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

[halfcab123]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

[1714858890]

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[1714858890]

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[trilli0n]

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.

How will this "Proof of Reserves" and "Proof of Custody" work?
Why would coin holders trust you are honestly relaying the PoR and PoC of the custodians?
How do we know that you didn't make a deal with the custodians to keep a fractional reserve in exchange for interest?
Why not have the custodians make the PoR and PoC public, so we don't have to trust you, but only the custodians?

But really, I'm the most curious about proof of reserve and proof of custody. How are the custodians going to proof they really have the gold they say they have?

That's crucial.

[grandpa_seth]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

You could be right. But I hate day trading especially with XCP because if I'm wrong it will affect my long term holdings. And Counterparty
is definitely a long term holding.

[halfcab123]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

You could be right. But I hate day trading especially with XCP because if I'm wrong it will affect my long term holdings. And Counterparty
is definitely a long term holding.

agreed.

[DaFockBro]

Someone made an informative post on XCP.
Please upvote
http://www.reddit.com/r/Bitcoin/comments/205nb0/this_may_be_the_first_trustless_decentralized/

+69

[freedomfighter]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

You could be right. But I hate day trading especially with XCP because if I'm wrong it will affect my long term holdings. And Counterparty
is definitely a long term holding.

agreed.

If you are not here as a trader than 0.005 or 0.02 does not matter at this point. if we truely believe that this can become a platform for financial products and betting using XCP as a base currency than we should be thinking hundreds of millions and than billions in market cap value. 0.1btc is 172M cap. 0.5 is 860M (recently aurora). Aim there and then you realize that you should hold on and contribute here.

In one of the posts in NXT I believe, one fellow shared that he bought 1200 BTCs for $1 at the time. He sold them all for $10. Felt he made a great deal at the time.

[halfcab123]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

You could be right. But I hate day trading especially with XCP because if I'm wrong it will affect my long term holdings. And Counterparty
is definitely a long term holding.

agreed.

If you are not here as a trader than 0.005 or 0.02 does not matter at this point. if we truely believe that this can become a platform for financial products and betting using XCP as a base currency than we should be thinking hundreds of millions and than billions in market cap value. 0.1btc is 172M cap. 0.5 is 860M (recently aurora). Aim there and then you realize that you should hold on and contribute here.

In one of the posts in NXT I believe, one fellow shared that he bought 1200 BTCs for $1 at the time. He sold them all for $10. Felt he made a great deal at the time.

Yeah but he didn't sell with the idea to quickly buy back after the price dropped. that's what I'm planning to do here. I sold about 20% of my holdings @ 0.0075 Waiting for 0.006 or lower to buy back.

[halfcab123]

Code:

Block: 290282
Block: 290283
Block: 290284
Order: give 2970.0 BTC for 3000.0 MPBTC in 8000 blocks, with a provided fee of 0.00297 BTC and a required fee of 0.0 BTC (bb556139ccbefef42f14917e961e5c798197ca100c5c462a1577a858ac2c004f) [valid]
Block: 290285
Order: give 2000.0 XCP for 10160.0 MPUSD in 200 blocks, with a provided fee of 5e-05 BTC and a required fee of 0.0 BTC (6b633115f74b1a209cec32bbaad6cb584a986acf567c2e30b7240a108ce3e6dc) [valid]
Block: 290286
Block: 290287

uhh.. what in the purple dinosaurs is going on here. Someone paid 2970 BTC for 3000 MPBTC ?

[BitcoinTangibleTrust]

How will this "Proof of Reserves" and "Proof of Custody" work?
Why would coin holders trust you are honestly relaying the PoR and PoC of the custodians?
How do we know that you didn't make a deal with the custodians to keep a fractional reserve in exchange for interest?
Why not have the custodians make the PoR and PoC public, so we don't have to trust you, but only the custodians?

But really, I'm the most curious about proof of reserve and proof of custody. How are the custodians going to proof they really have the gold they say they have?

That's crucial.

We can be forgiven for believing that established gold bar sellers & custodians with whom we partner have a greater vested interest in their company's industry survival than cheating in the market by doing fractional reserve deals with us.  

You bring up an excellent point that Bitcoin Tangible Trust could find itself the victim of a fraudulent gold seller targeting our company with outright dishonesty (at a distance) about their physical gold stores. How do we know it's provably-at-a-distance-true that our partners actually have the gold they say they will sell us or hold in custody?

As an immediate solution, we will let our custodians provide PoR and PoC on a daily basis and we will syndicate this data on our site. We are looking at http://www.bullionvault.com/audit.do that appears to have solve the daily auditing-report problem, but it still not the provably-at-a-distance-true that you're asking.

Nonetheless, it's a start and we think a baseline industry-practice for any companies that want to do this business.

[grandpa_seth]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

You could be right. But I hate day trading especially with XCP because if I'm wrong it will affect my long term holdings. And Counterparty
is definitely a long term holding.

agreed.

