorities. This development reflects the Indian government's strong regulatory stance on crypto activities, emphasizing compliance, especially with past issues related to anti-money laundering. Binance's reentry into India is significant as it aligns with the country’s growing digital economy, but the heavy tax demand raises questions about its long-term impact on operations and user fees.

In short, while the tax might seem hefty, it’s a reminder of the cost of doing business in a market like India. It’s amusing how this reentry coincides with India’s Independence Day—talk about a “freedom” tax! How do you think this will play out for Binance and its users in India? 😄