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

[mtbitcoin]

How many XCP will exist? how are they mined/released after the first month?

Number of XCP that will exists depends on the number of BTC burned for XCP during the burned period.

No additional XCP will be "mined" after the  burn-in period. The maximum circulation of XCP after the burn in period = number of XCP created during the burn-in period

Cheers

[prophetx]

ok maybe i am missing something here but how do we know that someone does not have the privkey for this address?

https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Also, why not just use an address that goes to the Red Cross or Shawns Outpost or whatever random charity.  Since you are just using this as way to limit coin generation why not at least have the BTC go toward something that benefits people, planet, something.

I know it is too late for that obviously.

[cityglut]

ok maybe i am missing something here but how do we know that someone does not have the privkey for this address?

https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Also, why not just use an address that goes to the Red Cross or Shawns Outpost or whatever random charity.  Since you are just using this as way to limit coin generation why not at least have the BTC go toward something that benefits people, planet, something.

I know it is too late for that obviously.

Counterparty aims at maximizing trustlessness, i.e. not sending Bitcoins to any address for which someone has the prviate key; even though you have suggested donating to good causes, Bitcoins could only be sent to their addresses at the expense of trustlessness and decentralization.

EDIT: Regarding the unspendability of the Bitcoins in at CounterpartyXXXXXXXXXXXXXXXUWLpVr please see this post: https://bitcointalk.org/index.php?topic=395761.msg4317890#msg4317890

[led_lcd]

ok maybe i am missing something here but how do we know that someone does not have the privkey for this address?

https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

I'm not sure you can tell 100% unless we keep checking this address to check it doesn't get spent in the future.

Since the address has obvious made up values, the magnitude of difficulty to brute force (or generate) the private key should be in the same order of magnitude of difficulty as brute forcing receive wallet address which we publicly display.

edit: added "(or generate)"

[marcus_of_augustus]

wild stuff ...

[panonym]

Isn't it

[panonym]

Don't forget the txindex=1 in your bitcoin.conf
(need bitcoind -reindex)

[jimhsu]

Don't forget the txindex=1 in your bitcoin.conf
(need bitcoind -reindex)

Thanks, doing that (hence why redownloading processing entire blockchain despite having most of it already)

[panonym]

Yeaaaaaaaaaah \o/
My first XCP.
Not two yet :p

jimhsu, actually -reindex does a rescan, it doesn't download everything again.
But it still take ~12h.

A: I spent like 24~36h to sync my btcdb (luckily a big part was already sync)
B: then add txindex=1, wait 12h
C: and another 4~8h for xcpdb to sync

+ learning = very time consuming

[maco]

I will give this a bite.

I may also consider adding this into my list of http://www.cryptoALLIANCES.COM set of applications for smart devices.

My Decisions
- Value seems good for this coin.
- Mining makes sense.
- Clarity from the marketing msg.
- Instant Likes from the community.
- Time to get involved.

[panonym]

'tried to transfert XCP.
Problem before the expected problem:

Code:

user@home:~$ xcp send --from=send --from=myaddresswithXCP --quantity=1 --asset=XCP --to=safeBTCaddress
Confirm? (y/N) y
Traceback (most recent call last):
  File "/home/user/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 426, in <module>
    json_print(bitcoin.transmit(unsigned_tx_hex))
  File "/home/user/counterpartyd_build/dist/counterpartyd/lib/bitcoin.py", line 260, in transmit
    return rpc('sendrawtransaction', [signed_tx_hex])
  File "/home/user/counterpartyd_build/dist/counterpartyd/lib/bitcoin.py", line 64, in rpc
    raise exceptions.BitcoindError('{}'.format(error))
lib.exceptions.BitcoindError: {'code': -22, 'message': 'TX rejected'}

Same error without the --from=send

I expected the command to work,
but then never see the XCP arrive in my safeaddress 'coz even Eligius doesn't process OP_RETURN before v0.9.
So I kind of willingly risked to lose 1XCP, but fail.
(curious: does anyone know an easy way to cancel a transmission that has never been confirmed? be BTC, XCP or whatever)

Did anyone succeed using the send command?
Must have someone who tried before Eligius stopped, or on testnet.
What do I do wrong?

edit: tried to add -paytxfee=0.0001 (error: unrecognized arguments)

Code improvement needed: 'doesn't show BTC balance ? ? ?

