Sometimes it is very useful to find a definition of something that actually explains what it is, how it works and what it does. I thought a lot about this and found that all current definitions of "money" are lacking.
All definitions of all words are basically lacking if you dig deep enough. Get used to it. 
Topic: Increasing difficulty - Bitcoin or Namecoin mining (Read 5702 times)
You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean.Nope. Do you?
You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean.Nope. Do you?
Sometimes it is very useful to find a definition of something that actually explains what it is, how it works and what it does. I thought a lot about this and found that all current definitions of "money" are lacking. Bitcoins, namecoins, gold, silver, tobacco leaves, wampum, dollars, Euros, etc. are all commodities.
Fiat currency: dollars, Euros, and so on are a special kind of commodity where the amount of them in circulation is constantly monitored and controlled by a central bank. The job of the central bank is to keep the supply and demand for their currency in balance – in other words to control inflation of their currency.
So what is money? Putting aside all historical, emotional and politically motivated definitions of money I have come up with my own personal working definition:
Money is the state of an unfinished transaction.
In other words if I do some work for you and you give me a meal then we have traded two things and the transaction is done. But if I work for you and you promise to give me a meal in the future then we have an unfinished transaction. This state creates money. We can simply write down on a piece of paper “Joe owes Burt one meal” to keep track of this or we can use the state approved method of keeping track of unfinished transactions and you can give me an agreed to amount of dollars.
No, I do not mind telling every new person I meet my personal definition of money as it sometimes leads to new insights into the economy, bitcoins, dollars, and a myriad of other subjects.
The next projected difficulty increase is only 30-40k.
This is very easy. Divide current namecoin difficulty (not coming difficulty for both) by current bitcoin difficulty. At the moment that's:
55882.45/1564057.45 = .036.
In other words, each NMC is worth .036 bitcoins in terms of relative computational difficulty. With NMC trading at .0254 BTC to the namecoin, NMC miners are donating .036/.0254 or roughly 40% of their computing power to bitcoin miners.
Thank you, namecoin miners.
55882.45/1564057.45 = .036.
In other words, each NMC is worth .036 bitcoins in terms of relative computational difficulty. With NMC trading at .0254 BTC to the namecoin, NMC miners are donating .036/.0254 or roughly 40% of their computing power to bitcoin miners.
Thank you, namecoin miners.
I just can't help myself.
Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.
BTC isn't money either but you can trade it for money. It all depends on the current market value of the asset you are trading for money.
Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer.
That's where you're wrong. BTC IS money - it's just that it is a different type of money.
Quote
Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money.
http://en.wikipedia.org/wiki/Money
You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
All three of you are wrong, TRUE money is WORK! You can represent it with various things, but without someone being willing to accept your hunk of metal in exchange for something they worked to produce, have fun eating your gold/silver.
And this coming from a PM bug
You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean.Nope. Do you?
I took a small gamble by pointing 1 of my 7 GPU's to NameCoin mining @ PoolMunity pool.
If it become's a success after all, I have some in my wallet.dat
If it doesn't, It didn't cost me too much...
If it become's a success after all, I have some in my wallet.dat
If it doesn't, It didn't cost me too much...
Bitcoins and Namecoins can be used as currency in exactly the same way. They both share mostly the same source code, for Christ's sake. There's a lot of misinformation out there.
You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
Don't you find that using completely different definitions from everybody else wastes a lot of time? Having to explain what you mean by all the words you use differently every time you're talking with someone new, I mean. Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.
BTC isn't money either but you can trade it for money. It all depends on the current market value of the asset you are trading for money.
Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer.
That's where you're wrong. BTC IS money - it's just that it is a different type of money.
Quote
Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money.
http://en.wikipedia.org/wiki/Money
You both are wrong. Dollars, bitcoins, and other currencies are NOT money. True money is Gold and silver (physical). Those I listed are just mediums of exchange (currency).
At the moment, no.
http://tvori.info/bitcoin/charts/
However, at the next difficulty reset (for Namecoin) it will be much more profitable, but only for a short while. Everyone will switch to Namecoin when they realize it's more profitable again, and since these people are likely to sell right away, price will go down, and difficulty will go way, way up. This is basically what happened before as well.
http://tvori.info/bitcoin/charts/
However, at the next difficulty reset (for Namecoin) it will be much more profitable, but only for a short while. Everyone will switch to Namecoin when they realize it's more profitable again, and since these people are likely to sell right away, price will go down, and difficulty will go way, way up. This is basically what happened before as well.
Well some people are tired of bitcoin due to the price drop and huge difficulty increase.
Probably a few miners dont want to sell their rigs and are starting mining namecoin.
If some more are doing this the diffculty with eventually in the future be the same.
regards, talpan
Probably a few miners dont want to sell their rigs and are starting mining namecoin.
If some more are doing this the diffculty with eventually in the future be the same.
regards, talpan
yeah multiple 300%+ increases put it out of profitability
next difficulty change isn't expected for a full month from now
next difficulty change isn't expected for a full month from now
Unless the BTC value stays at the current level while the difficulty continues to rise, it may never be profitable to mine namecoins again. The namecoin difficulty was pushed too high in the last mining rush, and with hardly anybody mining it will take forever for it to go back down. Even if you really want namecoins you can get twice as many by mining bitcoins and trading them for namecoins.
Hi,
with the increasing difficulty of Bitcoin I am wondering if it is more profitable to mine for Namecoins?
I did not find very detailed information about Namecoins, so would you please share your thought with me?
Cheers
End.
I've created this web page to help people to make a choice (for short term choices) :with the increasing difficulty of Bitcoin I am wondering if it is more profitable to mine for Namecoins?
I did not find very detailed information about Namecoins, so would you please share your thought with me?
Cheers
End.
http://dot-bit.org/tools/nextDifficulty.php
Compare the current BTC/NMC ratio with the market price.
Dunno guys, but keep in mind that namecoins aren't "money".
You realize that Namecoin works exactly like Bitcoin except that it has additional functionality right?
Endeavour79 and jaminunit, you'll probably be able to find more helpful information on the official site and forum:
http://dot-bit.org/Main_Page
http://dot-bit.org/forum/index.php
Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.
BTC isn't money either but you can trade it for money. It all depends on the current market value of the asset you are trading for money.
Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer.
That's where you're wrong. BTC IS money - it's just that it is a different type of money.
Quote
Money is any object or record, that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure verifiable record that fulfills these functions can serve as money.
http://en.wikipedia.org/wiki/Money
Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.
BTC isn't money either but you can trade it for money. It all depends on the current market value of the asset you are trading for money.
Find the market value of bitcoin and namecoin then figure out how many you can mine each day (at current and projected difficulty levels), multiply by the price and you will have your answer.
Dunno guys, but keep in mind that namecoins aren't "money". There is a bunch of namecoin threads so I first suggest you look at those.
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