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

[BitThink]

The explorer seemed to indicate that burns with different inputs or more than one output to non-sending address were invalid. The only definitive confirmation though is to check the counterpatyd client.

PS The explorer seems to be down, last time I checked.

PSS I think it wouldn't be hard to programmatically check every address you get from that table with counterpartyd, and get the burn amount. In fact, an even easier way is to check the counterpartyd logfile, which has a pretty structured log syntax that you can turn into data with a few string commands. Of course this will require running bitcoind and counterpartyd on your remote server.

Example from log file:

...
2014-01-06-T10:30:27Central Standard Time Block: 278930
2014-01-06-T10:30:27Central Standard Time Burn: 1GSJoRMuFEqtx3e4UjmfZiNonoGrHnt5Wv burned 1.0 BTC for 1443.63636364 XCP (b8a27744…79d741e4)
2014-01-06-T10:30:27Central Standard Time Burn: 146FcHjXUSiJMcYWE7WKPBKSvvCedi2YuA burned 1.0 BTC for 1443.63636364 XCP (e62cd3f0…88fc3542)
2014-01-06-T10:30:27Central Standard Time Burn: 18tJnidmGRi4QxAFmUQgwdQMJm9tRVZotp burned 0.9999 BTC for 1443.492 XCP (cd68e0a1…13c4f575)
2014-01-06-T10:30:27Central Standard Time Burn: 1NULPePYzi8oz6r8D2pgKjfAcJjXQGKasc burned 0.30370714 BTC for 438.4426712 XCP (d29b8039…972e4573)
2014-01-06-T10:30:28Central Standard Time Block: 278931
2014-01-06-T10:30:31Central Standard Time Block: 278932
2014-01-06-T10:30:39Central Standard Time Block: 278933
2014-01-06-T10:30:40Central Standard Time Block: 278934
2014-01-06-T10:30:41Central Standard Time Block: 278935
2014-01-06-T10:30:44Central Standard Time Block: 278936
2014-01-06-T10:30:44Central Standard Time Burn: 1NFga6ZVsrx9wP4uRg6rNzD9drbdz5hbsA burned 0.99909597 BTC for 1441.78631162 XCP (460f00fc…c4605fbc)
2014-01-06-T10:30:44Central Standard Time Burn: 1NDBXUBa1DPbPbxLEA8r8FJufzNdrT9Pb7 burned 0.9941 BTC for 1434.57667273 XCP (93a7209d…b2c95f7f)
2014-01-06-T10:30:46Central Standard Time Block: 278937
2014-01-06-T10:30:47Central Standard Time Block: 278938
...

Have fixed. Now the only requirement is 1) all input addresses are the same. 2) the first output goes to the burn address. 3) Not exceeding 1 BTC limit.

[allwelder]

What does it mean when we say Initialize Balances? It may not be clear from the initial introduction above and it does sound like a new concept.

It's not a new concept. See https://en.bitcoin.it/wiki/Proof_of_burn. Certainly, it's similar to what Nxt and Mastercoin did (but better).

Right now no one owns any XCP, which we need a "fair, distributed and transparent" way of creating and distributing. Requiring people to publicly "destroy" BTC is a good way of doing that.

and then?

[reader31]

Can feeds or bets _automatically_ reference the price of an asset in open orders or last trade?

Hey guys even i'm curious about this...can the devs clarify this? thx

No, they cannot. The values of feeds are, as it were, manually chosen, and bets are made only on feeds. Of course, you can script counterpartyd to do whatever you want here.

great thx for the clarification.

[BitThink]

In order to allow for wider distribution, why not allow for a longer burning time period with exponentially decaying rewards to burning?

The short IPO period seems arbitrary and designed to create scarcity. I understand the need to incentivize early adopters, but I think it's important for liquidity and long-term stability to allow late adopters to burn as well.

As an analogy, GPU miners are what caused the scrypt altcoin scene to flourish. And in a proof-of-burn scheme, burnt coins = mining rigs. People need to feel like they can acquire a fair stake in a new coin without having to buy coins from early adopters and feel like they've been pump-and-dumped.

Although this could be a good idea, but once the first investor burnt some BTC the contract should have been finalized. It will be unfair to people already burnt BTC if the contract is changed now.

[allwelder]

I have burned some BTC for XCP,but how to check the earned XCP?
Thanks.

[jimhsu]

In order to allow for wider distribution, why not allow for a longer burning time period with exponentially decaying rewards to burning?

The short IPO period seems arbitrary and designed to create scarcity. I understand the need to incentivize early adopters, but I think it's important for liquidity and long-term stability to allow late adopters to burn as well.

As an analogy, GPU miners are what caused the scrypt altcoin scene to flourish. And in a proof-of-burn scheme, burnt coins = mining rigs. People need to feel like they can acquire a fair stake in a new coin without having to buy coins from early adopters and feel like they've been pump-and-dumped.

In that case, I would have to respectfully disagree. While exponential decay of rewards allows distribution by PoB to continue, it either ends up a) putting an artificial constraint on price or b) unfairly dilutes early contributors. For a continuous PoB scheme, I'm not sure that any distribution would manage to satisfy both early and late investors (correct me if I'm wrong). The establishment of a market to trade the coins along with useful services is more likely to foster adoption.

[led_lcd]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

[allwelder]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

Thank you ,got it.
But cannt found my transaction.

[BitThink]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

Thank you ,got it.
But cannt found my transaction.

