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Author Topic: Mining Namecoins is now 2x more profitable than Bitcoins  (Read 52623 times)
Starlightbreaker
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July 21, 2011, 08:49:57 AM
 #41

do it, But dont stop mining after the dificulty change.
i probably gonna mine btc again by then.  Grin

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


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Zibbo
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July 21, 2011, 09:20:23 AM
 #42

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.
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July 21, 2011, 09:38:23 AM
 #43


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

I hate you a little. I am at 3000 hashes thus far without one.
Oldminer
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July 21, 2011, 09:58:52 AM
 #44

nm found it

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Sukrim
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July 21, 2011, 10:55:37 AM
 #45

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

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Seraphim401
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July 21, 2011, 12:45:22 PM
 #46


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

I hate you a little. I am at 3000 hashes thus far without one.
I found one within an hour with 860 Mh/s.

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July 21, 2011, 12:47:11 PM
 #47


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

How do you know when you have found one?

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July 21, 2011, 12:55:27 PM
 #48

umm...50 coins magically appear in your account.
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July 21, 2011, 12:56:10 PM
 #49

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. Grin

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vivithemage
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July 21, 2011, 03:45:34 PM
 #50

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?

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July 21, 2011, 04:25:25 PM
 #51

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
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July 21, 2011, 04:29:29 PM
 #52

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.

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July 21, 2011, 05:12:46 PM
 #53

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.)


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July 21, 2011, 05:15:11 PM
 #54

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

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July 21, 2011, 05:29:43 PM
 #55

Yeah, I know about that, but how does this change anything?

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

How is this 'better' then bitcoins?

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.

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July 21, 2011, 05:43:35 PM
 #56

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.
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.
AngelusWebDesign
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July 21, 2011, 06:59:40 PM
 #57

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
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July 21, 2011, 07:05:00 PM
 #58

Yeah, I know about that, but how does this change anything?

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

How is this 'better' then bitcoins?

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.

Ahhh, thanks. This makes a lot more sense Smiley.

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Starlightbreaker
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July 21, 2011, 07:27:33 PM
 #59

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

 Angry

*edit.

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


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July 21, 2011, 07:52:50 PM
 #60


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

I hate you a little. I am at 3000 hashes thus far without one.
I found one within an hour with 860 Mh/s.

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