Bitcoin Forum

Current Mining difficulty ratio NMC/BTC: 0.0139
Current exchange rate NMC/BTC: 0.02700700

Sources:

http://dot-bit.org/tools/nextDifficulty.php
https://exchange.bitparking.com/main

––––

How to mine Namecoins?

1. Download and install Namecoin from http://www.namecoin.us/downloads.php

2. Navigate to %appdata%\Namecoin and create "bitcoin.conf" with the following content:


3. Start namecoind via commandline

4. Get GUIMiner, create a "solo" mining profile (mining solo is feasible even for single GPUs at difficulty of only 25k) and fill in the data from your bitcoin.conf file

5. Exchange your gathered Namecoins for more Bitcoins than you could have mined directly with the same hardware on https://exchange.bitparking.com/

6. PROFIT

Addendum:

You can also use pools if you prefer.

http://bitparking.com/pool
http://namebit.org/

Anyone want to make guesses on how quickly next difficulty jump will be?

The namecoin pool shares just went through the roof in the last 30 minutes.

something went down since namecoin rate as given by http://dot-bit.org/tools/nextDifficulty.php is way down.

edit: nvm

The more people jump in now, the higher next difficulty will be...
Short party...

Don't forget https://poolmunity.com/  as they let you easily switch between them.

Looks like about 12blocks/hr right now. So 1 week. Until more people realize that difficulty dropped today instead of tomorrow, then it'll probably be halved again to like 4 days. That's my guesstimate, 4-5 days until difficulty change.

yeah I'd say 5 days... NMC price will probably tank before then though

Whenever I try to set up Namecoin I can't seem to get the .conf file working properly. I go into appdata/roaming/namecoin and create a .txt file, name it bitcoin.conf then add:

rpcuser= blah
rpcpassword=blah
rpcport=8336
daemon=1
server=1

Saved, then I go into a command line, plug in C:/apps/namecoin/namecoind   and I get an error saying I need to set my password in a config file with owner-readable-only file permissions...

Any ideas as to what I'm missing?

*edit: Finally got it saved as a .conf file and now when I try to open it it simply makes the command window black and drives up the file sizes of my blk and blkindex files until I exit...Have I ever mentioned I hate non-GUI mining?

Wow that was quick.
Let's see how it's going, I hope the next increase won't be to big.

Open the namecoind via "start namecoind". It will then open a separate cmd window and you can command it from the other via namecoind getinfo etc.

This thing frustrated me too in the beginning, I’m not sure why it behaves like that in Windows.

Don't you think NMC price will drop as soon as everyone else starts to exchange their NMC for BTC?

Yes, already happening. The profitability is a short-term window, but it could be worth it for some.

When I type in "start namecoind" I am told the system cannot find it - unless perhaps there is some other command that should precede this.

Also, in GUIMiner, do you start a solo Namecoin miner under "solo utilities"?

First you need to move via cd to the directory your namecoind is located at, for example "cd C:\Program Files (x86)\Namecoin\daemon".

Currently exchange is roughly .02BTC/NMC and falling. Difficulty is roughly .015NMC/BTC. Obviously if the two numbers meet then profitability is equalized. If exchange goes below difficulty than namecoin will no longer be profitable. Something to consider.

zomg thanks for the notice!

Join www.coinotron.com (http://www.coinotron.com) - 0% fee, LP.

In our pool you can on the fly switch between mining namecoins and bitcoins. There is no need to restart your miners. Just change worker type on our website.

Maybe soon merged mining will be possible: http://dot-bit.org/Merged_Mining

Double profit for single energy investment :D

Double profit?
You mean double difficulties thus single profit, right?

not sure what you mean but you will earn both namecoins and bitcoins at the same time., You will be mining the same blocks


it would be no different than if you had a clone of yourself mining namecoins and one mining bitcoins.

I'm not sure if profitability will really go up that much though, since suddenly namecoin will have a hash rate the size of bitcoins.. if you look at their trade volume, I cant see how the namecoin price can hold up anywhere close to where it is now, with everyone mining them.

man, you are just KILLING Namecoins by anuncing that... Namecoin is just coming out of 6 weeks at 55k difficulty, and now thanks to you, the next dificulty will be going to hell... probably 100k in 2 days, them everyone moving out because ist profitable anymore... thanks NM = dead.

Really, shivansps? By making a thread I alone am making the difficulty skyrocket again? Then whose fault was it when the difficulty rose last time?

Also, if you would like to prevent such disparities in the future, you can try to

a) arbitrage the exchange rate down in advance, in case of another discrepancy of difficulty ratio and exchange ratio
b) buy up Namecoins to pay miners so they can continue to hold the hashrate of the current difficulty

I am merely providing the holy free market information, so it can act more rationally and equilibrate. Sorry you happen to dislike it.

The problem is, that was EXACTLY what happen the last time...

a post over here... a lot of ppl moved to mine NC, and send the difficulty from 3500 to 55k... now, after 6 weeks, the difficulty finally decreased, and now is set to go again to 52k in 4 days!... when the dificulty increases again all of those that moved in because of the profit will leave... and again 2 months of low hashrate and high difficulty... if the next difficulty is somewhere near 100k NC is officially dead. Unless the price follows, who i really dont think so.

What you said it should work only if at least 50% of the ppl that moves to NC keep mining after the difficulty increase, but since all those people is just looking for the best profit, it will not.

Translation: You have impacted his short term mining scheme and this has amounted to significant sand collecting in his panties.

This is the nature of mining and the more people who get into the NC/BTC guild the more there will be swings until a balance is ultimately worked out and multi-mining becomes a norm. Attempts to keep Namecoin "hush hush" does nothing but delay the inevitable.

well perhaps it is about interrupting someone's profit, but the large swings possible because of the long time to readjust difficulty could really leave NMC open to huge vulnerabilities as even more miners move in and out. There should be some sort of 24 hour adjustment period if the "instant difficulty" strays too far from the last difficulty. I agree that "secrecy" isn't the way to fix this problem (and merged mining will fix it, if that goes through) but it is still a problem above and beyond and miners profit concerns because a huge mining exodus leaves the network so vulnerable

Here's a thought -- next time difficulty of NMC spikes, stop mining NMC and mine BTC. Then BUY NMC with the BTC you generate instead of subsidizing BTC miners by stubbornly mining NMC at -40% return (yes, people were mining NMC at a .037 exchange when the actual exchange was .025).  Exchange rates equalize or better, people return to mining NMC.  Difficulty keeps going up, and we're off to the pyramid races.

And yeah, the few days a month NMC is more profitable than BTC to mine is not a good time to mine & hoard NMC.  At least it wasn't last time.  Wish I had sold as soon as I mined.

don't forget to mention your 7k buy order at 0.011, as you can't see it drop fast enough ;)

on a free Market the smart survive.... you just shorted your/our profit big time.... smart move...
greetz

Anyway, OP assaulting aside, does anyone know if solo blocks are being orphaned by the big pools? I've solved between 2-3 blocks solo since this morning, and haven't seen any of the coins register in my wallet yet. Considering that blocks are being solved at a fantastic rate (25/hr? roughly) I'd expect that confirmations would be short and sweet.

I'd say there's a decent chance of it.  What do you get from 'namecoind listtransactions'?

this is a dissaster, nobody will mine NMC after tomorrow...

yeah really very good move ********, you just killed NMCs.

before the difficulty drop it was at about 15 confirmations/day... after this what??? 1 confirmation/day¡?!?!?! fu** y***

Ah good command, wasn't using that before. I guess it just takes a while to confirm, 120 confirmations to mature. 2 Generates and an immature.

Fixed

FTFY

i was mining for 6 weeks at 55k difficulty while you guys dissapear as soon the difficulty increase. And i was miningsince the difficulty was 3500... And i mine Bitcoins at the same time.

You are not in any position to say ANYTHING to me. Stupid manipulations like this tropic the only thing it do is destroy the network.

And the class of people that jump from one network to another for the higher profit are just killing both markets. And YOU DARE TO SAY ANYTHING TO ME? i support both networks! and i dont need to wait any "special software" for it, i just do it.

We all know that when the difficulty increases again everybody will left, at 100k dif NMC is good as dead. It going to take 3 to 4 months for the dificulty to go down again and for what? for some another id**** to post something like this again and send the difficulty to 2 millons?

yeah, wharever, do as you wish.

Welcome to decentralized currency experiments in a free market. If you'd prefer a currency with less "manipulations" (free exchange of decentralized currency generation strategies) I hear there are some lovely fiat systems out there to choose from.

y'know, seeing your response like that really makes me want to use all of my GPUs just to mine NMC, just for the hell of it.

eh, sounds like a good idea.
1.2 gh/s one the way~


awwwwwwwwwwwwww
yeaaaaaaaaaaaaaaaaa

do it, But dont stop mining after the dificulty change.

Its gona take like a week or more to get the 120 confirmations, it was already taking about 4 days.

i probably gonna mine btc again by then.  ;D

ninja edit:
holy shit, i found 2 blocks after 10 minutes of mining? :o

The problem is not the greedy miners trying to make a profit. The problem is in the design of the network that gives "unhealthy" incentives to miners in certain situations (like now with namecoin).

Difficulty should be adjusted much more often than every 2016 blocks. The network would find an equilibrium difficulty level much quicker, and all these problems would go away. There is no technical reason not to do it (that I know of), and the only reason Bitcoin has not suffered from the same problem so far, is the fact that it's always (well past 7 months at least and likely longer) been profitable to mine it.

I hate you a little. I am at 3000 hashes thus far without one.

nm found it

All you need to do to keep the Namecoin hash rate high is to BUY namecoins at a (even very slightly) higher price than BTC/NMC difficulty. As long as this gives even 1 US cent more/day than mining BTC, a lot of people will mine NMC instead.

