Hardcore Fishing

Taken from the change log:

This makes a number of changes to the way fishing works to make it a more interesting part of the game. First, fishing rods must be "baited" by combining them with various items in the crafting grid. Most "useless" meaty items work as bait, such as rotten flesh, spider eyes and Creeper Oysters. You can still go through the motions of fishing with an un-baited rod, but you won't catch anything. Each time you get a nibble, there's a chance that you'll lose your bait in the process, and when you catch a fish, you will always lose your bait. Also, fishing may only be performed above ground, and if the bobber is in large bodies of water (away from the shore and in deep water...cast into a lake or ocean and you'll be good to go). The chances of catching fish are also much higher in the day than at night, also increased during rain and further increased if you do it during dawn or dusk. The exception to these rules is that fishing at night on a full moon will provide the best chances of all.