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Namecoins are now at .029/BTC, up from .02 last night. 50% more profitable to mine.
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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. |
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Ray Kurzweil has some nice insights into measuring innovation and growth from a technology perspective.
Ray Kurzweil comes up with impressive-sounding ideas about the future that turn out to be wildly optimistic. The top super-computer in 2010 is about 500x as powerful as the top one in 2000, if not more. Get in touch with reality. |
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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? |
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Difficulty won't go over 94035,92 ...
I read somewhere that Namecoin difficulty can only go 4x up, at a time.
// Limit adjustment step
int64 nActualTimespan = pindexLast->GetBlockTime() - pindexFirst->GetBlockTime();
printf(" nActualTimespan = %"PRI64d" before bounds\n", nActualTimespan);
if (nActualTimespan < nTargetTimespan/4)
nActualTimespan = nTargetTimespan/4;
if (nActualTimespan > nTargetTimespan*4)
nActualTimespan = nTargetTimespan*4; Indeed. It's in the C0d3. |
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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. |
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I read this previously but didn't think it made sense. After a second reading, I think I'm seeing how it might decouple the value of NC to BC but it's still not crystal clear why people won't start equating NC to BC since the cost to produce becomes identical.
If I grew corn in gold plated soil, it would cost millions of dollars to produce an ear of corn. That doesn't mean that anyone's going to spend millions to buy my ear of corn. Just because 50 NMC took just as much to mine as 50 BTC doesn't mean that anyone's willing to spend 50 BTC on 50 NMC (one domain name) - that's a ridiculous price for one domain name (and nobody uses NMC to buy anything other than domain names at this point). If you have one NMC you're going to have to sell them for a lot less than one BTC, if anyone is going to buy them from you. Registering a domain costs 12 NMC now, and at the next difficulty it will be 11.2. Get educated, go to school, stay off drugs. |
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Never bring up reality in a bitcoin forum. They have no concept as to what that is.
And never present facts to shills and trolls. It will only make them crawl back under their bridges. If you bothered to look at the article I was quoting from it was written in late May. At that point the quote was factual. And heres a market analysis lesson for you (Don't get too excited about the drop in price over the last 6 weeks. Its a market commodity. This is what happens everyday in a free market). Google 'trading swings and roundabouts'. Here's an article to get you started http://askjooga.com/understanding-the-swings-and-roundabouts-of-the-stock-exchange/ - its all perfectly normal. Now go away and play.. By the way... the time traveler in your sig is the best thing ever. |
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I bought 4525 NMC last night at an average price of .02064 NMC/BTC.  If the trend goes back down, I will buy even more. I love getting 'donations' from these temporary miners. |
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Most people in the comments know what they're talking about. This is surprising compared to most places.
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1000 posts - yea baby!  Wot do i get for 2000 posts? Diety status? 5 test coins, if you're lucky. |
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I don't mine because I don't want to wear my card out for Battlefield 3.
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I never understood where this consumerist entitlement sprang up from where someone thinks because they payed a company a few dollars for a service or product... That that company is now forever responsible for keeping them happy. If someone breaks into your house and steals this product.... you deserve a new one!!
Sure they fucked up on their security, but that's how everything works. You put your trust in the wrong place. so you should be writing them off and never dealing with them again. That's where their responsibility stops. Trust destroyed means no more business, not you need to go into debt to pay off all of last years profits to your customers.
quoted for ignorance of the law. If you deposit cash at your bank, and someone breaks in and steels it, should the bank have to pay you back for it? I guess it depends on the contract you signed with the bank. |
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From Wikipedia: Internet traffic – In 1993, total Internet traffic amounted to approximately 100 TB for the year.[4] As of June 2008[update], Cisco Systems estimated Internet traffic at 160 TB/s (which, assuming to be statistically constant, comes to 5 zettabytes for the year). Pretty fascinating. |
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The 'electricity bill' is voluntary. It's almost like short-circuiting a wall socket. Bitcoin would run fine on a couple dozen mining machines. We don't need 20 - 30k, except to prevent theoretical attacks on the block chain.
Have you just said that security of the bitcoin system is optional? It might be. If it is actually necessary, then the cost scales with the size of the Bitcoin economy. |
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Gold is not necessarily going 'much higher', because the current price reflects the fact that people think it will have high future value.
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I would bet my money on a currency that would replace mining with something less wasteful. This probably cannot be fully decentralized. Bitcoin showed that the time for independent cryptography based currencies has came - but I am not comfortable with the rate at which bitcoin is spending money.
If bitcoin was not paying for itself, in terms of the services it is providing, value information transfers, storage, etc, then it would not be profitable. Money costs. (Gold digging, fiat confidence defending, etc) I am pretty sure that bitcoin is not paying for itself and it will not for a very long time. Silk Road transactions cannot support even the half a million dollars a month electricity bill (a very rough estimate - but the only one so far - see http://forum.bitcoin.org/index.php?topic=28780.0) - what else there is to pay that bill? And this is now - what will be the cost of it when the security of the system will be much more important? The 'electricity bill' is voluntary. It's almost like short-circuiting a wall socket. Bitcoin would run fine on a couple dozen mining machines. We don't need 20 - 30k, except to prevent theoretical attacks on the block chain. |
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Euros are traded at far less than $13/Euro. Doesn't that mean they suck even more, by your extremely logical standards?
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It seem strange to me that people put so much trust in Mt Gox. I have a 4 BTC there. I'd be hard pressed to leave much more there. The Reason. I have absolutely no idea who they are. The site give nothing away. There is nothing about the directors. There is nothing about the plan for the future. Its all very Faceless.
You can talk to the people who run it over IRC any time you want, they are very friendly. #mtgox on irc.freenode.net . They also have a sub-reddit http://www.reddit.com/r/mtgox. |
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Ok guys, please clarify this for me:
How can this Atlas guy try to put a subreddit for sale. What is his part in it? Is he the owner of the subreddit?
Was he the original creator of the subreddit "Bitcoin" and now he tried to sell it now that it has gotten bigger?
I just want to get some clarification on this situation cause I don't really understand.
He was trying to sell moderator privileges over it, which is against the Reddit rules. |
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