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Author Topic: We should all keep a GPU pointed @ Namecoin mining!  (Read 4114 times)
MaGNeT
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July 31, 2011, 08:36:08 AM
 #1

There are a lot of golddiggers over here who waited for the Namecoin difficulty to go down.
Then they started mining as a large group of grasshoppers until difficulty reached for the sky, blocks and transactions take ages to verify.
I'm one of them, so you can blame me too.

As you can see, it will take almost untill halloween to get it back to normal.





If every miner would point 1 GPU to Namecoin mining, we would soon reach block 24.000 and start Merged Mining.
If you don't want a whole GPU pointed at Namecoin, just start a second task on one GPU and share some GPU time to Namecoin mining.

Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?

Who's in? Smiley
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July 31, 2011, 09:26:11 AM
 #2

That's right, "everyone" wants merged mining, but they never look up how
it'll actually take to get there.
Sukrim
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July 31, 2011, 09:37:17 AM
 #3

Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?
With current prices, that's actually the ONLY useful way to boost namecoin mining.

As long as prices are below the difficulty ration on http://dot-bit.org/tools/nextDifficulty.php, it is not wise to mine NMC directly, but to mine BTC and buy NMC with that money instead. This increases NMC prices and incentivizes more people to mine NMC (especially once you hit that "equilibrium" point!).

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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talpan
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July 31, 2011, 10:02:48 AM
 #4

Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?
With current prices, that's actually the ONLY useful way to boost namecoin mining.

As long as prices are below the difficulty ration on http://dot-bit.org/tools/nextDifficulty.php, it is not wise to mine NMC directly, but to mine BTC and buy NMC with that money instead. This increases NMC prices and incentivizes more people to mine NMC (especially once you hit that "equilibrium" point!).

But if you mine Namecoins, the difficulty will not go down as the estimates are, or eventually go up, which causes the price of Namecoin increasing.
In the end it all ends the same.
Sukrim
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July 31, 2011, 11:35:10 AM
 #5

Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?
With current prices, that's actually the ONLY useful way to boost namecoin mining.

As long as prices are below the difficulty ration on http://dot-bit.org/tools/nextDifficulty.php, it is not wise to mine NMC directly, but to mine BTC and buy NMC with that money instead. This increases NMC prices and incentivizes more people to mine NMC (especially once you hit that "equilibrium" point!).

But if you mine Namecoins, the difficulty will not go down as the estimates are, or eventually go up, which causes the price of Namecoin increasing.
In the end it all ends the same.

Difficulty follows price, not the other way round! Prices are currently too low, so there are only few miners.
If you buy, prices go up and more miners come.

Currently you can buy nearly twice as many Namecoins when mining Bitcoins than you can mine directly. Whoever mines Namecoins directly at the moment must be a very strong idealist or simply not giving a damn about income.

If you mine NMC right now, you get only ~half of what you would earn by mining Bitcoins + buying. If you even sell the mined Namecoins at the current dumping prices, you help keeping Namecoin mining unattractive.

As long as the exchange rate is that low, anyone who wants to mine + get Namecoins should mine BTC and buy NMC.

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grod
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July 31, 2011, 07:00:12 PM
 #6

You want people to mine namecoins?  I've said this a million times -- do it by mining bitcoins and BUYING namecoins.  Heck, do it with the GPU power you give up by mining namecoins if you wish (spend 40% of your BTC earnings buying NMC).

Begging other miners for charity won't do it.  Mining more namecoins and depressing their price vs bitcoins is how you get FEWER miners for NMC.

Stop mining NMC and buy up the supply to increase the price.  Once price of NMC hits say .05 you will definitely see people go there.  That's exactly why the locust plague descends on NMC when it's profitable to mine them and leaves when it's not.
MaGNeT
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July 31, 2011, 07:07:19 PM
 #7

You want people to mine namecoins?  I've said this a million times -- do it by mining bitcoins and BUYING namecoins.  Heck, do it with the GPU power you give up by mining namecoins if you wish (spend 40% of your BTC earnings buying NMC).

Begging other miners for charity won't do it.  Mining more namecoins and depressing their price vs bitcoins is how you get FEWER miners for NMC.

Stop mining NMC and buy up the supply to increase the price.  Once price of NMC hits say .05 you will definitely see people go there.  That's exactly why the locust plague descends on NMC when it's profitable to mine them and leaves when it's not.


You are right, but we need some miners to get the transactions done Smiley
And who talks about charity? Bitcoin mining wasn't always profitable... But some people did it anyway... And you know what happened... It wasn't charity...

I already bought about >2000 Namecoins to hold them for at least a year (450 of them are mined @ Poolmunity).
In december, I want to have about 10,000 of them.

Maybe Namecoin fails... But if it becomes a success, I don't want to be the one who says "I wish I would, back then..."
gurcani
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July 31, 2011, 07:07:59 PM
 #8

I am still mining nmcs, and currently for my loss. Should I go back to btc?

What happens if nobody mines? will the diff get stuck where it is?
MaGNeT
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July 31, 2011, 07:08:40 PM
 #9

I am still mining nmcs, and currently for my loss. Should I go back to btc?

What happens if nobody mines? will the diff get stuck where it is?

Yup, and transactions will not be completed so no-one can pay with them or send them to an exchange.
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July 31, 2011, 08:07:19 PM
 #10

It doesn't matter if you can send NMC to an exchange, as long ys you can send BTC to buy them! If you buy enough to drive the price over 0.0556, you will have far more hash rate all of a sudden than you can imagine. Until you reach that point, you are more profitable mining BTC anyways, so there's no point in mining NMC (especially if you want to sell them - in fact, if you want to sell them, you should buy even more to create a bubble!

