Praxis
Legendary
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Activity: 1118
Merit: 1004
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June 03, 2015, 10:03:54 AM |
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Amazing project, thanks for making it. One thing I wanted to ask is, in the Reddit discussion someone said that XCP's value wouldn't necessarily increase even if its popularity rises because XCP is not meant as a currency. What do you think?
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Cornett
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June 03, 2015, 02:57:58 PM |
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Amazing project, thanks for making it. One thing I wanted to ask is, in the Reddit discussion someone said that XCP's value wouldn't necessarily increase even if its popularity rises because XCP is not meant as a currency. What do you think? Do you think that only "currency" can rise? - You're wrong. Any valuable asset can rise. XCP has a bright future because it's unique
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Matt Y
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June 03, 2015, 03:15:53 PM |
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Amazing project, thanks for making it. One thing I wanted to ask is, in the Reddit discussion someone said that XCP's value wouldn't necessarily increase even if its popularity rises because XCP is not meant as a currency. What do you think? If the utility of XCP increases, the price will rise. So instead of people transacting you're looking for smart contracts on mainnet and people using them, with a side dish of speculation.
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bitcoinrocks
Legendary
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Activity: 1372
Merit: 1000
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June 03, 2015, 04:27:23 PM |
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What is stopping me from modifying the Counterparty installation on my system to provide all of the same functionality without burning XCP?
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Matt Y
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June 03, 2015, 05:30:09 PM |
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What is stopping me from modifying the Counterparty installation on my system to provide all of the same functionality without burning XCP?
The network effect. It would be a one person party that's implementing updates from the real dev team.
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romerun
Legendary
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Activity: 1078
Merit: 1002
Bitcoin is new, makes sense to hodl.
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June 04, 2015, 04:53:47 AM |
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What is stopping me from modifying the Counterparty installation on my system to provide all of the same functionality without burning XCP?
you'll need to come up with something that works way better. Back in the days when MSC had only whitepaper, sending functionality and blockexplorer, XCP was launched with somewhat working Asset, DEx, Bet in commandl-ine mode, not to mention prove of burn that generated a lot of interest. A few days later, blockscan, desktop wallet UI were made by the community. Poloniex started trading XCP while MSC was still traded in a MSC-only exchange. Then the rest is history.
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sasha35625
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June 05, 2015, 02:17:46 PM |
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Counterparty is a part of top20 altcoin index Coinoindex.comThe index includes top 20 alternative cryptocurrencies with largest capitalization and tracks the value of the portfolio (in BTC) in which each coin has a 5% share. The index was created to be an analogue of Dow-Jones or S&P indexes for the altcoins arena. Rules of index composition: - Coin should be traded at at least three exchanges, with cumulative daily volume above $1,000 for last 14 days - Coins that track a value of a certain asset (USD, CNY etc) cannot be included. - Each coin in included in the portfolio with the same weight. You can invest in the index by using NXT Asset Exchange, NXT Asset ID 13634675574519917918 Asset tracks the index value, and constant buy/sell liquidity is maintained. You can invest using NXT cryptocurrency (you can exchange BTC to NXT directly in the NXT client from http://multigateway.org/ or at http://coinomat.com) or BTC at https://trade.secureae.com/
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Sourgrapes2015
Newbie
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Activity: 9
Merit: 0
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June 06, 2015, 05:01:47 AM Last edit: June 06, 2015, 05:16:14 AM by Sourgrapes2015 |
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www.reddit.com/r/Bitcoin/comments/38pnfl/overstock_will_issue_a_private_bond_powered_by/Wtf? Does anyone else feel cheated?. I stuck with counterparty all this time, promoting it, evangelizing it and even recomennding it based on ovwrstock partnership while the price slid downhill consistently. Because if the news was true as implied the potential is still there long term regardless of the price now. Byrne and co pulled a fast one on counterparty investors with earlier hyperbolic statements and never had the balls to make a clear ststatement admitting those announcements are now false and likely have been for some time. Up until not so long ago byrne and Bagley were still talking about counterparty and nl they fkat out deny any involvement. Whatever happened to this? https://mobile.twitter.com/OverstockCEO/status/520254771890884608 Whatever happened to counterparty devs and byrne on stage together at inside bitcoins conference? I watched probably a dozen interviews and presentations where it was confirmed counterparty was being implemented in some way. Why was a formal statement never made revealing ties had now been severed?? Counterparty devs were complicit in reassuring investors the deal is still on the table. Today we find out the 'rumors' were true all along: they did a 180 some time ago, now we are up against them and NASDAQ. Bet insiders privvy to this were dumping whilst everyone else was excited over the hypeto. No wonder it crashed like it did despite apparent huge future promise based on earlier press releases, it was being pumped. Those relying on what they assumed were accurate and up to date public information were at a huge disadvantage and got burned big time. Never expected this, thought this one was different from the usual dirty pump dump scheme but here we are
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dexX7
Legendary
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Activity: 1106
Merit: 1026
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June 06, 2015, 06:01:51 AM |
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Whatever happened to this? I'm a bit surprised, too. This is the relevant comment: Hey there, do you guys build on Counterparty (meta layer on top of Bitcoin)? No. We're using the Open Asset protocol. Specifically, Circle Colored Coins. Edit: SALT LAKE CITY, June 5, 2015 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (Nasdaq:OSTK) became the first company to solicit qualified institutional buyers in a digital corporate bond which will trade using the same technology that underlies cryptocurrencies such as bitcoin. This pioneering development is part of the company's larger cryptofinance initiative known as Medici.
