BECOMING RICH - EP. 15. - Namecoin
Namecoin is such a wonderful project, I really love the endeavors they are doing. However I will not invest in it, unfortunately. Well first of all , I am already pretty stretched out in altcoins, I have barely any free capital left, but even if I had, I would still not invest in it.
Namecoin is one of those projects, that are just so wonderful and innovating, and so helpful to the world, however they don't have a business plan, at least not to my knowledge, and I don't think there is any revenue coming from it. So it would not be an investment, but a donation.
Well I'm looking for profits, I'm not rich enough yet to just burn my money, even though the project they are doing is wonderful, but I don't think it's profitable nor self sustainable.
They have been working for years now to add HTTPS certificates I think to blockchain, or something like that. So I think it would remove a lot of market from centralized certificate systems like GoDaddy or Comodo.
Well that would be an amazing step towards a more secure internet without MITM attacks, and it would really revolutionarize the backbone of the internet into something more secure.
The problem is that I don't see how that can be sustained without TAXES. I mean you can't base the internet on altruism, and there is no way in my opinion how you can make this self-sustainable and profitable, so without some sort of taxes I don't think it will work.
Even if they just charge a fee on every Webmaster, people will just not buy domain names. Why do your need a website these days when you can have a Steemit blog? Or other social network blog?
Yes owning a website does make you a sovereign owner in this sense, like with Tor websites that can't be deleted, but most people just don't want private property unfortunately:
Otherwise they would have closed their bank accounts already and would be using BTC or Steem.
So in that theory, would the webmaster fees cover the entire expense of the Namecoin system? I don't think so, so why would anyone be setting up nodes if there is no revenue source to sustain the NMC value?
Well maybe in the future if they add more revenue streams, like DNS system + Webhosting, like a hybrid partnership with Storj X, where websites can be stored there, well that would be an interesting idea.
But currently ,I just don't think it's profitable. So I'd not invest in it. However I would totally recommend people to just start using it, for free, and just check it out, if they like it.
The technology is really great so if you want to support them, just do it, start using it, start promoting it, setup your own .bit website. But I just don't think it's investable, yet.
Otherwise you should checkout the website and learn more about it, It's still an amazing project:
https://namecoin.org
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational or entertainment purposes.
Sources:
https://pixabay.com
By dwda (artisbigshirts) (Own work) CC BY-SA 4.0, via Wikimedia Commons
(Un)fortunately I have some NMC. And it's not looking pretty compared to other cryptocurrency's sharp increase in value lately. Well, whatever, the time will come, fingers crossed : )
Really nice analysis! I am wondering what you think about DGB and NXS