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

[devphp]

Good, that's comforting to know.

[1715648621]

1715648621

[1715648621]

1715648621

[chong ching]

mastercoin research that has to do with us.
Lowering tx fees greatly.
devs, how do we stand on this:

Hey all,

there was some discussion on GitHub related to OP_RETURN and transaction
costs. One point that was raised was the cost associated with output
amounts. While what has been said holds true, there are actually a few
options to save costs.

I'd like to share, and try.., a new "format":

https://i.imgur.com/hiZFZa7.png (overview)


Chancecoin demonstrated with several thousand transactions that both
output amounts as well as transaction costs can be cut significantly
without adopting a new encoding scheme, but simply by reducing output
amounts and fees.

I tracked over 2'100 transactions from broadcast to confirmation and
mapped most blocks to mining pools. It turns out that transactions with
output amounts as low as 0.00000780 BTC and transaction fees of 0.00001
BTC confirm within about 20 minutes on average while 85 %+ pools (in
terms of hash power/total network) are mining those transactions. This
includes GHash as well as DiscusFish.

The actual data can be found here:

https://docs.google.com/spreadsheets/d/1ELqeBlKKsze6Tya-Arh6HfoFcnV5CAtAObmhEb_wmSM/


TL;TR + conclusion:

Given that at least 75 % of all nodes are using Bitcoin Core v0.9+ and
about 85 % pools confirm ultra cheap transactions in general, I think
it's time to step back from the old "0.00006 BTC/packet rule" and adopt
output amounts of 0.00000546-0.00000882 BTC which are defacto default
and standard since Bitcoin core v0.9.

Furthermore it might be worth a try to cut down transaction fees from
0.0001 BTC/1000 byte to 0.00001 BTC/1000 byte transaciton size, given
the reasonable confirmation delay of about 20 minutes. The later should
not be enforced, but could be offered as an experimental option for
users who may choose cost savings over confirmation speed.


Cheers!




Previous discussions and further reading about this topic:

https://groups.google.com/a/mastercoin.org/d/msg/dev/w7WD3-pwXxg/9wyk22PP55kJ
(experiment with 250 transactions)

https://github.com/mastercoin-MSC/spec/issues/167#issuecomment-43417733
(initial post about low output amounts)

https://getaddr.bitnodes.io/dashboard/#user-agents (Bitcoin Core client
usage overview)

http://bitcoincore.org/smartfee/ (Gavin's smart fee estimates)

https://www.blocktrail.com/ (block explorer - unofficial API endpoint
/json/blockchain/block/:hash slowes down after a few hundred queries,
but remains very usable -- my favorite of the day! Just a matter of time
until all Exodus transactions are linked to blocks/pools..

[led_lcd]

mastercoin research that has to do with us.
Lowering tx fees greatly.
devs, how do we stand on this:

The fees with Counterparty are the same very low fees as was indicated with ChanceCoin in the picture linked. This is a transaction sending XCP:

https://blockchain.info/tx/605c9a2948a9aaebf7036cb22e86433175117f36f49c5379d0a510be9058a516

[weex]

12 Myths about CounterpartyXCP

This was good and sparked some conversation on r/bitcoin as well. I don't think people know enough about Counterparty to believe in myths but the format works all the same.

[Spratan]

Any news from Bittrex ?

Bump

[jrmg]

12 Myths about CounterpartyXCP

• http://www.scribd.com/doc/238520096/12-Myths-about-CounterpartyXCP
• http://coinedtalk.com/12-myths-about-counterpartyxcp/

Myth 1: Counterparty is just Bitcoin 2.0 marketing hype.

Myth 2: Counterparty’s internal currency, XCP, is just another alt-coin.

Myth 3: Counterparty is just another project where the developers want to get rich quick. They will just run away with the money.

Myth 4: Counterparty development is dead and nothing works yet.

Myth 5: Counterwallet stores your passphrase and private keys on their servers!

Myth 7: If Bitcoin can be used in Counterparty, then XCP doesn’t have value.

Myth 8: I want to create a poll on the Blockchain, but Counterparty doesn’t have a voting feature.

Myth 9: You can’t store XCP or assets in cold storage. There is no 2FA!

Myth 10: Counterparty is polluting the Bitcoin blockchain with useless data and weighing down the network. This is a “free ride” on top of Satoshis hard work!

Myth 11: Counterparty is missing multi-sig support.

Myth 12: Broadcast feed betting is centralized.

Myth 13: Are there any risk that Bitcoin will build same features what Counterparty have to Bitcoin itself?

[Chang Hum]

Myth 14: There are only 13 Myths

[deliciousowl]

Myth 13: Are there any risk that Bitcoin will build same features what Counterparty have to Bitcoin itself?

