Mining Namecoins is now 2x more profitable than Bitcoins

[MaGNeT]

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.

The price of Namecoin will go up like crazy after Merged Mining is implemented.

[phelix]

[...]
The price of Namecoin will go up like crazy after Merged Mining is implemented.

are you sure? from some point of view you can then mine namecoin for free

[MaGNeT]

[...]
The price of Namecoin will go up like crazy after Merged Mining is implemented.

are you sure? from some point of view you can then mine namecoin for free

When merged mining gets in place, big exchanges like MtGox will adopt Namecoin in their exchange.
Speculators do the rest...

[relmeas]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

[talldude]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

It's already working on the testnet, so you don't have to understand anything - just know someone figured out a way of doing it.

[CYPER]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

You can by using a proxy - check the official documentation.

[CRYPT]

Can anyone be more specific on the 'Get GUIMiner' ...?  Where?  I've been to vinced and downloaded the v0.3.24.x.xrc. zips, but I don't see any sort of GUIMiner in the files anywhere...

I'm at the point that I've dowloaded, created the .conf, and started the namecoind.exe -- then opened a new window, and looked at the get info:


"version"  : 32191,
"balance" : 0.00000,
"connections" : 8,
"proxy"  : "",
"generate" : false,
"genproclimit"  :  -1,
"difficulty"  :  94037.96111403,
"hashespersec"  : 0,
"testnet"  : false,
"keypoololdest"  : 1313854424
"paytxfee"  : 0.0000000,
"errors:  : ""


I've not started a miner... cuz, well, I'm not sure how.  Do I do command line arguements like for one of the standard bitcoin miners?  Again, how?  I've looked through the very simple files, and I don't see a  xxxx-miner.exe of any sort.  So, I feel like I've started a Namecoin server, and I've downloaded all the blocks (18692)... and now WHAT?

THanks,
CRYPT

[CYPER]

Now you get a miner like phoenix or poclbm and point it to 127.0.0.1:port (as listed in the conf file) and start mining solo. If that is what you want to do.

[relmeas]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

It's already working on the testnet, so you don't have to understand anything - just know someone figured out a way of doing it.

this sounds like a scam.

[relmeas]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

You can by using a proxy - check the official documentation.

of what exactly? got a link?

[CYPER]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

You can by using a proxy - check the official documentation.

of what exactly? got a link?

http://dot-bit.org/Merged_Mining#merged-mine-proxy

[MaGNeT]

how is it even possible? You can't hash 2 different block headers and spend only 1/2 of the computing power of hashing only one of these blocks...

It's already working on the testnet, so you don't have to understand anything - just know someone figured out a way of doing it.

this sounds like a scam.

But it isn't

[Iyeman]

They need to implement merged mining before block 24000...currently going to be Christmas eve before the next difficulty change...solving around 8 blocks a day atm.

[shivansps]

told you, this guy just killed NMC, it was obious, and still you guys allow him to do so.

[Houseonfire]

So what's more profitable now? NMC or Bitcoin? Because the topic is now misleading months down the road. How do I tell?

[SleeperUnit]

So what's more profitable now? NMC or Bitcoin? Because the topic is now misleading months down the road. How do I tell?

The OP cited the tools used to make his claim in the first post.
Using those same 2 sites I find that currently as I post this:

Current exchange rate NMC/BTC = 0.03134999
Current Mining difficulty ratio NMC/BTC = 0.0521

Current price / difficulty ratio = 0.03134999 / 0.0521 = 0.60

So right now, mining Namecoins with the intent of trading them over to Bitcoins yields 40% less then mining Btcoins directly.

It doesn't look like namecoins will be worth mining until their next difficulty adjustment, which at the current hash rate, isn't expected until December.

[Iyeman]

Up to February for the next diff. change now...

[talldude]

merged mining will happen before block 24000. 19200 is the current "date".

[SleeperUnit]

Merged mining should significantly increase the effective hashing power on the namecoin chain greatly speeding up the time until the diff change but since it will also obliterate the price of namecoins so merged mining will be the only viable way to mine namecoins.

[phelix]

told you, this guy just killed NMC, it was obious, and still you guys allow him to do so.

care to elaborate?