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Author Topic: The second crypto currency is here and is currently trading at 10 for 1 BTC  (Read 8010 times)
Sjalq
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June 15, 2011, 10:09:20 AM
 #1

Hi guys,

Breaking news (using old media timings Wink )

Namecoin has come of age it seems, it is currently trading at 10 NMC to 1 BTC.

It is arguably more useful than BTC in that it provides a secure platform for domain name ownership that cannot have domain names reassigned by anyone except the original owner. The dept. of Homeland Security ICE is going to just be in love with it.

Miners are already shifting en-mass to namecoin (I have) and exploiting the 37 fold easier difficulty level and 10 to 1 exchange rate. It's like mining 10BTC/day where you normally only had 2. It was actually better a few days ago.

Soon we will see major pools operating both systems. Once the prices adjust and the difficulty normalizes for both systems we will have 2 crypto currencies trading at approximately the same rate to the USD.

Black Swan squawks here!

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ZEB-DEMON
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June 15, 2011, 10:13:46 AM
 #2

multiple crypto urrency = noone

especially if people shift from one to another, the power of a currency is in his diffusion...

..Stand Up & Shake the Heavens..

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Sjalq
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June 15, 2011, 10:19:07 AM
 #3

The shift is because of Namecoins value beyond being a currency. Doubt there will be a third, or rather I doubt there will be a 10th...

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Chucksta
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June 15, 2011, 10:20:18 AM
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multiple crypto urrency = noone

especially if people shift from one to another, the power of a currency is in his diffusion...

NMC and BTC complement each other. BTC's purpose is to purchase things. NMC's main purpose is in domain registration and keeping domains alive (think of it as a token used to keep a meter running).

People who need to use namecoins (NMC) either mine them or buy them. NMC can only be bought with BTC

One does not infringe on the territory of the other. At least not at the moment.
 

Sjalq
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June 15, 2011, 10:23:22 AM
 #5

One cannot exchange them directly yet for fiat.

I don't see it as an infringement, I see it simply as twice as much currency as was originally planned.

What are the generation rules of NMC vs BTC btw?

Can you shed some light on the subject Chucksta?

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ZEB-DEMON
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June 15, 2011, 10:26:24 AM
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multiple crypto urrency = noone

especially if people shift from one to another, the power of a currency is in his diffusion...

NMC and BTC complement each other. BTC's purpose is to purchase things. NMC's main purpose is in domain registration and keeping domains alive (think of it as a token used to keep a meter running).

People who need to use namecoins (NMC) either mine them or buy them. NMC can only be bought with BTC

One does not infringe on the territory of the other. At least not at the moment.


oh sorry, my bad, didnt read namecoin purpose, just thought was a new currency bitcoin-like.

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samr7
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June 15, 2011, 10:30:53 AM
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There certainly was quite a price spike today on bitparking, +300% in 12 hours.  Who the heck is so interested in buying NMC right now?
Sjalq
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June 15, 2011, 10:35:11 AM
 #8

Domain name seizures is a major problem, there are fundamentally interested parties, maybe some press reached some of them.

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Chucksta
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June 15, 2011, 10:38:38 AM
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multiple crypto urrency = noone

especially if people shift from one to another, the power of a currency is in his diffusion...

NMC and BTC complement each other. BTC's purpose is to purchase things. NMC's main purpose is in domain registration and keeping domains alive (think of it as a token used to keep a meter running).

People who need to use namecoins (NMC) either mine them or buy them. NMC can only be bought with BTC

One does not infringe on the territory of the other. At least not at the moment.


oh sorry, my bad, didnt read namecoin purpose, just thought was a new currency bitcoin-like.

Easy to make that assumption. There's no reason why it could not be used to purchase things, just like with BTC, but that's not it's fundamental/initial purpose.

Frankly, all I care about, is that it is making me money Smiley
ZEB-DEMON
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June 15, 2011, 10:42:03 AM
 #10

multiple crypto urrency = noone

especially if people shift from one to another, the power of a currency is in his diffusion...