As supply is limited anyways, you can choose to invest (in total) xx USD to keep NMC stable - might even be cheaper than mining yourself ins ome situations.

tl;dr:
To help NMC: Buy them, don't mine them

I found one within an hour with 860 Mh/s.

How do you know when you have found one?

umm...50 coins magically appear in your account.

Nice upspike at the exchange rate, now it’s even more profitable: ~2x more Bitcoins are gained by mining Namecoins at the current exchange rate of 0.027.

Must be heaven for miners. ;D

I don't get it, what's the difference between namecoins and bitcoins?

What is the current market rate of namecoins and who actually takes them for anything?

This answers all your questions http://lmgtfy.com/?q=namecoin

Hilarius ...

If I can just google everything, what's the point of asking any questions on forums? I want to know what people's opinion's are on it.

I already google'd it, I don't understand the terminology I guess. Or what the purpose of namecoin is.

To Decentralize DNS. currently governments can Seize domain names as they wish (just look at all the torrent sites that have had their domain names taken.)

http://torrent-finder.com/IPRC_Seized_2010_11.gif

Yeah, I know about that, but how does this change anything? How is this 'better' then bitcoins?

The government can't seize your domain, only the namecoin address that owns it can update it.


they work side by side, btc is used to buy stuff from merchants, nmc is used to register domains.  btc chain block validates and keeps track of btc spending, nmc chain block keeps track of currently registered domains.


Or at least that's what I gather from all the reading i have done over the past month or so.

If that's what you wanted to know, than that's what you should have asked about. I think the nerd factor is way too high (and that's coming from a guy who links to lmgtfy) and it requires too much work and knowledge for it to hit mainstream, but as long as people pay me more than they do for Bitcoins I'm happy.

When I run the getinfo command, here is what I get:

{
    "version" : 32100,
    "balance" : 0.00000000,
    "blocks" : 0,
    "connections" : 2,
    "proxy" : "",
    "generate" : false,
    "genproclimit" : -1,
    "difficulty" : 1.00000000,
    "hashespersec" : 0,
    "testnet" : false,
    "keypoololdest" : 1311272481,
    "paytxfee" : 0.00000000,
    "errors" : ""
}

But a minute later, the "connections" goes down to 0.
Why is that? What's wrong with my setup, or my computer?


And Poclbm/Phoenix can't connect for some reason.


.bitcoin.conf file:

rpcuser=user
rpcpassword=password
rpcport=8321
rpcconnect=127.0.0.1
rpcallowip=127.0.0.1
rpcallowip=192.168.1.*
server=1
daemon=1

Poclbm command line:

python ./poclbm.py -d 0 -w 128 -f 30 http://user:password@127.0.0.1:8321

I googled this for the last hour, and can't find a solution.

Thanks,

Matthew

Ahhh, thanks. This makes a lot more sense :).

how long does it take to verify 2 3 blocks?
one day? four days? a week?

 >:(

*edit.

hah, i got 3 blocks in less than a day.

Damn lucky. I've done about 10k hashes, still no block

I followed the instructions on the thread and I've got a couple of questions that I'm sure you know the answer.

1. How can I get a namecoin address?
2. Am I doing this correctly? I launched namecoind.exe by typing "start namecoind.exe" and all i get is a blank screen with a blinking cursor.
3. How would I know I found a block and where does it go (since I don't have a namecoin address).

Thanks in advance guys!

Uhmmm, I'm not sure what you guys are using to define your hashes? A single ati card computes 300,000,000 hashes in a second.

GUIminer.

It shows the count in the lower left status bar, per GPU

http://i.picpar.com/84a79a4de39ada5fc55fcf0338675a5f2d061936.jpg

So these "difficulty 1 hashes" are the same as shares submitted to a pool. On average you find a block with the number shares equal to the difficulty. So right now, you should find a block for every 23509 "difficulty 1 hashes" on average.

aaaaaaaaaaaannnd i just got my 4th block...with only ~5k hashes total.

okay, i guess i used up all of my luck just to find blocks.  ???

Same, all part of the gamble.

I just thought you should know I've attributed 2400 mhps to namecoin mining.  I might add another 1200 tonight.  

But I had all the intention to before this thread was ever created.

it's always like that for me, when i do things seriously, i rarely get something meaningful, and when i do it just for shit and giggles...i ended up with something pretty damn good. :/

eh.
4 blocks.
not too bad for a "shit and giggles" plan.

Now you have to wait for confirmations though and I heard that can take quite some time :(

one's halfway done, i assume the rest will be done in 3-4 days, when the difficulty goes waaay up  :P

*edit
and i just got my 5th block.

wtf.

How much mhash are you working with?

It would be great if Namecoin mining was bugged. And by "great" I mean "horrible."

only 950 for now.

Should have 16662 blocks.

It its just luck, i have 5 ghash total, 3 to bitcoin and 2 to namecoin, on Namecoin i found about 6 blocks in 2 days when the difficulty was 55k once, but most of the time was 1 per day, 2 max, and there where some time that was 4 days whiout anything, since the difficulty decreased i found a total of 3 blocks so far.

If all of this brings in a better value then its for the best, because the miners will stay. But at current price everyone will left when the difficulty will go over 100k... and then what?

By forcing all these people going intro the network at once you just dont give the market time to stabilize. And it does happen like the last time. The value dint increased at all... it at been around 0.020-0.030 for over 2 weeks. At this point i just hoping for the best.

You are pushing things too far mr."mining namecoins is now x2 more profitable", i know you real intentions are to crush the market by destroying the network so you can buy cheap nmc and play the wait game. You really whant me to belive you are doing all of this because of your good will??? come on...

The value actually peaked above .04 at one point over the last two or three weeks.

Don't know, but you need to make namecoind connect to other computers and download the block chain before you can connect with miners.

Difficulty won't go over 94035,92 ...
I read somewhere that Namecoin difficulty can only go 4x up, at a time.

Indeed. It's in the C0d3.

29 blocks in the past hour...

http://explorer.dot-bit.org/nbb=30/fromb=0

I just hit a block myself. How do I check for confirmations again? Not seeing it in getinfo.

wait ~6 hrs. it'll show up in getinfo eventually

Everybody mine, 30 blocks are found per hour, and the price don't fall?
Are Namecoin early adopters behind that?

Maybe it's because people don't think Namecoins are worthless, and they don't feel like selling them dirt-cheap?

Hashrate is now 5 times what it was 24 hours ago so 80% of people mining Namecoins right now are mining just for profit
I think it's not compatible with them thinking Namecoins aren't worthless, but you seem to be right

A lot of people mine Bitcoins for profit too, and they don't sell them right away.

A lot? Most people who mine, mine for profit. That is basically the concept behind mining, to generate/accumulate bitcoins to trade for goods/services/whatever. To suggest people are not mining for profit is silly, although I will admit that there are potentially some out there that do it just for the lulz or whatever, in the minority.

But about buyers: they know there are much more coins mined, why still buying at the same price?

I was meaning mining only for profit
I mine Bitcoins and it's clearly not only for profit

Why is it clearly not for profit? Do you give your bitcoins to charity?

Anywho, man namecoin surpassed even my expectations, 30 coins per hour yowza. Looks like under 2 days to the next difficulty change.

I saw a huge bump in namecoin mining power in the last 24 hrs at http://www.coinotron.com pool.

same here. about time!

Hmm.  Solo or Pool.... solo or pool....

Namecoins are now at .029/BTC, up from .02 last night. 50% more profitable to mine.

Use the 'listtransactions' command.

Thanks for that. 74 confirmations.

Any one that jumps to namecoins now will be disappointed.
A lot of people have changed to them so the market will get flooded soon and there price will come right down while pushing bitcoins price up.

namecoind.exe listtransactions

or

namecoind.exe help

for all possible instructions adjust accordingly ./namecoin  etc... for your operating system.

and not to be a dick but try reading the setup instructions on dot-bit.org next time..

yeah kinda a dick

wrong, namecoins price has jumped up almost by a third since the latest difficulty drop. More profitable than ever.

Sadly my bad luck is starting to crop up even at this difficulty. Haven't seen a coin generate in almost 10 hours :(

Who is going to dump namecoins when the new namecoin painful difficulty kicks in it will be months before the next difficulty drop because all these short term namecoin miners are going to switch back to bitcoin.  No one will be mining so namecoins should go up up up  ;D

Not necessarily. Before the diff lowered namecoin value was lower than it is now. There is no guarantee value will go up at higher diff. It's the same with Bitcoin.

Well in the last cycle they did dump their NMC anyway at below the difficulty rate. That's the reason why we had the slow phase to begin with.

edit: started new topic

I am betting that a month or two without any significant amount of nmc generated will put upward pressure on the price.  But you may be right.

It went down almost the entire time this happened last time.

Exactly right.  The diehard NMC miners were happy to mine at 25-40% discount to bitcoin for many, many weeks before difficulty adjusted.

There's no guarantee it'll shoot back up to an expected .04 btc/nmc exchange to reach parity. You might see the same old same old .033 at best, like we did leading up to the 2 days of profit bonanza.  NMC miners are eager to give away their mining power during the slow times, and who am I to argue?

Last time I got in during a difficulty slump, mined, and did not sell at .6 (the high point during the mining "boom").  I've been sorry ever since.   I did get out at .033, and will try to time my exit during the "slump" once again.  Of course I'll mine for 1-3 days every 6-10 weeks when it's profitable, and not at all when it's simply stupid.

Someone has to get through the blocks to keep namecoins alive...

And here is how that's done.

1. mine bitcoins
2. buy namecoins

Namecoins reach price/difficulty parity with bitcoins (or close enough), and long term stability ensues.