Considering that Bitcoin is in spaghetti C++ code, and Counterparty is in Python... It would be quite a hassle, and there is no reason to do it. The Bitcoin devs need to focus on making it work reliably, and adding more features like this would make it unnecessarily complicated to manage for them. It's very unlikely, and even if they tried, Counterparty will have more features to catch up with by then...

[xnova]

Hi guys, we're beginning to translate Counterwallet to other languages.
We have translators for French, German, and Chinese (Taiwan)

Looking for translators for other languages, including mainland Chinese, Russian, Japanese, etc.

The translation project page is at: https://www.transifex.com/projects/p/counterwallet

if interested in doing (and maintaining!) a translation, please email ouziel@counterparty.co and he can add you.

[mishax1]

Just FYI. The swarm guys are blaming counterparty bugs for not distributing their remaining swarm tokens: https://bitcointalk.org/index.php?topic=664071.msg8676754#msg8676754

And at the bottom of the page here : http://swarm.lefora.com/topic/4/Swarm-Vote-Two-ISSUE-BURN-HOLD?page=6

They don't reference a specific bug, but instead just post a link to ALL the known bugs in the counterparty software and say "this is the problem" Anyone care to comment?

I don't understand, they already managed to distribute Swarm to SWARMPRE holders before, whats holding them now ?

lol and xnova just ignores your post and moves on..

[deliciousowl]

Just FYI. The swarm guys are blaming counterparty bugs for not distributing their remaining swarm tokens: https://bitcointalk.org/index.php?topic=664071.msg8676754#msg8676754

And at the bottom of the page here : http://swarm.lefora.com/topic/4/Swarm-Vote-Two-ISSUE-BURN-HOLD?page=6

They don't reference a specific bug, but instead just post a link to ALL the known bugs in the counterparty software and say "this is the problem" Anyone care to comment?

I believe it is a problem with Counterwallet, not Counterparty.

https://github.com/CounterpartyXCP/counterwallet/issues/412
https://github.com/CounterpartyXCP/counterwallet/issues/410
https://github.com/CounterpartyXCP/counterwallet/issues/412

It should be resolved within 24h. Don't worry guys. Fractastical (Joel) of SWARM is reliable and knows what he's doing. He reported the bug to Counterwallet devs when he noticed it, and they are cooperating on fixing it. He took the time to write it out comprehensively and screenshot everything that was wrong. Nobody is throwing anyone under the bus, and there is nothing 'mysterious' going on. With software that is constantly being developed, sometimes bugs appear. Just give it a day or so.

[xnova]

Just FYI. The swarm guys are blaming counterparty bugs for not distributing their remaining swarm tokens: https://bitcointalk.org/index.php?topic=664071.msg8676754#msg8676754

And at the bottom of the page here : http://swarm.lefora.com/topic/4/Swarm-Vote-Two-ISSUE-BURN-HOLD?page=6

They don't reference a specific bug, but instead just post a link to ALL the known bugs in the counterparty software and say "this is the problem" Anyone care to comment?

I don't understand, they already managed to distribute Swarm to SWARMPRE holders before, whats holding them now ?

lol and xnova just ignores your post and moves on..

No ones post was "ignored". If you look at the commit logs for those issues, you'll notice both Ouziel and I have been working through fixes, which are now live.

Unfortunately my time is limited to where I can't respond to every single post. Ouziel is becoming the Counterwallet/Counterblockd team lead, and we've hired two additional developers.

[BldSwtTrs]

Unfortunately my time is limited to where I can't respond to every single post. Ouziel is becoming the Counterwallet/Counterblockd team lead, and we've hired two additional developers.

Where does the money come from? Is Counterparty VC funded?

I mean it looks like you hire a lot of people, that's really good but it seems unlikely that you are funding all of that from your own pocket or mere donation.

[Matt Y]

Unfortunately my time is limited to where I can't respond to every single post. Ouziel is becoming the Counterwallet/Counterblockd team lead, and we've hired two additional developers.

Where does the money come from? Is Counterparty VC funded?

I mean it looks like you hire a lot of people, that's really good but it seems unlikely that you are funding all of that from your own pocket or mere donation.

I would guess over 98% of the money spent on Counterparty comes directly from the Founders personal funds.

[fractastical]

It should be resolved within 24h. Don't worry guys. Fractastical (Joel) of SWARM is reliable and knows what he's doing. He reported the bug to Counterwallet devs when he noticed it, and they are cooperating on fixing it. He took the time to write it out comprehensively and screenshot everything that was wrong. Nobody is throwing anyone under the bus, and there is nothing 'mysterious' going on. With software that is constantly being developed, sometimes bugs appear. Just give it a day or so.

