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

[TheMightyX]

Blah Blah Blah

But you take offense to our knowledge distribution in this thread? You want people to decide for themselves without our shared knowledge. . .

BWAHHAHAHAHAHAAH!
Knowledge distribution.
Thats great, I'm going to write that down.
I'm all for spreading the knowledge, but you are doing it like a douchebag.
I'm also not really sure what your complaint is... The development of counterparty is too centralized? Is that even really a concern? (all coin developments are centralized).
Do you expect the team to ask your permission before they implement each and every bug fix?
What is it you are hoping to achieve?

Yes the devs pre-empted the thread with self-moderation but I don't believe they have removed a single post.
As evidenced by your douchey comments remaining.

[1714942500]

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[MoneypakTrader.com]

We've launched 2 new full reserve assets.
Note: the MPBTC had an issuance error but no more than the BTC held in reserves will be distributed. Once Assets can be destroyed, we will destroy the excess MPBTC.

We have just launched (the first?) full reserve USD backed P2P crypto-currency "MPUSD" along with another full reserve XCP asset "MPBTC".

These currencies are able to be traded P2P through the Counterparty DEX system (as DEX "asset"s) and enable USD P2P trades to be done natively against any other DEX tradeable assets such as XCP, BTC, MPTSTOCK, MPUSD, MPBTC,  etc. Many possibilities exist for purely P2P exchange using these assets.

MPUSD are available from us through trades negotiated through Torchat, FB messenger, the XCP DEX system, or other channels we choose to use (such as Agora Marketplace, link in sig).

Here is why MPUSD / MPBTC will retain value of at least $1/MPUSD and 1BTC/1MPBTC:

1) MPUSD / MPBTC holders will always get priority redemption at 100% full face value for our Moneypaks (MPs) via Torchat or FB messenger as well as any future distribution methods we use for selling MPs.
This means that if you have MPUSD / MPBTC, you can redeem them with priority over holders of BTC or other cryptocurrencies.
i.e. If you contact us through Torchat and want to redeem 2000 MPUSD (currently ~ 3.15 MPBTC) for MP's we will trade you all our available MP's up to $2000 in exchange for your 2000 MPUSD or 3.15 MPBTC (up to the value of MPs we have available, which replenishes every day. Example: Only 1800 MPUSD are redemmed if we only have a $400, $500, $300, and a $600 MP in stock, but no $200 MP to round out the 2000). NOTE: MPs must be redeemed and cashed out promptly, generally within a few minutes.

2) MPUSD / MPBTC can be redeemed through us for USD CASH mailed to ANY continental US address (including POBoxes) for a maximum fee of 15% (you receive 85% in USD CASH in mail). This is a permanent service, contact us through torchat or facebook messenger to order some cash.
BONUS: Orders placed in March are eligible for a promotional 5% rate (you get 95% in CASH mailed to you).
FEES/LIMITS NOTE: 10 MPUSD Priority or 20 MPUSD Express Shipping fee applies. Limit of $1000 per address per 7 day period.

3) MPUSD / MPBTC holders can redeem their MPUSD / MPBTC through us for BTC AT 100% FULL VALUE!
MPUSD / MPBTC holders can redeem their MPUSD / MPBTC through us for XCP, NMC, or other digital assets/altcoins for a maximum 15% fee. For the month of March, this fee will only be 5% (i.e. you get 95% of the asset requested).

4) In order to guarantee redemptions, we will maintain at least 100% Bitcoin reserves for the outstanding MPUSD in our business address: 1MPUSDQ7MVrqbSTFfacNP1V9KBooz9XKgy
In order to guarantee redemptions, we will maintain at least 100% Bitcoin reserves for the outstanding MPBTC in our business address: 1MPBTCrAZPxR8dzUJc69R6RnbvVgVtKuaT

You can see we have FAR more BTC reserves than the externally held MPUSD and total issued MPBTC and we pledge to continue to maintain adequate reserves by not selling more MPUSD / MPBTC unless our reserves would be at least 200% for MPUSD (to prevent bitcoin price fluctuations from lowering reserve value below outstanding MPUSD value) and 100% for MPBTC.
In the unlikely event the BTC/USD value falls and causes the MPUSD reserve value to be less than the outstanding MPUSD, MPUSD will only be able to be redeemed through us for the full proportion of BTC held in the reserve account.
Historically, BTC prices rarely drop more than 50% so our 200% reserve goal should be adequate.

