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Author Topic: ETH will be killed off by XCP. Here is why.  (Read 3101 times)
gustav (OP)
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June 09, 2016, 08:56:31 AM
Last edit: June 09, 2016, 12:08:49 PM by gustav
 #1

found this online:
https://www.cryptocoinsnews.com/counterparty-brings-ethereum-smart-contracts-to-the-bitcoin-blockchain/

When counterparty enables running smart contracts from your btc-adress then it defeats the whole purpose of the Ethereum network because:

-running xcp will be more convenient in particular for btc-users than actually running eth
-xcp and btc are likely better distributed than eth
-xcp provides higher security thanks to pow-hash in btc
-these contracts not only more convient to run, they are also cheaper to run AND hold because of much lower inflation and in xcp you don't have to pay that useless hash in eth that's actually just producing heat currently. So in xcp no additional hash needs to be payed.

XCP is significantly cheaper to run and more convenient to the bitcoin-user than ETH is.

Now can someone tell me again why anyone should use ETH instead of XCP? ETH lost its usecase and bullish outlook entirely thanks to this news.

All comments and opinions welcome but please keep it civil.

Disclaimer: i am not holding any ETH or XCP at the moment.
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Wosterlee
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June 09, 2016, 09:02:41 AM
 #2

I'M ALL-IN ON COUNTERPARTY

Her is some more Ethereum FUD:

Quote
''Ethereum Contracts Are Going To Be Candy For Hackers'''

http://vessenes.com/ethereum-contracts-are-going-to-be-candy-for-hackers/
gustav (OP)
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June 09, 2016, 02:46:57 PM
 #3

Well, in the meantime i just got myself some xcp, so the disclaimer isn't valid anymore  Wink

Coming on nicely and less risk than all that ipo-crap. Now let's see how rational this market really is. XCP should upgrade a lot and ETH should downgrade slowly at first and then faster and faster to shitcoin levels in no time. XCP could come out a top 10 coin in this. Good times.  Grin

Given the entry xcp offers to us there's a multitude of eth-profits possible here if everyone is on the train. Could go up 100 times (6 to 600 million) ... maybe ... if xcp-team does it right. We can dream Smiley
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June 09, 2016, 02:53:05 PM
 #4

Yeah I also haven't bought any ETH because i have serious doubts of ETH resisting a post sidechains scenario... we will see. At near 15 dollars who knows if its near its ATH.
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June 09, 2016, 03:56:28 PM
 #5

ROFL!!! Man I needed that laugh. Smiley seriously tho your dreaming

Rule #1:Never lose money.
Rule #2: Never forget #
Moneroman88
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June 09, 2016, 04:14:25 PM
 #6

Whenever I hear the name Counterparty, Counterparty's Chris DeRose Calls Ethereum "100% Hype and No Substance" comes to mind. If anyone is interested in this, you can read the article on Cryptocoinsnews https://www.cryptocoinsnews.com/chris-derose-ethereum-hype-no-substance
Matt Y
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June 09, 2016, 04:16:53 PM
 #7

Whenever I hear the name Counterparty, Counterparty's Chris DeRose Calls Ethereum "100% Hype and No Substance" comes to mind. If anyone is interested in this, you can read the article on Cryptocoinsnews https://www.cryptocoinsnews.com/chris-derose-ethereum-hype-no-substance

He's speaking of the POS blockchain, not the VM, which he has stated numerous times has value.

Moneroman88
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June 09, 2016, 04:18:58 PM
 #8

Whenever I hear the name Counterparty, Counterparty's Chris DeRose Calls Ethereum "100% Hype and No Substance" comes to mind. If anyone is interested in this, you can read the article on Cryptocoinsnews https://www.cryptocoinsnews.com/chris-derose-ethereum-hype-no-substance

He's speaking of the POS blockchain, not the VM, which he has stated numerous times has value.

Cheers Matt Y, thank you for your comment. It would be great if you could elaborate on that. Do you personally see value in the Ethereum platform? What are its advantages to Counterparty? Disclaimer - I personally believe that Ethereum is a fraud.
BellaBitBit
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June 09, 2016, 04:23:29 PM
 #9

Counterparty is interesting and if it can be cheaper and have more security then it could be a contender. 

I love Bitcoin
raphma
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June 09, 2016, 04:36:28 PM
 #10

well, i was a eth holder and since last drop above .03 i've sold all my eth and dont intend to get it back.
XCP might be a good "new investment" to eth place.
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June 09, 2016, 07:24:16 PM
 #11

I also believe the potential of Counterparty - XCP. It is a much older platform and I'm pretty sure the developers have a lot of experience in the space, probably more than the guys from ethereum.

There's a lot of potential for the XCP platform so you better keep some XCP tokens cause they are very undervalued at this moment
Matt Y
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June 09, 2016, 07:39:54 PM
 #12

Whenever I hear the name Counterparty, Counterparty's Chris DeRose Calls Ethereum "100% Hype and No Substance" comes to mind. If anyone is interested in this, you can read the article on Cryptocoinsnews https://www.cryptocoinsnews.com/chris-derose-ethereum-hype-no-substance

He's speaking of the POS blockchain, not the VM, which he has stated numerous times has value.

