notes on Namecoin from a noob

[nandibear]

A couple of weeks ago (i.e., Sept. 18, 2016) I started a thread called Namecoin ... does anyone know where one can safely and efficiently buy some namecoin?

I received a couple of very help replies and that was excellent (thanks!).

Since then I've been reading more about Namecoin. Some of the information which I've read was thought-provoking and some of it indicated that (these are my words) Namecoin is over and that study or interest, if there is any, in Namecoin should probably be limited to learning from it's mistakes.

Anyways, i'm still interested. Moreover, I'm not just interested in only learning from the mistakes that Namecoin has purportedly made in the past. I want to keep an open mind and be objective.

About 14 days ago I download the Namecoin Qt Client. However, I've been having trouble synchronizing the network. I believe that when I started I was 156 weeks behind and now 149 weeks.

I can remember when I first download Bitcoin's blockchain that it took a number of days but I don't remember it taking 2 weeks.

I also want to note here that I am out-of-town for work and that the WiFi signal that I'm using might be interfering with synchronizing Namecoin. (I've also had intermittent trouble with uTorrent as well since I've been here.)



At any rate one of my objectives was to register a .bit domain so I found a site called DomainCoin.net and for a fee of of 0.002 BTC bitcoin it appears (?) that I was able to register nandibear.bit

I probably shouldn't have went through the 3rd party but I figured that some brave (or foolish) noob needs to try out DomainCoin.net and later share their thoughts with others. So I did it -



Some worries that I have include, though are not limited to, the following:

(1) If you use the Namecoin Qt Client (it must be synchronized, of course) to register a .bit domain it only costs 0.005 Namecoin

If you register a .bit domain through DomainCoin.net it costs 0.002 Bitcoin

I can't find an online converter calculator which will do Namecoin to Bitcoin but I believe that 0.005 Namecoin is equal to approximately 0.0000023052 BTC Bitcoin

In other words, I paid a tremendously higher price using this 3rd party called Domaincoin.net

(2) Can my .bit domain be stolen by DomainCoin.net if they really wanted to do it? It seems like this might be possible but I don't have definitive proof.


All of the foregoing are just simple notes from a simple noob. Feel free to comment if you like.

I'll be adding more soon

[Holovision]

I saw this forum thread on twitter and registered so I could get in on the conversation.

For your worries:

1. Your math is a little off carrying a decimal point. That's roughly the current price of 0.5 NMC. 0.005 NMC at the time of this writing is roughly only 0.0000024 BTC (buying price). However, 0.005 NMC is the cost of renewing a .bit or modifying the DNS record. The initial registration of a .bit is 0.02 NMC (0.0000096 BTC). Still, you did pay a lot for a 3rd party. But that's what you get with centralization.

2. Yes, if they wanted to since the .bit you bought is in DomainCoin's wallet. Most likely they won't steal any address. It's more likely you could lose the address if DomainCoin stops doing business. A few days ago I acquired santaclaus.bit. Why would the owner let that domain expire so close to Christmas? If you look at the blockchain record it seems obvious http://namecha.in/name/d/santaclaus

The previous owner of santaclaus.bit had it registered through dot-bit.org since 2011 and that service is pretty much now defunct. After 36000 blocks since the last renewal the domain expired and now I own santaclaus.bit. So, even if DomainCoin disappears and you lose nandibear.bit after it expires on block 343182 (http://namecha.in/name/d/nandibear) you can still buy it back as long as somebody like me doesn't get it first. Even then, I'd only sell nandibear.bit on dotbit.me for only 0.001 BTC. 0.02 BTC is outrageous!

[blackcoffee]

sound pretty good, I want to download a wallet Namecoin in the near future, it seems I have to download a wallet because I am investing for the old altcoin like namecoin

[nandibear]

I saw this forum thread on twitter and registered so I could get in on the conversation. ...

@Holovision

Welcome to the Bitcoin.com forum and thank you for the helpful information regarding Namecoin, .bit registration and the buying and selling of .bit domains!

[nandibear]

sound pretty good, I want to download a wallet Namecoin in the near future, it seems I have to download a wallet because I am investing for the old altcoin like namecoin

@blackcoffee

Aside from downloading the Namecoin Qt Client the only other wallet that I've found (aside from a mobile wallet in the Play Store that needs a lot of development) is Namecoin-Wallet.com -

[nandibear]

Does anyone have any experience with, or thoughts on, the following wallet for Namecoin -


Namecoin-Wallet.com



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On their site they indicate that -


Namecoin-wallet Wallet is a free online namecoin wallet which you can use to make worldwide payments for free. We make paying with namecoin easy and secure available anywhere on your phone or desktop.

We are not a bank, you retain complete ownership of your Money. We cannot view your balance, see your transactions or make payments on your behalf.

(emphasis mine)



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Is the Namecoin-Wallet.com wallet at all like the Blockchain.info wallet (for Bitcoin) where your coins are not stored in their wallet? The coins remain in your own Namecoin address on the blockchain?

[defcon23]

I would like to add something: today you can download a free app available for android ( not sure if it is available for IOS too ...) called: "Coinomi" , wich let you managed your private keys , and wich allows to store several alt ... and... Namecoin too
this app is interesting cause it allows storing several alt cryptocurrencies in a same lightweight application ...

Deffy

[nandibear]

I would like to add something: today you can download a free app available for android ( not sure if it is available for IOS too ...) called: "Coinomi" , wich let you managed your private keys , and wich allows to store several alt ... and... Namecoin too
this app is interesting cause it allows storing several alt cryptocurrencies in a same lightweight application ...

Deffy

Thanks Deffy

I am reading about Coinomi now -

[rendravolt]

Altcoin the best after litecoin, early 2017 will be decisive for the price namecoin.

[rendravolt]

Price still cheap until now

[nandibear]

Namecoin Block Explorer (includes ability to search for registered .bit domains) -

https://namecha.in/

[nandibear]

Notes and lessons learned - almost 1 year later:

1.
DomainCoin.net (https://domaincoin.net/) - The site is still up but it appears to be impossible to login to the wallet. Returns a 502 Bad Gateway
nginx/1.10.1


2.
Namecoin-Wallet.com (http://namecoin-wallet.com/) - It appears that the site no longer exists or is offline. Returns an Unable to connect

[nandibear]

Today I tried to create a ticket at DomainCoin.net -

Hi I registered nandibear.bit with your site almost a year ago on September 29, 2016. I tried to login to DomainCoin.net today but the page cannot be accessed - Returns a 502 Bad Gateway
nginx/1.10.1

What can I do to get access to your site? What will become of my nandibear.bit domain?

But when I tried to submit the ticket I received a Server Error (500)