Pagerank is a measure of a page's importance on the web. It's a complicated, touch-and-go subject, so I'll leave it to Wikipedia's page on Pagerank to explain the basics. The reason so many webmasters worry about it is that they're either told it will be easier for their websites to rank for a keyword if their PR is higher or they're trying to pass links to another website so it ranks well. The latter bit is why an outbound link from a PR9 page (for example) is valued over an outbound link from a PR0 page. The PR9 page has more authority (and therefore trust) in the website's niche than the PR0 website does. Why's this happen? Because anyone can make a PR0 (or even PR N/A) website and send dozens of links to another website. Now whether or not having a high PR website helps you rank for a keyword.. That's a tough one, at least as far I understand from both thought and experience.
Well, coffee came out of my nose when I saw my best website was grey barred this morning - but then I checked and so was Yahoo. Traffic is fine.
Internal pagerank is updated more frequently than that. Toolbar pagerank is supposed to be updated 4 times a year, not sure it's ever been all that regular, and hasn't really had a major update since Spring. Of course... the whole pagerank idea will fade away into being an obscure trivia question eventually, the longer it goes without being updated...
Agreed. I have a mini that is at number 1 for a phrase that for a search phrase that has over 28 million competing pages yet is only a PR1!
Another example why PR has no effect on SERP's nor is a measure of one's SEO efforts. I have concluded PR updates are either ego based, or to sell a link, or sell an aged domain.
Backlinks are critical to make your site look an authoritative source of certain information. If you get a backlink from an authority site let say like CNN your pages will get crawled within seconds. This is what Googles engineer Matt Cutt said on his question answer videos. You can wiki about google page rank to get some overview as well. Here is a direct link http://en.wikipedia.org/wiki/PageRank .
People care about PR because it can be used as bargaining, if your site is a PR 6 you can command a lot more money for selling it, or selling ad space than say a PR 0
People care about Pagerank because you can get good profit from selling Pagerank domains and It is also profitable for selling Pagerank links.
Of course we care about PageRank, how much do you think we'd earn if we'd sell High PR links to Noob PageRank addicts?
I agree with this, PR not effect SERP. I have PR6 site and its not even indexed by google. Typed my site name on google search engine and it cant find my site and it is valid PR6 checkpagerank [dot] net proves it. People love PR cause higher PR means higher money when they sell links or sell the site. Correct me if i`m wrong.
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Of course it is updated, just not very often visible externally. However, new sites are sometimes assigned a page rank despite there not being an external pagerank update. I have a recently registered domain that is PR4, despite no external PR update taking place since then.