Re: Crossed 500 USD - Bull Market returns ?

Am I wrong or the bitcoin's value is mostly based by whales actions on the market?

Of course they can affect the price but it's hardly the only determining factor.

Whales have a huge impact on bitcoin price, because the bitcoin market cap is still rather small, compared to the stock and forex market.

Not as much as it used to be. It will cost them more than 500k to just move $5 on one exchange. We have more than 4-5 major exchanges all over the world supported by bitcoin users of the regions.

So, unless all the whales all over the world coordinate their selling at the same time, we will not see another mtgox meltdown taking bitcoin price down with it.

Don't see a problem with another huge price drop, it'll correct itself
as soon as people start buying in hopes of getting rich quickly.

But the kind of price instability may make businesses more hesitate to take bitcoin payments, which isn't a good thing for bitcoin development.

Volatility is part of the system.
Anyone investing into bitcoins should at least be enough educated in the subject to know that.

Very true for investors.

But if I open a business and plan to accept bitcoin payment directly (not using bitpay or coinbase to sell the bitcoin immediately), I won't enjoy seeing the price volatility.