"The cryptorevolution has arrived on Wall Street," said Overstock.com CEO Patrick M. Byrne. "We're making it official by offering the world's first cryptosecurity."
Byrne went on to explain that a cryptosecurity is one that trades on a cryptographically-protected distributed ledger. In this case, buyers will be able to track their ownership on the bitcoin blockchain.
The issuance is powered by Overstock.com's TØ.com technology – a name that refers to the fact that trades on the system securely settle same day, as opposed to three days later -- or what Wall Street traders refer to as, "T+3". The TØ.com technology uses the Open Assets protocol.
According to Byrne, issuing the TIGRcub bonds on the TØ.com platform proves that cryptotechnology can facilitate transparent and secure access to capital by emerging companies. Byrne added that a circular informing investors of the cryptobond offering was distributed on June 1, 2015.
This offering is being made exclusively to qualified institutional buyers that meet the definition of "accredited investor" in compliance with Rule 506(c) of Regulation D under the Securities Act of 1933, as amended. http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=2056957
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Kergekoin
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June 06, 2015, 06:36:39 AM |
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Would like an explanation and comments from the Counterparty official developers.
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Sourgrapes2015
Newbie
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Activity: 9
Merit: 0
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June 06, 2015, 06:45:59 AM |
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Whatever happened to this? I'm a bit surprised, too. This is the relevant comment: Hey there, do you guys build on Counterparty (meta layer on top of Bitcoin)? No. We're using the Open Asset protocol. Specifically, Circle Colored Coins. Edit: SALT LAKE CITY, June 5, 2015 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (Nasdaq:OSTK) became the first company to solicit qualified institutional buyers in a digital corporate bond which will trade using the same technology that underlies cryptocurrencies such as bitcoin. This pioneering development is part of the company's larger cryptofinance initiative known as Medici.
"The cryptorevolution has arrived on Wall Street," said Overstock.com CEO Patrick M. Byrne. "We're making it official by offering the world's first cryptosecurity."
Byrne went on to explain that a cryptosecurity is one that trades on a cryptographically-protected distributed ledger. In this case, buyers will be able to track their ownership on the bitcoin blockchain.
The issuance is powered by Overstock.com's TØ.com technology – a name that refers to the fact that trades on the system securely settle same day, as opposed to three days later -- or what Wall Street traders refer to as, "T+3". The TØ.com technology uses the Open Assets protocol.
According to Byrne, issuing the TIGRcub bonds on the TØ.com platform proves that cryptotechnology can facilitate transparent and secure access to capital by emerging companies. Byrne added that a circular informing investors of the cryptobond offering was distributed on June 1, 2015.
This offering is being made exclusively to qualified institutional buyers that meet the definition of "accredited investor" in compliance with Rule 506(c) of Regulation D under the Securities Act of 1933, as amended. http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=2056957Thanks. Its pretty upsetting how loudly the partner announcements were shouted from the rooftops.. I remember byrne talking about moving cp devs to Utah, allocating multimillion $ budge to build medici on countoerarty foundation, even at baggleys presentation in new York recently nothing seemed to have changed. remember reiterations that yes, cp was still going to play an integral part in Medici after that reddit post were Patrick accidentally " let it slip" , yet neither overstock or cp devs clearly came forward to reveal this project is now seemingly not running on counterparty at all. This is drastically different to how it was pitched to us. In a traditional market these kind of stock manipulation shenanigans could never fly under the radar. You simply cannot make those kind of absolute statements and simply back turn on them in private to partner with a competing project. This whole overstock ordeal ran roughshot through the price of this coin, its been nothing but vague information, conflicting stories, doublespeak and, empty promises that predictably moved the price for insiders (pump/dump based on fabricated promises) and left public investors taking a wild gamble by reading between the lines simply hoping the earlier statements were true and honest. Shame on everyone who tried to misrepresent the importance of counterparty to overstock; you've caused many people to lose their funds by believing in your vision and trying to invest in it.
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BitThink
Legendary
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Activity: 882
Merit: 1000
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June 06, 2015, 08:34:53 AM |
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It's just a bond, and the blockchain is used only to prove ownership. In this case, a colored coin based solution is the simplest. However, I don't see how other features (beyond what a bond needs): such as on chain decentralized exchange, auto dividends distribution, to be implemented in that platform. I am still curious how they implement Medici. If based on colored coin, I am afraid it is still a centralized exchange.