Others will (hopefully) trade our assets/currencies to increase liquidity.
We are open to partnering with other trusted bitcoin people/groups to further distribute / guarantee redemptions.

NOTE: MPTSTOCK is the publicly traded investors asset for moneypaktrader.com with profits distributed on a monthly basis.

[BitcoinTangibleTrust]

Our Mission:
Bitcoin Tangible Trust (http://bitcointangibletrust.com/)mission is to digitize gold into gold coins on the Counterparty Protocol. We aim to allow our customers to bet on gold prices and to avoid volatility risk from bitcoins or the many other altcoins. We aim to be a physical gold custodian, digital gold asset issuer, and point of access to Counterparty's P2P decentralized exchange platform for our gold customers. We are powered by XCP!


How does it work? Three Easy Steps
Step 1:  Purchase gold bars with Bitcoin (BTC) and assign BitcoinTangibleTrust as your custodian
 
Step 2: BitcoinTangibleTrust Issues you a unique Digital Gold Coin on Counterparty Protocol backed by your gold in custody
 
Step 3: Trade your Digital Gold Coin for bitcoins on Counterparty's decentralized exchange or redeem gold for delivery from custody. Digital signatures are required for all redemption and delivery orders.


Our Customers:
Our best customers have the following characteristics:

• Strongly believe in gold as a secure store of value
• Want to bet on the price of gold relative to bitcoin or any altcoin
• Are afraid of bitcoin/altcoin volatility risk on their coin holdings
• Want extremely fast mobility into and out of safety of gold
• Don’t want to hold physical gold or worry about custodian services
• Don’t wish to pay trading fees or broker fees for selling their gold assets
• Want peace of mind that their assets (physical and digital) are secure

Our Technology (Powered by XCP):
We are built on the Counterparty protocol for the following reasons:

• Built on the bitcoin blockchain, a tested and secure platform
• Rapid development and go-to-market Counterparty developer team
• Low XCP Asset issuance costs and programmatic redemption features
• Community support of open-source wallet technology. Special thanks to JahPowerBit’s wallet which powers our P2P Trading
• Amazing solutions-focused community to get XCP launched

Our Gold and Bitcoin Expertise:
Our team has combined 50 years of technology in the following areas:

• Finance and Asset Management
• Custodian Law
• Open Source application development
• IT Security
• Bitcoin actively trading since 2012

Our Ask of you, the Counterparty Community:
Today we would like your help to review our initial website: http://bitcointangibletrust.com/ We would like to improve our site as we welcome more customers to our platform.

Will you the Counterparty Community help us in the following?

• Ask us any questions in this thread that we should address on our FAQ
• Tell us your thoughts about the issues you think are important to making this Counterparty startup a success.
• Offer us any partnership opportunities that will help your XCP business as well. We’d be happy to discuss.

Contact us and let us launch Counterparty Gold together: info@bitcointangibletrust.com


EDIT: Adding my PGP Public Key as we continue to verify that we are transparent and who we say we are for the benefit of the community.

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[davidpbrown]

FAQ link above I wonder should be http://bitcointangibletrust.com/faq/

Could do with making obvious whether delivery outside US is practical and whether that then has ++fees for that.

[halfcab123]

If you actually have gold reserves and don't take the proper registrations, I'm pretty sure Uncle Sam will come, but I like the idea. But remember E-Gold went down for the very reason it was centralized. So you have decentralized trading of IOUs but centralized reserves.. any centralized point is a point of failure and adds counterparty risk. Maybe this is a moot point idk.

[flatfly]

Hey guys,
as I've just posted on the official forums:


Windows build 009 for BoottleXCP is now available.
Includes the latest commits and counterpartyd daemon release 6.6:


https://github.com/JahPowerBit/BoottleXCP_binaries/releases

GPG signature for the executable:

Code:

-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.12 


iEYEABECAAYFAlMgxMkACgkQ0dQqIfkZdf77rwCeKpRirHAicNBeKcCC3grRnAU1
8K8AnRkVImeigIPjPpRnFa6kKVg3s2yM
=w1XJ
-----END PGP SIGNATURE-----

[BitcoinTangibleTrust]

FAQ link above I wonder should be http://bitcointangibletrust.com/faq/

Could do with making obvious whether delivery outside US is practical and whether that then has ++fees for that.

Thanks. Added/Updated the FAQ link.

Yes, we need to talk about gold delivery constraints outside the US. We will check with our custodian partners on what constraints we should document in our FAQ.

