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Author Topic: Difficulty +30% in about 3h  (Read 2204 times)
Mogui
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September 25, 2013, 12:27:18 PM
 #1

Hi,

http://bitcoinwisdom.com/bitcoin/difficulty

It show that difficulty will rise a lot in few hours.

Where some peoples think the BtC price going to rise with the diff, some others are more pessimisstic and think that wont.

I don't understand enough about mining BitCoin.

I'm curious to know what do you think and why.

Thanks Wink

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Zaih
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September 25, 2013, 12:34:34 PM
 #2

Won't affect price  Cheesy
Le Happy Merchant
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September 25, 2013, 12:46:31 PM
 #3

Nobody but the miners should really give a shit, except as a metric of the network strength.

The price least of all.

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September 25, 2013, 12:48:53 PM
 #4

This is known information. It's unlikely this will affect the price.

Miz4r
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September 25, 2013, 01:14:10 PM
 #5

It does affect the price, as money will be flowing back from mining into bitcoin and other more attractive bitcoin related investments. There was a big gold rush for mining equipment and now that is coming to an end. There is a lag before that shows up in the difficulty though, I don't expect the exponential rise to level off before February 2014.

Bitcoin = Gold on steroids
Zaih
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September 25, 2013, 01:55:19 PM
 #6

It does affect the price, as money will be flowing back from mining into bitcoin and other more attractive bitcoin related investments. There was a big gold rush for mining equipment and now that is coming to an end. There is a lag before that shows up in the difficulty though, I don't expect the exponential rise to level off before February 2014.

But what's the difference between it being implemented?

People know this is coming, if the price were to change due to it, it would have already.
millsdmb
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September 25, 2013, 01:59:14 PM
 #7

It does affect the price, as money will be flowing back from mining into bitcoin and other more attractive bitcoin related investments. There was a big gold rush for mining equipment and now that is coming to an end. There is a lag before that shows up in the difficulty though, I don't expect the exponential rise to level off before February 2014.
difficulty and price have 0 correlation.

Hitler Finds out about the Butterfly Labs Monarch http://www.youtube.com/watch?v=4jYNMKdv36w
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Miz4r
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September 25, 2013, 02:07:48 PM
 #8

It does affect the price, as money will be flowing back from mining into bitcoin and other more attractive bitcoin related investments. There was a big gold rush for mining equipment and now that is coming to an end. There is a lag before that shows up in the difficulty though, I don't expect the exponential rise to level off before February 2014.
difficulty and price have 0 correlation.

Wrong. But believe what you want.

Bitcoin = Gold on steroids
joesmoe2012
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September 25, 2013, 02:31:57 PM
 #9

Since difficulty is increasing, there will be less mined bitcoins and thus less bitcoins sold by miners to pay for electricity and other costs, thus the BTC/USD should not fall, but rise right? (Less sell pressure).

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September 25, 2013, 02:37:28 PM
 #10

RISE BITCOIN RISE  Angry



        ▄▄▄▄▄▄▄▄▄▄
     ▄██████████████▄
   ▄█████████████████▌
  ▐███████████████████▌
 ▄█████████████████████▄
 ███████████████████████
▐███████████████████████
▐███████████████████████
▐███████████████████████
▐███████████████████████
 ██████████████████████▀
 ▀████████████████████▀
  ▀██████████████████
    ▀▀████████████▀▀
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millsdmb
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September 25, 2013, 02:50:56 PM
 #11

It does affect the price, as money will be flowing back from mining into bitcoin and other more attractive bitcoin related investments. There was a big gold rush for mining equipment and now that is coming to an end. There is a lag before that shows up in the difficulty though, I don't expect the exponential rise to level off before February 2014.
difficulty and price have 0 correlation.

Wrong. But believe what you want.
I will, because a fact is a fact.

https://bitcointalk.org/index.php?topic=277815.0

Hitler Finds out about the Butterfly Labs Monarch http://www.youtube.com/watch?v=4jYNMKdv36w
Get $10 worth of BTC Free when you buy $100 worth at coinbase.com/?r=51dffa8970f85a53bd000034
crazy_rabbit
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September 25, 2013, 02:53:47 PM
 #12

I don't think it will affect the price. We all already know it's scarce and getting scarcer. No surprise there. Increased utility and adopting will raise price, along with a sense that it's only going to get more useful.

more or less retired.
SkRRJyTC
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September 25, 2013, 03:06:38 PM
 #13

It does affect the price, as money will be flowing back from mining into bitcoin and other more attractive bitcoin related investments. There was a big gold rush for mining equipment and now that is coming to an end. There is a lag before that shows up in the difficulty though, I don't expect the exponential rise to level off before February 2014.
difficulty and price have 0 correlation.

