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Author Topic: NAMECOIN TICKING TIMEBOMB??  (Read 5592 times)
smoothie
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July 26, 2011, 12:17:22 AM
 #1

At the current moment the namecoin block chain has 18,247 blocks that have been generated. Total namecoins that have been mined is 912,350 NMC of which 67,255.83 (http://explorer.dot-bit.org/) have been destroyed due to domain name registration on the TLD .bit. At the very most there currently exists 845,094.17 assuming no namecoins have been lost due to a corrupt wallet file etc, etc, etc.

The current exchange rate is 0.0292 BTC / 1 NMC (https://exchange.bitparking.com/main).

This implies that the entire namecoin market is approximately the equivalent of:

Code:
845097.17 NMC * 0.0292 BTC/NMC = 24,676.74 BTC

Essentially one early adopter of BTC could buy up the majority of the namecoins with close to 25k bitcoins (assuming the price doesn't move much which is not likely).

The market cap of the namecoin market at this moment is:

Code:
24,676.74 BTC * $14.02 /BTC = $345,968.03

Each namecoin is worth:

Code:
$14.02 * 0.0292 BTC/NMC = $0.409384

With the merged mining update (http://dot-bit.org/forum/viewtopic.php?f=5&t=217&sid=3d4f20064f7f1e7239072284a5b4e901) and domain cost decrease by 4 times after block 24,000 on the horizon (http://dot-bit.org/forum/viewtopic.php?f=2&t=151&start=10), are we looking at a ticking time bomb on the namecoin market?

Also note that domain cost will be 0.01 NMC before the end of the year very likely with the merged mining and updates at block 24,000.

Thoughts welcome...


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July 26, 2011, 12:26:31 AM
 #2

Could you do a TLDR of your definition of "Timebomb" ?.

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July 26, 2011, 12:30:08 AM
 #3

I also don't really get what you fear that happens when that "bomb" goes off.

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July 26, 2011, 12:31:58 AM
 #4

I also don't really get what you fear that happens when that "bomb" goes off.

What part of my article implied "fear"? I did not even use that word in my comments.

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July 26, 2011, 12:36:09 AM
 #5

Bullish bomb he meant,

Where the FAQ/WIKI for NMC ? I get overloaded in technical/programing threads.
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July 26, 2011, 12:48:24 AM
 #6

Bullish bomb he meant,

Where the FAQ/WIKI for NMC ? I get overloaded in technical/programing threads.

https://github.com/vinced/namecoin

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grod
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July 26, 2011, 02:35:37 AM
 #7

Realize the merged mining change is several months out.  We are barely 16 blocks into the current 2016, with network hashing capacity still leaking out as quickly as NMC miners realize they're giving up a good 40% of their computing power relative to mining BTC and buying NMC.  Even at the current hashing rate we're talking September to finish the remaining 2000 blocks. 

Then the next 2016 will take about 2 days, and another 6 or so weeks to get to block 24000.  So very likely 3 months until merged mining at the earliest. Plenty of things could happen before now and then.
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July 26, 2011, 03:17:53 AM
 #8

Realize the merged mining change is several months out.  We are barely 16 blocks into the current 2016, with network hashing capacity still leaking out as quickly as NMC miners realize they're giving up a good 40% of their computing power relative to mining BTC and buying NMC.  Even at the current hashing rate we're talking September to finish the remaining 2000 blocks.  

Then the next 2016 will take about 2 days, and another 6 or so weeks to get to block 24000.  So very likely 3 months until merged mining at the earliest. Plenty of things could happen before now and then.


Let's correct some of your statements. It is currently 105 blocks into the 2016 for this period currently. Yes many have left the mining market, true. But that does not account for if the price of NMC goes above the current difficulty ratio thus sending a surge of miners over to mine NMC.

Also you forget that block 24,000 is a tentative block number in which could be changed to say 20,000?

So your assumption of it being 3 months out is circumstantial to whether or not people will not want to mine nmc or if some of the incoming funds into bitcoin will not spill over into the namecoin market.

I suspect that when there is another surge in the bitcoin market you will see the nmc market move too.

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July 26, 2011, 06:42:15 AM
 #9

Bullish bomb he meant,

Where the FAQ/WIKI for NMC ? I get overloaded in technical/programing threads.

https://github.com/vinced/namecoin

That is a terrible link for someone who is technically overloaded ... it is the raw source ... lol!

Go here if you want to start with some kind of orderly info ...

http://dot-bit.org

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July 26, 2011, 06:50:28 AM
 #10

Bullish bomb he meant,

Where the FAQ/WIKI for NMC ? I get overloaded in technical/programing threads.

https://github.com/vinced/namecoin

That is a terrible link for someone who is technically overloaded ... it is the raw source ... lol!

Go here if you want to start with some kind of orderly info ...

http://dot-bit.org

I stand corrected. I must have copied the wrong link of the windows I had open. LOL My bad!

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        ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀       
           ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀`          
                   ²²²                 
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July 26, 2011, 06:50:43 PM
 #11

At the current moment the namecoin block chain has 18,247 blocks that have been generated. Total namecoins that have been mined is 912,350 NMC of which 67,255.83 (http://explorer.dot-bit.org/) have been destroyed due to domain name registration on the TLD .bit. At the very most there currently exists 845,094.17 assuming no namecoins have been lost due to a corrupt wallet file etc, etc, etc.

The current exchange rate is 0.0292 BTC / 1 NMC (https://exchange.bitparking.com/main).

This implies that the entire namecoin market is approximately the equivalent of:

Code:
845097.17 NMC * 0.0292 BTC/NMC = 24,676.74 BTC

Essentially one early adopter of BTC could buy up the majority of the namecoins with close to 25k bitcoins (assuming the price doesn't move much which is not likely).

The market cap of the namecoin market at this moment is:

Code:
24,676.74 BTC * $14.02 /BTC = $345,968.03

Each namecoin is worth:

Code:
$14.02 * 0.0292 BTC/NMC = $0.409384

With the merged mining update (http://dot-bit.org/forum/viewtopic.php?f=5&t=217&sid=3d4f20064f7f1e7239072284a5b4e901) and domain cost decrease by 4 times after block 24,000 on the horizon (http://dot-bit.org/forum/viewtopic.php?f=2&t=151&start=10), are we looking at a ticking time bomb on the namecoin market?

Also note that domain cost will be 0.01 NMC before the end of the year very likely with the merged mining and updates at block 24,000.

Thoughts welcome...



you couldn't buy all those namecoins (for that price).. because once you bought 10000 namecoins, the price would be 0.05 (guess), then the price would be 0.1, etc.. increasing until 1nmc would probably be worth more than 1btc ---------------- something like that Smiley

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July 14, 2014, 09:54:02 PM
 #12

Wow this is Smoothie legend material !

The Name Coin wallet virus is set to go off next month by the way.. coins in wallet will be deleted !

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