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Author Topic: Difficulty jumps 21%  (Read 1043 times)
Slark
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October 29, 2017, 01:19:04 PM
 #41

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...

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October 29, 2017, 01:55:34 PM
 #42

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?

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EpicFail
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October 29, 2017, 03:05:43 PM
 #43

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.
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October 29, 2017, 03:41:35 PM
 #44

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.

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October 29, 2017, 03:45:54 PM
 #45

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.

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cellard
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October 29, 2017, 03:53:05 PM
 #46

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.

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Appuned
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October 29, 2017, 04:58:54 PM
 #47

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.
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October 29, 2017, 05:03:11 PM
 #48

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.
hatshepsut93
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October 29, 2017, 06:30:29 PM
 #49

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.

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