Here is how it's NOT done:

1. mine namecoins regardless of loss
2. subsidize a 2 day profit bonanza for people who mine in 2 days what you will mine in the following 40

But hey, free money is free money.  I'll take it.

you assuming everyone that mines is selling asap...you can not assume we are mining at a loss just because the price during the slow difficulty is low...Just like with my real job I dont spend everything i make as soon as i get paid.  a portion goes into savings/investments.  Holding on to NMC is an investment for me. now NMC may never go up in price like btc did a few months back but you never know it might. and then I will have been mining at more of a profit than you are right now by selling immediately.


But then long term investments take patients, and seems a lot of folks these days don't know what that is.

Example, a year ago BTC was what a dollar? and people were making profit off that, imagine they held on to all the btc they generated for 10-12 months the profit would have increased 13-20 fold (or higher depending on when they caught that market spike)...

grod's point is if you mined bitcoins instead, and bought namecoins with those  bitcoins, you'd end up with more namecoins than if you mined them. In addition the price would rise, helping to reach the magical ratio that causes bitcoin miners to join or leave the network, making the difficulty more likely to be stable.

got my 1st block confirmed, still waiting for the other 4 to even show up on my address.


aw hell.
this is taking too damn long.  :-\

Yea I've heard a few people query this slow process...not sure where the problem lies though as I've not seen anyone bother to give an answer on it..

it's the same as bitcoin. It takes 120 confirmation for a block to mature.

People are just impatient and used to pools with instant payouts. Solo mining is a bit different, and quite frankly it's a lot faster on namecoin due ot the crazy ass high rate of block turnover. 30 blocks / hr = 4 hours to mature. A bitcoin block would likely take 20 hours, if I understand it correctly.

That exchange rate is holding nicely despite the mining flood, I'm a tad perplexed.

Hoping to see Blitzboom pimping namecoin buying so vigourously as he does for mining when it is more economic to buy than mine.

- lots of instructions how to set-up trading accounts and swap btc for nmc, etc

Same here. People are mining namecoins like crazy... a block every 2 minutes. I'm sure most of these coins are dumped on the exchange to trade for bitcoins. How is the exchange rate rising? Where did all this new demand for namecoins come from?

as soon as the diff rises in 2 days, the theoretical exchange rate would be at 0.0556 (http://dot-bit.org/tools/nextDifficulty.php (http://dot-bit.org/tools/nextDifficulty.php)). even if it doesn't rise that much, you could probably still make profit when you buy now as much as you can and then wait 2-3 weeks to sell.

or the price drops again and you loose a couple of btc ;)

The only problem with that is people STILL have to  mine in order to process blocks to process those buy/sell's on the exchange.  If everyone was buying the nmc instead of mining, then no new blocks would be processed and everything would sit in limbo as unconfirmed and unspendable/tradeable. 


The people who will really be upset about the 120 confirmations will be those who find the last 50-60 blocks in this difficulty, when everyone leaves us at a 90 something thousand difficulty it will probably take a week to confirm your blocks.

I joined NMC some minutes ago and I really like it!  :D

I believe I just found a block. I used 1 5830 doing solo mining for less than 12 hours, so I guess I was lucky? (Now I switched to pool mining). Question is how do I know how many confirmation has already happen with it? It already appeared in my wallet.

The idea is to keep NMC mining as profitable as BTC mining. If the exchange rate is even slightly (let's say 1%) higher than BTC, you can earn 1% more by mining NMC and selling them - something a LOT of people might do and that would be MUCH cheaper for NMC enthusiasts than mining NMC at a 25-40% loss.

http://h7.abload.de/img/ncpuq4.png

sup? :)

Yeah the key will be keeping everyone mining and NOT selling until it goes to .0556 or higher...Don't stop mining just because the market hasn't adjusted yet.

The exchange rate has little to do with the difficulty (as proven by the recent USD/BTC exchange rate). The difficulty (or the difficulty change more accurately) will somehow affected by the exchange rate though. Looking at the historical data, it seems namecoin used to traded at 0.1BTC.

have you seen future predictions of the next difficulty.. it is going to take them 80 days to kill that beast.



you cant mine dollars.  The point of the price reaching parity is miners going back and forth until it does.


Price isnt reflecting the current difficulty as the current difficulty will only last days.. the price is reflecting futures.. and it looks like the difficulty will rise greatly in a couple of days.

IMO anyways

But it does have to do with weather people stay here mining or go back to Bitcoins.  which is related to difficulty and the price they can sell what they mine immediately to the exchange.


You can't use the same comparison, the USD/BTC exchange rate has little effect on the NMC/BTC exchange rate.


The higher difficulty in nmc means that the price HAS to go up for miners to continue mining NMC or they will switch back to BTC to "profit" in the shirt term.

It won't take 80 days. The difficulty can only go up 4x. Get educated. Go to school. Don't do drugs.

It took nearly a month to finish out difficulty ~50k...if the same thing happens, it's going to take almost double that, or worst case, more people leave than before and it'll take even longer. This will essentially create a NMC shortage during the next difficulty cycle which should cause an increase in the price of NMC.

I am mining namecoin on https://poolmunity.com and it shows me

Estimated earnings:0.58554149

Can this be right Oo??? I am mining with 1,1 Ghash the calculator shows me i am supposed to get 46 a day.

totally false logic. Why did the price drop when the difficulty at 50K then? As you said, it took a month so it created a namecoin shortage as well.

There's two parts to price, supply and demand. Obviously the demand wasn't there, so the price lagged parity with BTC, so people left NMC mining for BTC mining.

Also, you'll see that I said *SHOULD* which is based on the assumption that demand won't fall (probably should have stated this assumption). It's the future, it's uncertain - this is my take on it.

Been mining NM for approx 18 hrs now @ 640 MHash/s - found zip LOL

Can anyone post a detailed how to on setting up solo mining?

When I start namecoind (on Windows 7) via command prompt it does nothing and says nothing.

Alright, I buy that. Nobody has the cystal ball but I'm continue selling while mining namecoin (and I could regret tomorrow :)

All you have done is start the solo server. You need to setup a miner too.

That's your server window. It will stay blank. Open up a new command prompt to give commands to the server and type in namecoind help for a list of commands.

That's the idea but I doubt it will happen. The value of NMC would have to rally past .056 by Sunday. If it ends up short even a little then most miners will go back to Bitcoin and probably end up panic selling their remaining NMC. Then the value will hover below the difficulty rate and we'll have a slow ass cycle yet again.


How long it takes is completely dependent on how much mining power remains after the retarget. It could take 8 days or 800.

I just made myself a promise:

When difficulty goes up I leave one GPU mining Namecoins (427Mhash/s @ PoolMunity) to keep the network going.
If 1 out of 10 does that, Namecoin might "survive" this increase quickly.

Good idea, I'm with you with 350Mhps

If BTC are worth slightly more, all you need to do is to mine BTC and buy NMC for 0.0557 instead of 0.0556 BTC a piece, as many as possible and untill difficulty changes (most likely up again).

If all NMC enthusiasts do this, they get far more hash rate for NMC by arbitrage miners + far smaller losses than mining NMC directly. It might even induce another speculative upward swing like what's happening right now, where people are buying NMC like crazy in the hopes that they get worth 0.0556 or more, so you could even make real profits by short term subsidizing NMC mining with a fairly small amount of BTC alltogether.

people HAVE to still mine NMC or the difficulty will not change, and the transactions will not process...


What is needed is a blend of people speculating on NMC while mining BTC and people mining NMC to process those transactions and get to the next difficulty change, and while mining NOT sell at a loss, but hold out and drive the price to an equilibrium.  Will this happen? we will see.  Once this boom is over, i myself plan to mine with 1/3rd of my mining power in NMC and the other 2/3's in BTC.  And hope that the merged mining project comes to a point it can be implemented.

When merged mining is implemented, Namecoin difficulty will go up so "easy mining" of large amounts is over... I guess it can even be profitable to mine namecoins after the next difficulty increase because it's still "easy" to mine namecoins....

Well, average time is 1 day and around 16-17 hours for that hash speed

When i start up Guiminer and point it to localhost (correct port as well) it gives me a error code.  Something along the lines of 801901...

Did you follow all of the steps in the original post? specifically step 2...thats the un/pwd you need to use in the miner.

Yes i did all that and it returns me an error of 80190191 and stays at connecting.

Can I use existing bitcoin mining calculators like http://www.alloscomp.com/bitcoin/calculator.php and just change the difficulty to what namecoin is at now to figure out how much namecoins I can earn by mining ?

Yes

Yea thanks, I guess it has only been 24 hours so far. Maybe when I do hit gold I'll hit a purple patch  ;D

Yes you can, but you can try this :  https://poolmunity.com/tools.php  also... It is completed also with actual prices to compare... Thanks to talpan :)

Ok when solo mining, Is it better to run separate namecoind instances or should I push all miners to one local namecoind instance and let them mine through that ?

Especially taking into consideration the whole merkle root thing i heard something about? would each machine running a separate mining instance have a different merkle root ? and is there anyway to be notified when you find a block mining solo ?

it's pretty much the same.

I still dont understand what this "merged mining" is...

if people want to mine on both they can... as i do... 3 ghash to bitcoin, 2 to namecoin.

Wouldnt it be slightly different lets take for example an extreme case suppose you were still using cpu's to do the mining and each cpu was generating 5mash on its own and you had 100 computers at this point the total output would be 500mhash but if each machine was running a different namecoind instance wouldnt the total power overall be separated? and in essence wouldnt connecting all machines to a single namecoind instance be like running a mini pool basically ??

Thoughts anyone ?

With merged mining you can put the 5Ghash/s on Bitcoin & Namecoin at the same time. Than 5Ghash/s is like 10Ghash/s...

Quick question all.  I was mining in a pool most of yesterday and didn't get much for my efforts, however when I did listtransactions it showed as:

"account" : "",
"address" : "NJc6Vc5xetc
"category" : "receive
"amount" : 3.21000000
"confirmations" : 30,
"txid" : "c764b7ed687etc

"time" : 1311372031



I've switched to solo mining overnight and just found my first block, in listtransactions however it shows as:

"account" : "",
"category" : "immature",
"amount" : 50.01000000,
"confirmations" : 31,
"txid" : "d4e22dddc95a28etc

"time" : 1311371999

The difference being it doesn't show an address. 

