ANNOUNCEMENTS:
A monthly dividend of 18000 XCP was issued to stockholders recently. Stockholder input continues to be welcome regarding the method of future dividends or other relevant issues.
http://www.blockscan.com/assetInfo.aspx?q=MPTSTOCK#dividendsMPUSD issued the first weekly kickback to early adopters of MPUSD. Due to volatility of XCP/BTC/USD, please contact us directly via torchat or FBchat to invest in this new USD e-currency or just negotiate via a public DEX listing.
http://www.blockscan.com/assetInfo.aspx?q=MPUSD#dividendsMPBTC is firmly pegged against BTC with buy walls that guarantee it. Once the "protocol hardcoded 10 block time-limit for BTCpay" is lifted, no coordination will be needed to redeem MPBTC for BTC.
http://www.blockscan.com/order.aspx?f=2More info at bottom in original information releases.
The XCP Dev's have done a great thing here in implementing the first bitcoin to/from Altcoin distributed trading scheme (Ripple was close, but had a central investor/distribution source/base).
KUDO's! Thanks for the great work!
Back when dev [retroactively] levied a 5 XCP fee against issuing assets (which fortunately had a side-effect of blocking our initial issuance of "AAAMPTSTOCK"), the "re-issuance for non-zero quantity" feature of your software was broken. Please fix this.
If you're an XCP true-believer who gets butthurt over criticism, stop reading NOW!
Is it just me, or has the launch of this coin - which seems to have so much innovation - been an unmitigated disaster, exchange-market-wise?
You're obviously correct looking at pricing and functionality of the XCP system over stated claims and goals due to a few CRITICAL problems:
1) Anyone who's tried to trade BTC in/out of the DEX natively at competitive rates has come to understand all too well, the BTC integration SUCKS:
The way the dev dropped the ball by implementing a few misguided solutions (First with the 10 block BTCpay time limit and second by making an offer to buy 100BTC worth of asset have a default of 1BTC cost(!?!) in burn fees (*JUST TO LIST THE OFFER!?!*)) which predictably had the foreseen effect to prevent any legitimate long-standing BTC offer from being placed (due to castrating the choice/power from the BTC giver order as predicted:
https://forums.counterparty.co/index.php/topic,71.msg355.html#msg355 ).
2) Was there any explanation why the dev chose to leave residue of assets to hang around the order books after the relevant orders should have 100% matched and traded?
http://www.blockscan.com/order_book.aspxI want to sell 100 asset, existing order matched, only 99.9999995 asset transferred, and put remainder 0.0000005 back on order book. . . WTF!?!
3) Initial distribution was wider and thus MANY more sellers are available over other altcoins which have more centralized break-in periods / premining. More Sellers = lower price. The competitor coins have relatively few initial adopters/investors and don't suffer so much from this despite having massive holdings in total. i.e. competitor altcoins may have 5-10 x the value but only 10% or less total sellers so the price has little resistance against upward movement compared to XCP.
NOTE: This is a good thing for wider distribution but a bad thing for getting rich quick.
4) XCP is just not that useful and initial investors have taken notice: It's a difficult to use and it lacks much practical use for average users due in part to virtually no explanations for novice bitcoiners about how to use and the DEX just doesn't work very well (due to some of the explained problems here and elsewhere).
https://forums.counterparty.co/index.php/topic,71Hopefully the GUI, webwallet/trading and such will alleviate this to some extent.
5) Radical changes to protocol with little public discussion and a private deliberation process by dev.
When a 5 XCP fee was introduced [retroactively] for issuing assets, that was a good reason for buying XCP since asset creation would reward XCP holders and cause XCP demand inducing people to buy and hold, but since the dev lowered that cost recently (to help BTT and others who favor "asset spam" over stakeholder reward) it removed 90% of that 5xcp "per-asset issuance stakeholder reward" that we were receiving. Current stakeholders and future investors can foresee this and similar actions having a negative long-term pricing effect over the status quo and the market shows how stakeholders are voting with their shares on this type decision making process.
There was a rumor of the XCP-dev considering stakeholder feedback in the future, however we are obligated to trust past experiences rather than such vague rumors of a radical shift in their decision-making process.
6) When people see the changelog they're like "WTF? you call this a changelog?". Then they see the amount of "rapid development" taking place and then pushed to their computers with little to no discussion of how it will positively or negatively affect them/stakeholders and they realize this is not something "safe" to invest in. Of course they can refuse the updates and let the software stop working or force-run it using obsolete settings and risk losing coins.
7) Asset reissuances were broken and then never fixed when the 5xcp asset fee was retroactively put into place. Better know EXACTLY how many shares you want issued the first time, all future re-issuance attempts might appear to succeed, but the program won't register them. Fixing this is going to
On a positive note, the dev might consider asking for stakeholder input before implementing radical protocol/program changes. I encourage all you bitcoiners to dump some resources into this alt-coin in hopes that one day you'll have a voice in the direction it takes. Or you could just be vocal here and in the other forum to have the dev push more misguided changes such as those outlined above and elsewhere.
Obviously this is only a partial explanation, please link/quote other analysis for more diverse views that explain the phenomenon you asked about. Historically, the people posting here are unlikely to share such problems either from lack of experience with the software or other reasons.
But perhaps it's not the problems with the existing features, but the need to enhance/implement more features (such as more asset naming options) that is precluding rapid acceptance by other bitcoiners? Too bad we don't have alpha-testers with better reasoning skills influencing development. . .
XCP is not another altcoin. The key is to improve the Dex. Without a working reliable DEX, put it on more exchanges is just a pump and dump. It may make the early investors rich quickly, but never a real success. For those who have tens of thousands of XCP, I don't think you can liquidate all you holding by just pump and dump. A real DEX is a must.
Agreed, specifically for the problems outlined above. Until then, we will continue to vote with our holdings in the marketplace.
Fixes/quickfixes were advised, but other solutions are available if the problems above are acknowledged:
https://forums.counterparty.co/index.php/topic,71We've launched MPUSD, using a 200% double bitcoin reserve, this USD denominated asset will allow USD trading on the Counterparty DEX.
Buy it and make some free XCP. . .
In order to promote our new Counterparty Assets which are 100% USD backed and redeemable (for full face value in BTC or MP) currency, we'll be paying a total of at least 2000 XCP in dividends to holders of MPUSD over the next month on about a weekly basis. We may or may not continue this promotion after that into future months depending on interest.
At the current distribution levels of 10,000 MPUSD that would be 0.2 XCP per MPUSD if held for the next month (BIG PROFIT!!).
If there is sufficient demand, we will issue and distribute more MPUSD so long as our publicly verifiable Bitcoin reserves are at least 200% of the MPUSD value distributed (to ensure adequate backing for the currency).
We've also designated another 500 XCP to be paid to the first professional/central website exchange that continuously allows MPUSD/BTC trading available to users through TOR for one week without interruptions (linking to the official post description about what MPUSD is). Theoretically, an exchange operator could buy out virtually all of the MPUSD and facilitate trading it on their exchange while doube-dipping into both of these promotions for close to the full XCP reward (provided others don't buy into MPUSD or withdraw their MPUSD from the exchange). This promotion expires April 15th, making April 8th the last day for exchanges to ask for review on the reward (send email or chat message to notify us of your implementation to allow our monitoring of your uptime).
We openly trade cryptocurrencies through Torchat, FacebookChat, and the Counterparty Distributed EXchange (DEX). More info about these new fully backed currencies our feedback thread -
https://bitcointalk.org/index.php?topic=133439.msg5664449#msg5664449
