No one can tell you any definite reason when the price of bitcoin will recover because no one is sure why the price is going down. If we know the reason, we can do some definite calculation. But that's not the case here.

However, if you want to invest in bitcoin but not sure what would be the right time, I will suggest you to take the SIP route. It is a real world investment technique which average out the buying price of an asset and lowers the risk. Try buying a certain amount of bitcoin at a certain interval. For example, buy some bitcoins at 5th of every month at various price points. It will average out your buying price and you will have higher profitability when the market goes up.

This SIP method is practised in all stock markets around the world keep portfolio risk at lowest possible level.

That may be the main reason for the current down trend. I have never followed this particular coin, but if 4-5 billions of coins are flooding the market and the trade volume is 10-15% of the total crypto volume, then it is easy to manipulate the market using pump and dump strategy. Even though I am not entirely sure about it, but that may be a possibility.


China's crypto community has already started filtering out from the crypto market. So I doubt this reason. Even though China is the second largest market for Cryptocurrency, but it's hard to believe that a county specific festival will cause such bleeding. It is not sounding convincing enough. 5-10% may have been possible, but going down to 9k level, is insane.

Still, this dip is another opportunity for us to score more at a lower cost and bring down the average buying price. I am sure investors around the world will do the same.

Yes, Samsung is more interested in business here. But this company is a global giant. They have a very strong lobby in South Korea as they are involved in producing military equipments as well as a strong player in electronics worldwide. So if they start producing mining hardwares, it will provide a very strong push towards the legalization of crypto currencies in South Korea which is the third largest market for cryptos.

So it is definitely a good news especially when the crypto prices are going down globally. If we see such kind of big corporations are producing crypto equipments and related technologies, it certainly provides some strong group to fight back.

I am sure India didn't ban it yet. The finance minister said that bitcoin is not a legal tender in India and the expert committee recommendation is currently being reviewed. That means, you can't use bitcoin for purchasing or selling of any goods or services. But they didn't mention anything about bitcoin holdings of the individual citizens. They didn't ban investment in it. I watched it live so don't fall for any useless newspaper reproducing it in their own language.

 If you are holding bitcoin in India, you are not doing anything illegal. So that is not the reason for the bitcoin's downward price trend. There must be some other reason and I will appreciate if anyone can point it out.

I would contradict with your thoughts because I don't feel the same way. It is not impossible for bitcoin go down to 5k level or go up to 25k level. If countries like India or South Korea bans bitcoin, its price will go down to the lowest possible level which we can't quantify at this point of time. On the other hand, if we they are legalizing it, the price will go up exponentially. So anything and everything can happen and the worst is not over yet.

Even I am optimistic about bitcoin and I also have a good amount invested in it, but I can't see a very rosy picture about bitcoin now. Unless we solve the network scaling issue, I don't see it going to the previous level again. Instead it can go down further.

Exchanges generally have to comply with the local laws, that is the reason some of them are asking for KYC documents to remain compliant with the regulatory requirement. Even though it is against the idea of decentralization, but to run the business they are deviating from the ideal operating procedure. That doesn't possess huge risk unless you are trading in large volumes which doesn't go along with your income profiling.

However, I really don't support ICOs asking for KYC documents. Even though ICOs can be a legal entity and they also need to comply with the local regulations, but I don't see it safe just at this moment. A majority ot the ICOs are scam and mostly run by a programmer sitting at their home computer. Not all of them are legal entity. But there is hardly any way to ascertain that fact. So we really don't know what those ICO owners will do with our PII data.

I think all ICO owners should produce their own KYC documents to the public before they can ask the same from us. There's no way we can stop the misuse of our data if an ICO owner decides to do so. So for me, ICOs asking for KYC documents, is definitely not a good trend to see. It possess significant risk of data breach.

The tax matter entirely depends on your local law. However, due to the instantaneous fluctuations of the crypto prices, it is really hard to calculate your holdings and report accordingly. So unless specified, you shouldn't consider reporting your crypto holding valuation.

