Difficulty jumps 21% | Bitcointalksearch.org

hatshepsut93

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Quote from: European Central Bank on October 28, 2017, 04:51:54 AM

Quote from: jjacob on October 28, 2017, 02:43:23 AM

I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.

you kill the old chain with a bunch of gradual steps. you don't kill it stone dead instantly.

you make it unattractive to mine and use by making it slow and expensive. it's a snowball effect. once a few people abandon it then more join. before you know it it's having its life support turned off.

no one thinks a move of this magnitude isn't slightly aligned with the upcoming fork?

If it's slow and expensive that it's actually attractive to mine because it means more fees for miners - and as more miners come in, the network returns to it's maximum speed of 1 block every 10 minutes. And BCH has proven that you can't easily damage Bitcoin by introducing competing chain to bribe miners with its profitability - this is hard to sustain and the market seemed to not care at all about disruptions in Bitcoin's network. Of course SegWit2x will try something similar, but eventually mining economics and the market will sort everything out and Bitcoin will be a winner again.

Skyborn

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Quote from: EpicFail on October 29, 2017, 10:05:43 AM

In addition to new SHA256 miners joining the fray, these miners are also probably jumping back and forth between BTC and BCH, depending on what is currently more profitable.

Now that BCH is going up again, I wouldn't be surprised if the next difficulty change would be negative.

That may very well be the case, however I would like it if they left bitcoincash permanently. Bitcoin cash did bounce up again but if you look at the bigger picture things aren't looking great. Difficulty is directly related to the amount of hashingpower in the network so I hope miners are dedicating more hashing power to the main (lagacy) chain rather than mining bitcoin cash.

Appuned

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Quote from: cellard on October 29, 2017, 10:53:05 AM

Quote from: jjacob on October 28, 2017, 02:43:23 AM

Quote from: European Central Bank on October 27, 2017, 07:43:00 PM

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.

The segwit2x plan consists on a teamed up Coinbase+miners bribed mining at a loss during 48 hours in order for Coinbase to list, and stick to, the BTC tag for the segwit2x chain. In other words, they will list B2X as BTC which will be really confusing for noobs. Their excuse will be that the highest difficulty was on their side for these 48 hours that their arbitrarily choose as a threshold. This is of course because of the ongoing bribes.

We'll see how this resolves, but I can see serious class actions and subpoenas coming for Coinbase.

You just can't trust exchanges, not a single one. Control your keys and interact with them as minimum as possible. Get your money in and out and avoid giving them your personal information, they are crooks.

I do not think the Coinbase will rename the Bitcoin based on the 48 hour result. It should be at least two weeks to let the market decide.

cellard

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Quote from: jjacob on October 28, 2017, 02:43:23 AM

Quote from: European Central Bank on October 27, 2017, 07:43:00 PM

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.

The segwit2x plan consists on a teamed up Coinbase+miners bribed mining at a loss during 48 hours in order for Coinbase to list, and stick to, the BTC tag for the segwit2x chain. In other words, they will list B2X as BTC which will be really confusing for noobs. Their excuse will be that the highest difficulty was on their side for these 48 hours that their arbitrarily choose as a threshold. This is of course because of the ongoing bribes.

We'll see how this resolves, but I can see serious class actions and subpoenas coming for Coinbase.

You just can't trust exchanges, not a single one. Control your keys and interact with them as minimum as possible. Get your money in and out and avoid giving them your personal information, they are crooks.

European Central Bank

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Quote from: Slark on October 29, 2017, 08:19:04 AM

Why there are so many conspiracy theories regarding changes in bitcoin mining difficulty.

i have never been inspired to give mining difficulty much thought before. but right now incentives are aligning in a very particular way and this jump in difficulty fits neatly into that.

the creation of bch is a one giant attempt to troll and hijack bitcoin. the creator of that also has the most mining power to do the same to bitcoin itself and they're now doing it.

1Referee

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Quote from: Slark on October 29, 2017, 08:19:04 AM

Why there are so many conspiracy theories regarding changes in bitcoin mining difficulty.

Because people love them. It's of course impossible to prove, but I suspect the Jihan cartel to have something to do with this. It's in their benefit to discredit Bitcoin, 'slow down' Bitcoin, etc. It's not for nothing that Antpool has been minting a few near empty blocks yesterday (they have a habit of doing so from time to time to troll the users), and that while there were a huge load of transactions waiting to get their first confirmation. To add, did you even notice that the average generation time for a single block has gone up to almost 14 minutes? And that while blocks should get found close to once every 10 minutes on average. High difficulty changes, and that in a frequent manner, causes blocks to take longer to be found than usual. Regardless of whoever is behind this, and whether or not it's legit growth, or purely an attempt to troll Bitcoin, its effect is being noticed.

EpicFail

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In addition to new SHA256 miners joining the fray, these miners are also probably jumping back and forth between BTC and BCH, depending on what is currently more profitable.

Now that BCH is going up again, I wouldn't be surprised if the next difficulty change would be negative.

Qiuyue201

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The competition of these so called bitcoin and its "HF" coins are becoming unhealthy if it's really an attack from some parties that support specific coin carrying different ideologies
from the bitcoin core.
21% is not a little amount of increase considering the difficulties right now that already overwhelming due to many miners joining. such unfortunate.
However, I'm pretty sure that people behind this so called bitcoin core already think about this since the start and maybe have the solution?

Slark

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Why there are so many conspiracy theories regarding changes in bitcoin mining difficulty.
We cannot pinpoint exactly who and why caused difficulty to increase but that is nothing to worry about IMO.
Current really high bitcoin's price is the reason more and more people/companies/services are pursuing mining.
If you think that will cause people switch to bitcoin cash or gold instead you are being silly...

