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My Comments

This Guide is the Short and the Long explanation of how bait works on Gaia (some facts, some theories and some myths). Some of this is a repeat of from other peoples guides, but hey I'm just making this because people keep asking about bait all the time, so I'm assuming that the other guides are written in a manor that doesn't suit all people (everyone learns different so sometimes it takes a bit of different wording for someone to understand) or the topic of bait gets lost amidst all the information.

Note: Facts are collected either from people viewing the script (the code that governs fishing game, WHICH IS NOW A BANNABLE OFFENCE SO DO NOT DO IT) or by reverse engineering

EDIT: It's still a work in progress but it works so far sweatdrop
Bait Degridation

IN SHORT if you do not fish for 12 hours then your next 5 bait get level bonus (+2,+2,+1,+1,+1). So your first 2 baits regardless of what kind it is acts like a-quality. Then next 3 baits after that if you use D-bait or A-bait it will act like A-bait on the other hand F-bait acts like D-bait. After that all bait act like what's written on the bucket (unless of course you wait 12 hours without fishing which resets the bonus)

Now to the long winded whineing, bait degradation in my opinion is a bad name for what's happening, a more appropriate name for it would be Bait Bonus, but the term Bait Degridation has been around too long, trying to change it now would be like trying to get everyone to call the letter "w" what it actually is "double V".

The 12hours of not fishing is measured from the time you last saved a bucket of bait (manually with "save and quit", or automatically at the fullness of a bucket) to the time you SELECT your next bait. So, you can enter the fishing chat room and chat with your friends while your waiting for your bait to reset. If you start a bait bucket after 11 hours of not fishing, If you throw the bucket away by clicking on the "x" in the upper right (thus not saving) you can wait another hour and your bait bonus will be reset. This comes in handy if your trying to get A-quality buckets cheap but forgot exactly when you last stoped fishing.
"The Code"

Junk: 18, Small: 54, Medium: 18, Large: 9, Rare: 1 or 0

Junk: 32, Small: 54, Medium: 11, Large: 3, Rare: 1 or 0

Junk: 51, Small: 42, Medium: 6, Large: 1, Rare: 0

Also, one of the other features is the increase in percentage of chance that Junk will land on your line the more you play the game without letting it reset

some people have hooked rares with fully degraded f-bait, people say it was a glitch and lately noone has hooked a rare with fully degraded f-bait. The game randomly picks 1 when you hook something depending on your bait quality
Example of "The Code" in action

for example if your using f-bait (note: in order for it to be a large fish the "hooking" must occur past 65ft as well or it doesnt have that as an option)

Junk: 51, Small: 42, Medium: 6, Large: 1, Rare: 0

and you happen to catch 6 junk and 1 large fish in your bucket then it randomly has left to randomly pick from:
Junk: 45, Small: 42, Medium: 6, Large: 0, Rare: 0

The Odds of having a bucket capable of catching a rare is 0.0002 (OR 1 in 5000 buckets has that chance)

Thanks to Reverand Paqo who found in "The Code" that if it is a lucky bucket, your chance of catching the rare is 25% with every hookage (and not the about 1% that it would be under evenly weighted statistics)
Bass'ken Speed Fishers 101
Port of Gambino Speed Fishers 101
Durem Reclamation Facility Speed Fishers 101
reservered post 11/15

Smile for the Camera- fastest way to describe it is, since the fishing update gaia added fascial recognition to fishing, if you squint you have a higher chance of hooking a catfish or a koi at bassken. Holding your breathe and puffing out your cheeks gives you a higher chance of Jelly's and Ironjaw at Gambino. Finally titling your head to the left while closing one eye gives you a higher chance of Racerfish and Hellfish at Durem

Secondary Bait Degridation- it can be thought of as a handycap, just like bait degridation (which is you dont fish alot here have a bonus), this however is the opposite, You fish too frequently so you get penalized, Reverand Paqo is trying to look into it, he has no numbers from "The Code", but his theory basically started because of circumstancial evidance based on the fact that after 20-30 straight hours of fishing his A-bait (as well as other people he's talked to) is worse than it should be

Reverend Paqo: i was saving up A baits, 1,000 to be exact, and i was going to do 2 runs of 500 straight. the first one with no stops. just solid A baits, dredging the lake. record every 10th game the second set of 500, go with 3 hour pauses between each 125 baits, again dredging i found that if you go solid with no pauses your catches keep getting worse steadily. but if you let it sit at all, it'll get slightly better.

what he's up too :record it to see how much it degraded on average per 100 baits (as soon as he gives his info, it'll be updated)

That you have a higher chance of catching a rare with A-quality than D-quality. There is no proof for this IN FACT when the code was found that explained that while fishing with a bucket capable of catching a rare your chance of a rare was 25% with each hooking for BOTH baits, nor is there proof that the A-quality bucket has a higher probability of being capable of catching a rare.
Logan v2.0
Official Bucket Terminology

There's a few types of different fishers out there, each tending to get (or wish for) specific things in their buckets. As there has been some confusion over what a "perfect" or "decent" or "horrible" bucket is, we have taken the information from a former overall winner and expanded the information into 12 main types of buckets that people get or hope to get.

Sushi Platter
- Must contain two of every type of non-rare fish available. (Bonus points for pairing them next to each other.)
- Must contain no junk.

Perfect Bucket
- Must contain nine large fish.
- Must contain no trash, no small fish.
- Must contain one of each variety of medium fish and large fish available.

Lucky Bucket
- Must contain one saved rare fish.

Hat Bucket
- Contains nine or more of the same type and color of fish/junk.

Performance Bucket
- Must contain nine large fish.
- Must contain no trash, no small fish.

Sweet Bucket
- Must contain no trash, no small fish.

Traitor Bucket
- Must contain only one small fish or one piece of junk.

Filtered Bucket
- Must contain no trash.

Speed Bucket
- Must be finished within five minutes.

Dredge Bucket
- Must catch everything hooked.

Trash Bucket
- Must contain mostly junk.
- Must contain just enough fish to pay for the cost of the bait.

Junk Magnet
- Must contain six of every type of junk. (Bonus points for lining them all on the same row.)
- Must contain no fish.

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