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Author Topic: Mining Namecoins is now 2x more profitable than Bitcoins  (Read 52547 times)
kakobrekla
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July 29, 2011, 07:20:13 PM
 #321

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

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July 30, 2011, 05:26:39 AM
 #322

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.


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July 30, 2011, 06:57:57 AM
 #323

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.
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July 30, 2011, 09:05:06 AM
 #324

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.



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July 30, 2011, 07:15:03 PM
 #325

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.

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July 30, 2011, 09:27:11 PM
 #326

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.
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July 30, 2011, 10:18:09 PM
 #327

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.

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July 30, 2011, 10:20:37 PM
 #328

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.


I look up the current dificulty and estimates at http://dot-bit.org/tools/nextDifficulty.php
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July 30, 2011, 10:24:37 PM
 #329

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.


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.
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July 30, 2011, 11:29:19 PM
 #330

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.


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)

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July 30, 2011, 11:33:45 PM
 #331

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."

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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July 31, 2011, 04:32:26 AM
 #332

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.

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July 31, 2011, 04:34:34 AM
 #333

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...
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August 13, 2011, 08:29:04 PM
 #334

ha...who would have guessed that the first post ofthis tread would be in (large) part responsible of the actual NMC situation Tongue
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August 13, 2011, 09:50:31 PM
 #335

ha...who would have guessed that the first post ofthis tread would be in (large) part responsible of the actual NMC situation Tongue
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August 15, 2011, 03:33:18 AM
 #336

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

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August 15, 2011, 06:12:25 AM
 #337

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 Smiley how much blocks per day nowadays, btw?
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August 17, 2011, 01:38:56 PM
 #338

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

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August 17, 2011, 03:49:46 PM
 #339

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 Smiley how much blocks per day nowadays, btw?

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.

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

Everyone would need to agree to adopting the change to the chain, which is hard at this point.
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August 17, 2011, 04:15:10 PM
 #340

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 Smiley how much blocks per day nowadays, btw?

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.

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

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.

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