[POLL] Is Namecoin (NMC) the most undervalued altcoin of them all?

[OgNasty]

Namecoin (NMC), despite being one of the oldest and more recognized coins in crypto, is currently ranked coin #252 by market cap.  This begs the question...  Is Namecoin the most undervalued altcoin?  Why or why not?

Pros

• 1st Altcoin Created
• 2nd Highest Network Hashrate
• Solves Centralization Issues With Current Internet DNS Framework

Trading

• 25 Million Dollar Market Cap (ranked #252)
• $350,000 24-Hour Volume
• Absent on all Top 30 Exchanges by 24-Hour Volume

[1715416589]

1715416589

[cryptoasis]

I think NMC came very early before it has to and wasted so many years without proving its usefulness.  First, are people seriously thinking of decentralized DNS now? I may be wrong but "not really".  The most attractive projects right now are Infrastructure projects and solving the pain point of it and where the large sum of money is going too.  We will see battle between big infrastructure project for quite sometime.  After successful establishment of infrastructure project, people will then turn to building dApps.  Just like after road system was built, people will then invest in vehicles, then only we need automated traffic lights instead of human traffic officers, just like, when people experience security problems regarding DNS hacking, etc, and there is a need for better security layer, then there will be the demand for it, but unfortunately, until that time, there will be other better alternatives or at least serious competitors to NMC.  Right now, the most sought-after security projects are projects related with security of crypto-assets.

The reason behind it being undervalued are:
1.  Project came very early and spent many years without being highlighted in mainstream.
2.  Low marketing.
3.  Not quite attractive website.
4.  Small and quite inactive community.
5.  There are many other mouthwatering lucrative projects to invest.
6.  Except Poloniex, no other big exchanges (but still volume of NMC on poloniex is quite low).
7.  Quite an old coin and many have long forgotten its existence.

So, my final verdict is NMC may do well and pumped hard with bull run, but in the long term, I am "not attractive" on this.  I may consider this when there will be much demand and how it will do against its competitors which I think is long ahead.

Others may have better opinions than me and may have better reasons that it is better to invest, I will appreciate those.  This is just my personal opinion and I appreciate different peoples have different opinions.

[OgNasty]

I think decentralized DNS is as important a topic now as it has ever been.

[trantute2]

Namecoin is definitely undervalued.

Pros:

• Firstly, there are only 21*10^6 coins, that is the supply is limited, and most of the coins are already mined.
• Secondly, it is very secure due to merged mining in combination with Bitcoin.
• Thirdly, it is more than a simple coin, since it also represents an independent naming system.
• Fourthly, it is the first altcoin.

Compare Namecoin with Litecoin. Litecoin has four times the supply of Namecoin and was introduced after Namecoin. However, one LTC is roughly 50 times more valuable, than one NMC. In the moment, Namecoin is cheap as dirt!

Cons:

There is one whale, who owns more than 10% of all Namecoins:

https://bitinfocharts.com/top-100-richest-namecoin-addresses.html
https://bitinfocharts.com/namecoin/address/MxvgLoWZYuvbdQqroXz8C82oW2cszmkhUw

[trantute2]

1.  Project came very early and spent many years without being highlighted in mainstream.

When kraken opened, they also traded Namecoin. However and for whatever reason, they decided to unlist this coin.

2.  Low marketing.
3.  Not quite attractive website.
4.  Small and quite inactive community.

True. But my gut feeling tells me, that this is changing. With respect to the website: Who cares? Imho this speaks for this project. I cannot stand those stupid websites for tablet wiping without any information about the technology.

5.  There are many other mouthwatering lucrative projects to invest.

This is what those projects promise via their colorful and trendy pages. However, most do not provide any real benefit or are even scam. Clearly, people can jump from project to project for investing their money. At least, too stressful for me.

6.  Except Poloniex, no other big exchanges (but still volume of NMC on poloniex is quite low).

cryptopia  seems quite nice for trading Namecoin.

7.  Quite an old coin and many have long forgotten its existence.

True.

[cryptoasis]

I think decentralized DNS is as important a topic now as it has ever been.

I agree its a serious project but I think its just not a right time for its demand.  There are many examples good projects died after it failed to make its presence in market.  People are most attractive to lucrative infrastructure projects with high TPS these days.  Most people agree that first we need to establish a good infrastructure to build dApps and other projects on it.  I think many projects will come up with its own in-built security system too.  So, it is not clear at the moment in the future how much demand NMC will have.  Even the demand arise, it will have to face tough competition with similar projects such as Blockstack.  The most important thing is that there is very low marketing for the project and it has been in dark for a long time and many people have forgotten its presence.  So, I think the first step is let world know its existence with marketing such as bounty program or competition of its kind, its not surprising that so many projects spending so much money on bounties.  And also re-launch the attractive website.  Website does not affect the quality of project but it does effect mindset of investors.  People nowadays had a habit of lucrative sleek website in crypto, so many would not learn further after they see html type simple website.  Every dog has its day, but for that day we need to stay fit to hit on, otherwise we will miss the chance.

