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

[Evil-Knievel]

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[bitcoinpaul]

Yeah I agree. I've been a long-time supporter and burned a lot during the initial period so it's been frustrating to see some of the price action recently. I think we are still miles ahead of everyone else but it would be nice to see smart contracts in place as well.

Haha, good old crypto world. U burned a lot, the value multiplied and u r frustrated.

[Matt Y]

Is there a timeline for smart contracts being on main net or not yet?

Yeah that would boost XCP a lot I think, and the competitors are catching up at this point.

http://counterparty.io/news/counterparty-community-update-jan-07/

Another important development item on our to-do list is launching smart contracts on mainnet. Current ETA is Spring.

[Bralex]

Maybe btc-e?

Highly unlikely weex even though BTC-E should/could be replacing 3 coins that got de listed recently.

If people want it on more exchanges best bet imo is bittrex and or cryptsy 

[Evil-Knievel]

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[Evil-Knievel]

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[Evil-Knievel]

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[waxo]

pump have started on Polo , wait and see ....

[Anotheranonlol]

Seeeeriously .... XCP needs higher Volumes. I spent the last 7 days of buying XCP in small batches because the turnover volumes are so minimal.  

IMO the current landscape is not very mature and does not reflect accurate 'value' of XCP , I think as CounterParty doesn't pretend unlike some other projects to be used for buying starbucks in a few years but a complete protocol, an entire suite of tools extending bitcoin right now it has a lot of untapped potential

 I wrote some ideas below on how volume could potentially see increases, I'm sure this is just the tip of the iceberg

- Breakthrough on secure BTCpays. BTC is the most liquid cryptocurrency we have now. There exists a couple of services
now that will convert BTC into BTC backed Counterparty assets tradeable on the exchange with all the benefits they afford over plain BTC

https://github.com/tokenly/xcp-gateway
http://www.vennd.io/

but there's an additional conversion going on making it less than frictionless, again seems some users have a mental block to two step
processes + handling IOUS, despite the fact this is essentially how all the centralized exchanges work and at least this way things are more transparent.

- Desktop wallet (Some users have pyschological block to running web-wallets, regardless of whether it's running client side)

- Further Incentivation for using counterparty network:

1) Further use cases for asset registration (e.g wallet that routes XCP assets as vanity Addresses to issuer in sender field)
   Access control/membership systems (if you own SITEPASS you can access), Coupon/discount service (SEND COOLSITEDISCOUNT) at checkout
phase to earn a discount. There's a demo of how such a thing could be implemented here https://pay.blockscan.com

2) Further use of XCP as a betting tool: e.g binary options, dice games

3) Further use of Feed/Broadcasts: provable announcements, Proof of existence, prediction markets etc

4) Use of XCP as a fuel for smart contracts (especially if ethereum launch delayed and smart contracting talent can be attracted over)

- Autobridges into more mature markets (MT4, Ripple, Sierracharts) -
Most of these already have decent market making infrastructure in place, and more that's being built.

- other fiat onramps, seems bitsquare could be forked to provide decentralized LBC style markets for XCP

- OTC markets, brokers + dark pools. a start here: https://bitcointalk.org/index.php?topic=947215.msg10373188#msg10373188

-Increased tokenization of existing physical or digital assets onto the counterparty network, We already have two established bullion dealers operating on counterparty, but you could trade anything- not at all limited to cryptocurrency-space, paper stock certificates, ingame currency, coffee beans.

- Emergence of asset trading services, ratings agencies, WoT-like trust mechanisms this could facilatate services built on top like p2p lending platforms

- Increased Asset / asset trading directly on the DEX (e.g SJCX for LTBC or XCP for GEMZ)

- Exchange adoption of CounterParty tech (e.g imagine lakeBTC could allow withdrawal/deposit of LAKEUSD to counterparty) In this
way, fiat liquidity would be added to the decentralised exchange- although the centralised exchange would not directly
profit from trade fees occuring on-chain they would be earn slices as an onramp, and ultimately funds would arrive
back at the exchange as a final destination for redemption. This model is similar to tether, recently adopted
on bitfinex aside from the fact the fiat backed token would be specific to each exchange .

[nakaone]

-Increased tokenization of existing physical or digital assets onto the counterparty network, We already have two established bullion dealers operating on counterparty, but you could trade anything- not at all limited to cryptocurrency-space, paper stock certificates, ingame currency, coffee beans.

Speaking of which, I've just released a few artworks that will come with a Counterparty token to which they have been cryptographically linked.
https://bitcointalk.org/index.php?topic=954740.0

I'll be releasing another item that is kind of a fun additional riff on this in the next 24-hours.

I really like the idea - could you explain further how you connect it with the hash?

[weex]

I really like the idea - could you explain further how you connect it with the hash?

Sure. For whatever the work might be, I'll take a picture or do a scan of the object showing enough irreproducible detail to ensure it is of this one instance of the object. Then take a RIPEMD-160 hash of the image file and add it as the description when the token is issued. RIPEMD-160 is chosen because it outputs 40 bytes which will fit in the description field and of course is used by Bitcoin itself. Then I'll probably host the image file so they or anyone else could verify authenticity in the future.

I worked with mtbitcoin to get Blockscan.com to ensure that it's easy to see the description set at time of issuance. Previously, you could only see the latest update to the description. This way, the description can be updated to provide a link to the enhanced info json file(icon image, extended informational text, etc.).

[waxo]

https://bittrex.com/Market/Index?MarketName=BTC-XCP

[pankogulo]

Forgot to post this yesterday. For everyone who missed this week's update, here it is: http://counterparty.io/news/counterparty-update-feb-13/

[ik_do]

Finally got to the first page of the rich list  

Richlist: http://blockscan.com/balance
Account: 1CUNTw77feeweJqXryxGyV5Vr5HfG52zka
Place: #49

I will keep those funds there for a very long time.