Is this normal, and will it just show up at my address when the 120 blocks are confirmed, or have I done something wrong? :)

Is solo mining NMC more profitable than mining in a pool with 840 Mhash/sec?

Has been for me.   I was in the pool for 18 hours and got 15 namecoins.  I've been solo mining for about 10 hours and hit a block of 50.   That said, it's all luck so it could take you 5 days to find one (or 10 minutes) :)   I'm also running around 800Mhash.

Well, it seems like gambling to me.  :-X I like a steady income, so I'll stick to a pool.  :D

Sure is :)   At the rate I was getting in the pool though, you're better off mining bitcoins.

Which pool was that ?

Some things to consider:

• stale shares, pool vs solo
• pool connectivity issues
• pool fees

Luck plays a big factor and variance can be a ruthless beast.

I found 5 blocks in 18 hours
then 0 the next 24 hours with the same hash rate!

am i using the right formula?


divide by time, multiply by hashrate. set time = 120 seconds (that's about the rate atm), difficulty = 23508.


that's some sicko network speed.

man, i got 5 blocks, only 1 got confirmed until today.

i guess i can assume i lost the other 4.
hah.

Coinotron

I just have one question: why are there some people still mining BTC now? I think they should all switch to namecoin mining for maximizing profits.

It's only going to last until sometime tomorrow, then the complexity is going to skyrocket.

I know. But it started since 2 days ago. So at least 3 day's solid profit.

If every bitcoin miner had jumped it would have lasted just a few hours.

Who is selling and who is holding at the moment? I want some speculation trolls in here.

12 hours if just deepbit mines namecoins. :)

Personally I feel namecoin is actually better since it has some real value (registering domains), with same full attributes as BTC has. I have to continue to convert it to BTC though as I'm worried the history will repeat, like what happened last time when the difficulty spiked and price fell at the same time.

Whoa now, let's not call on the trolls to run in...

Again, it's my personal opinion and you don't have to act like a troll to acknowledge anything. What I do with namecoin is irrelevant to where the market will go.

I agree with you. I am saying that there's some people here who invest 100% in Bitcoin and 0 in Namecoin, and this topic makes them feel insecure and sometimes emotional. Just saying it could ruin the thread.

Same thing here, I'm mining at ~ 780 mh/s and I found 2 blocks in the first hour I started (about 46 hours ago)  I haven't found another one since.  Hopefully my luck will change overnight.  I'd say go for it though. With 24 hours left your chances of finding 2 blocks are the same as finding none. Worst that could happen is you lose a day of mining...

For now, i decided to pool.

my not so good calculations tells me that i can get around 1 block worth of coins daily, which is not too far off from what i'm getting right now.

I only sell a small amount of Namecoins to pay for electricity.I keep about 70% of them in my wallet and let them sit there for a year.

Thought about that, electricity for 3-4 days? I'll just keep them...

Think about next year... Merged mining will be the standard, so Namecoin difficulty will be sky high, price may go up 3 times or more...

It will never again be so easy to mine Namecoins as it is now... So I guess keeping them is the best thing to do... I even bought 455 NC as an investment...

If you're mining for the namecoins it will be a lot harder, but if you're mining for bitcoins it will be a lot easier. Over all it's the same.

seems like mining namecoins is too high for me.

At first, i dont really understand the system, but that doesnt matter i think.

I try to mine nmc, but iam failing at the early beginning.
i downloaded the .exe file and startet it, but the command line which appears ist only vieable for about 5 sec (black), then it closes itself. I gues this is my first problem?

Then, i createt die namecoin.conf file somewhere in "appdata", iam not sure whether it is right or not, i changed nothing in this file, but i need to fill in my username + password right?
Where can i registrate to get these user datas?

Is there any existing toturial about how to mine/use namecoins?

It's a command line application so if there's any error you won't be able to see it like that.
What you should do is open a command window, usually typing CMD into your Start menu search box and hitting enter would do.

You should get a black console/command window. Then, I would CD to the correct folder but might get complicated, so just type in the full path to your namecoind.exe to run it and see what's the problem.

edited, nvm...

at what block number will namecoin change the next difficulty ? and what is the next difficulty estimate ?? And is there a site to monitor this stuff like something similar to www.bitcoinwatch.com ?

http://dot-bit.org/tools/nextDifficulty.php has the answers you seek.

Hopefully before the difficulty came down.

Seriously, some miners REALLY need to brush up their math here:
If you want NMC:
If the price is HIGHER than the ratio of BTC/NMC difficulty, mine NMC.
If the price is LOWER than the ratio of BTC/NMC difficulty, mine BTC and buy NMC.

If you want BTC, it's the other way 'round.

Unless you really need a big chunk of NMC right now because you want to speculate on prices, there's no point in buying NMC right now, that it's cheaper to mine them than BTC.

If you want many miners in NMC:
Buy NMC at a rate that is slightly higher than the BTC/NMC difficulty, to provide arbitrage opportunity for opportunistic miners. This can even create bubbles like the one right now (where people speculate that the price will go up even more, so they pay nearly double the "calculated" price) that gain momentum on itself.
Mining NMC all the time "to save NMC" is plainly stupid and will not help the system at all, it just creates these 2 months/2 days swings that might get more and more extreme over time.

Exactly. I'm happy to sell namecoins I mined to speculators who think the price will go up because of lack of demand (and they could be right actually. nobody knows the future).

so newb question here...

The difficulty is about to go up in a few hours. I am solo mining, and have been working on my block for hours. When the difficulty goes up will I continue to work on the block I am already working on at the old difficulty or does it instantly jump to the new difficulty? Basically trying to figure out if the difficulty jump and I have not finished the current solo block should I just stop my miners and go back to my bitcoin pool...

The difficulty goes up on a new block, so yes, your miner will start working at the new difficulty.

thanks doublec

of curse ive done it this was, i startet the .exe file over windows 7 command line. It happened exactly the same.

So, iam still at the same point as 5 hours ago.

I currently hold 40x more NMC than BTC and thinking about making that gap bigger.

The question is what's your average cost? Price ratio of NMC/BTC varies drastically over the last 2 months. Even you mine all the coins, it still matters as you can trade them to maximize the number of coins you hold, given the same hashing power.

Guess nobody is holding USD here? lol

I have 6.5k namecoins... I think that's enough. I'm not getting rid of them either. They are incubating gold.

the instructions at the beginning seem to be missing something.


How is GUIminer linked to the namecoin exe? There isn't a "create a solo miner" option in GUIMiner. There is a "create solo password" etc.


I think the original author missed a few things in the last few steps. I got the namecoin exe to show up in Windows 7 - but its just blank with a blinking cursor.


I signed up at coinotron pool, put the details into GUIminer (created a new OpenCl miner) - says password/username are wrong.

I am sure you might have done that already, but there's a help page here
http://coinotron.com/coinotron/AccountServlet?action=help

Did you create your workers already?

Soon it drops from 2x to 0,5x :)

As we bring this namecoin party to a close, I think it important to thank the little people who toiled away tirelessly to kill the last difficulty.  And though I will be taking my entire 11.5Gbps back to BTC mining, I look forward to the next namecoin party in two or three months.

That's mean :) The party will probably come again one more time, before the 24000th namecoin block arrives. After that, it's unknown due to the merged mining.

yeah I created a worker - still doesnt work.

Sorry I just had one of my blocks rejected and I got a little emotional. 

I think without merge mining, namecoin mining is doomed to these massive mining throughput swings.  Unless of course the prices keep up with the difficulty.

how do you transfer some namecoins? can't find any info

From your namecoin folder:

namecoind.exe help

namecoind help for all the options

namecoind help sendtoaddress
sendtoaddress <namecoinaddress> <amount> [comment] [comment-to]
<amount> is a real and is rounded to the nearest 0.01

Less than 50 blocks left for this difficulty. Counting down...

http://dot-bit.org/tools/nextDifficulty.php

For those who need this info and are asking when the next difficulty jump is.

http://www.youtube.com/watch?v=djZFHTa6TfA (http://www.youtube.com/watch?v=djZFHTa6TfA)

Is everyone getting ready to hit those buttons and switch back to Bitcoin ?? Wish I could be at some master control center and see the power shift.

You don't need the master control center. Just observe how fast a namecoin block is found using the namecoin blockexplorer. My guess is it'll take some time for people to switch

I'm ready. As soon as block 18143 has been found, I will close all my namecoin miners and switch them back to a bitcoin pool. No point in mining at a loss.  :)

10 blocks to go ......

so that should be do in less than 10 mins.

I'm already throttling up my bitcoin pools to 50%

Can someone help me and explain what I am seeing when I look at block explorer?

Let's look at block 18134. In doing so I show my miner working on this block but am I not seeing with the below that 18134 has already been solved?

http://explorer.dot-bit.org/tx/56017

Hash : 8844cca3a133d5146519630e5ece423227bde907f2af61efc27d06ba66aefbb9
Size : 134 bytes
Nb in : 1
Nb out : 1
NMC in : 50
NMC out : 50.02
Fees : 0.02
Block : 18134
Inputs

Num   Value   From address   scriptSig
0   50 + fees       
04a5c9021b015e
Outputs

Num   Value   To address   scriptPubKey
0   50.02   NBPMzsMVqi5AxTmHsJQ5yryRB8qjx7f7Wq   
04d44f48862a456e24fd6a89c8ef564172a969bb50d7c2b866c8c08c1269879ffd71b7ed53c63a1 c9a6416dc3d0639061bda21197890464f66a0da11071f428e95 OP_CHECKSIG

Party's over  :(

That was fun!
I will be back when the difficulty goes down again. :D

And Its Official I'm out --

Block : 18144
Hash : 0000000000006ba4085dbc5a2e703e424ffe721f2789d10c6c9528bdfb958e18
Time : 23/07/2011 20:14:15

It was a good 2 days NMC see  you in a few months.

