Mt.Fun (OP)
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August 02, 2011, 08:31:16 PM |
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What is Namecoin? Is it in competition with Bitcoin? Seems like a bad idea to have multiple competing currencies operating simultaneously on the same technology.
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bitclown
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August 02, 2011, 08:38:06 PM |
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It's a distributed key value database, currently used for domain names. Its currency is a mechanism to discourage early adopters from squatting names. Over time registration will become free, and thus removing the link between the coins and the purpose of the system, which is claimed by NMC traders to be its big selling point over BTC.
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smoothie
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August 02, 2011, 08:43:48 PM |
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It's a distributed key value database, currently used for domain names. Its currency is a mechanism to discourage early adopters from squatting names. Over time registration will become free, and thus removing the link between the coins and the purpose of the system, which is claimed by NMC traders to be its big selling point over BTC.
I wouldn't say "free" given that when a domain registration costs 0.01 NMC the cost to mine a single namecoin could be $100. Currently you can mine about 11 NMC at the current difficulty of 94035. The cost in NMC will approach ZERO and thus may look like the domains are free. The people who are holding NMC now could be doing it for the same reason that early adopters of BTC held their large amounts of BTC.
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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natman3400
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August 02, 2011, 08:48:03 PM |
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Seems like a bad idea to have multiple competing currencies operating simultaneously on the same technology.
Quite the contrary, competition will only strengthen the one that wins out. While Bitcoins do have a lot going for them, and the first mover advantage, If a better system comes out, Im sure most people will have no problem with migrating.
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Elwar
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August 02, 2011, 08:56:53 PM |
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What is Namecoin?
You know how your Bitcoin is a series of letters and numbers that make no sense? Namecoin is just like Bitcoin but instead of a random array of numbers and letters it is names. Mainly of famous actors. Hence the name...Namecoin.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
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BusmasterDMA
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August 02, 2011, 09:12:01 PM |
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Is anyone aware of a whitepaper covering Namecoin? (something appropriate to cite for academic research)
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Bears. Beets. Battlestar Galactica. Bitcoin.
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nodemaster
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August 02, 2011, 09:12:20 PM |
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What is Namecoin? Is it in competition with Bitcoin? Seems like a bad idea to have multiple competing currencies operating simultaneously on the same technology.
We are already discussing this issue on this forum due to the fact that merged mining will be released soon. Please join if you like: https://bitcointalk.org/index.php?topic=29074.0... (until they merge the two in pool mining).
This is more or less a question of when, not if ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Vinced already released a test version for merged mining and we have a test pool up and running on testnet. If you are interested, please check: http://dot-bit.org/MergedMining
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Mt.Fun (OP)
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August 02, 2011, 09:39:44 PM |
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I think namecoin is going to disappear or become irrelevant. Bitcoin is ALMOST too techie for mainstream adoption so namecoin is definitely going nowhere.
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smoothie
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August 02, 2011, 09:52:18 PM |
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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Mt.Fun (OP)
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August 02, 2011, 10:03:06 PM |
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Your logic needs work. One could fail without the other failing. Merged mining does not change this logical relationship.
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smoothie
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August 02, 2011, 10:13:18 PM |
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Your logic needs work. One could fail without the other failing. Merged mining does not change this logical relationship. Looks like your logic needs work in that you can't see the future of the bitcoin network based purely on logic or anything for that matter. You are just speculating.
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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Mt.Fun (OP)
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August 02, 2011, 10:14:59 PM |
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Your logic needs work. One could fail without the other failing. Merged mining does not change this logical relationship. Looks like your logic needs work in that you can't see the future of the bitcoin network based purely on logic or anything for that matter. You are just speculating. Time will tell.
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smoothie
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August 02, 2011, 10:18:15 PM |
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Your logic needs work. One could fail without the other failing. Merged mining does not change this logical relationship. Looks like your logic needs work in that you can't see the future of the bitcoin network based purely on logic or anything for that matter. You are just speculating. Time will tell. I don't need time to tell me that you are speculating. If you don't think namecoins will work then dont buy any. But keep in mind that competition is what gives thriving technologies their edge. This would explain why the fiat money system is so centralized and corrupt, there is no competition. With namecoin being alternative to bitcoin and having a unique purpose in addition to all the functions that bitcoin does I'd say namecoin has a good chance to being at least as successful as bitcoin. But I too am just speculating.
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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JohnDoe
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August 03, 2011, 12:22:49 AM |
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I think namecoin is going to disappear or become irrelevant. Bitcoin is ALMOST too techie for mainstream adoption so namecoin is definitely going nowhere.
The Internet was "too techie" as well once upon a time. Both currencies are currently only for techies not because of some design flaw, but because they are just not mature enough. User-friendliness can definitely be built on top until they become idiot-proof.
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BusmasterDMA
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August 03, 2011, 02:02:51 AM |
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I think namecoin is going to disappear or become irrelevant. Bitcoin is ALMOST too techie for mainstream adoption so namecoin is definitely going nowhere.
But the average user need not participate in the Namecoin economy to benefit from Namecoin. The typical use of Namecoin would simply be hostname-to-IP lookup to resolve .bit domain names. This could be accomplished by simply changing the user's DNS server to a Namecoin-to-DNS bridge.
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Bears. Beets. Battlestar Galactica. Bitcoin.
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websmith
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August 18, 2011, 11:49:55 AM |
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Web site gets 80% of internet traffic from web searchers (google.com, yandex.ru) Are you really think that google will change his DNS server in order to see .bit domains? So there are not .bit domains in google, nobody can find such domains. Useless. Nobody will change web browser settings
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Gabi
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August 18, 2011, 02:47:50 PM |
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They will if they need to access a censored site.
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BayAreaCoins
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April 29, 2014, 08:49:26 AM |
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Merge mining ftw
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