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Author Topic: Difficulty Should Be Falling Faster  (Read 3821 times)
bonker
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September 09, 2011, 09:14:28 AM
 #1

If difficulty is linked to price, then difficulty should be falling faster. Some developer must have coded things wrong
because price is collapsing and difficulty is flatlining. We want sub-million difficulty!

Basically, I want difficulty right down so I can mine thousands of BTC then when the price goes shooting up, after the
banks collapse, I can roll in an ermine-clad Bentley wearing a crown and playing loud rap-music.

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Transisto
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September 09, 2011, 09:30:27 AM
 #2

If difficulty is linked to price,...
Guess what, ... IT'S NOT !

End of the story.
bcpokey
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September 09, 2011, 09:36:37 AM
 #3

If difficulty is linked to price,...
Guess what, ... IT'S NOT !

End of the story.

It is, but not in a linear up-down fashion. As with many things in life, it's complicated.  This response goes to the OP as well.

saadtariq30
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September 09, 2011, 10:18:05 AM
 #4

Didnt you guys notice who the op is? Im pretty sure he suggested resting powersupplys to boost hashrates and to leave the fridge open to cool mining rigs or something...trolls be trollin
bonker
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September 09, 2011, 10:33:55 AM
 #5

Didnt you guys notice who the op is? Im pretty sure he suggested resting powersupplys to boost hashrates and to leave the fridge open to cool mining rigs or something...trolls be trollin

Quit your hating, cave man!

OP has a valid point, difficulty levels should be dropping faster as price tanks!

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saadtariq30
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September 09, 2011, 11:19:49 AM
 #6

Didnt you guys notice who the op is? Im pretty sure he suggested resting powersupplys to boost hashrates and to leave the fridge open to cool mining rigs or something...trolls be trollin

Quit your hating, cave man!

OP has a valid point, difficulty levels should be dropping faster as price tanks!

lulz
stryker
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September 09, 2011, 01:15:38 PM
 #7

ermmm dude... block production has been well below 6 per hour for over 24 hours now.... 2 difficulty re-targets per day like SC seems like a good idea right now.
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September 09, 2011, 02:45:09 PM
 #8

If difficulty is linked to price, then difficulty should be falling faster. Some developer must have coded things wrong
because price is collapsing and difficulty is flatlining. We want sub-million difficulty!

Basically, I want difficulty right down so I can mine thousands of BTC then when the price goes shooting up, after the
banks collapse, I can roll in an ermine-clad Bentley wearing a crown and playing loud rap-music.

Did you forget to take your Abilify and Lithium pills again?

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September 09, 2011, 08:30:21 PM
 #9

ermmm dude... block production has been well below 6 per hour for over 24 hours now.... 2 difficulty re-targets per day like SC seems like a good idea right now.

I have been watching.  no it is /has not  been below 6 the whole time.  look at now! (6.44 per hour)

Sep 9, 2011 20:28:50 (UTC)
Difficulty   1779164
Estimated   1725489 in 483 blks
Network total   13.671 Thash/s
Blocks/hour   6.44 / 559 s


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September 11, 2011, 05:12:57 AM
 #10

Difficulty will only drop when people actually stop mining.  Difficulty is not linked directly to price in any way at all.  It's linked to network/block solving speed.  The only link is indirect that when people decide it's not worth it to mine, they'll stop mining, which will then drive the network power down and eventually the difficulty will drop.

Just because the price has tanked, doesn't mean people have stopped and we're still hovering near 13 TH right now.  I'd bet a most folks will continue to mine at least until they get their next power bill in the hope the price will turn around.  If we still see the price of BTC $6 or less in a month, then you'll probably start seeing a more movement in difficulty, but it's not going to swing immediately.
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September 11, 2011, 01:27:41 PM
 #11

Difficulty will drop in due time.
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September 11, 2011, 03:42:44 PM
 #12

Difficulty will remaim the same if the network hashing power stays the same, no matter the price.

When network hash rate falls, so will the difficulty, and it is proportional.

cheers

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September 11, 2011, 03:59:01 PM
 #13

At the current difficulty rate and market value of the bitcoin at around 6 USD you just make profit when you already paid your hardware with bitcoin earnings and have a power rate like in the US or eastern europe at around 0.16 USD / kWh.