P.S.
New difficulty
Last    18144    23/07/2011 20:14    94'037.96    

Time to cash out. Nice thing is i found 2 blocks in the last 2 hours :)

W00T see this : http://dot-bit.org/tools/nextDifficulty.php   :o  Next difficulty : 1'200'484.61  if changed at this moment :)

Party maybe is over but i dig 1300 NMC last 3 days :)

Damn :( Only got 1 block mining for 3+ days with 750 Mh/s

Oh well.

That is one Hell of a difficulty jump... I also only got one block but such is the cruel mistress of variance.

Nice !!! How much ghash you running ?

Had 12 Gh/s, but yesterday bought 1x5850... Not too much but...

Yup party is over. The current block is taking more than 25 minutes. LOL! The next difficulty adjustment may be a while from now unless price goes over 0.0556 or the ratio at the time.

I am mining at about the same rate and got 2 blocks in the first hour then nothing in the past 2 and a half days. Oh well, I guess it could have gone the other way. Still, at the current btc/nmc trade rate that's 2.5 BTC or 5 days of mining BTC.

I mined for 2 days @ 640 MHash/s and found nothing. Oh well, hopefully that means my lucks about to change.

Perhaps I should go buy a lotto ticket..

I mined for 3 days at 4GH/s and found 7 blocks.

My stats show that in the past 3 days I have found 5 blocks for the namecoin pool I was mining for but only got about 80 NMC from the pool. I was mining at 690 mh/s.
I wish I had gone solo  :(

i mined at 3 ghash for 1.5 days and got 4 blocks

In total i mad double what I was earning from bitcoin wish it could have lasted longer.

You'd need to buy ~35000 NMC which would cost a bit above 1000 BTC for that to happen. Doable, but to create a bubble you might have to invest another ~1000 BTC maybe. You would end up with some serious amount of NMC though, so for a true believer maybe not even that out of question. Investing ~30k USD to potentially create a bubble and be able to sell with profit?

I went back to BTC mining again.
But one of my 5870's is still pointed to Namecoin to support the network.

I think we all should do that!

Nope nothing is rounded

generated 2 blocks within the last 2 days at 425mhash/s. that's 3.5 btc. mining btcs i make about 0.25 a day, so i'll keep pushing my luck on solo mining for bitcoins for another 12 days :)

I mined 3 days @ 800 Mhash/sec and gathered 82 MNC which is 2.3 BTC. Not bad.

You spent your amount of luck for at least 3 months, you'd better join a pool ;D

It's pretty clear that the alternative blockchain approach that Namecoin is using simply isn't viable, and it's good that they're going for the merged mining approach.  Any non-merged blockchain that has miner compatibility with Bitcoin is going to have short periods of insane mining interest followed by very long periods of unprofitable mining.

Or maybe the solution is just to have better difficulty adjustment rules.  Like continue using a 2016 block sliding window, but adjust the difficulty every 252 blocks instead of only every 2016 blocks.  That would help even out the swings somewhat.

+1

but it takes too long to get ~35 more coins for a 6990 :<. maybe i am that lucky guy, you never know.

Got lucky and found 4 blocks in just under 48 hours with 800Mhash.   Unfortunately I wasted a whole day mining in a pool which only got me 15NMC :)

I had the opposite luck, mined in bitparking the entire time, found 2 blocks for the pool and earned 130 nmc.  but i went with a pool because your guaranteed to get payouts, whereas mining solo i could have mined the whole time and not found anything and gotten 0.

balls of steel, dude. You're pushing your luck. Go eligius, you'll still see "generated" ;)

I like the former route better (merged mining). Any pool planning to offer this starting at block 24000 nmc? I'd definitely use that pool. It means quite some work for pool ops, though, so I assume pickup will be slowish.

3 days, 181 NMC (with 1,5ghash/s) - 4.75 BTC. could have made more, though. found 2 blocks soloing, the rest i got at the bitparking pool.

I hope we can keep the networkhashrate at a higher level this time, now it's at about 310ghash/s

I spent ~20 hours soloing at 400 Mh/s and found one block, but it is listed as "orphan"

fail.

So, is the party over?

been over for a while

but now that the difficulty is high and no one is mining it will take ages for another party

Nodemaster has a merged mining pool running on testnet so he'll probably move his real pool to merged mining shortly after block 24000.

I probably missed this bit of info somewhere along my cramming of btc/nmc knowledge in the past month but why block 24000?

hopefully deepbit will switch at then. It'll take a month to get the next diff level (based on the stats now). Then hopefully a party again to reach another diff level in a few days, then we will at block 22176 and the remaning 1824 blocks probably will take another month to mine (assuming history repeats).

It'll be interesting to see the value of namecoins in 2 months then.  Since they are basically a bonus for anyone mining in a combined pool  why would they keep any sort of a price relative to bitcoin difficulty?

I think anyone accumulating namecoins over the next 3 difficulties (whether through buying or mining) speculating based on an NMC difficulty runup and historical NMC to BTC price/difficulty parity may be in for a rude shock once block 24000 rolls around.  I know I'll only be mining during the subsidized periods and selling as soon as the NMC are available.

After about 3 difficulty changes after block 24000, NMC and BTC will have the same difficulty it seems.

So what's the relative value of two coins that have exactly the same difficulty to produce?

You're looking at it from a strange perspective.  After NMC block 24000 BTC will have their normal difficulty to produce and suddenly for a vast majority of namecoin miners NMC will have an effective difficulty of 0 -- they will be produced as a free side effect of existing BTC mining. Their value will be based purely on their utility (and demand), and should no longer have any bearing on their relative difficulty compared to BTC.

Their relative value could go either way, of course.  But I suspect the shift from current namecoin miners to bitcoin miners won't have a positive relative price impact in the short term.  Long term depends heavily on whether 7200+ namecoins are consumed every 10 days or not.

You thought Namecoins would immediately decrease in value, but instead they increased by 50% when the difficulty dropped. Your predictions aren't the most accurate.

I agree. I was expecting a sell off too but it appears that those who mined NMC (the majority) have held on to them based on the price ratio.

Almost.  I was predicting a drop to below .02, yes.  But they DID drop.  From .25 to .20, before climbing back to currently .027.  The direction was correct, but not the magnitude.  Predicting direction, magnitude AND timeframe would require omniscience.  That I'm not.  I'll settle for being mostly right.

Not complaining about the bonus bitcoins I got mining NMC during the last 2 and likely coming difficulty drops either.

Oof, taking a while to confirm the last block I found just before the difficulty increased.  Still only half done :D

That too could be affecting prices.   Like a fool I waited until AFTER the mining bonanza to withdraw namecoins.  At this rate it'll take me 2-3 days to send them to the exchange to sell.  :'(

Ah well, live and learn.  There's still 4x typical hash capacity on the NMC network but dropping in real time.  Next difficulty I cash out AS I mine, transfers should be very quick then.

What are you implying?

I'm just taking the other side of the trade out loud.  Consider merged mining with Namecoin as a dilution of the new overall "Coin" market.  Given the same difficulty and hash rate, miners are simply given twice as many coins.  If you don't presume a bias towards either type of coin, then you've just diluted the market by adding twice as many coins over the long run. 

The ratio of Bitcoins to Namecoins will approach 1 to 1 in the long run.  Both equally scarce.  Both having required the 1/2 of the same investment to create.  Using that admittedly incomplete analysis, then long term Namecoins are worth about the same as Bitcoins.  Plus, both are worth half as much as one would have been before the dilution.

If you are building a trade plan around this idea, then you are trading from the long side of the currently thin Namecoin market.

This is assuming everyone mining bitcoins does submit hashes to the namecoin network.

Which does not sound too unlikely, since pools will probably compete on "merged mining feature". Some pool ops might also decide to silently cash in on namecoins using their unsuspecting miner's hashpower ;)

This analysis is flawed - you cannot assign worth to something without making an assumption about the demand for that good. You're assuming that namecoins will have the same demand as bitcoins, which is certainly not going to be true unless namecoins will become a general purpose currency instead of being limited to registering domain names. As a result, there will be no dilution of bitcoins. Since namecoins will essentially be a byproduct for most miners after merged mining, NMC might experience depreciation. Depends on whether the miners hold onto the NMC or dump them on the market.

Also, difficulty is completely arbitrary as far as price is concerned. The only things that matter are supply and demand. Supply will not change because the network adjusts difficulty. Demand - who knows what it will do.

You will likely have (even a small amount) a spill over in the money that goes into bitcoin into namecoin. Yes they may not be at parity but keep in mind namecoins have a usage that bitcoins do not but at the same time have all the properties that bitcoin has. There are likely outcomes that namecoin could become a competing crypto currency on a higher scale than you can imagine.

Should be interesting because in 6 months, at the most, if you own a namecoin you will be able to purchase a 1000 times more domain names than you can today. Currently it takes 11.1 NMC to purchase a domain name. With that same 11.1 NMC in 6 months you will be able to register 1,110 domains.

Sound familiar? The exponential growth is very similar in that of bitcoin.

After the last difficulty adjustment and the price overall rising in the ratio of NMC to BTC I'd say people are hanging on to them NMC's.

The analysis was biased, but it was intended to be.  You present the short side of the argument.  Namecoins become a free by product of something that already has value.  Since they are produced for free, Namecoins have no correlated value and the price should drop to whatever their intended demand supports for them, possibly zero if people stop caring about them.

So really, the difference between the two positions is just an interpretation of what Namecoin is.  Outside of a handful of commands added to the software, Namecoins are essentially Bitcoins.  They have the same real world costs to mine at the moment.  The same would be true of any new coin added to the market.  Its the history and intent of the two coins which drives the bias, both of which the NMC/BTC exchange doesn't care about.

