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for me there are two legitimate options regarding the "unavailable" coins
1) confiscation by some authority (most likely after all the stuff i read) - short and long term extremely bullish
2) he lost the private keys (even thogh supply is much shorter that is extremely bearish due to the public picture that even the oldest exchange cannot handle the technical issues around the currency, how should average joe do that?)
and one option that does not make sense
3) 840k (!) coins are stolen (without noticing), that is almost 1000 coins per day since the time mtgox is operating
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is there evidence now that the coins are STOLEN (not lost or unavailable)? - for me it makes still absolutely no sense that a company can be abused by a thief on that scale.
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I believe the most important news now is what happened to the 750k btc (+120k gox)
Did they confirm they were in fact stolen and when it happened?
it makes absolutely no sense that 750k coins are stolen |
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Can the BTC functionality be built into a client or counterwallet? Wouldn't you just need an interface where the protocol can tell the client where to send dividends etc? If this functionality could be added I think it would help enormously.
+1 Yes. Great idea. I will add this feature in BoottleXCP: I just add Phase 3 here : https://forums.counterparty.co/index.php/topic,134.msg932/topicseen.html#msg932This is the kind of thing that, if it's to be done, should be implemented at the level of counterpartyd. I'll add the functionality to the backend, and you can just call create_dividend as you normally would (albeit with an extra argument), alright? Phantom thanks very much for this. This is ideal, since now a user has the option to buy an asset with BTC and also receive their dividend in BTC. One extension that could be interesting (not sure how difficult it would be to implement) would be to have an asset X, but the protocol can identify whether a user purchased X using BTC or XCP. If BTC was used, dividends are issued in BTC; if XCP was used, dividends are issued in XCP. What do people think, is this a useful feature? Is it possible to implement? If we issue all assets, dividends and fees in BTC. I am not sure what is the purpose of XCP or what value it will have. XCP will still be used for bets, betting fees and callable assets, none of which BTC can be used, instead. I thought paying dividends in btc was quite complicated and expensive - that is one of the reasons for the existence of xcp Regarding callable assets ( I think you are referring to derivatives here) I am really looking forward to it |
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I tried Masterchest, the reindex is already done thanks to Counterparty
but the parsing... 56k blocks... ballpark estimation 60h !
same here - just started - istallation is really easy, also like the design but was wondering how many blocks they have already. LORD I think all DEX functions are disabled until now aren't they? |
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I think an even more important question is, why is Mastercoin, nxt, bitshares, emunie any less capable then what counterparty is doing
you could also ask the question vice versa. point is that xcp has proven that they can do it. all others still have to. anyway the only projects you really can compare are msc and xcp, because the other projects migrated from bitcoins protocol, and there will be at least place for these two projects on top of bitcoins protocol. |
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"The cold storage has been wiped out due to a leak in the hot wallet."
BULLSHIT ALERT
Yeah, Wow, Nothing related to the "hot wallet" could have caused a "cold storage" wallet to malfunction in any way shape or form He's running with the "cold storage" money can some senior/ advanced member try to explain that? i do not get how the cold wallet can be affected? |
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We have the world's first DEX--why not use it?