Compare Namecoin with Litecoin. Litecoin has four times the supply of Namecoin and was introduced after Namecoin. However, one LTC is roughly 50 times more valuable, than one NMC. In the moment, Namecoin is cheap as dirt!

It is a different demand level of Litecoin than Namecoin.  Litecoin is more valuable these days because since bitcoin is mostly seen as "store of value" rather than currency because of slow transaction and high fees, Litecoin came as good substitute for bitcoin to work as currency because of fast transactions and very nominal fees.  And also Litecoin has huge community behind it which is making a feel of presence in market and thus increasing its value and its founder, Charlie Lee, is always on limelight and quite well-known figure in cryptoworld which Namecoin lacks.

I hope devs of namecoin will realize the importance of marketing and make its presence in the market, make new website, and re-launch the project may be with new name.  It can re-vitalize the project.

[OgNasty]

There is one whale, who owns more than 10% of all Namecoins:

https://bitinfocharts.com/top-100-richest-namecoin-addresses.html
https://bitinfocharts.com/namecoin/address/MxvgLoWZYuvbdQqroXz8C82oW2cszmkhUw

That is indeed troubling.

[d5000]

I think NMC came very early before it has to and wasted so many years without proving its usefulness.  First, are people seriously thinking of decentralized DNS now? I may be wrong but "not really".

In my opinion, the primary reason why we're not seeing a massive acceptance of NMC as decentralized DNS is the lack of usability.

Imagine all browsers supported NMC out of the box (e.g. including a light client which does DNS lookups) and you could register a name without hassle using a light client or even a web app. I think in this case it would be a serious competitor to centralized registrars - as a much cheaper way to provide the same service, and without having to deal with centralized services.

But we have not even a light client which can register names. That everyone should run a full node is a nice vision, but unfortunately, it's not realistic at this point.

And this is a chance for NMC investors - above all those that know a bit about coding, as they could simply port light clients, provide electrum server services, code browser extensions etc.  It's also a risk, because another coin project can provide the same features - and maybe faster.

But I'm currently seeing some progress on these issues, and thus I've bought some NMC.

You are right that the most hyped projects at the moment are smart contract-driven "platforms" for "dApps", but a coin doing one thing and doing it well - and above all: really decentralized! - should fit at least into the top-50 coins. Most of the "infrastructure" platforms are also pretty centralized, what makes me wonder if some coins like EOS really have long-term viability - I think they will have a hard time once the "blockchain hype" has faded away.

[cryptoasis]

In my opinion, the primary reason why we're not seeing a massive acceptance of NMC as decentralized DNS is the lack of usability.

Imagine all browsers supported NMC out of the box (e.g. including a light client which does DNS lookups) and you could register a name without hassle using a light client or even a web app. I think in this case it would be a serious competitor to centralized registrars - as a much cheaper way to provide the same service, and without having to deal with centralized services.

But we have not even a light client which can register names. That everyone should run a full node is a nice vision, but unfortunately, it's not realistic at this point.

And this is a chance for NMC investors - above all those that know a bit about coding, as they could simply port light clients, provide electrum server services, code browser extensions etc.  It's also a risk, because another coin project can provide the same features - and maybe faster.

But I'm currently seeing some progress on these issues, and thus I've bought some NMC.

I myself is also a HODLer of NMC which I bought about a year ago when I first stepped into cryptocurrency learning that NMC is second coin after bitcoin and it has crashed more  than 75% from ATH.  I bought it without any knowledge about project back then.  Now, about a year later I found that coin still in same place and after my some research, it is because lack of mass acceptance as well as people are not interested in these type of projects right now.  It seems they have also failed to deliver.  I may be wrong and the team is working hard behind to deliver something big in the right time once demand for decentralized DNS arises, but right now, its a speculation that something good is coming.  If team able to deliver in right time, it will certainly be a big multiplier of the investment.  I will continue to HODL this because this is my one of the initial coins I bought after bitcoin.

[OgNasty]

Bump for more votes!

[d5000]

It seems they have also failed to deliver.  I may be wrong and the team is working hard behind to deliver something big in the right time once demand for decentralized DNS arises, but right now, its a speculation that something good is coming.  If team able to deliver in right time, it will certainly be a big multiplier of the investment.