In support of the long argument:

If you are mining Bitcoins and you now receive 1 NMC for every 1 BTC you mine, would you give away the NMC for free since they cost you nothing to produce?  

I suspect not.  You'd probably want whatever the market would give you.  So the sellers valuation for NMC comes from the cost of production, the psychology of having worked to create them, and a multiplier value provided by participants in the exchange.  In other words, its valued the same way as BTC adjusted for some amount of historical bias.

I don't know where you're getting your numbers from. The cost goes down by 50% every 8192 blocks. Once merged mining happens, it'll take at most 4 difficulty updates to bring difficulty to parity with bitcoin. That's just over 10,000 blocks. After that, cost goes down by 50% every 2 months. So in ~2 months merged mining will become a reality, then difficulty will shoot up in a matter of days to adjust to the new processing power. At this point we're about 16,000 blocks from now. That's 2 halvings of cost, so cost is 1/4 of what it is now. Then every 2 months we'll get another 50% decrease. So that's 1/16th of current cost to register a domain in 6 months. Hardly 1/1000th.

Currently we are at block 18242 and a domain costs 11.08 NMC currently. Now the following link states that at block 24,000 and on the cost of a domain will decrease by 4 times the current rate.

http://dot-bit.org/forum/viewtopic.php?f=2&t=151&start=10

So if we generate an average of 6 blocks per hour 24 hours a day for 180 days we get:

6 * 24 * 180 = 25920 blocks

Now let's subtract the remaining blocks until 24,000 from now:

24000 - 18242 = 5758 blocks

Now subtract that from the 25920 blocks to get the total blocks that will be at a 4 times decrease in NMC to buy a domain:

25920 - 5758 = 20162 blocks

Now since we are moving at a rate of 4 times faster after block 24,000 it is accurate to say that using the domain cost calculator at http://www.namecoin.us/tools.php the actual "block" we will be at will be:

20162 * 4 + 24000 = 104,648

So if we just used the average 6 blocks per hour over the next 6 months (180 days) the cost of a domain will be less than 0.01 NMC in 180days based on the calculator and using block 104648 as the "block" value we are going to be at.

Maybe 5 months was more accurate given that a price of 0.01 NMC occurs around 90k to 100k blocks.

So my math is that since it takes 11.08 NMC currently to buy a domain and in less than 6 months a domain will cost 0.01 NMC it is safe to assume that the price of NMC to buy a domain has decrease 1108 times.

Originally your math would have been correct but since the new updates to NMC network at block 24,000 will likely take place the prices for domains will go close to 0 NMC very quickly.

Let me also add that once merged mining takes place the process of domain cost decrease will accelerate even more. It could be closer to 3 or 4 months when you see a domain going for 0.01 NMC. But then again I am just speculating.

The rate at which we have been generating blocks since namecoins inception of April 18th, 2011 has been approximately 8 blocks per hour on average. So this is just another sign that 0.01 NMC domains are not far away.

That would make a difference then. Well played sir.

This isn't good for NMC value - if you need next to none of them, there will be no demand. I can't imagine that there are millions of people waiting to register .bit domains. Unless NMC becomes a competing currency to BTC, I really think this isn't a good move on the devs part. The lack of demand is already evidenced by the BTC/NMC exchange rate. This will just worsen the situation.

This analysis is flawed, as Namecoin is already a general purpose currency.

You forgot that in order to mine them it will take quite a bit of time once difficulty goes up. So yeah they will be cheap but the average user might not have the ability to mine them at a low cost. They of course could buy them. So yeah there is a likelihood that the prices could be depressed. But somehow I think there will be demand for them in that they are just like bitcoins only difference is that the market has not been inflated with incoming money just yet. We'll see...

The only real difference between namecoins and bitcoins is that bitcoins have had lots of money pushed into the market and bitcoins had a chance to mature in development and through the internet community awareness.

Aside from the development (maturing factor) and the money put into each, there is little difference aside from that namecoins do have a functionality that bitcoins don't.

One other thing to note is that the cost of a domain is not the only factor to consider when valuing namecoins. The purchase of domains is purely a function of the network and really may have no bearing currently on the price that NMC is traded at. The value that it has is purely determined (at the moment) by those who buy or sell them and those who mine them.

Value is determined by people, not by the object.

I have a straightforward question: If I buy 1000 now and wait for the merge to happen then how would I be able to sell them when they would belong to the old block chain and any potential buyers will be using the new block chain. So is transfer of NMC possible between the old (current) chain and the new (patched) chain?

don't worry, "old coins" will work just like "new coins", the client will use "old rules" for blocks < 24000 and new rules for blocks >= 24000. it's transparent to users.

Actually supply will double and that is why price will most probably drop by 50%.

So are you absolutely sure that it would be possible for old coins to be added to the new patched block chain?

Trust me, the developers would be shooting themselves in the foot if the coins before block 24000 were incompatible with the network after block 24000 given that the majority of their holdings originated prior to block 24000. This would will the trust of the entire network and cause an death spiral in the network.'

So yeah I think we're pretty confident they will be compatible.

I somewhat agree with this. Because namecoins are identical in nature as a currency there is a good chance that some of the incoming funds into bitcoin will filter into namecoin eventually if not really quickly.

it's explained on the "merged mining" wiki page

http://dot-bit.org/Merged_Mining#Will_NMC_mined_prior_to_block_24k_become_invalid.3F

answer: "No, not at all. The old blocks are checked based on the old rules. Thus you don't need to worry."

There are more variables to consider: for example, the last NMC block on namebit is going for 28 hours now, and has had a drop of about 85% of miners that hopped away.

just how many .bit domains are actually in use? any of them successful?

Most are redirects.
Many are incorrectly configured.

And then there's the "i'll reserve this good .bit domain, if you want it, make me an offer" that I completely frown upon, as it represents the 'hoarding' and speculation that the whole NMC project is supposed to avoid.

bitcoiner hating on namecoin ... could there be anybody sadder?

Any examples of actually resolvable .bit domains?

off the top of my head ...

http://dot-bit.bit/
http://example.bit/
http://opennic.bit/

there are others ... of course you will have to be smart enough to know how to enable your browser/system/network to get to them ... it is not idiot-proof, yet.

http://dot-bit.bit/HowToBrowseBitDomains (http://dot-bit.bit/HowToBrowseBitDomains)

edit: hehehe ... to break any autistics out of that particular infinite loop go here ...

http://dot-bit.org/HowToBrowseBitDomains (http://dot-bit.org/HowToBrowseBitDomains)

Right but I can only go on the data I have and that is the time since inception and the number of blocks generated.

Make sense?

Oh, indeed it does make sense, you have to consider the raw data you have at any given point in time, albeit still very.. hm...  'volatile', due to still being not very far away from its inception.

Still on namebit:

Current Round Duration      35h 35m
Last Round Duration        00h 19m
Avg Time Per Round            03h 25m

As soon as this hog finishes, there goes the average down the drain.. :)

You are looking at ONE pool and I am looking at the ENTIRE namecoin network. There are other pools you know...bitparking, pool munity etc.

Take a look at http://explorer.dot-bit.org/ and then come talk to me.

Let me spell it out for you. We are currently at block 18255 on july 26th.

It has been about 98 days or so since the namecoin network starting.

98 days = 2352 hours


18255 / 2352 = 7.76 blocks per hour


Let's say this difficulty period doesnt end for another 40 days (138 days total):

138 days = 3312 hours

The last block of this difficulty is 18144 + 2016 = 20160

20160 / 3312 = 6.08 blocks per hour.


Then of course we rip through another difficulty of 2016 blocks which brings the average up.

My point is even if we assume any average above 6 blocks per hour from now until the end of the year that
implies a huge movement in the decrease (price) of purchasing a domain name and possibly the price to exchange
NMC.

There are not that many.
The birth and death of pools IS important in the start. I hope this is not how you treat your children.


Take some time to go back to school, learn some manners, lose the attitude, "and then come talk to me".
If you can't take an opinion that diverges from yours in a polite manner, then it is me who turns my back on you, as i'm way above that sort of behaviour (this is me trying to be as cocky as you. Did i succeed? not sure, i'm not used to it).
Xoo.

LOL did you even look at the link I posted and respond intelligently to what I posted that proves your "theory"wrong of the average going down the toilet when at the very least the average is 6 blocks per hour?

Or did you not want to be embarrassed that you were wrong?

Also the number of pools is irrelevant which is why I gave you the link to block explorer.

If you dont like the way I talk to you, you can go to another thread you know?

LOL

 ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

Well, he's right. But that doesn't mean much as the project is 3 months old. Having already a successful .bit only site would be extremely surprising.

Which is precisely my point. For somebody like me, it's an easy thing to do (I use my own internal TLD for testing purposes). But until a .bit domain can be resolved out of the box by the average person, I don't see it being useful except as an alternative Bitcoin currency.

So regardless of the original intentions, namecoin will simply become a second supply of bitcoin, especially when merged mining take effect.

You are right in my opinion, which is why there is further development for namecoin to be done. I suspect the majority of the development will not take more than 6 to 9 months to get up to speed. Bitcoin has given namecoin a handicap in that much of the ideas and market and people are in places to make bitcoin and namecoin explode soon enough.

Maybe it's just me and my limited imagination but at this point I feel it's very unlikely for namecoin to work out as intended beyond use for a small group of people, namely geeks.

The way I see it, we'll need to convince ISPs to do extra work for no benefits to them (i.e. to their profits) in order for this to work. But if this requires ISP cooperation to work, then namecoin's strength as a resilient distributed DNS vanishes as it is reliant on ISPs cooperation. So any ISP (or the government of that country) can simply block off lookups to a particular domain say wikileaks.bit and render the service useless to the majority of their users who probably never heard of DNS, much less know/bother to get around such blocks.