Instead, I report the amount I cash out from crypto to fiat. Ibhave a day job, so whatever I earn from the salary, comes under the component "income from salary".

Then I calculate the amount that I have cashed out during the last financial year and report that entire amount under "income from other sources". So my tax is calculated on the sum of both "income from salary" and "income from other sources". That's how I have been managing my tax since last two years because my government hasn't yet specified any framework for crypto taxing.

Bitcoin is the basic of blockchain and the base to all altcoins. But the issue is that, bitcoin's technology needs upgradation and that upgradation needs to be adopted by the common mass. Like A majority of the bitcoin investors don't know that Segwit has come in to effect and miners have started mining bigger blocks. If we use segwit enabled wallets, the fees of transaction will be very less and speed is way faster than the conventional network transaction.

So we need awareness for the mass adoption. It's true that bitcoin has lost a little percentage of its popularity, but it is still the number one coin in all aspects even after this massive competition in the crypto market. Once the network problems are solved completely, bitcoin will again rise and many investors will come back to the market. It has lot of potential left.

Hello Sir, Please re-audit my twitter account. I awarded one merit to you for helping people of the community without charging any fees.

https://twitter.com/Crypto_Earner

It's good to hear a well known entrepreneur is showing hope for crypto currency adoption in future. That's really ambitious and good for the overall positivity factor in the market. But I have a concern on one particular phase of his statement where he mentioned about "Legitimate trusted digital currencies". This one is a very subjective term and I doubt that is not going to happen anytime in near future.

The trust is the consumer trust as rightly pointed out, but the legitimacy is hard to come. Governments around the world are on war against decentralized crypto currencies and Banks are fueling the war. So a whole new infrastructure needs to be built from the scratch to make a functional crypto currency which will be legitimate and trusted by brand, but that will be never decentralized contrary to the idea of bitcoin.

So I believe, instead of looking for a new legitimate crypto currency, the business companies should start using the existing ones and assess the risk of price fluctuation. Which is a real world business challenge. But since the bitcoin is stabilizing around 11k USD, it is the best time to start with that risk assessment and prepare business cases for further exploration of opportunities.

But when a known businessman shows interest on crypto currencies, that's a welcoming news for the entire community.

 

Hi There,

Just one observation. I see that twitter campaign is bifurcated in weeks, but we are missing the dates. It would be very easier for the participants to submit the tweets properly if you mention specific dates for the twitter and any other campaigns. Otherwise, a lot of confusion will arise at a later stage while calculating the bounty.

So it would be great if you also mentioned the dates along with the week. For example, instead fo just writing Week 1, you must write "Week 1 (28 Jan - 3 Feb). It will help us to submit the reports probably and bring down the post bounty confusion to almost zero. Thanks!

Exactly! If we are young and have the capacity to work hard, why not setting up another target to reach even higher. That's exactly what I will do if I reach my first target with the crypto currency market. Till the time, I can work in this field, I will keep setting new targets by braking the previous goal to reach even higher. Probably, I won't encourage leisure at this moment, instead I will try to set up an offline business apart from my job to create a plan C for my life (while plan B is the crypto currency).

An wise man said, If your target is the Moon, then probably you will be able to get to the top of the tree, but if you are targeting the top of the tree, you may not get off the ground. So there's no stopping for me, till the time I can work. 

That's somewhat true but not completely! Bitcoin was built on the idea of decentralized Blockchain. In this world today, any business needs to be centralized and controlled partially by government. Also a blockchain ledger is public, so no client of Satoshi would have wanted their business data to be public. That's where the main hurdle he would have to face. Sticking to the strict decentralization and a open public ledger, would have not helped grow his business. They would need to the business data to be secured to the core so it would have been a successful idea if Satoshi could have provided them a tailor made blockchain solution where the idea of decentralization and blockchain should have been left behind.

I wholeheartedly welcome this news! ICOs need strict regulations so that investor's money can be protected. In the last year, we have came across a lot of ICO who have either ran away with the investor's money or have never turned up with the promised product. In both, only sufferers were the investors. A lot of people lost huge amounts of money in to these ICOs.