Thank you. Very helpful.
BTT

[BitcoinTangibleTrust]

If you actually have gold reserves and don't take the proper registrations, I'm pretty sure Uncle Sam will come, but I like the idea. But remember E-Gold went down for the very reason it was centralized. So you have decentralized trading of IOUs but centralized reserves.. any centralized point is a point of failure and adds counterparty risk. Maybe this is a moot point idk.

Awesome. Thank you for this. Great FAQ Answers that I'll add to our FAQ. How does uncle Sam view this.

• We are simply acting as Custodian to the physical gold.
• Only the rights to the assets are traded and they must be traded whole. None of the digital gold coins are divisible
• We're avoiding the E-Gold issue by avoiding any centralizing trading of gold coins.
• All trades will be on Counterparty P2P protocol.
• We do not charge trading fees only wallet software access fees
• We also charge for custody, security, and redemption

These are great questions. Thank you!

[halfcab123]

Hey guys,
as I've just posted on the official forums:


Windows build 009 for BoottleXCP is now available.
Includes the latest commits and counterpartyd daemon release 6.6:


https://github.com/JahPowerBit/BoottleXCP_binaries/releases

GPG signature for the executable:

Code:

-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.12 


iEYEABECAAYFAlMgxMkACgkQ0dQqIfkZdf77rwCeKpRirHAicNBeKcCC3grRnAU1
8K8AnRkVImeigIPjPpRnFa6kKVg3s2yM
=w1XJ
-----END PGP SIGNATURE-----

Got all kinds of errors on that... -___-

[trilli0n]

http://bitcointangibletrust.com/wp-content/uploads/2014/03/Counterparty_slider-gold-bars.jpg


Our Mission:
We aim to be a physical gold custodian, digital gold asset issuer, and P2P decentralized exchange platform for our gold customers.

Will you the Counterparty Community help us in the following?

• Ask us any questions in this thread that we should address on our FAQ
• Tell us your thoughts about the issues you think are important to making this Counterparty startup a success.

Exciting! But the key questions are:

How do you prove you truly have the gold to back the coins?
How do we know you will not disappear overnight?

In other words: why would we trust you?

[halfcab123]

If you actually have gold reserves and don't take the proper registrations, I'm pretty sure Uncle Sam will come, but I like the idea. But remember E-Gold went down for the very reason it was centralized. So you have decentralized trading of IOUs but centralized reserves.. any centralized point is a point of failure and adds counterparty risk. Maybe this is a moot point idk.

Awesome. Thank you for this. Great FAQ Answers that I'll add to our FAQ. How does uncle Sam view this.

• We are simply acting as Custodian to the physical gold.
• Only the rights to the assets are traded and they must be traded whole. None of the digital gold coins are divisible
• We're avoiding the E-Gold issue by avoiding any centralizing trading of gold coins.
• All trades will be on Counterparty P2P protocol.
• We do not charge trading fees only wallet software access fees
• We also charge for custody, security, and redemption

These are great questions. Thank you!

Are you concerned at all about keeping gold on hand though ?

[halfcab123]

I think its quite obvious that the real winners here will be actual DACs that get traded not brick and mortar establishments... This may be a longterm thing though.

[BitcoinTangibleTrust]

If you actually have gold reserves and don't take the proper registrations, I'm pretty sure Uncle Sam will come, but I like the idea. But remember E-Gold went down for the very reason it was centralized. So you have decentralized trading of IOUs but centralized reserves.. any centralized point is a point of failure and adds counterparty risk. Maybe this is a moot point idk.

Awesome. Thank you for this. Great FAQ Answers that I'll add to our FAQ. How does uncle Sam view this.

• We are simply acting as Custodian to the physical gold.
• Only the rights to the assets are traded and they must be traded whole. None of the digital gold coins are divisible
• We're avoiding the E-Gold issue by avoiding any centralizing trading of gold coins.
• All trades will be on Counterparty P2P protocol.
• We do not charge trading fees only wallet software access fees
• We also charge for custody, security, and redemption

These are great questions. Thank you!

Are you concerned at all about keeping gold on hand though ?

Great question. We don't hold any physical gold.

All gold is held at the Custodian company.I will add this question to the FAQ as well. Thank you!

We are working on delivering "Proof of Custody" which will include insurance against theft and custodian loss. These centralized features already exist with most precious metal custodian services. However, we do believe that this service can be decentralized as well: Custodian Drone Storage Machines!