Code:

xcp address myXCPaddresswithBTC
Balances
+-------+------------+
| Asset |   Amount   |
+-------+------------+
|  BTC  |    ???     |      
|  XCP  | okvalue    |
+-------+------------+

[mtbitcoin]

Did a test transaction (but not confirmed yet). Can anyone confirm that this works?

e73ef35f4ddda1ae30c5a7dbdec120f98008c92586880b8a32339682c3c78689

Meanwhile downloading the bitcoin blockchain will take a while...

You look good to go

-------------------------
Balances
+-------+---------+
| Asset |  Amount |
+-------+---------+
|  XCP  | 14.3325 |
+-------+---------+

[btc4ever]

https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr
$ 122,887.59

This is getting real.

[mtbitcoin]

Simply transferring XCP, for example, does not incur an XCP fee.

How is this possible, if the XCP transactions need to be written into the bitcoin block chain?

Still wondering how this is possible. Thx.

Why would you need an XCP fee to put data in a Bitcoin transaction?

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BTC
--give-quantity=20 --give-asset=XCP --expiration=10 --fee_provided=.001
Buy BBBC for BTC

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BBBC
--give-quantity=20 --give-asset=BTC --expiration=10 --fee_required.001
Buy XCP for BBBC

order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=XCP
--give-quantity=20 --give-asset=BBBC --expiration=10

Why does first have --fee_provided, second have --fee_required and third have no fee?

Again, all fees are in XCP?

How does this actually get recorded into BTC blockchain without BTC fee?

For now I'll refer you to the documentation for the answer to that question.

I am running into issues too .. Could the documentation be incorrect?

The github docs state

•Buy BTC for XCP
order --from=mtQheFaSfWELRB2MyMBaiWjdDm6ux9Ezns --get-quantity=10 --get-asset=BTC
--give-quantity=20 --give-asset=XCP --expiration=10 --fee_provided=.001


However when attempting to do a buy using the format above the following exception is thrown :

  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 426, in <module>
    raise exceptions.FeeError('When buying BTC, do not specify a fee provided.')
lib.exceptions.FeeError: When buying BTC, do not specify a fee provided.

[maco]

I will hire miners for this project

Pm me

[BitThink]

May I ask a question about the developer's incentive.

Proof by burn does increase the trust level, but how about the incentive? Have the developers already burned enough BTC to get their shares, or have the developers reserved certain part of XCP for themselves? If not, how can we be sure the developers will concentrate on this project and try their best to improve the value of XCP?

[xibeijan]

May I ask a question about the developer's incentive.

Proof by burn does increase the trust level, but how about the incentive? Have you already burned enough BTC to get your shares, or have you reserved certain part of XCP for developers? If not, how can we be sure the developers will concentrate on this project and try your best to improve the value of XCP?

This project was founded upon burning BTC.  Obviously, we're all rich, don't need jobs and can do this 24/7 just for fun.

[panonym]

Of course, we destroy money

[BitThink]

Normally I prefer to a project where the developers have fair rewards to keep them working hard. In the description of this project, I cannot see any way the developers can be rewarded other than burning some BTC themselves. Therefore, I think there're three options:
1) they have burnt or will burn considerable amount of BTC so they will get quite a lot of XCP to enjoy the future appreciation. In this case, could the developers provide some evidence of burning to show their confidence in this project?

2) they reserved some part of XCP for themselves. This is fine as long as they make it public how much they reserved, but I haven't seen any claim in the original post.

3) they have no rewards at all. In this case, I am not so comfortable because I don't see why the developers will keep working on this project after their interest is gone. This project will become a completely community-driven project and will not survive long.

Could any developer of Counterparty help clarify on this? Thanks.  

[maco]

Normally I prefer to a project where the developers have fair rewards to keep them working hard. In the description of this project, I cannot see any way the developers can be rewarded other than burning some BTC themselves. Therefore, I think there're three options:
1) they have burnt or will burn considerable amount of BTC so they will get quite a lot of XCP to enjoy the future appreciation. In this case, could the developers provide some evidence of burning to show their confidence in this project?

2) they reserved some part of XCP for themselves. This is fine as long as they make it public how much they reserved, but I haven't seen any claim in the original post.

3) they have no rewards at all. In this case, I am not so comfortable because I don't see why the developers will keep working on this project after their interest is gone. This project will become a completely community-driven project and will not survive long.

Could any developer help clarify on this? Thanks.  

I can help with developer and key components towards the community