[2017-07-08] Bitcoin Price Fall Is Not Real - Marc Kenigsberg

[Terraformer]

Marc Kenigsberg, CEO of Jamworx thinks the recent Bitcoin price dip is a minor retreat from the highs of  2017.

According to Kenigsberg, there are two primary factors reducing the price at the moment:

"Firstly, some of the speculative money that has been invested in the last few months by outside investors is being taken off the table as profits. Secondly, the market is still reacting to Bitmain’s threat tactics and the risk of a possible hard fork as retaliation for UASF. Ultimately Bitcoin is still up almost 150 percent YTD so I’m not concerned at all. Clearly, the fundamentals are strong and the demand is still increasing."


2013 revisited?

In June alone, the ecosystem experienced four brief market crunches which Cointelegraph nicknamed the Crypto Massacre. As this report was being filed, the markets were submerged in another sea of scarlet read. When Cointelegraph asked Marc whether the situation can lead to a revisit of 2013, where Bitcoin price fell dramatically, he disagreed entirely:

    "The price increase in 2013 was driven by the use of Bitcoin in darknet marketplaces like Silk Road and the majority of money that was invested was done so without an understanding of what Bitcoin is or how it could be used. The Bitcoin ecosystem today is substantially larger and more mature as a means of payment than ever before."


https://cointelegraph.com/news/bitcoin-price-fall-is-not-real-marc-kenigsberg

[marckenigsberg]

Let me know if you disagree with me or have a comment.
This is obviously only a few points from the interview but the bottom line is I am bullish all the way.
Thanks

[Slow death]

Marc says:

"Since the Bitcoin Blockchain is transparent we can see the actual state of the network and its transactions. And it’s definitely growing. Despite the competition from other cryptocurrencies and the internal scaling debate issues, Bitcoin is being used more today by more people than it was a year ago. That’s network growth. Google searches for Bitcoin are at an all-time high and country after country is adding mass merchant support for payments in Bitcoin."

I agree, people are using more bitcoin and are using bitcoin to pay for the things they need for their lives

[Vishnu.Reang]

Let me know if you disagree with me or have a comment.
This is obviously only a few points from the interview but the bottom line is I am bullish all the way.
Thanks

I definitely agree with the first point which you have made. A lot of the institutional investors, who benefited from the April to June price spike have booked profits. Most of them are uncertain about what is going to happen in August. But if everything goes smoothly, then they are going to re-invest their money in Bitcoin. And this is going to result in the exchange rates climbing to new peaks.

[Vika0170]

Let me know if you disagree with me or have a comment.
This is obviously only a few points from the interview but the bottom line is I am bullish all the way.
Thanks

I definitely agree with the first point which you have made. A lot of the institutional investors, who benefited from the April to June price spike have booked profits. Most of them are uncertain about what is going to happen in August. But if everything goes smoothly, then they are going to re-invest their money in Bitcoin. And this is going to result in the exchange rates climbing to new peaks.

A very small number of investors left the crypto currency. Mostly afraid August 1 beginners. But I am sure that after this date people's interest in crypto currency will greatly increase. And I still hope for a price increase. So I keep my coins

[1Referee]

A very small number of investors left the crypto currency. Mostly afraid August 1 beginners. But I am sure that after this date people's interest in crypto currency will greatly increase. And I still hope for a price increase. So I keep my coins

In some cases people are afraid of what might happen, but the main point is that the more experienced/wealthy investors are just waiting to act depending on the scenario. Don't forget that if the price does indeed happen to fall down significantly, it will be a great moment for plenty of investors and other people to enter the market. People are waiting for the right opportunity, and rightfully so. But on the other hand, the situation might not be negative at all, where the activation of Segwit gets pushed through effortlessly with no split as result. People here like to hype things up, but this has gotten out of hand. 1st of August is NO doomsday. At worst it might result in a short term bear market, but hey, we have been through so much drama already, that we'll swallow all this negativity without any problems. No pain no gain.

[Kprawn]

The weirdest thing about all this, is the announcement will not have such a big influence. Why would Jihan want to kill Bitcoin and alienate the

majority of the investors and effectively kill support for his own coin? If you got burned by his actions, you would never invest in his coin. He will

have to come up with a much better plan to garner support for his coin/fork.  He will create a army of angry people that would flame him, if he

execute his plans and people lose money. 

[Xavofat]

The price rise was not real.

People can say "Bitcoin is getting more merchants", but it's not particularly true.  Fiverr dropped it when the price and fees started to rise, for example.

Bitcoin might have a small amount of merchant adoption, but it's still at a point where we have to look at the merchants that start accepting it one at a tim, and there are sometimes still news articles about "a restaurant" or "a hotel" that accepts Bitcoin.  I'm inclined to think that even those places see it mostly as a gimmick for now.