DEx market is way too small that's why. There's not enough incentive for new comers to run bitcoind and reindex. I guess many ppl on btc-e don't even have their own wallets, they only trade and store all those coins on exchange. Many ppl don't really care what a coin does, or what features it does have, they only care whether it will visit the moon or not (me included actually). By putting XCP on many exchanges, we expand the user base, and some of them may decide to explore XCP functionalities to become the real users. IMO the adoption of DEX will increase dramatically with 1. xnova's web wallet - ETA Live Environment 2-3 weeks - will not require bitcoin reindex or installing py and dependencies or parsing and building counterparty db. That is a huge barrier knocked off for noobs and the less technically inclined people. The web wallet cannot come fast enough for me. 2. DAC to translate XBTC tokens into BTC and vis-versa, costing nothing more than the basic miner's fees. This will make it not only easy and bypass the trolls but we will also be able to use the protocol's inbuilt escrow services. When the web wallet is released, you guys better fasten your seat belts. The price on Poloniex is dirt cheap right now. i also think before "going to the moon", we should widen our base with competent advanced user, who are here not only because of the price but due to the technical innovation. these people are buying right now. |
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I suggest everyone put a link to my beginners guide in their signature. As it will help direct new investors and other folks who are dying to start using counterparty to get started easily Counterpartyd Installation for dummies -- http://goo.gl/z5algZ I suggest you start a new thread for beginners as I did. https://bitcointalk.org/index.php?topic=451908.msg4975462#msg4975462I wish I knew that existed so I didn't have to waste my time -______- Seeing your guide and then mine, makes me kind of realize that me existing is probably not required lol. no you did a great job, I think when I used 520Bits it also worked but there where some parts missing, especially with setting bitcoind etc. You both did a great effort |
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is there a new send command - the one in the explanation of 520Bit is not working for me any more
C:\Users\xxx>counterpartyd send --from=xxxx--to=
15buRLRW47AY9Md3mpFj17Yp6w4BtfMRjc --quantity=5 --asset=XCP
C:\Users\xxxx>echo off
usage: counterpartyd send [-h] --source SOURCE --destination DESTINATION
--quantity QUANTITY --asset ASSET
counterpartyd send: error: argument --source is required
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what is the difference to new bitshares approach? - read their (new) whitepaper and for it sounds like a very smart system of implementing prediction markets
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Au contraire dear fonz ... GS are notorious for recommending/downgrading assets against the best interests of their clients, for the very purposes of front-running them. Typically on the juiciest of plays. The very fact GS are covering bitcoin in a report is the news. Their statement that it is "too volatile for serious investors" ... means stay away until we establish our positions first. Volatility is life blood for these guys. +1 had to smile when i read that THEY say it is too volatile for investing for SERIOUS investors. Guess these guys are buying, especially with regarding to the TIMING of their assessment |
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you guys all need to chill out.
exchanges charge fees and those fees should cover insurance and security costs such as this. again assuming there is some level of sophistication in the operations.
the exchange can easily make up the amounts in fees over the course of a few weeks, maybe a couple months at most.
or the exchange can release some bond or stock on XCP and give holders a portion of their future profits to raise the 80 btc and 6100 xcp to cover their obligation.
cannot agree more with the entire post I think I'll donate some xcp for the poloniex fund, even though I am not directly affected. But Poloniex took the risk as an entrepreneur to take xcp and earned and hopefully will earn money with xcp. The customers also knew that it is alpha software and that something like that could happen. Do not get me wrong I am totally fine with fundraising, but I do not think it is our obligation to bail-out poloniex. Especially the 80 btc which were withdrawn without a second security check are hard for me to understand. I think Busoni could offer a solution like the one suggested by prophetx for the customers. Anyway I'll donate 10 XCP for your fund this afternoon, not because it is our obligation to bail you out, but because you took the risk and seem to be behind the project. |
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ololol how much would i appreciate having money on gox  - imagine you sodled at around 850 hodl fiat and buy back now. do these people really think they go bankrupcy? |
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Hi prophetx, just like you I am extremely skeptical of central bankers, inflation, and bailouts. And for the record I also believe strongly in the concept of "sanctity of protocol", i.e., the idea that the protocol should be sacred and for all intents and purposes untouchable or off limits to devs and community.
Nevertheless, there is an important distinction here.
The world's central banks operate in a totally non-transparent fashion and they make decisions to inflate our currency without our knowledge or consent. Over the past 50 years since we left the gold standard (which had previously been in existence for more than 1000 years) this pattern of central bank corruption has become pervasive and systemic, with centralized governments accruing massive fiscal deficits, then running the printing presses to fund the bailout, at the same time constantly "cooking" the methodologies for calculating inflation to fix the optics. I have traveled to more than 100 countries over the past decade and I would say that more than, say, 25% of the 206 countries in the world are in total economic shambles as a consequence of this (and other associated and interrelated) macro-economic mismanagement. It is absolutely disgusting, it is immoral, and it leads to massive poverty, inequality, violence, etc.
