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0 sats \ 2 replies \ @CruncherDefi 14 Feb \ parent \ on: We just launched spaces.market - a trustless and no-fee marketplace for Spaces bitcoin
What is the cost of renewal? Is there another auction that gives others opportunity to take over the name?
the cost of renewal is just a tx fee on bitcoin. There is only another auction if the name expires and is opened for auction again
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I see. I don't like it. It makes distribution in my opinion quite unfair.
This kind of distribution scheme works with bitcoin - all tokens are fungible - if you join mining late, those late mined bitcoins are fungible with early mined bitcoins. I argue that it makes it fair in bitcoin case.
But not so in names case. Names are not fungible. Short/better names are more desirable and are going to be taken first. So late joiners are at the mercy of early joiners - you cannot own a good taken name without a permission of early user who took it.
(Also it kinda explains why you don't have a token to finance yourself - early users will have short names that are worth more).
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