Quote from: Birdy on August 26, 2013, 01:09:15 AM

Quote from: spiral_mind on August 26, 2013, 12:59:30 AM

The massive rate of increase of hashing power has made blocks be confirmed about 2x as fast as normal lately.

Normal rate of block creation is one per 10 minutes. That means 3600 new Bitcoins are created per day normally, equalling about $400,000 per day at current prices. In reality there are likely close to $800,000 of Bitcoin being created each day.

With blocks being made twice as fast this source of new Bitcoins could drive prices down.

Likely effect on price:down

Afaik the difficulty increases are about 30% right now, that's still massive but not a 100% increase.
(and it will also mean the reward halving is going to be earlier, but okey that's still a while)

Ah yeah good point thanks. I was going off of TheGenesisBlock article that mentioned blocks being made every 5 mins. The point is really there will be an increase in supply.