[kdrop22]

Great job guys and a valuable service.
The only thing that is needed right now is 'proof of reserves'. For example if you issue 100 gold coins. You need some form of proof/validity that you indeed hold the gold in custody (as you mention using industry standard procedures).
P.S - The link in the original post is broken.

[trilli0n]

We don't hold any physical gold.

All gold is held at the Custodian company.I will add this question to the FAQ as well. Thank you!

We are working on delivering "Proof of Custody" which will include insurance against theft and custodian loss. These centralized features already exist with most precious metal custodian services. However, we do believe that this service can be decentralized as well: Custodian Drone Storage Machines!

How will you prove that the custodian holds the gold to back every coin?
How does this insurance work? Will there be an independent insurance contract between the coin holder and an insurance company? Which insurance company?

Custodian Drone Storage Machines?  

[flatfly]

Hey guys,
as I've just posted on the official forums:


Windows build 009 for BoottleXCP is now available.
Includes the latest commits and counterpartyd daemon release 6.6:


https://github.com/JahPowerBit/BoottleXCP_binaries/releases

GPG signature for the executable:

Code:

-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.12 


iEYEABECAAYFAlMgxMkACgkQ0dQqIfkZdf77rwCeKpRirHAicNBeKcCC3grRnAU1
8K8AnRkVImeigIPjPpRnFa6kKVg3s2yM
=w1XJ
-----END PGP SIGNATURE-----

Got all kinds of errors on that... -___-

Thanks for reporting this.
Could you post the actual error message(s)?
Also which version of windows are you running?

[ASIC-8Tile]

I reverted to syncing with the blockchain using the counterpartyd server command and manual install. It was taking way too long with the boottleXCP wallet Windows build (number 007). I am using Windows 7 Professional.

I used http://www.reddit.com/r/xcp/comments/1x6pnr/building_counterpartyd_in_windows_simple/
Make sure you are using Administrator for the cmd (CTRL+SHIFT+ENTER) for the instructions though.
As soon as the syn is done, I will do the latest commits and latest release of the daemon 6.6.
Cheers.

Hey guys,
as I've just posted on the official forums:


Windows build 009 for BoottleXCP is now available.
Includes the latest commits and counterpartyd daemon release 6.6:


https://github.com/JahPowerBit/BoottleXCP_binaries/releases

GPG signature for the executable:

Code:

-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.12 


iEYEABECAAYFAlMgxMkACgkQ0dQqIfkZdf77rwCeKpRirHAicNBeKcCC3grRnAU1
8K8AnRkVImeigIPjPpRnFa6kKVg3s2yM
=w1XJ
-----END PGP SIGNATURE-----

Got all kinds of errors on that... -___-

Thanks for reporting this.
Could you post the actual error message(s)?
Also which version of windows are you running?

[BitcoinTangibleTrust]

Great job guys and a valuable service.
The only thing that is needed right now is 'proof of reserves'. For example if you issue 100 gold coins. You need some form of proof/validity that you indeed hold the gold in custody (as you mention using industry standard procedures).
P.S - The link in the original post is broken.

Agreed. "Proof of Reserves" or "Proof of Custody" we are working on at this moment. We can get proof from our custodian companies holding gold and have them share an update once a day. Thanks for sharing this. We're working on that process as of this writing.

[BitcoinTangibleTrust]

FAQ link above I wonder should be http://bitcointangibletrust.com/faq/

Could do with making obvious whether delivery outside US is practical and whether that then has ++fees for that.

Answered this question. It's on a case-by-case basis that we will have to assess cost as delivery expenses may well be prohibitive relative to the price of the gold. We'll be keeping an eye on this, but this may be an opportunity for us to establish more custodian relationships with quality companies outside the US.

[led_lcd]

Great job guys and a valuable service.
The only thing that is needed right now is 'proof of reserves'. For example if you issue 100 gold coins. You need some form of proof/validity that you indeed hold the gold in custody (as you mention using industry standard procedures).
P.S - The link in the original post is broken.

Agreed. "Proof of Reserves" or "Proof of Custody" we are working on at this moment. We can get proof from our custodian companies holding gold and have them share an update once a day. Thanks for sharing this. We're working on that process as of this writing.

Would there be any point of 'broadcasting' this in Counterparty or would that just add noise to the blockchain?

I suppose one benefit if they were to independently broadcast their custody then it would viewable by all.