Rises are fine and speculation has always been part of the Bitcoin price, but people shouldn't be bullish 24/7.  I feel like everyone's hoping for a speculative bubble so that they can show off or something.

[Baofeng]

A very small number of investors left the crypto currency. Mostly afraid August 1 beginners. But I am sure that after this date people's interest in crypto currency will greatly increase. And I still hope for a price increase. So I keep my coins

In some cases people are afraid of what might happen, but the main point is that the more experienced/wealthy investors are just waiting to act depending on the scenario. Don't forget that if the price does indeed happen to fall down significantly, it will be a great moment for plenty of investors and other people to enter the market. People are waiting for the right opportunity, and rightfully so. But on the other hand, the situation might not be negative at all, where the activation of Segwit gets pushed through effortlessly with no split as result. People here like to hype things up, but this has gotten out of hand. 1st of August is NO doomsday. At worst it might result in a short term bear market, but hey, we have been through so much drama already, that we'll swallow all this negativity without any problems. No pain no gain.

Agreed mate. This is a perfect opportunity to enter the market and grab bitcoin will the price is low. Maybe some investors opt out to exit by now because of the uncertainty about Aug 1. But when everything cools down and the price is going strong, I'm sure they would came back for more. I guess they don't want to pour cash, they are investors and of course they will only go if the market looks positive.

[richardsNY]

1st of August is NO doomsday.

Exactly that. I can't visit the sections I am active in without seeing threads related to what people will do before, or after the first of August. It's funny how a positive event as the SegWit activation is leading to all the negativity and nonsense from people. I just want this scaling nonsense to end so we can finally move further as this situation has been stretched out far too long. We are here to push Bitcoin to the next level, and yet there are certain entities looking to disrupt that process.

[iamTom123]

Somehow I do agree with this assessment. I am supporting Bitcoin all the way because I believe in its future. The current scaling debate and the right solutions that should be adopted is a major factor why many are withdrawing their Bitcoin and converting to the fiat equivalent. This is the reason why all stakeholders of Bitcoin should press the developers and the miners to unify once and for all and come up with something that is really good for all of us. Split is not something we all can welcome as it can be an uphill battle after that.

Despite the many problems facing Bitcoin (and the whole cryptocurency market for that matter), I am maintaining that positive feeling that this generation is the generation for Bitcoin and that its greatest growth still lays ahead of itself. It is in fact good that we have to deal with the problems right now so that after this period Bitcoin can roar and soar to grater heights.

I am not a technical guy and there are so many terms I don't fully grasp about Bitcoin but it does not stop me from talking things here because I do believe in participation and in making Bitcoin accessible to all people no matter how humble they might be (just like me).

I am wishing that Bitcoin leaders and developers would not fail us all Bitcoin small holders.

[saenko]

1st of August is NO doomsday.

Exactly that. I can't visit the sections I am active in without seeing threads related to what people will do before, or after the first of August. It's funny how a positive event as the SegWit activation is leading to all the negativity and nonsense from people. I just want this scaling nonsense to end so we can finally move further as this situation has been stretched out far too long. We are here to push Bitcoin to the next level, and yet there are certain entities looking to disrupt that process.

Many people are already waiting on August 1, to finally end this chaos among people. But I have a suspicion that on August 1, nothing will happen and SegWit will be postponed again. This is repeated again and again.

[Siren]

1st of August is NO doomsday.

Exactly that. I can't visit the sections I am active in without seeing threads related to what people will do before, or after the first of August. It's funny how a positive event as the SegWit activation is leading to all the negativity and nonsense from people. I just want this scaling nonsense to end so we can finally move further as this situation has been stretched out far too long. We are here to push Bitcoin to the next level, and yet there are certain entities looking to disrupt that process.

Many people are already waiting on August 1, to finally end this chaos among people. But I have a suspicion that on August 1, nothing will happen and SegWit will be postponed again. This is repeated again and again.

Me too. I wanted to see how things will pan out after the activation. Too much FUD around this date. I wanted to end this chaos and move along. Yes, its not doomsday for bitcoin however, people are really picturing it that way. We need this implementation to go move us further. Don't make the date as somewhat the end of bitcoin and crypto's for that matter.

[zoose]

Let me know if you disagree with me or have a comment.
This is obviously only a few points from the interview but the bottom line is I am bullish all the way.
Thanks

I definitely agree with the first point which you have made. A lot of the institutional investors, who benefited from the April to June price spike have booked profits. Most of them are uncertain about what is going to happen in August. But if everything goes smoothly, then they are going to re-invest their money in Bitcoin. And this is going to result in the exchange rates climbing to new peaks.

