Discussion for revised fees

[virtual_master]

If would be feasible if coins go back to miners. But if a lot of coins go back to miners, there value will drop and the cost of locked fees wouldn't prevent spam anymore (if locked fees are 0.001% of normal fees for example). Is my logic wrong ? Could things equilibrate themselves in some way ?

I agree. Miners should get the standard transaction fees. If they get the domain reservation/renewal fee also they sell it and the prices will go down and at the end they will have less value received.
Domain fees best if they are locked and the registrant will get back when he releases the domain. This way the lost amount for who registers is very small and and additionally he invests an amount in the network during he uses it.
If extended reservation is implemented then 2 years 3x and 3 years could be 5x fee. This would be enough.
Investing in the Namecoin network with locked fees would also strengthen identification with the system, he will look from time to time the news and will support it at least morally.
We could gain this way a wider user base.

Identity reservations should be longer because identities are not so often changed like domains and would create more confusion if another person will take it.
id/ 5 years, 10 years, forever
id/ fee should be lover but destroyed because if somebody takes an identity for lifetime and he will die he cannot take back a locked fee

[virtual_master]

What about taking in consideration renewing domain names in the client as additional possibility also:
https://bitcointalk.org/index.php?topic ... msg2965385

[phelix]

What about taking in consideration renewing domain names in the client as additional possibility also:
https://bitcointalk.org/index.php?topic ... msg2965385

Please let's go slow on this and take one step after the other.

[zzrdn]

I am curious as to how price stability would work. If Namecoin can be used as a currency, and that currency finds its automatic value in the registering of names, where would the price find its stability? This is an important question to ask for the sake of finding out an appropriate price (valued in NMC) to put on registering and re-registering a name? Somethings to consider when thinking about this problem.

1) I am not talking just domain registration. This includes namespaces, NameID's, etc. (So potentially lots and lots of names to be registered)

1a) If the price of registering a name is .01 then that is 1 NMC (currently $10) / (.01) = 10 cents to register a name.

1b) That seems very inexpensive and I would assume as more people register, the value would rise, (Supply/Demand) as a result the price of 1 NMC would rise.

2) As people have to pay yearly or less than yearly, it becomes an annual expense. This now raises the registration price to (initial * n)

3) We must consider at what price registration would be too much for the majority of the user base. I would think $10 seems to be the breaking point.

3a) With the ideal price stability of registration being at $10 = .01 NMC, that would put the price of 1 NMC @ $1,000.

4) Assuming the fees aren't revised, does the .01 price ever change? I read something about the price or the network fee being reduced every two months. I also read about the price being reduced by a factor of 4 around the 2015/16 time period. Can someone explain that more in-depth? What would an automatic price reduction do to the volatility Namecoin's price?

[georgem]

I have no idea.

But I am sure that 99% of namecoins recent rise in price has absolutely nothing to do with how high registration fees are.
It is simply new investors putting their money into "whatever" altcoin they can find.

I think none of those investors even cares about the bitdomain-space.

If only we would see an integration of bit domains in the top 3 browsers, that would be a gamechanger, of course.

[zzrdn]

Yes I agree in the current investment strategy. However, price will be an issue when investors are investing based on NMC's properties.

[phelix]

I am curious as to how price stability would work. If Namecoin can be used as a currency, and that currency finds its automatic value in the registering of names, where would the price find its stability? This is an important question to ask for the sake of finding out an appropriate price (valued in NMC) to put on registering and re-registering a name? Somethings to consider when thinking about this problem.

+1

1) I am not talking just domain registration. This includes namespaces, NameID's, etc. (So potentially lots and lots of names to be registered)

1a) If the price of registering a name is .01 then that is 1 NMC (currently $10) / (.01) = 10 cents to register a name.

1b) That seems very inexpensive and I would assume as more people register, the value would rise, (Supply/Demand) as a result the price of 1 NMC would rise.