If you are not here as a trader than 0.005 or 0.02 does not matter at this point. if we truely believe that this can become a platform for financial products and betting using XCP as a base currency than we should be thinking hundreds of millions and than billions in market cap value. 0.1btc is 172M cap. 0.5 is 860M (recently aurora). Aim there and then you realize that you should hold on and contribute here.

In one of the posts in NXT I believe, one fellow shared that he bought 1200 BTCs for $1 at the time. He sold them all for $10. Felt he made a great deal at the time.

That's what I've been saying all along. Preach it brother

[grandpa_seth]

Yeah but he didn't sell with the idea to quickly buy back after the price dropped. that's what I'm planning to do here. I sold about 20% of my holdings @ 0.0075 Waiting for 0.006 or lower to buy back.

Since I'm not selling anytime soon I hope you get a nice dip halfcab.  Good luck bro

[flayway]

I think its pretty smart to sell a little now actually and buy back when it gets down to 0.005, which it may.

You could be right. But I hate day trading especially with XCP because if I'm wrong it will affect my long term holdings. And Counterparty
is definitely a long term holding.

agreed.

If you are not here as a trader than 0.005 or 0.02 does not matter at this point. if we truely believe that this can become a platform for financial products and betting using XCP as a base currency than we should be thinking hundreds of millions and than billions in market cap value. 0.1btc is 172M cap. 0.5 is 860M (recently aurora). Aim there and then you realize that you should hold on and contribute here.

In one of the posts in NXT I believe, one fellow shared that he bought 1200 BTCs for $1 at the time. He sold them all for $10. Felt he made a great deal at the time.

Yeah but he didn't sell with the idea to quickly buy back after the price dropped. that's what I'm planning to do here. I sold about 20% of my holdings @ 0.0075 Waiting for 0.006 or lower to buy back.

If you dont sold when its go to bter and was ~0.010-0.014 i dont see reason sell now, it was really clear price will drop if china no start buy and why they dont start buy is because they have get big loses with everything they have buy in last few months..

[miscreanity]

As an immediate solution, we will let our custodians provide PoR and PoC on a daily basis and we will syndicate this data on our site. We are looking at http://www.bullionvault.com/audit.do that appears to have solve the daily auditing-report problem, but it still not the provably-at-a-distance-true that you're asking.

I'd recommend Mike Maloney's GoldSilver or Gold Bullion International.

[grandpa_seth]

If you dont sold when its go to bter and was ~0.010-0.014 i dont see reason sell now, it was really clear price will drop if china no start buy and why they dont start buy is because they have get big loses with everything they have buy in last few months..

True about China. They seem to have finally wised up and stopped being the crypto whipping boy. Its ironic of course because all the alt coins
are nothing compared to Counterparty.

[BitcoinTangibleTrust]

As an immediate solution, we will let our custodians provide PoR and PoC on a daily basis and we will syndicate this data on our site. We are looking at http://www.bullionvault.com/audit.do that appears to have solve the daily auditing-report problem, but it still not the provably-at-a-distance-true that you're asking.

I'd recommend Mike Maloney's GoldSilver or Gold Bullion International.

These are great companies. Thank you and we will reach out to them tomorrow as we build a matrix of these vendors with whom we can work.

[sparta_cuss]

As an immediate solution, we will let our custodians provide PoR and PoC on a daily basis and we will syndicate this data on our site. We are looking at http://www.bullionvault.com/audit.do that appears to have solve the daily auditing-report problem, but it still not the provably-at-a-distance-true that you're asking.

I'd recommend Mike Maloney's GoldSilver or Gold Bullion International.

These are great companies. Thank you and we will reach out to them tomorrow as we build a matrix of these vendors with whom we can work.

You might put James Turk, founder of GoldMoney.com, into the mix. He had been quite skeptical of Bitcoin, but more than a year ago, after doing a lot of his own research, he embraced cryptocurrencies and had been trying to use them at GoldMoney.com. I don't know exactly how, though. He's very critical of the entrenched powers and their abuse of the gold market in order to support fiat currencies. So he not only has a great deal of knowledge and experience about the gold and other precious metals markets, he is very interested in how cryptocurrencies can disrupt the destructive and corrupt politico-economic systems in place now.

I have no idea how to get his attention. I am sure that wealthy, influential people like him are bombarded with "great ideas" all the time by naive entrepreneurs. But if you make a solid business proposal (and it sounds like you have a very solid beginning), he might listen.

Google "James Turk Bitcoin" and you'll find a few links, including this interview (http://bitcoinmoney.com/post/31942156510/james-turk-felix-moreno). He's been trying to integrate Bitcoin into his business, but I'm not sure how successful he's been. (And I haven't done all that much research.) It would be easy-ish to take payments in bitcoin (several companies are already doing it), but what you're proposing is far more advanced and interesting.