Denker

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Quote from: illinest on October 28, 2017, 09:45:56 AM

Quote from: European Central Bank on October 27, 2017, 07:43:00 PM

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

I am very worried that this is Bitmain setting us up for catastrophe next month. What if they drove up difficulty, knowing that they can easily control a majority of the hash rate, making the likelihood of chain death on the legacy chain higher given how difficult it will be to find blocks?

We could even take the conspiracy a step further. What if the plan is to drive difficulty up on both the legacy and 2x chains, only to withdraw hash power from both chains and point it at Bitcoin Cash? Surely it would look like an attack by Bitmain, but they've already been pretty open about their preference for BCH over BTC, and they might not have to 51% attack either chain if difficulty is high enough. This would force users of both chains to contemplate a hard fork of the POW/difficulty algo, or otherwise migrate to Bitcoin Cash.

No one will ever move to Bcash!
And if Bitmain indeed should have the balls to di such an attack, let's get it on!
The core devs have for such a scenario emergency back up plans!
Yes this would be a tough time however after it we would show the entire world how resilient Bitcoin is to such actors!!
You wanna do shenanigans and play against the rules, well then face and take consequences afterwards as well.
I'm not worried!!

mmortal03

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Quote from: GreatOrchid on October 28, 2017, 05:33:19 PM

Yes it is insane, this is not profitable anymore for bitcoin miners at the moment.

False.

mmortal03

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Quote from: tokeweed on October 28, 2017, 02:21:15 AM

Isn't it time for BCH to be pumped? It's looking very 'ripe' for a pump right now.

You must be psychic. Tongue

Coffee135

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Quote from: dead_m92 on October 28, 2017, 05:35:45 PM

Maybe bitmain increased the difficulty, they are going to release a new antminer and that is probably why they have rised it, because they want to increase their sales on their new miner.. It seems to be possible, but it is just a coincidence.. I dont believe in coincidences, but maybe it is true.
but yes, it was time to make it happen, bitcoin miners were taking a lot of profit.. i hope that the fees are going to be lowered after this mess.

Bitcoin is self-regulating system. Its creators have worked very well and probably figured almost everything. But it seems to me that the most vulnerable part of bitcoin is the greed of miners. The increasing complexity creates the conditions under which bitcoin can't do without a monopoly of miners.

European Central Bank

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Quote from: rev2 on October 29, 2017, 05:20:51 AM

As some others have already stated, this is most probably because of the price increase. The higher the price, the profitabler mining becomes.

But yeah, 21% is quite a lot.

a percentage like that is not normal and the price has stopped rising. it also coincides with multiple fork dramas and people circling who have a great incentive to usurp the original bitcoin blockchain and now is the ideal moment to attempt it.

it all seems a little too neat not to be the case to me but maybe i'm being paranoid.

rev2

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As some others have already stated, this is most probably because of the price increase. The higher the price, the profitabler mining becomes.

But yeah, 21% is quite a lot.

atc1-REAL

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Probably has to do with the price appreciation recently. However, becuase of this, no matter the price, the profits always seem to be the same. Some will stop after a price correction and the difficulty migt reduce, again keeping the profit constant.

exstasie

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Quote from: cpfreeplz on October 28, 2017, 08:59:55 PM

Quote from: SimonJones on October 27, 2017, 11:58:28 PM

It's a viscous cycle that's great for HODLERS. Price rise causes hash power to increase and hash power increase causes price to increase!

Lol. Which came first, the hash power or the price? Haha like what came first, the chicken or the egg? I don't think there's any way to figure out over time what would come first.

It's pretty easy. Miners could mine an unknown fork with no users. Would anyone buy the coins just because they mined them? Of course not! Hash power follows price.

That's not to say that it's perfectly efficient; miners are rational actors, but they are not always correct in their assumptions about users and network activity. I do think that some people watch for increases in the hash rate as indication of investment. After all, this indicates investment in mining hardware, which is indirect investment in BTC -- bullish. But that doesn't change the fundamental relationship. A rational miner buys mining hardware because he expects the price to rise.

Crankautist

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Russia started mining bitcoin!

digaran

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🖤😏

Quote from: cpfreeplz on October 28, 2017, 08:59:55 PM

Quote from: SimonJones on October 27, 2017, 11:58:28 PM

It's a viscous cycle that's great for HODLERS. Price rise causes hash power to increase and hash power increase causes price to increase!

Lol. Which came first, the hash power or the price? Haha like what came first, the chicken or the egg? I don't think there's any way to figure out over time what would come first.

Further lol, now tell me which came first, girls came and then people jumped them or people were jumping and girls came? please laugh for 5 seconds.
Best thing to do right now to prevent emperor Wu jumping us all is to change how difficulty is adjusting, they did the same thing with Bitcoin cash, they lowered the difficulty, what I'm suggesting is not to lower it but reduce the time of adjustment from 2 weeks to 48 hours.
Also Bitmain is not just one miner, there are thousands of small miners using their pools for more profit, if Bitmain tries something against the interests of the whole network, people will stop using their pools.

xypos

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Well i would assume that difficulty rises it is a precursor to bitcoin's price jumping up as well.

However jumping 21% at a time is completely abnormal and probably won't be sustained into the future. There has been no movement of price since yesterday, so i'm really doubting this correlation is true.

Quote from: cpfreeplz on October 28, 2017, 08:59:55 PM

Quote from: SimonJones on October 27, 2017, 11:58:28 PM

It's a viscous cycle that's great for HODLERS. Price rise causes hash power to increase and hash power increase causes price to increase!

Lol. Which came first, the hash power or the price? Haha like what came first, the chicken or the egg? I don't think there's any way to figure out over time what would come first.

Exactly. Maybe it's the pump of price that resulted in this.

Topic: Difficulty jumps 21% (Read 1169 times)