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the problem is details are destroyed while resizing the difference to such a lower resolution.
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If you don't lowpass filter, the high-frequency detail gets preserved when downsampling if there are no low-frequency details (the high frequencies alias to low frequencies). You can reconstruct the high-frequency details by upsampling and lowpass filtering. Wavelets sort of work like this (two downsampled copies of the original signal - one containing the low frequencies, one the high frequencies - apply recursively).
I don't see the point though - much better results by just encoding the original video.