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Bitcoin Forum > Economy > Economics > Speculation (Moderator: Nekrobios) > New difficulty: 1250758, 7.8% increase Will this make the value of BTC increase?
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celcoid
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January 08, 2012, 10:27:13 PM
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Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
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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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January 08, 2012, 10:31:01 PM
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Quote from: celcoid on January 08, 2012, 10:27:13 PM
Will the New difficulty: 1250758, 7.8% increase the value of BTC or make it decrease?
No
https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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January 08, 2012, 10:31:45 PM
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Quote from: celcoid on January 08, 2012, 10:27:13 PM
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.
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January 08, 2012, 10:44:47 PM
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Quote from: rjk on January 08, 2012, 10:31:45 PM
Quote from: celcoid on January 08, 2012, 10:27:13 PM
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.
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January 08, 2012, 10:46:18 PM
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Quote from: westkybitcoins on January 08, 2012, 10:44:47 PM
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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January 08, 2012, 10:51:40 PM
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Quote from: rjk on January 08, 2012, 10:31:45 PM
Quote from: celcoid on January 08, 2012, 10:27:13 PM
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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January 09, 2012, 02:45:11 AM
 #8
Quote from: rjk on January 08, 2012, 10:46:18 PM
Quote from: westkybitcoins on January 08, 2012, 10:44:47 PM
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.
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