Silk Road forums

Discussion => Security => Topic started by: meatwad on July 19, 2012, 08:33 pm

Title: NameCoin? WTF?
Post by: meatwad on July 19, 2012, 08:33 pm
http://dot-bit.org/Namecoin - *clearnet*

It seems to be a new digital currency based off of bitcoin.
Can anyone inform us all what this is?
Title: Re: NameCoin? WTF?
Post by: vlad1m1r on July 19, 2012, 09:11 pm
Quote from: meatwad on July 19, 2012, 08:33 pm
http://dot-bit.org/Namecoin - *clearnet*

It seems to be a new digital currency based off of bitcoin.
Can anyone inform us all what this is?

See https://en.bitcoin.it/wiki/Namecoin

V.
Title: Re: NameCoin? WTF?
Post by: QwertAnon on July 19, 2012, 09:13 pm
it's a new DNS system.
i don't really get why people should use it. a decentralized dns system would have some advantages but i think there are better solutions out there.
https://en.wikipedia.org/wiki/Namecoin
Title: Re: NameCoin? WTF?
Post by: meatwad on July 19, 2012, 10:08 pm
Will namecoin ever replace bitcoin? or is it just a side-project?
Title: Re: NameCoin? WTF?
Post by: LouisCyphre on July 20, 2012, 05:57 am
Quote from: meatwad on July 19, 2012, 10:08 pm
Will namecoin ever replace bitcoin? or is it just a side-project?

Read the links the others included.  Namecoin is not an alternative currency, it is an alternative to DNS.  Presumably to find a way around the recent domain name seizures from the US copyright groups.
Title: Re: NameCoin? WTF?
Post by: oxyhoot on July 21, 2012, 02:40 pm
Quote from: LouisCyphre on July 20, 2012, 05:57 am
Quote from: meatwad on July 19, 2012, 10:08 pm
Will namecoin ever replace bitcoin? or is it just a side-project?

Read the links the others included.  Namecoin is not an alternative currency, it is an alternative to DNS.  Presumably to find a way around the recent domain name seizures from the US copyright groups.

That is exactly what it is; a way for domain names to not be controlled by ICANN or whoever. Basically, if you know how bitcoins are produced, someone took the source code of the bitcoin core and mining software (excuse me if I'm wording things wrong) and modified it to produce an alternate currency called namecoin. You use them to buy decentralized domain names (don't ask me how that works) and they won't ever replace bitcoin, but they are useful because they can be traded for bitcoin ;-)
Title: Re: NameCoin? WTF?
Post by: Cozmo on July 21, 2012, 03:52 pm
Also they can be generated at the same time bitcoins are for no extra hash power, but they are like worth very little, currently the price stands at 1 namecoin is worth 0.00315000 BTC, But i have a fpga board earning half a bitcoin a day, and namecoins on the side at the same time. But ultimately they have so little value i'm not concerned too much about cashing them in straight away. Just letting them pile up, so maybe a year later i might get 1 bitcoin.