That may be the biggest IF I've heard in a long time.

[AK47-]

Indeed it is not real. The dip in last month was a major correction in bitcoin market as there was a bubble created in May. The dip going on this month is based on speculation. UASF and Segwit2x have brought a whole new level of speculation and have scared people of major consequences of the events which may or may not be true.

[European Central Bank]

The price rise was not real.

People can say "Bitcoin is getting more merchants", but it's not particularly true.  Fiverr dropped it when the price and fees started to rise, for example.

Bitcoin might have a small amount of merchant adoption, but it's still at a point where we have to look at the merchants that start accepting it one at a tim, and there are sometimes still news articles about "a restaurant" or "a hotel" that accepts Bitcoin.  I'm inclined to think that even those places see it mostly as a gimmick for now.

Rises are fine and speculation has always been part of the Bitcoin price, but people shouldn't be bullish 24/7.  I feel like everyone's hoping for a speculative bubble so that they can show off or something.

bitcoin's never been about merchant acceptance. for buying legal stuff it's a terrible idea if you have a perfectly good debit card. it costs more and you're exposing yourself to volatility.

at this stage in the game it's still speculation and the hope that it'll become a store of value. proper merchant acceptance comes last, if ever.

and I can sell coins for less than I could a few days ago so that makes this price fall real enough for me.

[Xavofat]

The price rise was not real.

People can say "Bitcoin is getting more merchants", but it's not particularly true.  Fiverr dropped it when the price and fees started to rise, for example.

Bitcoin might have a small amount of merchant adoption, but it's still at a point where we have to look at the merchants that start accepting it one at a tim, and there are sometimes still news articles about "a restaurant" or "a hotel" that accepts Bitcoin.  I'm inclined to think that even those places see it mostly as a gimmick for now.

Rises are fine and speculation has always been part of the Bitcoin price, but people shouldn't be bullish 24/7.  I feel like everyone's hoping for a speculative bubble so that they can show off or something.

it costs more

Not really.  PayPal charges over 3% to the merchant, plus a static fee.  Visa and other major credit cards tend to charge extortionate fees to the merchants as well, especially in the US, and that can push the price up in general since it reduces the store's profit margin.  

If the store accepts BTC through Bitpay they can get it in fiat right in their bank account for a 1% fee.  The confirmations are slow but for online merchants it's ideal.

at this stage in the game it's still speculation and the hope that it'll become a store of value. proper merchant acceptance comes last, if ever.

The amount of proper merchant acceptance is surprising considering how much BTC deviates from "normal" currency.  There's actually quite a bit, and edgy people accept BTC.  The Libertarian Party does, for example.  The person spending BTC takes all of the risk while the merchant takes almost none, so more places accepting it in the future shouldn't be too much of a problem.

and I can sell coins for less than I could a few days ago so that makes this price fall real enough for me.

True.

[veleten]

Indeed it is not real. The dip in last month was a major correction in bitcoin market as there was a bubble created in May. The dip going on this month is based on speculation. UASF and Segwit2x have brought a whole new level of speculation and have scared people of major consequences of the events which may or may not be true.

if a 30% price fall is not real,I don't know what real is
the dip is going on due to the uncertainty,some people are selling and staying in fiat or investing into a different cryptocurrency (LTC dropped less in %,for example)
1st of August is the point where the bull trend will either be obvious,after a few days,of course
or we may end up with under 1500$ price if the fork doesn't determine a clear cut leader chain

[SvenBomvolen]

Let me know if you disagree with me or have a comment.
This is obviously only a few points from the interview but the bottom line is I am bullish all the way.
Thanks

I definitely agree with the first point which you have made. A lot of the institutional investors, who benefited from the April to June price spike have booked profits. Most of them are uncertain about what is going to happen in August. But if everything goes smoothly, then they are going to re-invest their money in Bitcoin. And this is going to result in the exchange rates climbing to new peaks.

A very small number of investors left the crypto currency. Mostly afraid August 1 beginners. But I am sure that after this date people's interest in crypto currency will greatly increase. And I still hope for a price increase. So I keep my coins

People's interest to crypto-currencies is non stop growing. You even can see it on Google trends if you write "Bitcoin" down there. That's true that it's not confident newbies are crashing the market right now, but big amount holders are still here, all this people who are in this business for years and who don't afraid of such falls.

[marckenigsberg]

Wow, I was just rereading this interview with CT from July.
Its crazy how much has changed in a few short months.
But fundamentally bitcoin is still strong and price is still heading up.
Two new types of forks on the horizon, more bad actors, more mainstream coverage.
It seems that things don't change that much after all lol.
From the interview "$2500 bitcoin is undervalued and a strong buy"