Okay. Let my chaotic mind continue to travel from critic station to the solution proposal
How bitcoin deals with increasing bounty hunters? It has a positive feedback
between network power and work difficulty. I.e. number of people (actually their cummulative power) grows => difficulty grows. Lets see
And what is namecoin in current stage? It is a addition to bitcoin, which charges fees and issues a TLDs. But where to put that charged fees?
If we return them to miners, then there will be parasite positive feedback
between number of ordered TLDs and bounty increasement. It will let miners to order TLDs only with purpose
of their bounty increase. Free Money. Like beer.
So devs decided to destroy
that fee. If we destroy that fee, the miners (and all others) will become bit reacher also
. But this will also increase fees in their value. So this is some sort of positive feedback
between number of ordered TLDs and fee increase.
But with bad implementation and negative effects:
1) System changes fees descrease according to dummy algo without feedback of its growing
2) The 1) effects are that devs should regulate this algo by hands doing network intrusion
3) If they will not properly guess fees, system will be full of spam or collapse
4) By destroying fees, system destroys itself and forces NMC value to have unpredicted behaviorThe proposal
1) Registration fee must be constant (this needs some mathematics check)
2) Registration fee should return to turnover as miners' bounty
3) To avoid described parasite feedback, we need to put another feedback between number of TLDs registered for a certain time period and difficulty.
So if the registration activity will grow, the bounty will grow, but difficulty will also grow.Benefits:
1) System do not destroy coins
2) devs do not do system intrusion
3) System regulate itself
i always wondered what namecoin would do after all the coins where mined, but supposedly the fees would increase and first update would cost you zero, so nmc coins are only destroyed in it's first years of life