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Author Topic: Namecoin Dying  (Read 7365 times)
peach
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July 12, 2011, 04:18:20 PM
 #41

I don't see Namecoin doing well.

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JohnDoe
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July 12, 2011, 05:07:09 PM
 #42

Anyone wanna sell me a few namecoins for BTC?

There's a BTC/NMC exchange: https://exchange.bitparking.com/main

You are incorrect to say that Renewal costs will go to $0. It is more like it will approach 0 NMC.

0.01 NMC in 6 to 8 months might be worth $7.50.

You are right, I expressed myself wrong. What I meant to say was that renewal doesn't have a network fee like name_firstupdate, it only has a regular transaction fee (which could be $0 if you modify the client and a miner is willing to include that transaction in a block for free).

not only that but namecoins are in fact destroyed from circulation when domains are claimed.

Why is that a problem?

both ICANN and NMC would have to coexist. so the .bit domain would never be anything more than a hobby domain.

It is not a requirement for .bit to completely replace ICANN for it to be successful, just like Bitcoin is not required to replace all other currencies to be considered a success. Personally I consider both already a success. It may or may not become bigger than openNIC, .me, .info, or even .net and .com, but who cares? The point is it already has value to some people, so it's not a problem that it can't replace ICANN completely (I believe it can though).

edit: pile all of that on top of the moderately complicated nongui they have. no average sane person will pop open a daemon and type in commands to buy a twinkie and the chair they sit their fat ass on.

WINDOWS INTEGRATION or lack of ultimately destroys any chance it ever had. the best use for namecoins is so botnets can operate even more decentralized than they already are.

Kind of a retarded argument because user-friendliness is a maturity issue, not a design issue. Also it is already way easier to browse .bit domains than you think it is. See here, here and here for easy solutions.

- Namecoin fixes the cost of registration according to a formula for a long period of time. Price fixing is always a bad idea.
- When the price fixing ends, generators will be able to generate all of the good domain names at almost no cost. (This is better than the ICANN DNS, but it should be avoided if it can be.)
- Domain registration will probably be too cheap. Miners don't care about how cheaply domain squatters can register domains.

Those are not issues that make Namecoin broken, only less than optimal. I don't see what's the big issue with squatting anyway. If people are willing to pay a high price for a domain then what's the problem? And if they are not willing then squatting is unprofitable so there'll be no motive to do it.

- Generators will intercept registration transactions and register the domains themselves, holding them hostage to get more money.

This is prevented by the name_new transaction which come before name_firstupdate: http://dot-bit.org/FAQ#Why_is_there_a_separate_name_new_step.3F
DannyM
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July 13, 2011, 12:21:54 AM
 #43

There's a BTC/NMC exchange: https://exchange.bitparking.com/main

Another good BTC/NMC exchange is https://btcex.com/
JohnDoe
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July 13, 2011, 01:26:35 AM
 #44

Another good BTC/NMC exchange is https://btcex.com/

I've read that BTCex has stolen money from its users so I wouldn't recommend it over Bitparking.
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July 13, 2011, 01:29:19 AM
 #45


I admit I've only used Bitparking but it has been extremely reliable.
DannyM
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July 13, 2011, 02:01:46 AM
 #46

I've read that BTCex has stolen money from its users so I wouldn't recommend it over Bitparking.

Thanks for the warning. I'd better look into that for sure.
bitparking has been great, they also have a namecoin mining pool for standard rpc bitcoin mining clients.
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July 13, 2011, 07:30:24 AM
 #47

Just to come back to the topic: IMHO namecoin is not dead (and it's not dying either). It is a quite new project and most people that are building the first economics aroud namecoin are enthusiasts. Me for example like namecoin because it is NOT ICANN. My domainname is my property as long as i renew it. It's impossible for the US government to seize my domain. This is something that namecoins is doing quite well.

Furthermore the community is working hard to evolve the user experience. We are searching for new and easy ways to give everybody the possibility to access .bit namespace. We learned from the problems having only one mining Pool (have a look at http://namecoin.us/pools.php. There are some more now). There is at least one additional pool that is out of beta and is not listed. So we are well prepared for bitcoiners going for namecoins. as a matter of fact we assume that some miners will come back mining namecoins if the difficulty decreases in about one week.

Last time there was only one pool and the pool operator did everything possible to satisfy the massive amount of miners. But i guess some stopped mining due to the fact there was not enough pool capacity.
talpan
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July 14, 2011, 07:59:20 PM
 #48

Just to come back to the topic: IMHO namecoin is not dead (and it's not dying either). It is a quite new project and most people that are building the first economics aroud namecoin are enthusiasts. Me for example like namecoin because it is NOT ICANN. My domainname is my property as long as i renew it. It's impossible for the US government to seize my domain. This is something that namecoins is doing quite well.

Furthermore the community is working hard to evolve the user experience. We are searching for new and easy ways to give everybody the possibility to access .bit namespace. We learned from the problems having only one mining Pool (have a look at http://namecoin.us/pools.php. There are some more now). There is at least one additional pool that is out of beta and is not listed. So we are well prepared for bitcoiners going for namecoins. as a matter of fact we assume that some miners will come back mining namecoins if the difficulty decreases in about one week.

Last time there was only one pool and the pool operator did everything possible to satisfy the massive amount of miners. But i guess some stopped mining due to the fact there was not enough pool capacity.


Well, I have one namecoin pool up and running and just sent a mail Smiley.
I think namecoin won't die, the system itself is unique and it is almost wrong to compare to bitcoin.

regards, talpan
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