Topic: Namecoin prices plummeting - opinions? - page 4. (Read 15629 times)

99% of Bitcoin users and 100% of regular people have no idea what any of that means.

If simple browser plugins existed right now that made the experience seamless, would any of that be a problem? Most people think nothing of installing an extra plugin to view previously inaccessible content (e.g. pdf, flash).

If someone will buy the .bit domain namecoins will be over also to resolve a .bit domain you need specific software.

Not much useful for now.

It's early days for namecoins. Currently there is little in software and support for users of it so it's expected that the price and interest in mining would vary. Currently if you buy a domain name you are restricted in its use. You must essentially re-buy it every year and it's subject to control by ISP's, registrars and various governments (ie. domains are easily seized). Aside from the 'domain name' side of things, namecoin is a generic naming service. I'm sure other innovative ideas using it will appear.

There doesn't need to be '.bit' DNS proxies for it to be used. Software can build in support for the namecoin protocol itself. For example, a poker client could use namecoin to lookup IP addresses for its servers. There's no need to worry about the user's ISP filtering their DNS for such things (like the 'blacklists' that some countries ISP's use). Torrent applications could use namecoin directly to find torrent search engines. Browsers could build in the lookup and bypass the need of '.something' and just have 'name'.
 
I think namecoin will remain a niche for quite a while as services as software build around it. If that doesn't happen then it will probably fade away. Maybe it'll see some use as a secondary currency. If services and software do start to use it things could get more interesting. If it fails, hopefully something will learn from it and a better alternative system to DNS will rise out of it.

(Disclaimer: I run a namecoin pool and exchange)

Think Wikileaks.

Also, I think the idea is that eventually it'll be almost free (though free market laws would still apply, I suppose).

I am pretty up to speed with geeky computer stuff. I do it for a job and i spend most of my free time on my computer at home.
However I dont understand namecoin either. I dont see a need for it. Why would anyone want a web address that cannot be controlled by a proper domain regulator? probably for illegal purposes.

You could still argue it has more value tham Bitcoin, since namecoin = bitcoin + dns.

Initially, I thought it might have more staying power than Bitcoin, but obviously that depends largely on the publicity it gets. Currently, it isn't getting any.

I don't really understand Namecoin, and don't really see any value in it.  I believe the prices spiked due to initial speculation.  The Bitcoin architecture doesn't seem like a good fit for DNS.  Plus, even if authorities can't remove Namecoin DNSs, they can still shutdown the servers.  There are already anonymous, distributed DNS-like systems out there within the Tor and I2p networks, and they protect the servers as well.

Ultimately I guess the question is whether the project has staying power. If so then at some later time it may be handy to have lots of namecoins stashed away. Or, one or both currencies could well become completely worthless. In the long term I don't think you can really predict what the exchange rate may settle at, it's ultimately a function of popularity. If both projects stick around then eventually there will basically be the same number of coins of each, and mining costs may have almost no bearing on prices at all.

Problem is, at the current hash rate (still dropping) on the netcoin network it'll take at least a month until a difficulty adjustment down.  During those times BTC difficulty (and $ cost?) will probably continue going up, so your .02/nmc could look like buying at the top in a week or three.

In other words, NMC is currently INflating due to an anticipated fall in difficulty and BTC is DEflating.  Double whammy against NMC.

And that's what people figured out a few days ago and started the dump at .05 down to .02 right now, and still falling.

In addition to the reasons mentioned above I think it's an extension of the Mt. Gox panic. People intending to exchange NMC for cash are at the mercy of two different exchange rates/markets, and some people will naturally panic when a 'perfect storm' turns both of those rates against them.

I'm hanging on to what I had and bought a bit more at 0.02XX. It's not like I'm working with 'money' I can't afford to lose, so why not? If it keeps slipping I won't sink any more BTC into it, but if it returns to previous levels I'll come out much better than if I hadn't bought anything on the dip.

why buy .bit?  Why not just make the namecoin client create a NMC protocol on every computer it's installed on?  So all namecoin addresses would be as follows: nmc://address  Seems like the best way to do it to me.  Although I haven't looked into name coin at all so I have no clue how it works atm.

My opinion?

buy with both fists NMC will never be cheaper (well maybe a little) .... they began at around 0.001 btc or less so are up 3000% ... a correction was warranted to gather the thoughts.

They have all the potential of BTC, 'people don't understand them', so what? ... which average joe actually understands money? how else has fed. res. been able to screw yous over for soooo long?

People who matter understand them. Buy and hold is my free advice. DYODD.

Namecoin will skyrocket if one or more of these happen:
- someone (maybe bitcoin/namecoin collective) buys the .bit tld so it works universally
- an easy way to enable .bit support for the major OSs is created (some sort of installer, probably)
- some high-traffic porn/torrent site start to use a .bit domain

Just as a long term trend I meant.

I'd love it if mtgox and tradehill both did NC and BTC trading together.  I'd play the markets off each other.  It's so much easier to move BTC or NC from exchange to exchange than USD.  It takes days to move a dollar, a BTC or NC can be moved in seconds.

It would also be nice if exchanges pick up namecoins as well as BTC.  Hear that, TradeHill?  Add namecoins to the list of currencies you deal with, should be pretty easy using your BTC code.

Actually, from my perspective, i think namecoins arent going to stay at 0.010 btc, why? Because next btc difficulty will make a lot of people jump on to namecoin mining, because it will be more profitable to mine NMC and exchange for BTC than it will be to mine BTC. Its going to be a cycle, where people jump from namecoin to bitcoin mining and vice versa depending on profits.
Currently, whats missing in namecoin is an easy-step program with a simple interface for those who want to mine solo. Theres also an aspect where namecoin lacks of, which is POOLS! We need more people to step forward and create new pools, because, if im not mistaken, theres only one pool for namecoins.

There's no need for people to understand about the DNS part of Namecoin. You could just tell them that it is a currency just like Bitcoin except that it has at least one additional use.

When?