and now it's easier for a big player like Google to say, "what? Wordpress is doing IT!"
I suspect Google will wait a few months to let WordPress be the guinea pig.
I would have expected more of a price rise with the wordpress news just like I would have expected a huge move down off of GLBSE closing.
Seems like the market ignores the news for the most part.
Also: the wordpress news not only triggers existing bitcoiners to buy, but it also generates new bitcoin users and introduces a lot of new people to bitcoin that didn't know about it before (thankfully, wordpress "gets it" and embraced bitcoin for the right reasons and also says so). In a mid-term view this is even more bullish then a couple traders reacting to news.
You forget:
This is bitcoin. 6.3% moves mean nothing. We just had a 25% drop in October on two occasions in two days each.
big moves like that will not happen any more. as the market gets bigger 2 things happen
1) The market is more capable of handling big dumps
2) Coins become more distributed,
meaning less people have enough bitcoin to crash the marketI think we are seeing this effect now.
if you look back you find that price swigs are getting smaller.
there is more and more fiat out there, however, so big rallies are still possible, no?
it goes both ways unfortunately... because the market
will not allow a crazy swing up or down unless its justified with new development / news.
look at the log chart you'll see what I'm talking about.
I'm sorry but you acting like there is a complete science to this is retarded.
Bold for emphasis. Not all movements need to be on news/developments.
your right, if someone buys 100k bitcoin in one shot ... etc.
but their is some truth to what i say. the market is growing, and wild swings are fading, that much is clear.
you remember that 7.20 wall that we hit OVER AND OVER yet could not break it?
that was 1 dumb ass ( pirate40 ) controlling the price and profiting from it.
that kind of influence is going away.
the market moves because of the crowd moving it, not 1 guy.
I think your reasoning "(2) Coins become more distributed,
meaning less people have enough bitcoin to crash the market" is valid and I also think that price swings up are getting smaller (because/if liquidity increases). However the price swings up cannot be argued using above reasoning and that's probably why you switched your reasoning to "because the market
will not allow a crazy swing up or down unless its justified with new development / news", which is a lot less convincing than the "distribution" argument, which only works for the bitcoin side.