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BitMofo
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July 31, 2011, 08:11:06 PM
 #11

Can someone explain how to mine namecoins? Is it through a pool like bitcoins or what?
Does it have to be done through command line or is there a client for it?
Do namecoins expire? I'm sure I heard something about them expiring? Or is that just the domains?
Thanks!

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jackjack
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July 31, 2011, 08:12:35 PM
 #12

Can someone explain how to mine namecoins? Is it through a pool like bitcoins or what?
Does it have to be done through command line or is there a client for it?
Do namecoins expire? I'm sure I heard something about them expiring? Or is that just the domains?
Thanks!
Mining namecoins is EXACTLY like mining bitcoin
No they don't expire, just domains

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
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July 31, 2011, 08:13:29 PM
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Can someone explain how to mine namecoins? Is it through a pool like bitcoins or what?
Does it have to be done through command line or is there a client for it?
Do namecoins expire? I'm sure I heard something about them expiring? Or is that just the domains?
Thanks!
Mining namecoins is EXACTLY like mining bitcoin
No they don't expire, just domains

Where do I get started? As in where are the pools?

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talpan
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July 31, 2011, 08:13:43 PM
 #14

Can someone explain how to mine namecoins? Is it through a pool like bitcoins or what?
Does it have to be done through command line or is there a client for it?
Do namecoins expire? I'm sure I heard something about them expiring? Or is that just the domains?
Thanks!
Mining namecoins is EXACTLY like mining bitcoin
No they don't expire, just domains

You can mine namecoins at PoolMunity.

With exactly the same minersettings you are using currently, you just point the miner
to another url Wink
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July 31, 2011, 08:21:27 PM
 #15

Can someone explain how to mine namecoins? Is it through a pool like bitcoins or what?
Does it have to be done through command line or is there a client for it?
Do namecoins expire? I'm sure I heard something about them expiring? Or is that just the domains?
Thanks!
Mining namecoins is EXACTLY like mining bitcoin
No they don't expire, just domains

Where do I get started? As in where are the pools?
I only know one of them out of about 3 or 4: http://bitparking.com/pool
Just run namecoind to have a Namecoin address, then you can mine

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
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July 31, 2011, 10:12:47 PM
 #16

Not being able to send name coins is a good thing.  That means the NMC currently deposited to the exchange is the whole of supply.  This means even if the price skyrockets people with big NMC stockpiles won't be able to cash out until BTC miners switch to NMC mining because...

The network is slow!

But hey, what do I know.  I only cash out during the profitable times, y'all go ahead and mine at a 40% loss compared to mining BTC and going long NMC via trading in the 2 months between those bonanzas.  I certainly can't convince people that mining NMC and getting/holding NMC have absolutely nothing to do with each other, I'll just mine in 2 days what you mine in a month and if for some strange reason I want more meanwhile I can buy it at a 25-40% discount.

I'll have all the NMC I care to have once they become free as a side effect of bitcoin mining come October or December.  With the few I have left over it's likely I'll already be able to register a few hundred or possibly thousand domains.  What do I need more for?
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July 31, 2011, 10:51:02 PM
 #17

I'll have all the NMC I care to have once they become free as a side effect of bitcoin mining come October or December.  With the few I have left over it's likely I'll already be able to register a few hundred or possibly thousand domains.  What do I need more for?
As far as I understood the system, you need to constantly pay NMC to keep your domains registered.

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iopq
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August 01, 2011, 02:01:10 AM
 #18

I'll have all the NMC I care to have once they become free as a side effect of bitcoin mining come October or December.  With the few I have left over it's likely I'll already be able to register a few hundred or possibly thousand domains.  What do I need more for?
As far as I understood the system, you need to constantly pay NMC to keep your domains registered.
you don't, you keep the domain for life as long as you remember to renew it

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August 02, 2011, 09:32:14 PM
 #19

Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?
With current prices, that's actually the ONLY useful way to boost namecoin mining.

As long as prices are below the difficulty ration on http://dot-bit.org/tools/nextDifficulty.php, it is not wise to mine NMC directly, but to mine BTC and buy NMC with that money instead. This increases NMC prices and incentivizes more people to mine NMC (especially once you hit that "equilibrium" point!).

This method you speak of is only unprofitable if you are having to immediately convert your namecoins to bitcoins and then to the currency of your choice.

I suspect namecoins will gain in value in the next 6 months or the project will die.

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Sukrim
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August 03, 2011, 12:24:09 PM
 #20

Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?
With current prices, that's actually the ONLY useful way to boost namecoin mining.

As long as prices are below the difficulty ration on http://dot-bit.org/tools/nextDifficulty.php, it is not wise to mine NMC directly, but to mine BTC and buy NMC with that money instead. This increases NMC prices and incentivizes more people to mine NMC (especially once you hit that "equilibrium" point!).
This method you speak of is only unprofitable if you are having to immediately convert your namecoins to bitcoins and then to the currency of your choice.

I suspect namecoins will gain in value in the next 6 months or the project will die.
The method I speak of, is to boost Namecoin value + hash rate, not Bitcoin value - as the topic suggests. As MaGNeT said, it might be an investment to hold onto your bought/mined namecoins - if you need to sell immediately (for whatever reason - I don't pay my electricity bill daily...) this is of course not an option.

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