[BitcoinTangibleTrust]

As an immediate solution, we will let our custodians provide PoR and PoC on a daily basis and we will syndicate this data on our site. We are looking at http://www.bullionvault.com/audit.do that appears to have solve the daily auditing-report problem, but it still not the provably-at-a-distance-true that you're asking.

I'd recommend Mike Maloney's GoldSilver or Gold Bullion International.

These are great companies. Thank you and we will reach out to them tomorrow as we build a matrix of these vendors with whom we can work.

You might put James Turk, founder of GoldMoney.com, into the mix. He had been quite skeptical of Bitcoin, but more than a year ago, after doing a lot of his own research, he embraced cryptocurrencies and had been trying to use them at GoldMoney.com. I don't know exactly how, though. He's very critical of the entrenched powers and their abuse of the gold market in order to support fiat currencies. So he not only has a great deal of knowledge and experience about the gold and other precious metals markets, he is very interested in how cryptocurrencies can disrupt the destructive and corrupt politico-economic systems in place now.

I have no idea how to get his attention. I am sure that wealthy, influential people like him are bombarded with "great ideas" all the time by naive entrepreneurs. But if you make a solid business proposal (and it sounds like you have a very solid beginning), he might listen.

Google "James Turk Bitcoin" and you'll find a few links, including this interview (http://bitcoinmoney.com/post/31942156510/james-turk-felix-moreno). He's been trying to integrate Bitcoin into his business, but I'm not sure how successful he's been. (And I haven't done all that much research.) It would be easy-ish to take payments in bitcoin (several companies are already doing it), but what you're proposing is far more advanced and interesting.

Much gratitude from our team. Your referral to James Turk is helpful. We were aware of GoldMoney, but not of their bitcoin trials and struggles. We will reach out to him to connect as I think we might learn from their actions and we may be able to add value to their efforts with bitcoin and Counterparty.

Thank you.

[porqupine]

As an immediate solution, we will let our custodians provide PoR and PoC on a daily basis and we will syndicate this data on our site. We are looking at http://www.bullionvault.com/audit.do that appears to have solve the daily auditing-report problem, but it still not the provably-at-a-distance-true that you're asking.

I'd recommend Mike Maloney's GoldSilver or Gold Bullion International.

These are great companies. Thank you and we will reach out to them tomorrow as we build a matrix of these vendors with whom we can work.

You might put James Turk, founder of GoldMoney.com, into the mix. He had been quite skeptical of Bitcoin, but more than a year ago, after doing a lot of his own research, he embraced cryptocurrencies and had been trying to use them at GoldMoney.com. I don't know exactly how, though. He's very critical of the entrenched powers and their abuse of the gold market in order to support fiat currencies. So he not only has a great deal of knowledge and experience about the gold and other precious metals markets, he is very interested in how cryptocurrencies can disrupt the destructive and corrupt politico-economic systems in place now.

I have no idea how to get his attention. I am sure that wealthy, influential people like him are bombarded with "great ideas" all the time by naive entrepreneurs. But if you make a solid business proposal (and it sounds like you have a very solid beginning), he might listen.

Google "James Turk Bitcoin" and you'll find a few links, including this interview (http://bitcoinmoney.com/post/31942156510/james-turk-felix-moreno). He's been trying to integrate Bitcoin into his business, but I'm not sure how successful he's been. (And I haven't done all that much research.) It would be easy-ish to take payments in bitcoin (several companies are already doing it), but what you're proposing is far more advanced and interesting.

Much gratitude from our team. Your referral to James Turk is helpful. We were aware of GoldMoney, but not of their bitcoin trials and struggles. We will reach out to him to connect as I think we might learn from their actions and we may be able to add value to their efforts with bitcoin and Counterparty.

Thank you.

Can you explain in which way the Private keys correspond to the ownership of the physical gold stored? Is the gold only redeemable by private key and in no way by your request without being provided that key on behalf of an owner to make the redemption?

[halfcab123]

I suggest huge amount of XCP trading should go on DEX. Buyer and seller discuss the price offline and make buy and sell order on DEX,not on bter or poloniex.

I second that, I think, DEx eventually is for institutional (large size), centralized is for small and speed(suffering from trading fee charged int percent). Big walls should definitely be on DEx.

Agree.

Yes and as I mentioned on the Buy/Sell thread, I don't care to have my Bitcoin escrowed for some indeterminate amount of time, I guess I can cancel, but I'd rather go ahead and do the deal verbally with someone, and then go for it on the DEX that way, my bitcoin are not locked up unnecessarily. If that's even how it works, I'm not sure.

[halfcab123]

Ok...

Mastercoin, Colored Coins, Counterparty.

What's the overall protocol strengths and weakness comparisons at this point in time ? Let's hear it! The good the bad and the ugly.