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Author Topic: New difficulty: 1250758, 7.8% increase Will this make the value of BTC increase?  (Read 1161 times)
celcoid
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January 08, 2012, 10:27:13 PM
 #1

Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
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SaintFlow
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January 08, 2012, 10:30:13 PM
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Only if the additinal 7.8 percent of mining powers does not plan on selling on exchange.

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notme
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January 08, 2012, 10:31:01 PM
 #3

Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
No

https://www.bitcoin.org/bitcoin.pdf
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rjk
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January 08, 2012, 10:31:45 PM
 #4

Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
The difficulty follows the market price, for the most part, not the other way around.

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
westkybitcoins
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January 08, 2012, 10:44:47 PM
 #5

Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
The difficulty follows the market price, for the most part, not the other way around.

This. Price is a function of supply (which has a constant rate of influx) and demand. Difficulty doesn't factor into that.

If anything, it's been the price increases that have incentivized more miners to join the game.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
rjk
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January 08, 2012, 10:46:18 PM
 #6

If anything, it's been the price increases that have incentivized more miners to join the game.

This is correct; even the pool operators have noticed an increase in old accounts becoming active once again.

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gnar1ta$
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January 08, 2012, 10:51:40 PM
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Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
The difficulty follows the market price, for the most part, not the other way around.

^^ This. http://bitcoinx.com/charts/ Charts here show difficulty follows price, not determines it.

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eleuthria
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January 09, 2012, 02:45:11 AM
 #8

If anything, it's been the price increases that have incentivized more miners to join the game.

This is correct; even the pool operators have noticed an increase in old accounts becoming active once again.

BTC Guild found quite a large number of accounts that had been inactive for over 2 months suddenly withdraw coins [and in some cases fire back up the miners].  We'll see over the next few weeks if any new blood is joining the ranks of miners, or if it's mostly people who had their cards turned off when it became unprofitable to mine in some areas.

R.I.P. BTC Guild, 2011 - 2015.
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