Nice address.

[Cornett]

WOW !!! 

https://bittrex.com/Market/Index?MarketName=BTC-XCP

[cjanthony]

Most important Counterparty news since Medici

JPJA has figured out how to revive BTC trading on the DEx with no bullshit.

The problem with DEx BTC trading is it's slow and costs fees. This is fundamentally impossible to work around short of drastically reducing Bitcoin's block time, and even then, a per-trading-action fee may still irreparably harm liquidity compared to centralized exchanges, which already have a tough enough time getting liquidity.

JPJA has devised a method to overcome these fundamental limitations with BTC trading, with the introduction of a BTC DEx auction mechanism akin to Ebay.

An auction mechanism is unbeatable for two reasons:

1. The fees and delay inherent to the DEx become much less of an issue.

If you've ever used an auction site like Ebay, you know how it works. You place a bid, and you wait, usually for hours or days unless you're sniping the auction. High frequency trading isn't in high demand, and you go into the auction expecting to pay Ebay a fee at least upon winning.

2. DEx BTC liquidity is solved.

Imagine an auction sale of 1 BTC for XCP with no reserve. The BTC could be bought at below market rates. Market participants will pay attention to the auction regardless of lacking liquidity. The less popular the auction is, the higher the potential for profit.

Compare auctions to an order book. Without liquidity, the order book's value for traders rapidly deteriorates. This is why traders will almost always tend to prefer centralized order books where it's easy to enter and exit positions instantly.

JPJA's auction format concept adds tremendously to the core value of the Counterparty platform, and deserves serious attention from all XCP investors.

In other news, the favored currency symbol for Counterparty XCP is arguably the unicode ℂ (U+2102).

I like ℂ because it resembles Bitcoin and C is 1 letter down from B (bitcoin) thus indicating relationship on a spectrum as XCP can bee seen to have with Bitcoin.

It makes sense for the currency symbol of Counterparty to contain a clearly visible C. The cent symbol ¢ comes close to ℂ in this regard, but ¢'s use for the cents subunit cheapens it too much. ℂ renders better for me, too - it's the closest unicode character to a capital C that qualifies as a currency symbol - compare ℂ to €. Edit: the Ghanaian Cedi (₵) symbol is also of interest, but to my untrained eye the cedi ₵ appears overly similar to the cent ¢.

[delulo]

As with its original BitLicense proposal, DFS will accept comments, but only for thirty days in this round. At the expiration of those thirty days, DFS will likely prepare a final version and then publish it in the state Register. DFS extended the last comment period in response to industry outcries for more time. I doubt that there will be an extension granted, so if you plan to file a comment, it should be done quickly.

Who should file a comment? Altcoin developers might want the final rule to more clearly define what it means to “administer” a digital currency. Multisig developers might ask for a clearer definition of custody, “controlling” or “holding”. They might even argue for a specific exemption.

http://www.coindesk.com/bitlicense-2-0-latest-revisions-mean-bitcoin-businesses/

Would the Counterparty team want to clarify things here?

[PhantomPhreak]

As with its original BitLicense proposal, DFS will accept comments, but only for thirty days in this round. At the expiration of those thirty days, DFS will likely prepare a final version and then publish it in the state Register. DFS extended the last comment period in response to industry outcries for more time. I doubt that there will be an extension granted, so if you plan to file a comment, it should be done quickly.

Who should file a comment? Altcoin developers might want the final rule to more clearly define what it means to “administer” a digital currency. Multisig developers might ask for a clearer definition of custody, “controlling” or “holding”. They might even argue for a specific exemption.

http://www.coindesk.com/bitlicense-2-0-latest-revisions-mean-bitcoin-businesses/

Would the Counterparty team want to clarify things here?

I don't know what kind of clarification you're looking for. I don't have any comment to make on that article or BitLicense. (Obviously, we don't administer XCP or any other currency.)

[delulo]

As with its original BitLicense proposal, DFS will accept comments, but only for thirty days in this round. At the expiration of those thirty days, DFS will likely prepare a final version and then publish it in the state Register. DFS extended the last comment period in response to industry outcries for more time. I doubt that there will be an extension granted, so if you plan to file a comment, it should be done quickly.

Who should file a comment? Altcoin developers might want the final rule to more clearly define what it means to “administer” a digital currency. Multisig developers might ask for a clearer definition of custody, “controlling” or “holding”. They might even argue for a specific exemption.

http://www.coindesk.com/bitlicense-2-0-latest-revisions-mean-bitcoin-businesses/

Would the Counterparty team want to clarify things here?

I don't know what kind of clarification you're looking for. I don't have any comment to make on that article or BitLicense. (Obviously, we don't administer XCP or any other currency.)

If I'd be the judge I also would say you don't administrate it but that term (administrate) is so vague that a request for clarification would bring more legal certainty which is also what the article suggests.

[pankogulo]

Is there anyone able to explain to me how I sign a counterwallet 2/3 multi-signature transaction/message with Armory, Electrum and Bitcoin.info addresses?

Your multisig transaction is ready to sign. To complete the transaction, please copy over and sign the text below with the necessary addresses, then you will be able to broadcast it: STRING

In Armory I can select Tools > Message Signing & Verification, paste the STRING and then choose between 3 signature options:

• Bare Signature
• Base64 Signature
• ClearSign Signature

All three will sign the message / transaction but then what do I do with it?

Guidance would be much appreciated.

Instead of copy pasting the steps, I'm going to post a link to a Counterwallet tutorial (how to work with Armory). I believe your question was addressed in support, so this is for anyone else having the same problem: http://counterparty.io/docs/create_armory_address/