Everyone else is just doing it for fun or just cant count... but hey its like ebay ... people often pay more money for used stuff as it would cost new...

so for the average joe with some 1500 MH rig its like 50 bucks a months extra pocket money i mean yeah there are better ways to earn some more cash... and even for the big rig farm owners its not that much of a big deal anymore but still worth...

my guess end of june (difficulty was around 130.000) was that the difficulty rate would stay at around 1.800.000 - 2.000.000 soon and i got quite close with that assumption.

conclusion: way too late to join the bandwagon with a large hardware purchase. amount of big rig farms stays constant (biggest % of the whole network power)

i think the big hype is over. the big bitcoin mining players made their money from the guys willing to trade in real cash for bitcoins (ouch). exchange rate dropping constantly. and if im correct about the "source" and the cause about the hype and explosion of interest and the source of the real currency pumped into bitcoin market initially the real winner is not just the bitcoin miner...

so IF i am right about this the exchange rate will drop more and more until just the big rig farm owners stay in business (almost done) and latest in mid 2012 we will see a lot of used ati cards on ebay. and the bitcoin will be under the USD and the average joe with their rigs taken care of transaction processing power.
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September 11, 2011, 04:22:01 PM
 #14

P.S. so one scenerio : difficulty stays at around 1.600.000-1.700.000 for 1-2 months exchange rate dropping to 3.5-5 USD. Difficulty dropping to about 150.000 later.

but the question is not about the difficulty the question is about who is still willing to exchange real money for bitcoins. this generates the difficulty Cheesy

so ask yourself what is different now then before the "hype" and what caused the hype. bitcoin is still bitcoin. what is the value of the bitcoin. can the bitcoin be a stable curreny ? has the bitcoin all needed features of a curreny at all ?

we are getting near the truth  Grin
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September 12, 2011, 06:10:40 PM
 #15

I agree with the fact that the difficulty should be dropping much faster than it is at the moment.I mine on SC and when difficulty drops to less than 1000 I CPU mine the I0coins while GPU mining SCs to maximise the use of my 2 comps without spending extra.Have you ever noticed how the difficulty on I0coins and SC drops quite a bit if some people stop mining them for even 2 days? I know this isn't related to BTC but I think BTC should follow the model of SC when it comes to difficulty management but some people can then say that BTC needs to stay the way it is.I stopped mining BTC directly over a month ago and mine alternative currencies to trade for BTC which I then exchange for money.

I think that if more people use BTC for trading for good and services again,that the value will actually rise properly,instead of now where it rises a bit then drops again.I'm selling one of my artwork designs on my blog and can be purchased with BTC as I wish to experience what it's like to be a trader/business as well as a speculative miner/investor in BTC.To find this,access my blog and look for the post that mentions it.This is a first time so don't expect things to be perfect but certainly any comments (positive or constructive critisism) will be welcome.The comments section is however moderated to stop spammers on there so I hope this helps.

Is there a site/community that deals with the creative side of things? As I don't know any of them (deviant art pays a small 20% to it's artists and 80% it keeps for itself).

Thanks

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September 14, 2011, 10:19:20 AM
 #16

If difficulty is linked to price, then difficulty should be falling faster. Some developer must have coded things wrong
because price is collapsing and difficulty is flatlining. We want sub-million difficulty!.

For the difficulty to go down  you need a drop in the number of miners thus decreasing the hashrate thus decreasing the number of coins being mined.

The code has nothing to do with it, other than to make the correct call based on the number of coins being generated. And only a decrease in the required number of coins will result in a decrease in difficulty.

In theory, in this mining world, if the price drops then people would be expected to leave, thus coin generation decreases, thus difficulty decreases. But in reality people are stubborn and unwilling to give up or step back and reassess the situation.

Jeez, I think I just talked a load of b£&*^ks
I'm confused, lol
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September 14, 2011, 11:44:42 AM
 #17

^Exactly.  Wink

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September 14, 2011, 12:45:38 PM
 #18

ermmm dude... block production has been well below 6 per hour for over 24 hours now.... 2 difficulty re-targets per day like SC seems like a good idea right now.

good luck convincing any of them that

mooo for rent
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September 14, 2011, 01:27:13 PM
 #19

ermmm dude... block production has been well below 6 per hour for over 24 hours now.... 2 difficulty re-targets per day like SC seems like a good idea right now.

good luck convincing any of them that
The fact that difficulty only dropped a wee bit after two weeks just confirms that it wouldn't have dropped any quicker if re-targetted quicker. The thing that faster re-targetting does is try to ensure that miners will still mine when price drops precede difficulty. That's useful for a coin that has little support that may vanish quickly. But Bitcoin has not been having that problem so far, so obviously so far, faster re-targetting would make no difference.

Difficulty has only an indirect relationship with price since it's filtered through miner psychology.

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September 14, 2011, 03:32:15 PM
 #20

the algorithm is designed to "smooth" things out in the long run.  time is key here.

this is by design.

also, if the difficulty was to drop much faster, then you would also end up with an increase just as fast. presumably from all those who would get right back in with lower difficulty.
so then difficulty would jump alot quickly.

in the end, you'd have a net gain of what?


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