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

[PhantomPhreak]

bitcoind -rpcport=8332 getinfo

gave me the following output,

{
    "version" : 80600,
    "protocolversion" : 70001,
    "walletversion" : 60000,
    "balance" : 0.01100000,
    "blocks" : 278479,
    "timeoffset" : -10,
    "connections" : 8,
    "proxy" : "",
    "difficulty" : 1418481395.26263547,
    "testnet" : false,
    "keypoololdest" : 1388704801,
    "keypoolsize" : 101,
    "paytxfee" : 0.00000000,
    "errors" : ""
}

so once I updated the port to 8332 in ~/.config/counterpartyd/counterpartyd.conf I was able to connect with biotcoind.


When I run

counterpartyd --log-file=- -v

I get the following continuous stream of output on the terminal,

2014-01-03-T01:20:57-0800 "POST / HTTP/1.1" 200 38
2014-01-03-T01:20:58-0800 Starting new HTTP connection (1): localhost
2014-01-03-T01:20:58-0800 "POST / HTTP/1.1" 200 38
2014-01-03-T01:20:59-0800 Starting new HTTP connection (1): localhost
2014-01-03-T01:20:59-0800 "POST / HTTP/1.1" 200 38
2014-01-03-T01:21:00-0800 Starting new HTTP connection (1): localhost
2014-01-03-T01:21:00-0800 "POST / HTTP/1.1" 200 38
2014-01-03-T01:21:01-0800 Starting new HTTP connection (1): localhost
2014-01-03-T01:21:01-0800 "POST / HTTP/1.1" 200 38
.
.
.

Next, In a new terminal, I tried to run the following command,

counterpartyd --rpc-password=rpcpw1234 burn --from=1CrmTo7Rtk6keeBHbN93B3tAMCm31sG5Tc --quantity=0.01


to try to burn 0.01 btc, its asking for a confirmation, when I hit 'y', it crashes with the following message,

Traceback (most recent call last):
  File "<string>", line 1, in <module>
ImportError: No module named mechanize
1

I see that the 0.01 btc is still in my address 1CrmTo7Rtk6keeBHbN93B3tAMCm31sG5Tc and hasnt been deducted.

any insight into why this crash might be happening?

Thx for your help. I really appreciate it

Remove the project directory and re-install. The newest version should both fix the mechanize bug and be more specific about the nature of any other problems you're still having then.

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[PhantomPhreak]

Update: The latest version of counterparty allows one also to cancel open orders and bets.

[panonym]

Update: The latest version of counterparty allows one also to cancel open orders and bets.

Awesome! That was needed.

The fee is the usual BTC fee for a transaction of that size (very small).

So I must have some BTC linked to my key?!
What happen if I try to send XCP from an address which contain 0 bitcoin?
Does the transaction never confirm?
Anyway to cancel it in this case? (That is a major problem with all crypto, to me.)

Use ./counterpartyd.py asset XCP to see how many XCP have been burned in all.

I will have to test. The .py is mandatory? not asset command in the main counterpartyd?


Very good job at answering question.
I'm impressed.
Hopefully in 12~24h my bitcoind will be sync and I will be able to start testing.

[PhantomPhreak]

The fee is the usual BTC fee for a transaction of that size (very small).

So I must have some BTC linked to my key?!
What happen if I try to send XCP from an address which contain 0 bitcoin?
Does the transaction never confirm?
Anyway to cancel it in this case? (That is a major problem with all crypto, to me.)

Yes, you must have some BTC associated with an address from which you would like to send XCP, for example. If you don't have any and you try anyway, counterpartyd will fail gracefully.

Use ./counterpartyd.py asset XCP to see how many XCP have been burned in all.

I will have to test. The .py is mandatory? not asset command in the main counterpartyd?

The .py is only mandatory if it doesn't work without it . I forgot that the build scripts remove that suffix from the command's name. So it should just be counterpartyd asset XCP for you.

[klee]

@Developers - Can I send BTC to you and burn them for me?
I want to get in ASAP and it is a bit unfair for me as a mac user - I trust that when you will have a working client you will send the XCP back to me!

[LeoC]

What are the hardware requirements to start burning, would I need an ASIC?

[panonym]

What are the hardware requirements to start burning, would I need an ASIC?

Burning need no specific hardware.
Burning has nothing to do with mining.
Burning is sending coin to an unvalid address, or to an address where it's obvious vanitygen couldn't have succeed to create it (pubkey where nobody own the privkey).

But to obtain XRP, sending BTC somewhere is not sufficent.
Read all the post again, and the doc links.
You have to use counterpartyd to get XCP in exchange of your burning.

