With big players interested the price has to go up long term, Before with just a few nerds it was just potential. You think PayPal will let BTC die when they spent 2 months incorporating what they've done so far - no chance.
PayPal also have their reputation on the line.
PayPal also have their reputation on the line.
Yes, but PP is not going to prop up the price so everyone else can get rich. BTC at $1 spends the same, so it makes no difference to them what the exchange rate is.
While I follow your EW chart thread with intrest, your statement above is incorrect.
If all 21 million coins were in existence right now, only 21 million coins could move every 10 minutes x (pick your minimum confirmations). There is a lower bound value based on the number of coins traded x their value.
So $1 BTC does not spend the same as $1000 Btc
I am not the chart reader that you are, but if you look at bitstamp's weekly chart during the height of the last rise, it looks like 200,000 coins were traded in a week. 200,000/ 7 days /24 hours = 1190 coins traded per hour, requiring six confirmations to alleviate a double spend. Bitstamp moved 1190 coins per hour. If the coins were not "worth " $1100, there would have to had have been much greater volume. i.e. 10% of all coins (in existenceat the time) if they were worth $1.
