Mining Namecoins is now 2x more profitable than Bitcoins

[kakobrekla]

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

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[Xephan]

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.

[DavinciJ15]

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.

[Xephan]

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.

[smoothie]

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.

[talpan]

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.

[mjoz]

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.

[talpan]

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

[mjoz]

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.

[Iyeman]

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)

[casascius]

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."

[Iyeman]

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.

[AngelusWebDesign]

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...

[khamark]

ha...who would have guessed that the first post ofthis tread would be in (large) part responsible of the actual NMC situation

[jackjack]

ha...who would have guessed that the first post ofthis tread would be in (large) part responsible of the actual NMC situation

#3, #6, #8, #11, and many others

[viboracecata]

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

[relmeas]

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 how much blocks per day nowadays, btw?

[phelix]

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

[bcpokey]

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 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.

[twobits]

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 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.