[LeoC]

So I need to own BTC to start burning?
This is highly confusing to me.
Is there a potential to make money here, or will the XCP forever mirror BTC prices?
Seems more like high risk low reward to me.

[panonym]

Up to your thoughts.
Yes you need BTC to start with.

This project is more advance that your common spamnewcoin.
(There is even a cheap industry now... http://coingen.bluematt.me 'hopeless)

Spending time doing research, 'making effort to comprehend and improve your skills:
That's all part of it.

[cityglut]

@Developers - Can I send BTC to you and burn them for me?
I want to get in ASAP and it is a bit unfair for me as a mac user - I trust that when you will have a working client you will send the XCP back to me!

klee, I PMed you.

[becherovka]

So I need to own BTC to start burning?
This is highly confusing to me.
Is there a potential to make money here, or will the XCP forever mirror BTC prices?
Seems more like high risk low reward to me.

Yes LeoC, you need BTC to start burning.
Yes, there is lots of opportunity to make money here, but it's very early so you are ahead of most cyrpto-traders.
No, XCP doesn't mirror BTC prices. It's a new protocol.
Read up on Counterparty here: https://github.com/PhantomPhreak/Counterparty/blob/master/README.md

[LeoC]

Followed all the instructions but am getting an error when I run setup.py for the first time.


line 956, in install_wheel
    'PIP_NO_INDEX': '1'
  File "c:\python33\lib\site-packages\virtualenv-1.11-py3.3.egg\virtualenv.py",
line 898, in call_subprocess
    % (cmd_desc, proc.returncode))
OSError: Command c:\counterpartyd_build\env\Scripts\python.exe -c "import sys, p
ip; pip...ll\"] + sys.argv[1:])" setuptools pip failed with error code 1
2014-01-03 16:35:35,134|ERROR: Command failed: 'c:\python33\Scripts\virtualenv.e
xe --system-site-packages c:\counterpartyd_build\env'

[cityglut]

I must be too far away from serious dev talk, but could someone explain all this in lay man's terms?

Counterparty transactions are made on the Bitcoin blockchain. Right now, all you can do with Bitcoins is send them from one address to another, and so Counterparty adds increased functonality to Bitcoin. Specifically, the Counterparty protocol provides a distributed exchange and, by running counterpartyd, users can 1) broadcast information, 2) make bets on broadcasts 3) create assets and 4) send assets to other addresses.

Counterparty uses proof-of-burn to initialize balances: by sending BTC to an unspendable address, users earn XCP. The burn period is roughly a month, and there is an early entrance reward, which starts at 50% and decreases linearly over the month.

If you have any other questions, please feel free to ask, and also check out the reference implementation and the protocol specification.

[xnova]

Followed all the instructions but am getting an error when I run setup.py for the first time.


line 956, in install_wheel
    'PIP_NO_INDEX': '1'
  File "c:\python33\lib\site-packages\virtualenv-1.11-py3.3.egg\virtualenv.py",
line 898, in call_subprocess
    % (cmd_desc, proc.returncode))
OSError: Command c:\counterpartyd_build\env\Scripts\python.exe -c "import sys, p
ip; pip...ll\"] + sys.argv[1:])" setuptools pip failed with error code 1
2014-01-03 16:35:35,134|ERROR: Command failed: 'c:\python33\Scripts\virtualenv.e
xe --system-site-packages c:\counterpartyd_build\env'

What version of Windows? Also, can you please post the full traceback on pastebin.com and give me the link (or, you can file a bug report at https://github.com/xnova/counterpartyd_build/issues)

Actually, putting all of the output from the run of setup.py on pastebin.com would be most helpful.

[panonym]

Just for more clarity: how many dev is there to this project? 2, 3, more?
I'd like a list of the usernames.
- PhantomPhreak
- xnova
- ?

'have to sleep once in a while
Good night everybody.
Best of luck to this project.

[PhantomPhreak]

Just for more clarity: how many dev is there to this project? 2, 3, more?
I'd like a list of the usernames.
- PhantomPhreak
- xnova
- ?

'have to sleep once in a while
Good night everybody.
Best of luck to this project.

There are two devs working on the project, myself and xnova. Good night!

[FandangledGizmo]

Sorry some really low level questions,

1. If you wait till the end of the month/issuance period will you still get at least 1000 XCP per BTC? (I.e the advantage of burning now is mainly that you will get up to 1500 XCP per BTC?)

2. Will there be a really simple, idiot proof way to purchase XCP before the end of the issuance period? (I.e send BTC to this address from a client... or download this counterparty wallet send BTC to an address there, then from Counterparty wallet BTC address send to burn address. Yes I'm an idiot.)

