Why has the network jumper to 14 terahashes?

[Leon]

Just read what the post was.

[1714985866]

1714985866

[naypalm]

lol, Welcome JPMorgan!

[bcpokey]

lol, Welcome JPMorgan!

The network is back down to 11.46 THash/sec on bitcoincharts.com, as a few smart people stated, this was just a bit of luck variance, not any JPMorgan conspiracy or whatever.

[mackminer]

I was really happy to see that it had dropped when I checked first thing this morning. 

[AngelusWebDesign]

And yet, it looks like the hashrate is permanently higher now.

That is, the 3-day moving average has been permanently affected -- not exactly a two-hour "luck blip":

[teflone]

I've noticed, a ramp up to the middle two-3 days BETWEEN difficulty, for the last 4 changes, I also suspect its a large player turning on in the middle period between  changes, this would effectively be the best time to not affect difficulty if you were a big player IMHO

[skyhigh]

Yes Angelus. All your posts in this thread are spot on !  Mine are way off !!  

All the smarts on this forum are the reason I'm coming back daily.  More mining contracts, more JPM threads, more deepbit at 51% threads, more 40% network jumps, more RALLY / CRASH  threads, more of everything ! I WANT MORE !! You people never disappoint me. Keep up the good work.

Thank you

[AngelusWebDesign]

And what, pray tell, are we supposed to discuss on this mining subforum?

What would meet YOUR approval? (Not that I personally care, but just for the sake of discussion...)

I think people like you enjoy complaining, but you don't post the kind of posts you'd like to see. If you don't want to light a candle, don't curse the darkness.

[mackminer]

Yes Angelus. All your posts in this thread are spot on !  Mine are way off !!  

All the smarts on this forum are the reason I'm coming back daily.  More mining contracts, more JPM threads, more deepbit at 51% threads, more 40% network jumps, more RALLY / CRASH  threads, more of everything ! I WANT MORE !! You people never disappoint me. Keep up the good work.

Thank you

In fairness I am new, however if your looking for something different try a day trader forum though - oh you don't want to go there?

I don't like to speculate but a big jump made me freak - my thread was a panic reaction. Perhaps these could be prevented...I've one or two ideas.

[skyhigh]

Angelus, I will answer, since you asked.  OP asked a legitimate question if he was looking at bitcoincharts.com

I answered him SPOT ON. Not many here even remotely know how bad variance CAN be and WILL be in the future. I know that bitcoincharts.com formula for network hashrate IS WRONG.  This was later in the thread confirmed by others. OP or whoever else thought network hashrate somehow instantly jumped from 11 Th to 15.7 Th within hours. No one bothered to check other sources or ever question what kinda formula bitcoincharts.com are using. No one using common sense, and think for a moment. If we needed all this time, years actually, to get from Satoshi 3 Mhash in 2009 to 11 Th today, how the fuck will someone add 40% of the whole network up to that moment online just like that. People like yourself ( I have nothing against, as long as info is somewhat within reasonable ) jumped on this 14 Th like hot potatoes and everyone came up with their own version of it.

Now you come up with a new chart explaining how 3 day moving average has changed. Sure chart plotted it that way because its an average. We hit those lucky rounds and what moving average does is plot it on the chart. That's all. In the meantime network hashrate didn't move for more than 50 Gh. We are still at the same 11.5 Th we have been prior to the start of the thread. Today with this chart you somehow trying to again flip the real story here in the way that you actually weren't WRONG with everything you posted in this thread. Reality is you were wrong on every single line you posted. This doesn't help the community and bitcoin project. There are 100s of new people coming here daily reading all this what seems to me mostly nonsense and they paint there picture of this community. It isn't pretty.

It might seem like I enjoy complaining, but I'm not. This is as far from the truth as it could be. I want everyone to smarten up and get more professional and think for a common goal here. Instead I mostly see GREED for fiat cash, or 101 version of some pyramid type scams or businesses that make no sense, like mining contracts that produce over 50% less bitcoins as a result for the guy that would buy a contract.  

People need to smarten up and not constantly speculate on every tiny change someone sees somewhere. People need to object when they see a bad business offer that doesn't make sense. Forum owners should step up to the game and ban all pyramid type of threads. Mods should do their work and lock tons of threads that get out of hand daily. All of what I wrote is just a tip of the iceberg.

[AngelusWebDesign]

Thanks for your response.

If I were you, I would have started a thread, "Bitcoincharts WAY OFF -- here's why" and explained what you just typed -- it would have informed the community -- taught us all a little something. That's what I try to do all the time.

And there's a difference between authoritatively stating something, and musing/guessing. I always make it clear which I'm doing.

And you're right, the actual hashrate didn't go up by all that much.  I realize variance is just that -- variable. But according to Bitcoincharts, the "spike" was lasting quite a while, due (as you said) to their faulty algorithms. But I had never heard the criticism of their algorithms. I was just asking "why" -- I obviously had serious doubts about 4 TH/s being added in a few hours -- but I figured at least SOME of the spike had to be new hardware -- maybe 500 GH/s. Who knows? 
I (and others) just have to wait for guys who know to chime in and clear things up.