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Author Topic: namecoin are low, why?  (Read 4579 times)
kokjo
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November 02, 2011, 01:47:22 PM
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https://exchange.bitparking.com/main - buy at 0.0121 used to be at 0.020 -

WHY?

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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finway
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November 02, 2011, 01:51:19 PM
 #2

Hashing power rises due to merged mining, cause selling pressure.

o
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November 02, 2011, 06:06:43 PM
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Merged mining gives extra namecoin as income, people dont understand namecoin so they immediately exchange them for bitcoin which they trust more.
kokjo
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November 02, 2011, 07:35:21 PM
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oh i see. but is that the whole truth? it is not many small sells, but a few big ones.
speculation?

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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November 02, 2011, 09:48:57 PM
 #5

Coordinated sell-off buy people who fear loss of BTC dominance.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
MaxSan
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November 02, 2011, 09:53:17 PM
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which is daft, the inherit value of namecoin grows significantly with time.
DeathAndTaxes
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November 02, 2011, 09:53:42 PM
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Or the number of namecoins being produced is now ~5x what it was for last month prior to merged mining.  For most of those miners they are simply revenue.  A BTC proxy.  Instead of getting 1 BTC they are getting 1.2 BTC per unit of work however to collect that 20% bonus requires selling the coins.

Daily supply for sale has increased 5x but demand hasn't.  Demand likely has increased some because namecoins future is more viable now but it hasn't increased 5x.

Namecoins, widgets, or bennie babies it doesn't matter.  Increased supply relative to demand = lower prices.  
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November 03, 2011, 01:18:48 AM
 #8

NMC are now being produced mostly by people that have no actual interest in namecoin.  They are essentially worthless to them, and they will take whatever they can get.  You can't expect them to remain valuable when people get them for doing literally nothing they weren't doing already.

R.I.P. BTC Guild, 2011 - 2015.
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speeder
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November 03, 2011, 01:21:45 AM
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Also the value of namecoin is not THAT important anyway, what is important is that NMC miners keep the DNS working.

bitlane
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November 03, 2011, 09:14:33 AM
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Also the value of namecoin is not THAT important anyway, what is important is that NMC miners keep the DNS working.
...and in turn, adds strength to the BTC, who's powerful network it (NMC) gets a free mining ride on Wink

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November 04, 2011, 08:03:23 AM
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It would be good to see how those features patch work on the alt crytocurrency first, just like the wallet encryption  Cool
kokjo
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November 04, 2011, 09:34:55 AM
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It would be good to see how those features patch work on the alt crytocurrency first, just like the wallet encryption  Cool
why, fork the client implement your own features... it does not have wallet encryption, it does not even have a wallet. but it supports multiple of them.
im making my own client for the bitcoin network. there is no need to use the satoshi client. im coding my client in python.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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November 07, 2011, 10:20:12 AM
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NMC are now being produced mostly by people that have no actual interest in namecoin.  They are essentially worthless to them, and they will take whatever they can get.  You can't expect them to remain valuable when people get them for doing literally nothing they weren't doing already.

Just as in bitcoin.  Supply and demand.  The reason solidcoin is now ahead of bitcoin is the 5 per block.  All mining is basically printing money.  The price will only rise if people have to buy with cash , goods or services.  In other words, 5 years from now.  If demand exceeds new supply then they will also rise.
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November 07, 2011, 01:27:14 PM
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NMC client ( namecoind ) does not currently support wallet encryption OR -rescan command so you can download blockchain from other place.

No wonder price is dropping. Current DNS system is working just fine.
DeathAndTaxes
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November 07, 2011, 01:50:15 PM
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Just as in bitcoin.  Supply and demand.  The reason solidcoin is now ahead of bitcoin is the 5 per block.  All mining is basically printing money.  The price will only rise if people have to buy with cash , goods or services.  In other words, 5 years from now.  If demand exceeds new supply then they will also rise.

ScamCoin is only ahead of Bitcoin in your mind.  I guess the 5 per block ignores the 12M premined.  The 1M mined in first 24 hours and the other 1.5M mined before bait and switch to later users.

14.5M premined & mined before switching the rules = ~11 years worth of coins generated before the rules changed.  I would like to point out that Bitcoin still doesn't have 14.5M coins mined and it certainly didn't have a early adopter orgy where "broken" difficulty adjustment resulted in 1M coins minted in 24 hours. 

LOLZ.
bulanula
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November 07, 2011, 09:16:29 PM
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Just as in bitcoin.  Supply and demand.  The reason solidcoin is now ahead of bitcoin is the 5 per block.  All mining is basically printing money.  The price will only rise if people have to buy with cash , goods or services.  In other words, 5 years from now.  If demand exceeds new supply then they will also rise.

ScamCoin is only ahead of Bitcoin in your mind.  I guess the 5 per block ignores the 12M premined.  The 1M mined in first 24 hours and the other 1.5M mined before bait and switch to later users.

14.5M premined & mined before switching the rules = ~11 years worth of coins generated before the rules changed.  I would like to point out that Bitcoin still doesn't have 14.5M coins mined and it certainly didn't have a early adopter orgy where "broken" difficulty adjustment resulted in 1M coins minted in 24 hours. 

LOLZ.

King RealScam begs to differ Grin.
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November 08, 2011, 12:40:46 PM
 #17

oh i see. but is that the whole truth? it is not many small sells, but a few big ones.
speculation?

Big BTC miners are now mining NMC ??

In the long run I think is logic NMCs to be above their price before merged mining (+/- $0.30) because their use is the same and the security has improved. But in the short-term they have to drop, because new miners don't want to hold nmc like the old ones do.
Probably the drop caused by miners has made some hoarders and speculators sell their share.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
bulanula
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November 09, 2011, 10:38:59 AM
 #18

NMC price at 0.008 now. MM sure is helping.
DeathAndTaxes
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Gerald Davis


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November 09, 2011, 02:09:47 PM
 #19

The price of NMC is not as important as the security of NMC.

Remember NMC wasn't designed to be a currency.  People who want to register domains can use NMC to do so.  The price point isn't material however without MM NMC would be very vulnerable to a 51% attack.
bulanula
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November 09, 2011, 07:24:30 PM
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The price of NMC is not as important as the security of NMC.

Remember NMC wasn't designed to be a currency.  People who want to register domains can use NMC to do so.  The price point isn't material however without MM NMC would be very vulnerable to a 51% attack.

Yes but I still think a low NMC value is not very good for miners relying on MM to boost profits Smiley
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