There is one possible way namecoin could work out (and for that matter bitcoin could get boosted by the same), is the porn industry. After all, people are willing to pay money, install dubious dialers and whatever not to get their porn fix, they will probably be willing to do something that doesn't cost anything to get access to more porn, and pay for content with bitcoins so anybody looking at their CC bills won't be able tell :D

p.s. side note: dot-bit.org seems to be dead, not a good sign :D

What would be the best tactic to buy 25,000 - 30,000 Namecoins without moving the price up to high?
Spread out over a longer time? Or place a big order at a fixed price? Many orders at different prices?

So you want to buy more than 3% of all the namecoin economy without moving the price?

Not to much, no.
You think I better be patient and spread over 2 or 3 weeks?

On Bitparking the volume is currently about 12k, I think that buying about 1k a day won't move much the price if you use the different namecoin exchanges (I believe there are 3 of them)
If so, yes, 3 weeks should be enough

Ok, thanks.
I want to hedge a little (mining 2.2Mh@BTCMine / .8 Mh@Poolmunity, buy BTC, buy NMC).

Stockmarket didn't bring me much last year... Can only get better...

I don't know if anyone knows this or not but to make dealing with namecoins easier I found this (http://www.mediafire.com/?wwd33bhdnd3zn03) nifty gui program that maybe more newbie friendly.

You have good points but keep in mind that namecoin is identicle to bitcoin in terms of its structure as a virtual currency. When people want an alternative, which usually happens at some point people will get into namecoins.

Competition is what makes a free market a free market and that is why the fiat currencies like the dollar have really no competition that isn't already fraudulent (counterfeit) and thus monopolizes the entire USA.

Namecoins as a secondary (maybe not as strong as bitcoin) virtual currency is very viable in my opinion.

There is no extra work for ISPs and it has nothing to do with their co-operation ... do you even know how DNS works?

From what you have written, seems clear that you haven't a clue how namecoin works.

I am having problems running namecoins, the software compiles fine, and it runs, I am using version v0.3.24rc2.zip of the software, the problem I have is that instead of downloading the block chain corresponding to namecoins it downloads the chain that corresponds to bitcoins.

for example the current block number under namecoin is somewhere around Block number 16128, and when I run the namecoin software it keeps downloading blocks like if it was running for bitcoins.

I tried on port 8332, and then on 8336 and same thing happens.

I am using Linux, tried un debian and centos and have the same problem.

Anyone know what I am doing wrong?

all help will be greatly appreciated.

Thanks,

More like 18k, but still pretty weird
Did you try to download and compile it again?

If you want to buy this amount for a bulk price, PM me and we can work something out.

I just looked at the stats. It seems 24000 blocks will come at least 2 months later

Block Time Difficulty Ratio
Last 18144 23/07/2011 20:14 94'037.96 x0.26
Instant 18144-18264 27/07/2011 02:00 24'181.19 x0.26
Next 20160 16/09/2011 06:54 24'181.19 x0.26

Hi I found the problem it was that the namecoin download I used was actually a bitcoin software mislabeled, I got this time the namecoin software from  git clone git://github.com/vinced/namecoin.git
 and things are looking fine, it built a daemon called namecoind instead of bitcoind, and it uses a directory for configuration .namecoin instead of .bitcoin.


The download of the blocks seems to take forever to start, how long does it take for namecoin to start downloading the blocks when it is ran for first time?

The latest version have a bug and doesn't want to download the blockchain.
Try v0.3.21.91 (https://github.com/vinced/namecoin/downloads)

The current difficulty (94k) makes NMC really not worth mining... why still do it??

It is still profitable to mine namecoins, just not insanely profitable for 2 days ... the potential upside for NMC needs to be taken into account when looking forward to future profitability of today's mining also ... dyodd

http://tvori.info/bitcoin/charts/ (http://tvori.info/bitcoin/charts/)

Master branch is fixed according to vinced, haven't tried myself.

Sergio, try re-downloading either newest master or v0.3.21.91 and open port 8334.

Where do you see current nmc diff is 94k ?

According to http://dot-bit.org/tools/nextDifficulty.php it is just 21k

Am i missing something ?

Yup, take a look at "last" for current difficulty.
"instant" is the difficulty if it would change right now, based on current hashing power.
"next" is the predicted difficulty, after 2016 blocks.

http://i146.photobucket.com/albums/r254/MaGNeT76/ncdiff.jpg

There's a reason why that site is called nextDifficulty. :)

Though I do agree that the site is a bit confusing.
21k is the next difficulty. Look at the first row for the current difficulty.

Aham I see. Thank you guys   ;D

Nope, look at the post just above yours ;)

Well, when he checked, it showed 21k. But that was not my point, so I didn't bother fixing that number and confuse the issue.

Where is the #$%&/() who created this tropic now???

Next   25/09/2011 14:52    23'509.49   x0.25

2 months! there is even less people mining them than before!

Yeah, it is really sucking when it takes nearly 5 hours for ANYONE on the namecoin network to find a block...

18301   28/07/11 08:56:40
18300   28/07/11 04:06:44   

But as BTC gets more difficult to mine and the price of NMC continues to rise we will eventually hit that sweet spot to get to block 24000...hopefully sooner rather than later...Need to get the price to 0.0490 to make it as profitable as BTC after the increase in a few days.

I'll keep on mining Namecoins anyway... No profit right now but you never know what happens... Just collecting  :)

mine bitcoins, go to the exchange and exchange them, it's more profitable

True...
But if everyone would think like that, there would be no Namecoin... Payments are very slow now, too many people stopped mining after difficulty increase... ±1900 Blocks to find to next difficulty...

I'm buying Namecoins like crazy but without a network, nobody gets them...

Exactly what Ive been saying all along.  I have about 30% of my little 1.2ghs mining NMC, the rest mining BTC and using it to buy NMC to jack the price up lol. seems to be working so far anyways.  Plus if NMC takes off and gains some real value then long term the profitability of mining NMC is better than BTC.


To many people looking for immediate return on their investment.

that's because the difficulty rules are retarded, they adjust too slowly

and now it will be October before another difficulty change...

Next   20160   12/10/2011

11 blocks in the past 24hrs.


18322   29/07/11 16:43:04   
18321   29/07/11 12:51:24   
18320   29/07/11 09:08:15   
18319   29/07/11 05:26:55   
18318   29/07/11 02:09:17   
18317   29/07/11 01:43:18   
18316   29/07/11 01:39:08   
18315   28/07/11 22:53:04   
18314   28/07/11 19:08:50   
18313   28/07/11 18:07:25   
18312   28/07/11 16:59:39   
   
   

Merged mining is the only thing that can save NMC. Unfortunately.

Which could reduce the value of bitcoin by as much as 50% in the long run.
Bitcoin vs Namecoin, I'd say let NC die as it is. Until the major ISPs or browsers or OSes supports directly running name resolution against a decentralized network, I just don't see NC having much of a value except as an alternative bitcoin supply.

NameCoin is just another produce in the market like all products that are different item people place their own value in them for various reasons.  NC is not inflation of BTC as it's not BTC thus it's like this copper and silver are like gold and can be used as money but the are not gold.

For now yes, but come block 240000, NC will look just like a second supply of BTC.  It's like digging for gold and magically every ounce of gold will also produce an ounce of ruby/sapphire/whatever. Initially they may stay at their respective prices but soon people are going to realize NC is functionally equivalent to BTC and costs the same to produce. It won't matter if the original intention is to use them to purchase domain names.

If you really believe this then you will sell all of your BTC for NMC and watch your net value at least quadruple in the coming months after merged mining is implemented.

As it seems it could take a while until the planned block 24000 is reached.
The difficulty already fell back to 1/4.
Some strong miners, who believe in namecoin, should join soon with all their power.

Based on my calculations the current network rate of the namecoin network is only around 65 GHash/sec looking at the number of blocks found in the last 24 hours.  14 blocks in 24 hours means the next difficulty switch is going to be December 6th.

I look up the current dificulty and estimates at http://dot-bit.org/tools/nextDifficulty.php

I didn't see anything on that page for total network hash rate.  Also I think their numbers are skewed because of the rapid decline in miners after the difficulty switch.

There isn't a total hash rate. But it does show what the current "instant" difficulty of the network is (13'586.66) and the next Difficulty change, which has been changing as mining capacity is reduced.  Currently 26/10/2011 06:47 (only 3 months to do what took 3 days last week)

I am for merged mining but believe that the Namecoin reward for doing merged mining should be reduced by half.

Why?  If namecoin takes off, there should be a legitimate means for someone to mine namecoins if they actually want namecoins for name registration.  It makes sense that someone should have to pay with the Namecoin resource either via CPU or by payment.  Merged mining makes payment the only practical option.  It's awfully peculiar to tell someone, "Namecoin mining is now next to impossible thanks to merged mining with Bitcoin, so if you want some Namecoins, the only way to get them is to buy them from the Bitcoin community."

Or join a pool that does merged mining, when the pool solves a NMC block it would get distributed to the pool like BTC...

also I was thinking tonight, how hard would it be to integrate namecoin .bit domain resolution into the tor network? it just seems like the 2 would go hand in hand.

Wow -- Namecoin difficulty won't come back "down to earth" until almost Halloween!

And Lowe's doesn't even have Halloween displays up yet -- and you know how they always put up seasonal stuff way too early...

ha...who would have guessed that the first post ofthis tread would be in (large) part responsible of the actual NMC situation :P

#3, #6, #8, #11, and many others

Can you guys open the link "http://www.namecoin.us/downloads.php"? Is it removed?

shouldn't price rise because of the lower supply of namecoins, which should speed up the mining?

this will be slowed down however by the fact that you need to wait too long for the transactions to confirm :) how much blocks per day nowadays, btw?

one of the crazy forks retargets every 2016 blocks or after two weeks without retargeting. what about implementing that for namecoin?