Btw, the fact they are leaving counterparty is obvious when two devs left for their new company.
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nakaone
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June 06, 2015, 08:51:11 AM |
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Btw, the fact they are leaving counterparty is obvious when two devs left for their new company.
you can check my post history, I am the last person talking bad about the counterparty developers, but if you announce working together with overstock and that is no longer the case you should make it crystal clear. I remember back in feburary that it was posted here as well as on reddit that despite the developers leaving overstock still plans using the counterparty protocol - if this would have changed it would be nice to know. this is an open source project and transparency regarding direction would really really help counterparty.
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xnova
Sr. Member
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Activity: 390
Merit: 254
Counterparty Developer
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June 06, 2015, 03:35:48 PM |
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Btw, the fact they are leaving counterparty is obvious when two devs left for their new company.
you can check my post history, I am the last person talking bad about the counterparty developers, but if you announce working together with overstock and that is no longer the case you should make it crystal clear. I remember back in feburary that it was posted here as well as on reddit that despite the developers leaving overstock still plans using the counterparty protocol - if this would have changed it would be nice to know. this is an open source project and transparency regarding direction would really really help counterparty. Hi guys, we can understand this reaction. To be honest, this development was news to us as well. As it is, we do not work at Overstock any more and have no visibility or influence into their decisions.
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bitcoinrocks
Legendary
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Activity: 1372
Merit: 1000
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June 06, 2015, 05:15:49 PM |
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What is stopping me from modifying the Counterparty installation on my system to provide all of the same functionality without burning XCP?
The network effect. It would be a one person party that's implementing updates from the real dev team. So the Counterparty protocol checks to make sure XCP was burned when scanning for transactions?
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Matt Y
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June 06, 2015, 05:22:26 PM |
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What is stopping me from modifying the Counterparty installation on my system to provide all of the same functionality without burning XCP?
The network effect. It would be a one person party that's implementing updates from the real dev team. So the Counterparty protocol checks to make sure XCP was burned when scanning for transactions? Yes, something is in place to make sure XCP is burned in transactions where it's required.
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Matt Y
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June 07, 2015, 12:29:25 AM |
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Yeah, they probably made tens of dollars...
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BitThink
Legendary
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Activity: 882
Merit: 1000
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June 07, 2015, 01:02:25 AM |
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You know, I have seen pumps and dumps orchestrated to various scales and degrees of sophistication by a lot of slimy characters in the altcoin space but never have I seen a head of a multinational corp enter the arena and resort to this kind of tactic on a startup project with a few measly million dollar market cap. Unsurprisingly Byrne and co's affiliation and great positive announcements drove the price up close to 500% before it came crashing down on the long view chart like a sack of shit. Who knows how much of that was insider trading. Not a single definitive public statement was made by either overstock or counterparty acknowledging that those earlier massively promising statements no longer held true. All we got is cover ups and 'accidental slips' that perhaps counterparty was not the only project they are working with,I've got no idea whether counterparty devs were informed or whether they were also in the dark until they checked reddit today to find overstock comms director and head of medici project making an off cuff statement that Overstock is no longer touching counterparty at all. Well gee. thanks for the heads up. Make no mistake overstocks confident words controlled the price of this security from the get go. It is inconceivable they did not factor heavily into bouncing the price around. This painfully slow 180 bait n switch is absolutely criminal if you ask me. Haven't felt so cheated in the crypto world in years. investors trusted these were competent, truthful players. Overstock fucked us all in the ass and all we got was this lousy press release. there is also still a bunch of incorrect information being thrown about by colored coins guys. They really should correct this, it's an unfair comparison. As a side note that chart was compiled by Flavien, author of open assets protocol. He wrote the news earlier that Medici will not be working with counterparty, and later made a post that "Counterparty's facade starting to crack " I presume Overstock had already had private communication with him at that time: https://twitter.com/FlavienCharlon/status/554777555493208064To me, the biggest difference is that open asset based system is not a decentralized exchange, so at last they need a solution for one unless what they want is another centralized exchange. Before BTC script supports escrow, introducing a new currency is a must in building DEX.
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overthetop2011
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June 07, 2015, 05:56:31 AM |
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Would like an explanation and comments from the Counterparty official developers.
would like to get some info about the latest news about CP team and project.
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cryptoconomist
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June 07, 2015, 09:19:49 AM Last edit: June 07, 2015, 09:57:50 AM by cryptoconomist |
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I love the counterparty project but I think Overstock and others went for colored coin because
1) They have a working wallet which is stable. Counterwallet is unstable for me
2) Colored Coin can be stored on Trezor. People want a safe way to store large amount of money!
3) There is no intermediary coin with Colored coins
4) Nasdaq will use Open Assets
I don't think much need to be done for restoring trust in XCP but the minimum is a "working" wallet + Trezor and and an efficient decentralized exchange
Good Luck guys
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