Wrong. But believe what you want.
I will, because a fact is a fact.

https://bitcointalk.org/index.php?topic=277815.0


"Higher price drives difficulty*.  At one time someone even provide some analysis showing the correlation of price driving difficulty."
bowen151
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September 25, 2013, 03:08:10 PM
 #14

Since difficulty is increasing, there will be less mined bitcoins and thus less bitcoins sold by miners to pay for electricity and other costs, thus the BTC/USD should not fall, but rise right? (Less sell pressure).

Hmmm you seem far too logical for the bitcoin world Tongue

This is what I would think also but it rarely has an impact on the price...so far. When bitcoin matures a bit more surely this will be the case.

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SkRRJyTC
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September 25, 2013, 03:09:50 PM
 #15

Since difficulty is increasing, there will be less mined bitcoins and thus less bitcoins sold by miners to pay for electricity and other costs, thus the BTC/USD should not fall, but rise right? (Less sell pressure).

Hmmm you seem far too logical for the bitcoin world Tongue

This is what I would think also but it rarely has an impact on the price...so far. When bitcoin matures a bit more surely this will be the case.

The same number of BTC are mined regardless of difficulty.

Your logic is faulty.
Mendacium
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September 25, 2013, 03:13:02 PM
 #16

Since difficulty is increasing, there will be less mined bitcoins and thus less bitcoins sold by miners to pay for electricity and other costs, thus the BTC/USD should not fall, but rise right? (Less sell pressure).

Hmmm you seem far too logical for the bitcoin world Tongue

This is what I would think also but it rarely has an impact on the price...so far. When bitcoin matures a bit more surely this will be the case.

The same number of BTC are mined regardless of difficulty.

Your logic is faulty.

Not exactly. The difficulty tries to keep the number of blocks mined to about 6 blocks an hour (one block every 10 minutes). So per hour amount of coins mined isn't constant.

But since it readjusts around every two weeks that's kinda irrelevant.
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September 25, 2013, 03:21:26 PM
 #17

Since difficulty is increasing, there will be less mined bitcoins and thus less bitcoins sold by miners to pay for electricity and other costs, thus the BTC/USD should not fall, but rise right? (Less sell pressure).


If difficulty is increasing, it is because ASICs are being delivered, hashing power is constantly increasing, and blocks are found before 10 min on average. It will keep this way, meaning that more buying will be mined, quicker, and price will decrease Roll Eyes














 

 

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joesmoe2012
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September 25, 2013, 05:50:34 PM
 #18

And your right, my logic is flawed because the same amount of bitcoins are produced. So in the case won't more people be selling bitcoins to start recouperating some of the money from their investment that's been tied up for months/years?

So I think maybe increase in selling then.


SkRRJyTC
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September 25, 2013, 08:40:58 PM
 #19

And your right, my logic is flawed because the same amount of bitcoins are produced. So in the case won't more people be selling bitcoins to start recouperating some of the money from their investment that's been tied up for months/years?

So I think maybe increase in selling then.



This is what happened during the exponential rise in difficulty caused by GPUs.  Everyone bought free money making machines (gpus) and needed to pay them off.  So they sold BTC down to $2.

Perhaps some owners of new money making machines (asics) will be more willing to speculate on future price increases?
Carlton Banks
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September 25, 2013, 10:20:22 PM
 #20

And your right, my logic is flawed because the same amount of bitcoins are produced. So in the case won't more people be selling bitcoins to start recouperating some of the money from their investment that's been tied up for months/years?

So I think maybe increase in selling then.



This is what happened during the exponential rise in difficulty caused by GPUs.  Everyone bought free money making machines (gpus) and needed to pay them off.  So they sold BTC down to $2.

Perhaps some owners of new money making machines (asics) will be more willing to speculate on future price increases?

Well, sort of. The difficulty overshoot just so happened to coincide with numerous other events that, in combination, caused the crash. I expect something similar may happen between now and next Spring, but I think the magnitude of capitulation will be less than the 2011 incident. Notwithstanding other events, of course.

Vires in numeris
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