One of the common fallacies proven false is that price follows difficulty (related to supply). Price follows peoples desire for the currency more or less.


Everyone would need to agree to adopting the change to the chain, which is hard at this point.

there is a forced client upgrade coming, but too late to get into that I guess.  There will be another needed for merged mining probably?  But then,  with merged mining this change probably is no longer needed.

The price of Namecoin will go up like crazy after Merged Mining is implemented.

are you sure? from some point of view you can then mine namecoin for free

When merged mining gets in place, big exchanges like MtGox will adopt Namecoin in their exchange.
Speculators do the rest...

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

It's already working on the testnet, so you don't have to understand anything - just know someone figured out a way of doing it.

You can by using a proxy - check the official documentation.

Can anyone be more specific on the 'Get GUIMiner' ...?  Where?  I've been to vinced and downloaded the v0.3.24.x.xrc. zips, but I don't see any sort of GUIMiner in the files anywhere...

I'm at the point that I've dowloaded, created the .conf, and started the namecoind.exe -- then opened a new window, and looked at the get info:


"version"  : 32191,
"balance" : 0.00000,
"connections" : 8,
"proxy"  : "",
"generate" : false,
"genproclimit"  :  -1,
"difficulty"  :  94037.96111403,
"hashespersec"  : 0,
"testnet"  : false,
"keypoololdest"  : 1313854424
"paytxfee"  : 0.0000000,
"errors:  : ""


I've not started a miner... cuz, well, I'm not sure how.  Do I do command line arguements like for one of the standard bitcoin miners?  Again, how?  I've looked through the very simple files, and I don't see a  xxxx-miner.exe of any sort.  So, I feel like I've started a Namecoin server, and I've downloaded all the blocks (18692)... and now WHAT?

THanks,
CRYPT

Now you get a miner like phoenix or poclbm and point it to 127.0.0.1:port (as listed in the conf file) and start mining solo. If that is what you want to do.

this sounds like a scam.

of what exactly? got a link?

http://dot-bit.org/Merged_Mining#merged-mine-proxy

But it isn't :)

They need to implement merged mining before block 24000...currently going to be Christmas eve before the next difficulty change...solving around 8 blocks a day atm.

told you, this guy just killed NMC, it was obious, and still you guys allow him to do so.

So what's more profitable now? NMC or Bitcoin? Because the topic is now misleading months down the road. How do I tell?

The OP cited the tools used to make his claim in the first post.
Using those same 2 sites I find that currently as I post this:

Current exchange rate NMC/BTC = 0.03134999
Current Mining difficulty ratio NMC/BTC = 0.0521

Current price / difficulty ratio = 0.03134999 / 0.0521 = 0.60

So right now, mining Namecoins with the intent of trading them over to Bitcoins yields 40% less then mining Btcoins directly.

It doesn't look like namecoins will be worth mining until their next difficulty adjustment, which at the current hash rate, isn't expected until December.

Up to February for the next diff. change now...

merged mining will happen before block 24000. 19200 is the current "date".

Merged mining should significantly increase the effective hashing power on the namecoin chain greatly speeding up the time until the diff change but since it will also obliterate the price of namecoins so merged mining will be the only viable way to mine namecoins.

care to elaborate?

Although price of NameCoins is low (mining gives you 0,42% worth of BTC) difficulty is very low in comparison to what it will be when merged mining is implemented.

It will never be easier to mine Namecoins than it is now.

I now have 1365 Namecoins, that's 40BTC !!!
Think what would happen if price jumps to 4 (or more?) and MtGox opens an exchange?

I'm still mining them with one GPU :)

Is that true? The price must be pretty high, because I thought the difficulty made NC mining unprofitable relative to BTC mining.
After the 2 day bonanza, the difficulty jumped and most people jumped with it (left Namecoin mining)

Last I checked, the difficulty WANTS to reset to 0.08 of what it was, but would be limited to 0.25 by the algorithm, and based on the current network hashrate the next difficulty reset will occur on CHRISTMAS!

Sounds like Namecoin is pretty much dead. This was only a few days ago.

It's pretty dead for now and it will be until block 19,200.
Then a lot of pools start mining NameCoins together with Bitcoins with "merged mining" (=try to see if a found hash that doesn't work for one chain, might be the right one for the other).
If pools don't start Merged Mining, miners will hop over to pools that do.
So no doubt if it will be a success.

What happens to difficulty when in one week, more than 50% of all Bitcoin hash-capacity comes available to the NameCoin network?

- faster transactions
- difficulty shoots up
- everyone trades small amounts because high difficulty
- price might go up (or it doesn't)


The gamble is, if the price goes up or down... I can't tell you... But after merged mining, nobody will be able to earn such a big amount of Namecoins in 24 hours. That's for sure.

If price rises to 0,1 BTC it would be big profit :)

Sure the price could go up significantly but it won't.

In fact, I'm willing to wager that the price of NMC wont exceed 0.1 BTC (at least not until a blizzard sweeps through Texas and all the schools close for a snow day).

Merged-mining means a lot of regular bitcoin miners will suddenly be able to obtain some free namecoins with the bitcoins they mine. Since they will now have namecoins they never really wanted, a fair number of them will be looking to trade them for more of the bitcoins they were after in the first place. But their isn't anything new pushing the demand for namecoins so the price will have to drop until it reaches the point where those you want namecoins can afford to buy everything that those bitcoin miners want to sell 'em.

+1  (though I said some similiar things I am not this guy)

from this point of view the price might just stay at where it is now.

luckily namecoins have some inner value.

That's not how merged mining works. You don't find hashes, you find nonces. A nonce that doesn't work on one chain doesn't have a higher chance than a random nonce to work for some other chain.

http://dot-bit.org/Merged_Mining

Ah, "nonces".. "hashes"... I got lost in the chain...

If you want Namecoin to survive, start mining them now!

BitcoinEXpress is planning an attack on it and as long as we have 51% hashingpower, he won't be able to do it.

https://bitcointalk.org/index.php?topic=43465.0

Please divert some mining power to namecoins. If people lend their miners there for just a few days, merged mining will be in effect. This means that both bitcoin and namecoin will be stronger. Afterwards, everyone will be able to earn both BTC and NMC with their miners and no additional work.

Save distributed DNS!

I'm mining Namecoins @ Coinotron.com now, just to protect Namecoin against the attack.
More people want to join?

And yes, I know it's mining at loss but every coin is at loss atm so I don't really care...

I'll help ;)

Great! :)
I already have 3Ghash/s on Coinotron (that's 75% of total power over there :P)

I'm mining at davinci's namecoin pool at the moment as a tester for his pool.

I do hope we can get enough people together, but if the 51%+ attacker really has almost 1TH behind him,

I'm afraid our efforts will be futile. Can't hurt to try, right !

Join us at Davinci, he's busy implementing a BTC for NMC feature

You mine NMC but can choose to get paid (handsomely I might add) in BTC (which he will pay out of his own pocket, in exchange for your mined Namecoins)

http://www.nmcbit.com for more info

Brat

Seems scammy to me... Why not just let namecoin die with dignity?

handsomely?  Is he offering a premium for NMC?

I don't see that anywhere on the site...  just a 3% fee

I'd watch what I said, that happened two years ago, not every school in the state, but a large portion of the big city ones

And again last year, though I wasn't there at the time

Did you quit?  I'm mining NMC, but there's only .7 Ghash/s on coinotron....

Time to save NMC peeps!

Bah let it die already!

Davinci is ready !!!

Go the following thread for explanations: https://bitcointalk.org/index.php?topic=33612.msg522633#msg522633


Help save namecoins !

Solo mining now, Coinotron went down 2 times for me in 12 hours.

What is namecoin and litecoin?

namecoin
dot-bit.otg

litecoin
https://bitcointalk.org/index.php?topic=47417.0

http://dot-bit.org/Main_Page (http://dot-bit.org/Main_Page)

namecoin is used for naming and DNS, how is it worth money :S

anything people are willing to trade is worth "money"


though this thread link is way out of date
a whole Namecoin block is worth 0.169BTC currently, and for most people is a bit off free money on top of thier bitcoin mining...

do you mean solo mining? or the pools now returning more nmc?

I mean merged mining bitcoin and namecoin, whether solo or in a pool

i dont understand "or the pools now returning more nmc?"
before merged mining there were seperate namecoin and bitcoin pools, with merged mining you can both together now,

Okay i'm coming from it seemed like you were saying NMC is now worth more, but you said it in terms of a block of namecoin which I dont' know how much that is

then i looked on exchange.bitparking.com it seems the NMC->BTC ratio is still the same 0.00346276 BTC for an NMC

so something im not getting here, maybe you didn't mean the value went up recently

where did I say its worth more, I did say the title of this thread is way out of date - implying it was wrong, then showed the value of a whole namecoin block.. to show it is barely worth the effort anymore

Got it

Necro

Anyone think mining namecoins will turn profitable?

The better question (and maybe the answer to your question follows from the answer to that one) would be: Will namecoins be useful enough to gain some widespread adoption for use as DNS system?

Chicken and egg since vinced introduced merged-mining and effectively killed it .... no devs want to work on it because there are no longer incentives, i.e. namecoins are nearly worthless and no-one particularly is using the dns part of it; no users, no devs ... and vice versa.

true and it cost me some money but there was no other solution as it might have been attacked otherwise.

distributed lookup system <--- phelix likes this term


or adoption for some other purpose

Wonder if this is still true considering:

-NMC diffculty is 2/3 of BTC diffculty
-But it takes almost 600 NMC to get 1 BTC
-Merged mining means a certain pool could be controlling 90% of the network hash rate

It will be neat diffcult to restart the project without changing the fundamental logic, I.e. diffculty goes down when the network hash rate goes up

Yeah
Seems smart

how would that fix anything? obviously they're less valued; so the supply should be restricted more to bring up each value