Cheers Matt Y, thank you for your comment. It would be great if you could elaborate on that. Do you personally see value in the Ethereum platform? What are its advantages to Counterparty? Disclaimer - I personally believe that Ethereum is a fraud.

I agree with you. It seems they've promised quite a bit and I don't see how they deliver. The main thing of interest is the EVM, which will be duplicated on Bitcoin.

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June 09, 2016, 07:51:27 PM
Last edit: June 11, 2016, 07:01:10 AM by iamnotback
 #13

What would this forum be without AnonyMint  Huh

The technical weakness of CounterParty is that Bitcoin can't verify the CounterParty transactions, thus there is no record of the consensus about which CounterParty transactions are valid:

https://counterpartytalk.org/t/questions-about-counterparty-consensus-and-validation/688

http://counterparty.io/docs/faq/#how-do-smart-contracts-form-a-consensus

This presents some technically insoluble problems (they are fundamental and can never be fixed):

1. No one can determine if there was consensus about an external data feed after the fact. Some of the ramifications of this include that if someone hacks the sources of a data feed temporarily, then no one will be able to reach consensus about which set of transactions on the Bitcoin block chain are valid, except by creating a hardfork of the CounterParty chain and writing a new protocol which makes that decision. And this would need to be done every time one of these attacks occurs. So basically CounterParty will be toast if it supports external data feeds and becomes popular enough to be worth attacking. Edit: voting via signatures can substitute for external data feeds, thus this issue may be solvable.

2. Double-spends in the same Bitcoin block can't be differentiated. Thus the only possible action is to ignore both (all) of them. Thus 0-confirmation transactions are absolutely impossible in CounterParty. Thus CounterParty will always be slow (10 min confirmations).

3. Ordering of transactions can't be enforced within a block, thus contracts can not be written which depend on such ordering. I haven't really thought about the impact this has yet. CounterParty doesn't seem to acknowledge this as one of the differences when running Ethereum scripts on CounterParty, so maybe they are not even aware of this flaw.

4. The Bitcoin block chain can't handle the increased scaling load to be a database server.

There are probably many other corner cases and problems. I haven't really thought about it too deeply.

Seems very kludgey and I would avoid it. Non-starter to build smart contracts on the Bitcoin block chain.
gogodr
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June 09, 2016, 07:52:41 PM
 #14

Counterparty was nice when it was in its heyday. Now its like an old soggy P&B sandwich. ETH will not be killed by XCP, or DGB or any other coin. It's here to stay.
gustav (OP)
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June 09, 2016, 07:55:00 PM
 #15

Counterparty was nice when it was in its heyday. Now its like an old soggy P&B sandwich. ETH will not be killed by XCP, or DGB or any other coin. It's here to stay.

updates help for soggy sandwitches i was told  Roll Eyes

How would you know how this will look after the next few updates?
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June 09, 2016, 07:59:28 PM
 #16


Now can someone tell me again why anyone should use ETH instead of XCP? ETH lost its usecase and bullish outlook entirely thanks to this news.

All comments and opinions welcome but please keep it civil.

Disclaimer: i am not holding any ETH or XCP at the moment.

XCP is not the only smart contract for bitcoin
rootstock and i think maidsafe


eth has a consortium of financial leaders backing it to produce a blockchain to change the current financial industry.

R3 consortium

bit of a difference

Grin
iamnotback
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June 09, 2016, 08:04:55 PM
 #17

XCP is not the only smart contract for bitcoin
rootstock and i think maidsafe

I explained a few posts above that XCP is a flawed.

RootStock doesn't have that same flaw, because it is its own side-chain and can verify every transaction. But side-chains have other problems and I expect them to be a clusterfuck.
danonthehill
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June 10, 2016, 01:41:21 PM
 #18


Now can someone tell me again why anyone should use ETH instead of XCP? ETH lost its usecase and bullish outlook entirely thanks to this news.

All comments and opinions welcome but please keep it civil.

Disclaimer: i am not holding any ETH or XCP at the moment.

XCP is not the only smart contract for bitcoin
rootstock and i think maidsafe


eth has a consortium of financial leaders backing it to produce a blockchain to change the current financial industry.

R3 consortium

bit of a difference

Selling out and celebrating a partnership with a banking consortium is an anathema to many of us here and is therefore not considered a positive.
gogodr
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June 12, 2016, 04:18:51 AM
 #19


Now can someone tell me again why anyone should use ETH instead of XCP? ETH lost its usecase and bullish outlook entirely thanks to this news.

All comments and opinions welcome but please keep it civil.

Disclaimer: i am not holding any ETH or XCP at the moment.

XCP is not the only smart contract for bitcoin
rootstock and i think maidsafe


eth has a consortium of financial leaders backing it to produce a blockchain to change the current financial industry.

R3 consortium

bit of a difference

Selling out and celebrating a partnership with a banking consortium is an anathema to many of us here and is therefore not considered a positive.

Only to us oldtimers though. All the noobs think otherwise because they have no backbone.
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June 12, 2016, 04:23:54 AM
 #20

Is it a good time to buy XCP?
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