I personally believe that it is a basic human right that we should have a "non-corruptible currency" for use in our everyday lives, kind of like our right to water and oxygen. =)
Notwithstanding, at this stage in the Counterparty project, where the project is still in alpha and we have encountered a technical glitch that has damaged many members of this community, and the community still being relatively small, I can also justify in my mind the situation of holding a community vote. If we were to hold a community vote and if there was a majority or supermajority consensus that every XCP holder should give-up a tiny fraction of ownership in order to cover the costs of this unintended technical glitch, then, I think this would be possibly the fairest outcome, and it would add credibility to the community. This would not be an non-transparent and centrally imposed inflation like we are faced with every day by the evil central bankers. It would be community driven! See the difference?
In summary, while I deeply and fundamentally agree with everyone arguing for "sanctity of protocol", and while I believe it is a very fine line and potentially a dangerous and slippery slope to introduce any inflation at all, I also see the possibility for an educated and intelligent community rallying together under the exceptional circumstances of a "force majeur" event such as the security breech that has just occurred to hold a vote and make a collective decision to self-tax ourselves in the spirit of helping Busoni cover the loss.
Finally, my apologies for the long and passionate message, and I will refrain from any further posts on this topic until after we hear the result of Busoni and xnova's earnest efforts to reach a resolution with the greyhat.
Awesome write-up - I agree this could be the best solution. without being in any way disrespectful, but I think changing the supply of coins (after burning) is one of the worst ideas. I studied mostly macroeconomic theory and all the stuff done by central banks was initially started by a good purpose. but if you start with changing supply, you will always find reason to do so (yesterdays bug found will probably not be the last bug), so better do not start. let us wait if busoni finds and the developers find a solution. and if that is not possible we can discuss further steps. as a hint if we'll have some kind of voting, the last thing I vote for will be a change in supply. If we in any way want to compensate for the loss we can do it by bounty. I could also imagine a taxation of all existing accounts, but please no direct change in supply of xcp |
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Where there significant news over the day except the probably stupidest announcement i have ever read on gox?
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Per wikipedia."A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public."
Pretty much sums up counter party. But here is a consolation prize for trying Counter Party. ~BCX~ snip It's great that you've got opinions and some memepics to back up those opinions, but would you care to add any logic? As an example, why is it that you feel there is no value in a distributed exchange? On the various serious side, you better find a way to explain this in simple terms. Because the impression you give off is "This is complex, tedious and techie"....like it or not you have to market to the 99% who will not understand complex transactions. ~BCX~ At this point, I don't think that CounterParty should be marketed to anyone besides the 1% who understand complex transactions and are willing to put up with buggy alpha code. There is no GUI, within the last 24 hours a serious flaw was identified (and patched) and the effort of running a counterparty client is much, much more complicated than even an average bitcoin user will be willing to put out. The purpose of the original post was just to give people a broad outline of how CounterParty works - it's not ready for primetime, yet. However, if there are intrepid users who want to get their hands dirty and start thinking about how they could take advantage then now is the time to perhaps build a proof of concept model. TL;DR? The answer is a distributed exchange like the one CounterParty offers is necessary because it helps avoid repeating the pitfalls we all suffered through when GLBSE, BTCT and Bitfunder shuttered their doors. it is still stuff for advanced early adopters i also think marketing should start when the webwallet will be published, which should be within the next weeks |
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I imagine there will be a drop in price ones trades begin functioning again. In the long term, I don't see any problems. Devs are clear that this is alpha level code and problems may arise. Personally, I think we've seen that a) the devs had a fix within hours (very, very impressive), b) we have a good and responsive community, including Busoni and the white hat. So I think there is some positive takeaway here. nxt had a similar critical bug just a week ago, but without the pumping (also white hat), nothing happened to the development or even short term price |
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I've asked the guy for more details. He says he has no intention of keeping the money he made off with.
i do not get this part |
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