[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread

[xibeijan]

Simply transferring XCP, for example, does not incur an XCP fee.

How is this possible, if the XCP transactions need to be written into the bitcoin block chain?

Still wondering how this is possible. Thx.

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[PhantomPhreak]

I can run two bitcoind's at the same time using the -datadir option.  Can I also run two counterpartyd's at the same time?  I'd like to have testnet and mainnet running at same time, rather than switching back and forth.

An instance of counterpartyd running on testnet does not conflict with an instance of counterpartyd running on mainnet.

[xibeijan]

I can run two bitcoind's at the same time using the -datadir option.  Can I also run two counterpartyd's at the same time?  I'd like to have testnet and mainnet running at same time, rather than switching back and forth.

An instance of counterpartyd running on testnet does not conflict with an instance of counterpartyd running on mainnet.

Excellent.  Thanks.

[xibeijan]

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BTC
--give-quantity=20 --give-asset=XCP --expiration=10 --fee_provided=.001

Sorry, still trying to get my head around it.  What units are --fee_provided in,  BTC or XCP?

Does real BTC actually get transferred from mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns's bitcoin wallet to my bitcoin wallet?

[xibeijan]

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BTC
--give-quantity=20 --give-asset=XCP --expiration=10 --fee_provided=.001
Buy BBBC for BTC

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BBBC
--give-quantity=20 --give-asset=BTC --expiration=10 --fee_required.001
Buy XCP for BBBC

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=XCP
--give-quantity=20 --give-asset=BBBC --expiration=10

Why does first have --fee_provided, second have --fee_required and third have no fee?

Again, all fees are in XCP?

How does this actually get recorded into BTC blockchain without BTC fee?

[PhantomPhreak]

Simply transferring XCP, for example, does not incur an XCP fee.

How is this possible, if the XCP transactions need to be written into the bitcoin block chain?

Still wondering how this is possible. Thx.

Why would you need an XCP fee to put data in a Bitcoin transaction?

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BTC
--give-quantity=20 --give-asset=XCP --expiration=10 --fee_provided=.001
Buy BBBC for BTC

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BBBC
--give-quantity=20 --give-asset=BTC --expiration=10 --fee_required.001
Buy XCP for BBBC

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=XCP
--give-quantity=20 --give-asset=BBBC --expiration=10

Why does first have --fee_provided, second have --fee_required and third have no fee?

Again, all fees are in XCP?

How does this actually get recorded into BTC blockchain without BTC fee?

For now I'll refer you to the documentation for the answer to that question.

[xibeijan]

Why would you need an XCP fee to put data in a Bitcoin transaction?

OK, my question was not as precise as your answer.  So, a BTC fee is required?

[xibeijan]

For now I'll refer you to the documentation for the answer to that question.

That's what I've been reading, but it's late so many I missed something.

https://github.com/PhantomPhreak/counterpartyd/

Or maybe not?

[panonym]

xibeijan, for your question:
Transfering XCP cost no fee in XCP. Same for assets.
But you have to have BTC on the same privkey as it will cost you 0.0001 BTC for each transfer.
The data will be save in the OP_RETURN function on bitcoind v0.9, allowing 80 byte if I'm correct.

The  --fee_provided=.001 or  --fee_required=.001 might be in XCP.  edit: answered it's in BTC.
From what I understand, they are optional.
But honestly I don't know about them.
Not digged that yet.

[xibeijan]

Thanks.

xibeijan, for your question:
The  --fee_provided=.001 or  --fee_required=.001 might be in XCP.
From what I understand, they are optional.
But honestly I don't know about them.
Not digged that yet.

I wish I knew.  Also, who would get the --fee_required?

[LeoC]

How will money be made here? Ok we get XCP and after a month all XCP is distributed. Then let us say that XCP makes it to an exchange such as Cryptsy. The question is, why would anyone then buy XCP? This in turn leads to no buyers, and people who burned BTC will have no choice but to sell lower at a loss or hold for long periods of time.

BTC prices are also increasing, someone who burned their BTC a couple of days ago at $750 got 1490-1500 XCP and now people who are burning BTC at $900 are getting 1450 XCP. Wouldn't we all make money if we just buy and hold BTC?

[PhantomPhreak]

Why would you need an XCP fee to put data in a Bitcoin transaction?

