How to decrease bitcoin difficulty

[gallery2000]

Hello All,

I would like to share a big secret to all miners.  We can decrease the bitcoin difficulty by creating a DownDifficulty coin.  This is a SHA-256 alternative coin, just like Paycoin.  People will stampede to this coin, thus bitcoin difficulty will decrease.  

Is this a good secret or what?

[xstr8guy]

And what improvement or difference would this have over BTC? People aren't going to mine/trade an alt coin unless they perceive it to have some kind of value.

Alt coins, for he most part, have all been failures including Paycoin which is currently plummeting in value. Besides, there are already many other SHA coins that no one really cares about.

But yes, I get it. I'd love a few more weeks of renting my rigs to other idiots so they could mine their worthless Paycoin's and pay me 6 times what I currently make mining BTC. 

[gallery2000]

And what improvement or difference would this have over BTC? People aren't going to mine/trade an alt coin unless they perceive it to have some kind of value.

Alt coins, for he most part, have all been failures including Paycoin which is currently plummeting in value. Besides, there are already many other SHA coins that no one really cares about.

But yes, I get it. I'd love a few more weeks of renting my rigs to other idiots so they could mine their worthless Paycoin's and pay me 6 times what I currently make mining BTC. 

The improvement to bitcoin with DownDifficulty coin is improving bitcoin.

[xstr8guy]

And what improvement or difference would this have over BTC? People aren't going to mine/trade an alt coin unless they perceive it to have some kind of value.

Alt coins, for he most part, have all been failures including Paycoin which is currently plummeting in value. Besides, there are already many other SHA coins that no one really cares about.

But yes, I get it. I'd love a few more weeks of renting my rigs to other idiots so they could mine their worthless Paycoin's and pay me 6 times what I currently make mining BTC. 

The improvement to bitcoin with DownDifficulty coin is improving bitcoin.

You would still be creating a new coin that no one would mine because it has no value. Are you going to point your miners at a worthless coin? I didn't think so. No one else will either.

[sgk]

Hello All,

I would like to share a big secret to all miners.  We can decrease the bitcoin difficulty by creating a DownDifficulty coin.  This is a SHA-256 alternative coin, just like Paycoin.  People will stampede to this coin, thus bitcoin difficulty will decrease. 

Is this a good secret or what?

There was an exact clone of Bitcoin - it was called Zetacoin. There was no difference between Bitcoin and Zetacoin, except that Zetacoin provided opportunity for the whole world to mine it from day 1 in the name of fair distribution.

Did people 'stampede to this coin'? You can look at what happened to Zetacoin.

[cloverme]

Hello All,

I would like to share a big secret to all miners.  We can decrease the bitcoin difficulty by creating a DownDifficulty coin.  This is a SHA-256 alternative coin, just like Paycoin.  People will stampede to this coin, thus bitcoin difficulty will decrease.  

Is this a good secret or what?

There are already a host of SHA256 coins though. The problem is how to convince the mining farms to switch over to mine your coin versus bitcoin. It also counter balanced, so the point of lowering difficulty is to give you a better opportunity to mine bitcoin, once you stop mining your coin, you'd rush back over to bitcoin and raise the difficulty again. At best, you would obtain equilibrium in difficulty between the new coin and bitcoin.

Plus, I think the large farms in China are state sponsored (just my opinion) and would just give them more incentive to mine the heck out of bitcoin to get as much of it (and control of it) as possible.

[stonerider]

I thought we needed higher diff to counter the 51% attack possibility?

[cloverme]

I thought we needed higher diff to counter the 51% attack possibility?

Difficulty is used to slow down the number of bitcoins released via the reward by keeping the block time to around 10 minutes. The 51% attack possibility is if one group controls more than half of the hashing power, they could theoretically take over the blockchain (duplicate spend, prevent new blocks from other nodes, etc). Both involve mining and difficulty as it were though, just not exactly 1:1 for the 51% attack.