What do you mean with "failed to deliver"? The lack of light clients etc.?

In the last few months there was a lot of work on light clients - there is a working Electrum version (albeit with some pretty nasty bugs still, so it's not ready for productive use) and a Java-based light client. I think once light clients are feature-complete (including DNS stuff) then NMC is ready for prime time, as working with the decentralized DNS would become much easier.

As it's a decentralized project (without "development behind closed doors" etc. like it's common in centralized coin projects) people dissatisfied with the development pace can participate themselves.

[Kallisteiros]

The problem with NMC is, instead of using NMC, other projects usually copy the idea (not that anything's wrong with that) and build their own custom version of decentralized DNS. One example is ENS (Ethereum Name Service), I've also heard EOS was trying to do something similar. First-mover advantage doesn't always help.

[d5000]

The problem with NMC is, instead of using NMC, other projects usually copy the idea (not that anything's wrong with that) and build their own custom version of decentralized DNS. One example is ENS (Ethereum Name Service), I've also heard EOS was trying to do something similar. First-mover advantage doesn't always help.

That is completely true, and it was also the reason why I thought, some years ago, that NMC would be soon forgotten.

But until now, no competitor has really got any traction - at least in the DNS field, Namecoin is still the most used blockchain based DNS system (see here). ENS has some advantages to NMC, like the "auction process", which leads to a dynamic fee for demains according to demand, while in NMC the registration has a static fee (I know there are plans to change that). But on the other hand, everything on the Ethereum blockchain suffers from pretty high transaction (gas) fees. EOS in my opinion isn't a competitor as it is not decentralized, at best it could be an OpenNIC competitor.

And yes, there is the risk that NMC never gets popular. Otherwise the price wouldn't be so low. That's why I wrote that NMC is a big chance for investors that are also coders.

[cryptoasis]

What do you mean with "failed to deliver"? The lack of light clients etc.?

I am saying of the complete product since it has been so long the project started and the talk to the project is pretty much absent in the market. 

The problem with NMC is, instead of using NMC, other projects usually copy the idea (not that anything's wrong with that) and build their own custom version of decentralized DNS. One example is ENS (Ethereum Name Service), I've also heard EOS was trying to do something similar. First-mover advantage doesn't always help.

ya.. that is the negative aspect.  First-mover doesn't always win.  Others have the idea and with advanced technology, others can come up with more advanced product.

But until now, no competitor has really got any traction - at least in the DNS field, Namecoin is still the most used blockchain based DNS system (see here). ENS has some advantages to NMC, like the "auction process", which leads to a dynamic fee for demains according to demand, while in NMC the registration has a static fee (I know there are plans to change that). But on the other hand, everything on the Ethereum blockchain suffers from pretty high transaction (gas) fees. EOS in my opinion isn't a competitor as it is not decentralized, at best it could be an OpenNIC competitor.

Ya. NMC has advantage over other project in this prospect.  The other serious competitor is Blockstack.  I am not such a tech guy to understand small details on the project, but it has late-mover advantage.

[d5000]

What do you mean with "failed to deliver"? The lack of light clients etc.?

I am saying of the complete product since it has been so long the project started and the talk to the project is pretty much absent in the market. 

I think markets were for trading, not for talking

(I know what you mean ... no NMC in pump and dump groups at Twitter, Telegram, Whatsapp etc. ... but I see this as a positive aspect ).

Ya. NMC has advantage over other project in this prospect.  The other serious competitor is Blockstack.  I am not such a tech guy to understand small details on the project, but it has late-mover advantage.

From what I read here, the consensus system of Namecoin is more trustless than Blockstack's, and there are many things I don't like at Blockstack (not really censorship-proof, patented ... read here why I consider this a bad idea)

[shandiem14]

Probably Yes, If this coin was a bit older than any crypto then this is a hidden Gem. I'll look for upcoming qoute on this. Let's bump this page anyway.

[OgNasty]

I’m surprised even with all the censorship issues popping up that this coin doesn’t get more attention.

[cryptoasis]

but sadly, recently like many other coins, this coin also came under radar of P&D groups, just check chart of 15th Aug and 4th Aug in poloniex, it fluctuated more than 50% in matter of 15 mins.

[OgNasty]

Since making this thread Namecoin has been discovered to have had the first NFT minted on it, and it’s market cap has actually fallen to around $15 million dollars. Currently ranked #641 out of all cryptos. Pretty amazing really. I still believe Namecoin is the most undervalued altcoin, even if it is viewed only as a collectible these days. So long as it’s continued to be mined by a majority of Bitcoin mining pools, it remains one of the few bargains in crypto.