It was rapidly resolved. I don't think this is a big deal. These things come up in the course of many projects and people just need to be patient since software is complex and technical issues can take a bit of time to resolve sometimes.

[grandpa_seth]

It should be resolved within 24h. Don't worry guys. Fractastical (Joel) of SWARM is reliable and knows what he's doing. He reported the bug to Counterwallet devs when he noticed it, and they are cooperating on fixing it. He took the time to write it out comprehensively and screenshot everything that was wrong. Nobody is throwing anyone under the bus, and there is nothing 'mysterious' going on. With software that is constantly being developed, sometimes bugs appear. Just give it a day or so.

It was rapidly resolved. I don't think this is a big deal. These things come up in the course of many projects and people just need to be patient since software is complex and technical issues can take a bit of time to resolve sometimes.

You are right more patience is needed. But I can't blame buybitcoinscanada and others for how they feel. It does seem the whole swarm investment/project is not going smoothly for investors in this early stage. But we must all try to remember that swarm is indeed in very early stages. Good to hear from you fractastical here.

Unfortunately my time is limited to where I can't respond to every single post. Ouziel is becoming the Counterwallet/Counterblockd team lead, and we've hired two additional developers.

Where does the money come from? Is Counterparty VC funded?

I mean it looks like you hire a lot of people, that's really good but it seems unlikely that you are funding all of that from your own pocket or mere donation.

I would guess over 98% of the money spent on Counterparty comes directly from the Founders personal funds.

I remember when I first burned bitcoins the Counterparty devs saying that they were self sufficient or something like that. Still, it does amaze me that they continue to pour resources into Counterparty. They must be using their personal funds from their previous successful businesses. I've had to sell some of my burned XCPs but it is because of the devs that I've done everything I can to still keep a respectable amount to hold. Notice I didn't say hodl, getting sick of hearing that.

So its another reminder that the devs never ask for donations but it certainly would be welcome.

[sparta_cuss]

It should be resolved within 24h. Don't worry guys. Fractastical (Joel) of SWARM is reliable and knows what he's doing. He reported the bug to Counterwallet devs when he noticed it, and they are cooperating on fixing it. He took the time to write it out comprehensively and screenshot everything that was wrong. Nobody is throwing anyone under the bus, and there is nothing 'mysterious' going on. With software that is constantly being developed, sometimes bugs appear. Just give it a day or so.

It was rapidly resolved. I don't think this is a big deal. These things come up in the course of many projects and people just need to be patient since software is complex and technical issues can take a bit of time to resolve sometimes.

Yep. Got my SWARMs. Thanks, Joel!

[mishax1]

Just FYI. The swarm guys are blaming counterparty bugs for not distributing their remaining swarm tokens: https://bitcointalk.org/index.php?topic=664071.msg8676754#msg8676754

And at the bottom of the page here : http://swarm.lefora.com/topic/4/Swarm-Vote-Two-ISSUE-BURN-HOLD?page=6

They don't reference a specific bug, but instead just post a link to ALL the known bugs in the counterparty software and say "this is the problem" Anyone care to comment?

I don't understand, they already managed to distribute Swarm to SWARMPRE holders before, whats holding them now ?

lol and xnova just ignores your post and moves on..

No ones post was "ignored". If you look at the commit logs for those issues, you'll notice both Ouziel and I have been working through fixes, which are now live.

Unfortunately my time is limited to where I can't respond to every single post. Ouziel is becoming the Counterwallet/Counterblockd team lead, and we've hired two additional developers.

I never doubt your work.

It was only pointed as a joke, sorry if misunderstood 

[Spratan]

Steadily increasing for weeks.
No reason to go down. 1000 reasons to rise.

[xnova]

Just FYI. The swarm guys are blaming counterparty bugs for not distributing their remaining swarm tokens: https://bitcointalk.org/index.php?topic=664071.msg8676754#msg8676754

And at the bottom of the page here : http://swarm.lefora.com/topic/4/Swarm-Vote-Two-ISSUE-BURN-HOLD?page=6

They don't reference a specific bug, but instead just post a link to ALL the known bugs in the counterparty software and say "this is the problem" Anyone care to comment?

I don't understand, they already managed to distribute Swarm to SWARMPRE holders before, whats holding them now ?

lol and xnova just ignores your post and moves on..

No ones post was "ignored". If you look at the commit logs for those issues, you'll notice both Ouziel and I have been working through fixes, which are now live.

Unfortunately my time is limited to where I can't respond to every single post. Ouziel is becoming the Counterwallet/Counterblockd team lead, and we've hired two additional developers.

I never doubt your work.

It was only pointed as a joke, sorry if misunderstood  

No problem. I like dry humor, but that was bone dry. :p