NMC and BTC complement each other. BTC's purpose is to purchase things. NMC's main purpose is in domain registration and keeping domains alive (think of it as a token used to keep a meter running).

People who need to use namecoins (NMC) either mine them or buy them. NMC can only be bought with BTC

One does not infringe on the territory of the other. At least not at the moment.


oh sorry, my bad, didnt read namecoin purpose, just thought was a new currency bitcoin-like.

Easy to make that assumption. There's no reason why it could not be used to purchase things, just like with BTC, but that's not it's fundamental/initial purpose.

Frankly, all I care about, is that it is making me money Smiley

infact the main problem is that bitcoin and namecoin actually are used to speculate/make money so there's a volatile market and low diffusion as services..

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andes
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June 15, 2011, 10:42:55 AM
 #11

multiple crypto urrency = noone
I dont fear more krypto currencies, in fact I welcome them.

Of course if more kryptocurrencies come in, bitcoin will not be worth USD$1.000.000.000/BTC, but I will be more than happy if we reach USD$1500/BTC soon.
  Grin
finnthecelt
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June 15, 2011, 01:55:20 PM
 #12

Domain name seizures is a major problem,

That's why we need namecoin. This is good. What else can we decentralize?

Is the real money maker on this the renewal fees down the road.....

I looked at the namecoin wiki a few days ago and the guide was a little confusing. I read yesterday you can set this up now just like bitcoin mining? Is there a GUI? What's the process? Thx
Sjalq
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June 15, 2011, 06:21:42 PM
 #13

Search for namecoin in the mining board. If you don't get sorted, message me.

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ribuck
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June 15, 2011, 07:02:02 PM
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Namecoin should modify their software so that it can mine on the same hashes as Bitcoin. It would strengthen both projects to have the added hashing power and/or mining income.
Anth0n
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June 15, 2011, 07:36:39 PM
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I like Namecoin because it is easy for miners to switch from mining BTC to NMC if mining NMC is more profitable. This will help it catch on, driving up value and making it good for speculation. In addition, the ability to register .bit domains with them give them an important fundamental usage. This is why instead of selling Bitcoins for dollars, I think a better hedge is to sell Bitcoins for Namecoins. I'm not offering any investment advice, just stating my opinion.
chungenhung
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June 15, 2011, 09:05:09 PM
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I found the compiled binary from here
http://forum.bitcoin.org/index.php?topic=6017.40
and downloaded http://dl.dropbox.com/u/2882613/namecoin-64.tar.gz

Now, how do I run the program to get an address so I can start mining? I assume it is similar to bitcoin wallet address.

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
Timo Y
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June 16, 2011, 08:14:49 AM
 #17

The shift is because of Namecoins value beyond being a currency. Doubt there will be a third, or rather I doubt there will be a 10th...

only a matter of time until there is:

IPcoin
VersioncontrolCoin
BandwidthCoin
StorageCoin
RoutingCoin
TorCoin
LegalnoticesCoin
WillCoin
ObituaryCoin
ContractCoin
StockholderCoin
WebOfTrustCoin
MarriageCoin

etc.

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Dobrodav
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June 16, 2011, 05:06:45 PM
 #18

Somebody start already "Credits" chain ? Just like the name, always dreamed to buy\sell something in credits. Old SciFi fun.

We will  meet in not-so-distant future.
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Yesterday`s  strange music:
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bitclown
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June 16, 2011, 10:35:56 PM
 #19

I don't see how speculating on the NMC price is a good thing for the Namecoin project. Pumping up the value of namecoins will prevent it from being spent on what its purpose is; registrating and updating name keys in the block chain.
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June 17, 2011, 01:23:35 AM
 #20

I don't see how speculating on the NMC price is a good thing for the Namecoin project. Pumping up the value of namecoins will prevent it from being spent on what its purpose is; registrating and updating name keys in the block chain.

That's why future versions of the client should let miners set the registration fees.

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