If Philippines government can provide a regulatory framework for Cryptocurrency and especially for the ICOs, it will bring back the positivity in the market. Investor's interest will be safeguarded. Also it will serve as a reference document for other countries who are willing to bring the same change for their citizens. An welcoming step indeed!

Bitcoin and other crypto currencies are not banned in India as of now. But neither it's legal. The finance ministry has constituted a committee to discuss and create a framework for the crypto currency users in the country and they have't yet come up with a decision. So I think, we will have some news frm them on our budget day which is scheduled to happen on February 1st.

However, I don't think much effect will happen even if the government bans bitcoin and other crypto currencies in India. Our neighbor Bangladesh has already banned bitcoin, but still a lot of Bangladeshi people are active in this bitcoin market and they are also earning well. Our government doesn't have a massive infrastructure to monitor crypto users. So I believe they will not ban it completely to keep the window open for more tax income. But nothing is confirmed yet and we will have to wait for some more time to get a proper decision from the central government. 

Excellent topic and the list. I think the thread should be sticky. I will apply to a moderator to make this one sticky. We need to move to segwit to resolve the fees and network slowness related issues. I have seen campaign managers have already started accepting segwit addresses. Good work. One merit for you.

Just one suggestion, can you please create another thread or update this one with a tutorial on how to transfer from non-segwit to segwit wallet or vice versa? That would be helpful for a lot of newbies.

I say no on a broader prospect. ICO is a very controversial method of raising funds and banned in USA and China. I have seen a numbers of ICOs those who have ran away with investor's money or never came back with the promised product. So I don't personally feel safe to share my identity information with the ICOs.

I am not saying that all ICOs are scam but just to save my own data, I don't feel safe to share my identity information with them. Because we don't know are they going to be a legal one or an illegal one. So I would avoid such ICOs who ask for ID verification for the investors. However, it is just my personal opinion and may differ from others here.

Proof of authentication post link:

Twitter campaign

**Please note, it is a requirement of the campaign manager and I am not signature spamming here. Thanks!**

It's true that banning something in country doesn't really mean that the entire country will stop using it but a majority of the law abiding citizens will move out of it. I am not sure that China has already banned bitcoin, but if they do it, I expect a drop of around 60% of chinese bitcoin users. There are people who wants to play and stay safe, especially the employed mass of the country. They will not want to use bitcoin after the ban because if they are caught by the regulatory agencies for doing something illegal and produced in the court of law, they will not be able to join a private job and their whole career will be doomed. So if China ban bitcoin and any other crypto currency, they will be first to move out of crypto market by selling their holdings.

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ICO is a different story all together. It's controversial and I support a strong regulation around it. In my experience of few years in the crypto market, I have come across a lot of ICOs that have ran away with investor's money or never came back with the promised product in the market. We are still having such ICOs where the website is not operating after the crowd funding phase and no value in the market for the same reason.

EtherGreen is one of the examples. I have around 4k Green token but since the website is not operating and support is not replying, the coin doesn't have value in the market and no one wants to buy it. Think about those investors those who have believed in their ideas and invested heavily in it. So a strong regulation is needed in ICO space, otherwise ICO will just become another hyip market. So here I support the decision taken by China.


Bang on! I don't expect any country to release their own crypto currency, but even if they do, it will be strictly centralized and it will make the monitoring easy for the regulatory agencies. So even if my country release any such thing, I will be least interested as it doesn't not serve the purpose of crypto currency at the first place.

The safe unsafe debate will go on for some time now. Whenever a change happens, there's always three types of people around it. One who hates it, one who loves it and the other one who watches the entire situation. But that's not important. What is important is the fees for the transaction. Seems like the the total fees for the transaction is just 0.00010000 btc (Correct me if I am reading wrongly).

If this is true, then we are certainly stepping in to a new and positive era for bitcoin. We should immediately move to segwit enabled wallets and start using segwit addresses start with 3. It may solve the network issue for us and create bitcoin a better currency for all of us.