OK, my question was not as precise as your answer.  So, a BTC fee is required?

Yes.

For now I'll refer you to the documentation for the answer to that question.

That's what I've been reading, but it's late so many I missed something.

https://github.com/PhantomPhreak/counterpartyd/

Or maybe not?

... and https://github.com/PhantomPhreak/Counterparty/, and Read the Docs.

The  --fee_provided=.001 or  --fee_required=.001 might be in XCP.
From what I understand, they are optional.
But honestly I don't know about them.
Not digged that yet.

Those fees are in BTC. See also ./counterpartyd.py order --help.

[xibeijan]

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BTC
--give-quantity=20 --give-asset=XCP --expiration=10 --fee_provided=.001

Does real BTC actually get transferred from mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns's bitcoin wallet to my bitcoin wallet?

[jgarzik]

We may need to switch to destroying coins by sending them to an unspendable address.

Ugh.  No.  That will simply bloat one of the network's key resources for all time.

See announce/commit sacrifices and other tools.

[jgarzik]

Finally proof of burn \o/

Finally?  This ground has been covered before.

[xnova]

Wrong port.
It's 8332 on both.

Cool. Thanks.

Now I have another problem though :

Code:

C:\>C:\Python33\python.exe run.py --log-file=-
C:\Python33\python.exe: can't open file 'run.py': [Errno 2] No such file or dire
ctory
C:\>

You need to run that command from your C;\counterpartyd_build directory (or whereever run.py exists).

[xnova]

God, why I have this message :

Code:

Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 413, i
n <module>
    util.bitcoind_check(db)
  File "C:\counterpartyd_build\dist\counterpartyd\lib\util.py", line 19, in bitc
oind_check
    block_count = bitcoin.rpc('getblockcount', [])
  File "C:\counterpartyd_build\dist\counterpartyd\lib\bitcoin.py", line 51, in r
pc
    raise exceptions.BitcoindRPCError('Cannot communicate with Bitcoind. (counte
rpartyd is set to run on {}, is Bitcoind?)'.format(network))
lib.exceptions.BitcoindRPCError: Cannot communicate with Bitcoind. (counterparty
d is set to run on mainnet, is Bitcoind?)

C:\counterparty_build\counterpartyd.conf :

[Default]
rpc-connect=localhost
rpc-port=8332
rpc-user=rpc
rpc-password=password

C:\Program Files (x86)\bitcoin\bitcoin.conf :

rpcuser=rpc
rpcpassword=password
server=1
daemon=1
txindex=1

Your config file for counterparty needs to be in counterparty's data directory (e.g. C:\users\<yourusername>\AppData\Roaming\counterpartyd or something similar...)

That, or you can specify the --config-file switch to counterpartyd

e.g.

Code:

cd C:\counterpartyd_build
C:\Python33\python.exe run.py --config-file=C:\counterpartyd_build\counterpartyd.conf  **<whatever else>**

[panonym]

Finally proof of burn \o/

Finally?  This ground has been covered before.

The idea is not new, I admit.
But to my knowleadge XCP is the very first one to actually use it. Do you know any other?
It's even a slight variation that I call insta-POB.
Better trustlessness of insta-POB compare to basic POB in fact.
(as with 2nd you have to trust the dev to manually split his premined coin according to burnproof)

why would anyone buy XCP?

Up to your guess.
My guess is that 1st working descentralized exchange BTC/XCP/Assets will be successful.
Add dividend, contract and other obscure thing, 'interesting.
+ quality community

[xnova]

How will money be made here? Ok we get XCP and after a month all XCP is distributed. Then let us say that XCP makes it to an exchange such as Cryptsy. The question is, why would anyone then buy XCP? This in turn leads to no buyers, and people who burned BTC will have no choice but to sell lower at a loss or hold for long periods of time.

BTC prices are also increasing, someone who burned their BTC a couple of days ago at $750 got 1490-1500 XCP and now people who are burning BTC at $900 are getting 1450 XCP. Wouldn't we all make money if we just buy and hold BTC?

You could have make the same argument about pretty much any other coin. This is why investing in XCP is speculative by nature. The hope is that people see value in the community and technology we're trying to develop here, which is rapidly progressing.

[statdude]

How many XCP will exist? how are they mined/released after the first month?