2) As people have to pay yearly or less than yearly, it becomes an annual expense. This now raises the registration price to (initial * n)

nah, name_update only costs the transaction fee

3) We must consider at what price registration would be too much for the majority of the user base. I would think $10 seems to be the breaking point.

3a) With the ideal price stability of registration being at $10 = .01 NMC, that would put the price of 1 NMC @ $1,000.

4) Assuming the fees aren't revised, does the .01 price ever change? I read something about the price or the network fee being reduced every two months. I also read about the price being reduced by a factor of 4 around the 2015/16 time period. Can someone explain that more in-depth? What would an automatic price reduction do to the volatility Namecoin's price?

At start the registration fee was a couple hundred NMC or so to limit squatting. It gradually decreased to the current value of 0.01NMC This reminds me of something: did somebody look at that code recently? will it go even lower? I hope not or we will have to hurry with the new fees.

[snailbrain]

I am curious as to how price stability would work. If Namecoin can be used as a currency, and that currency finds its automatic value in the registering of names, where would the price find its stability? This is an important question to ask for the sake of finding out an appropriate price (valued in NMC) to put on registering and re-registering a name? Somethings to consider when thinking about this problem.

+1

1) I am not talking just domain registration. This includes namespaces, NameID's, etc. (So potentially lots and lots of names to be registered)

1a) If the price of registering a name is .01 then that is 1 NMC (currently $10) / (.01) = 10 cents to register a name.

1b) That seems very inexpensive and I would assume as more people register, the value would rise, (Supply/Demand) as a result the price of 1 NMC would rise.

2) As people have to pay yearly or less than yearly, it becomes an annual expense. This now raises the registration price to (initial * n)

nah, name_update only costs the transaction fee

3) We must consider at what price registration would be too much for the majority of the user base. I would think $10 seems to be the breaking point.

3a) With the ideal price stability of registration being at $10 = .01 NMC, that would put the price of 1 NMC @ $1,000.

4) Assuming the fees aren't revised, does the .01 price ever change? I read something about the price or the network fee being reduced every two months. I also read about the price being reduced by a factor of 4 around the 2015/16 time period. Can someone explain that more in-depth? What would an automatic price reduction do to the volatility Namecoin's price?

At start the registration fee was a couple hundred NMC or so to limit squatting. It gradually decreased to the current value of 0.01NMC This reminds me of something: did somebody look at that code recently? will it go even lower? I hope not or we will have to hurry with the new fees.

i THINK it was designed to go lower (until eventually free [when storage space was negligible?]), but is now fixed at 0.01

[indolering]

We could just have it set at a fixed dollar/namecoin exchange rate. We can't set that internally, but it could be set to pool the price from multiple exchanges. We would have to figure out how to smooth out price spikes but it would be a hell of a lot better than fixed price we have now. It would then take multiple malicious attacks to disrupt the pricing which A) is as likely as several other catastrophic events and B) everyone would just update their clients.

What if the fees went to servers that returned DNS, whois, queries and other routing information? That's (partly) what domain name fees pay for on the ICANN root. There is some abuse potential, but we can build in flooding algorithms to minimize it.

[georgem]

We could just have it set at a fixed dollar/namecoin exchange rate. We can't set that internally, but it could be set to pool the price from multiple exchanges. We would have to figure out how to smooth out price spikes but it would be a hell of a lot better than fixed price we have now. It would then take multiple malicious attacks to disrupt the pricing which A) is as likely as several other catastrophic events and B) everyone would just update their clients.

What if the fees went to servers that returned DNS, whois, queries and other routing information? That's (partly) what domain name fees pay for on the ICANN root. There is some abuse potential, but we can build in flooding algorithms to minimize it.

The NMC exchange volume is so low, with only a few hundred BTC someone would completely control the price discovery.
So that's not a good idea.

We must come up with some form of distributed exchange, but I have no idea if that is even remotely possible... it's like scifi to me.