All confirmed transactions will be included. Is it possible for you to share your address (or PM me) and I will check for you.

[led_lcd]

In that case, I would have to respectfully disagree. While exponential decay of rewards allows distribution by PoB to continue, it either ends up a) putting an artificial constraint on price or b) unfairly dilutes early contributors. For a continuous PoB scheme, I'm not sure that any distribution would manage to satisfy both early and late investors (correct me if I'm wrong). The establishment of a market to trade the coins along with useful services is more likely to foster adoption.

I agree there is no distribution that would satisfy everyone.

In terms of participation, so far 335.9079 BTC has been burnt. Ignoring the USD/BTC rate, how does this compare with the initial offerings from NXT and Mastercoin?

It is impossible to know how many different people have burnt BTC for XCP though...

[BitThink]

I agree, it would be unfair to change the terms of the contract now. But once the idea is out of the bag there is nothing stopping someone from forking the code and making a version with longer proof-of-burn. And that widely-distributed version will eventually win out given its wider adoption base.

Innovator's Dilemma FTW

The point of XCP is not the coin, but the distributed exchange. If Counterparty can be the first distributed exchange in the market, it will attract many issuers. Coins can be copied easily, but not the exchange. Therefore, the key is to launch the exchange as soon as possible.

[BitThink]

In that case, I would have to respectfully disagree. While exponential decay of rewards allows distribution by PoB to continue, it either ends up a) putting an artificial constraint on price or b) unfairly dilutes early contributors. For a continuous PoB scheme, I'm not sure that any distribution would manage to satisfy both early and late investors (correct me if I'm wrong). The establishment of a market to trade the coins along with useful services is more likely to foster adoption.

I agree there is no distribution that would satisfy everyone.

In terms of participation, so far 335.9079 BTC has been burnt. Ignoring the USD/BTC rate, how does this compare with the initial offerings from NXT and Mastercoin?

It is impossible to know how many different people have burnt BTC for XCP though...

As far as I know, 21 BTC for Nxt and around 500 BTC for Mastercoin.

[allwelder]

according to the instruction Without using counterpartydhttp://counterpartyd-build.readthedocs.org/en/latest/HowToBurn.html
e.g,I want to burn 1BTC from address A,so I should set the X=0.9999BTC, and set Miners fee=0.0001 BTC.

Code:

If you want to burn X BTC (where X <= 1 BTC) from address A, then make sure that there is exactly X + .001 BTC in address A

Why A addresss is exactly X + .001 BTC other than X + .0001 BTC(fee) ?
So what should I set the X and the fee?
Many thanks.

[allwelder]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

Thank you ,got it.
But cannt found my transaction.

All confirmed transactions will be included. Is it possible for you to share your address (or PM me) and I will check for you.

Thank you ,bitthink.
1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM

May be I was wrong because of the wrong set X and fee?

[BitThink]

according to the instruction Without using counterpartydhttp://counterpartyd-build.readthedocs.org/en/latest/HowToBurn.html
e.g,I want to burn 1BTC from address A,so I should set the X=0.9999BTC, and set Miners fee=0.0001 BTC.

Code:

If you want to burn X BTC (where X <= 1 BTC) from address A, then make sure that there is exactly X + .001 BTC in address A

Why A addresss is exactly X + .001 BTC other than X + .0001 BTC(fee) ?
So what should I set the X and the fee?
Many thanks.

I think that's a typo, but I am not the authority.

It's safe to set X <= 1 and any miner fee >= 0.0001

[BitThink]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

Thank you ,got it.
But cannt found my transaction.

All confirmed transactions will be included. Is it possible for you to share your address (or PM me) and I will check for you.

Thank you ,bitthink.
1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM

May be I was wrong because of the wrong set X and fee?

It's there

346   1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM   BTC spent: 0.10900000   XCP balance: 152.4514

[voldemort628]

so burning btc using counterpartyd requires to switch to testnet=0 (as in the normal qt) before burning..am i right?

[allwelder]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

Thank you ,got it.
But cannt found my transaction.

All confirmed transactions will be included. Is it possible for you to share your address (or PM me) and I will check for you.

Thank you ,bitthink.
1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM

May be I was wrong because of the wrong set X and fee?

It's there

346   1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM   BTC spent: 0.10900000   XCP balance: 152.4514

Got it,many thanks , BitThink.
Your explanation is reasonable ,may be that is a typo.
Thanks again.

[xnova]

I have burned some BTC for XCP,but how to check the earned XCP?

Search for your send address after the transaction has been confirmed in the blockchain:

http://www.counterparty-explorer.com/

Thank you ,got it.
But cannt found my transaction.

All confirmed transactions will be included. Is it possible for you to share your address (or PM me) and I will check for you.

Thank you ,bitthink.
1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM

May be I was wrong because of the wrong set X and fee?

It's there

346   1JYC15vo3HEk2oUD2Y17aFSrj66Ueoz6GM   BTC spent: 0.10900000   XCP balance: 152.4514

Got it,many thanks , BitThink.
Your explanation is reasonable ,may be that is a typo.
Thanks again.

It is a typo. It was fixed earlier this morning but for some reason the docs at readthedocs.org didn't rebuild. I just did a manual rebuild. Thanks for catching that.

[led_lcd]

so burning btc using counterpartyd requires to switch to testnet=0 (as in the normal qt) before burning..am i right?

Yes, both counterpartyd and bitcoind must not be on test net.