3. Will the total amount of XCP issued  be 'total amount of BTC sent to burn address in issuance period multiplied by 1000-1500'?

4. As it sits on top of BTC will it be difficult to trade/speculate with it on exchanges like Crypsty/BTC-E before it takes off. 
I.e. people will have to buy XCP on a specialised MSC type decentralised exchange after the issuance period.

5. Can a competitor Mastercoin/Bitshares say "hmm. You guys are geniuses, nice code! Thanks! Saves us some work!"
"Hi Bitshares/MSC here, we're releasing the counterparty code, as smart as those guys are,  we have a full time team/company set up already of 5-10 key people and a few million $ in development funding to support it now, so come on over, the water's warm! "

If you can answer any of those it will be appreciated, thanks!

[PhantomPhreak]

Sorry some really low level questions,

1. If you wait till the end of the month/issuance period will you still get at least 1000 XCP per BTC? (I.e the advantage of burning now is mainly that you will get up to 1500 XCP per BTC?)

2. Will there be a really simple, idiot proof way to purchase XCP before the end of the issuance period? (I.e send BTC to this address from a client... or download this counterparty wallet send BTC to an address there, then from Counterparty wallet BTC address send to burn address. Yes I'm an idiot.)

3. Will the total amount of XCP issued  be 'total amount of BTC sent to burn address in issuance period multiplied by 1000-1500'?

4. As it sits on top of BTC will it be difficult to trade/speculate with it on exchanges like Crypsty/BTC-E before it takes off. 
I.e. people will have to buy XCP on a specialised MSC type decentralised exchange after the issuance period.

5. Can a competitor Mastercoin/Bitshares say "hmm. You guys are geniuses, nice code! Thanks! Saves us some work!"
"Hi Bitshares/MSC here, we're releasing the counterparty code, as smart as those guys are,  we have a full time team/company set up already of 5-10 key people and a few million $ in development funding to support it now, so come on over, the water's warm! "

If you can answer any of those it will be appreciated, thanks!

1. Yes, that is correct.

2. All you need to do right now is run Bitcoind/Bitcoin-Qt, have BTC in your wallet, download the Counterparty client, and do a counterpartyd burn.

3. Yep.

4. There's nothing inherent to the 'protocol layer' design of Counterparty (or MSC for that matter) that makes it hard to use on exchanges like those, as far as I know. Rather, all we need is a JSON-API like what Bitcoind has, and it is one of our priorities to develop one. Moreover, after the burn period (or today, if you like) you can buy XCP with BTC on Counterparty's operating decentralised exchange.

5. Well, for one, they'd have a lot of trouble preserving the balances of the addresses of current MSC and Protoshares holders. The protocols are not compatible.

[xnova]

The following link can be visited to see up to date burn activity for Counterparty: https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Note that since the burn blocks are being processed by only one pool at this time (Eligius), investments spanning an hour or two will tend to be "grouped" within single blocks.

I will be releasing a Windows installer for counterpartyd this weekend.

[reader31]

1)

I reinstalled/rebuilt counterpartyd from your fresh code. Now when I run

counterpartyd --rpc-password=rpcpw1234 burn --from=1CrmTo7Rtk6keeBHbN93B3tAMCm31sG5Tc --quantity=0.01

I get the following error message,

Burn did *not* appear to be successful. Full output from Eligius: <HTML>
<HEAD>
<TITLE>Eligius - Push Transaction</TITLE>
</HEAD>
<BODY>
<FORM METHOD="POST"><TEXTAREA NAME="transaction" COLS=80 ROWS=10></TEXTAREA><BR><INPUT TYPE="submit" NAME="send" VALUE="Push"></FORM>
<BR><BR>
<PRE>
Trying to send...
NULL
Response = 0
</PRE>
</BODY>
</HTML>

false

2)
Additionally, when I tried to run the following command,

counterpartyd --rpc-password=rpcpw1234 address 1CrmTo7Rtk6keeBHbN93B3tAMCm31sG5Tc

to check my address balance, I got this following output,

Balances
+-------+--------+
| Asset | Amount |
+-------+--------+
+-------+--------+


Burns
+-------------+--------+--------+---------+
| Block Index | Burned | Earned | Tx Hash |
+-------------+--------+--------+---------+
+-------------+--------+--------+---------+


Sends
+--------+-------+--------+-------------+---------+
| Amount | Asset | Source | Destination | Tx Hash |
+--------+-------+--------+-------------+---------+
+--------+-------+--------+-------------+---------+

Is this expected or should I be seeing my btc balance in my account 1CrmTo7Rtk6keeBHbN93B3tAMCm31sG5Tc in the above display(I have 0.011 btc balance in this address)?


Thx.