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

[watuba]

Burning bitcoins seems like such a stupid counterintuitive idea.  I like it!

If you were to burn coins from an armory wallet, would there be any problems different from burning from a blockchain.info wallet as described in the instructions?

Be careful in three things if you want to burn with other clients.

1) Ensure your wallet has only one address (not even hidden ones). It's better to be a newly created wallet without sending out bitcoin before (so there's no hidden change addresses).

2) Ensure the balance in the wallet is exactly the amount to burn (<= 1 BTC) + 0.0001 (miner's fee), so there's no change. Otherwise, the change address may be randomly positioned in some clients.

3) If you are not using bitcoin-qt, ensure you can export the private key of this address and later it can be imported into bitcoind, cause you cannot use normal BTC client to do any transaction other than burning later. You have to import the private key of this address to bitcoind later.

Finally, please test with small amount in another wallet first.

Thank you very much!

[1714883566]

1714883566

[1714883566]

1714883566

[1714883566]

1714883566

[BitThink]

Be careful in three things if you want to burn with other clients.

Can you please confirm if the following instructions link with blockchain wallet is good to go?
http://counterpartyd-build.readthedocs.org/en/latest/HowToBurn.html#blockchain-info-my-wallet

Should be fine cause it's from the dev and I've heard someone succeeded before. I haven't tried that way myself though. Always try a small amount first.

[Djinou94]

How many XCP can i get if i burn 0.0001BTC  ?

[mtbitcoin]

Finally, please test with small amount in another wallet first.

Key point above. If testing from the same newly created wallet after sending 1 btc, the change address would be different already

Cheers

[mtbitcoin]

How many XCP can i get if i burn 0.0001BTC  ?

0.1+ XCP

Not including the mandatory transaction fee 

[SyRenity]

Finally, please test with small amount in another wallet first.

Key point above. If testing from the same newly created wallet after sending 1 btc, the change address would be different already

Cheers

Edit: Ok, test transaction of 0.1 worked well. Can I reuse this source address for another 0.9, or I need create a new one?

Thanks!

[peer2peer360]

if I understood correctly the Proof-of-Burn (POB) concept
is sending BTC to a unspendable address which NOone owns
the private keys to??

XCP will likely be extremely rare..

XCP could potentially be valued at 0.11 BTC or alot more

Is it possible 10 XCP may be worth 1.1 BTC

I could be wrong normally & usually i am.

[SyRenity]

if I understood correctly the Proof-of-Burn (POB) concept
is sending BTC to a unspendable address which NOone owns
the private keys to??

XCP will likely be extremely rare..

XCP could potentially be valued at 0.11 BTC or alot more

Is it possible 10 XCP may be worth 1.1 BTC

I could be wrong normally & usually i am.

Pumping already starts? Let's wait for crowd-funding to over first, before opening up expectations.

Speaking of, anyone can make a brief comparison between XCP and NXT? I already was asked by several fellow bitcoiners if this a clone of NXT? (Note that no one compared it to MSC, which might either a good or a bad sign).

[BitThink]

if I understood correctly the Proof-of-Burn (POB) concept
is sending BTC to a unspendable address which NOone owns
the private keys to??

XCP will likely be extremely rare..

XCP could potentially be valued at 0.11 BTC or alot more

Is it possible 10 XCP may be worth 1.1 BTC

I could be wrong normally & usually i am.

Pumping already starts? Let's wait for crowd-funding to over first, before opening up expectations.

Speaking of, anyone can make a brief comparison between XCP and NXT? I already was asked by several fellow bitcoiners if this a clone of NXT? (Note that no one compared it to MSC, which might either a good or a bad sign).

XCP is more like MSC than Nxt. Nxt is an altcoin having its own blockchain, but XCP is based on bitcoin blockchain just as MSC.

The benefit to have its own blockchain is the low level protocol can be designed from the scratch to make all high-level protocols easier to be implemented and parsing more efficient. On the other hand, the benefit of basing on bitcoin blockchain is there's already secure hashing rate and a lot of users are already using bitcoin. Moreover, implementation is easier since there's no need to worry about all those mining things.

BTW, one large advantage of Nxt is it's transparent forging (mining). According to what the dev said, it can help to make 51% attack almost impossible. I'm sure everyone agree that 51% attack is almost the pain of bitcoin and all its copycats.

[panonym]

nothing to do here,
but if someone has some solid doc about how pure PoS is secure for double-spending, I'm very interested to read it.
Code = bonus.

PS: nothing prevent XCP burning in a year to transfert wealth to an alternative secure system if better than Bitcoin is out.

[wizzardTim]

Finally, please test with small amount in another wallet first.

Key point above. If testing from the same newly created wallet after sending 1 btc, the change address would be different already

Cheers

Using bitcoin-qt, i made 2 burns from the same address. One of 0.01BTC and one of 0.99BTC. Is there an issue with that? The blockchain showed correctly the sum of the xcp.

[panonym]

Using bitcoin-qt, i made 2 burns from the same address. One of 0.01BTC and one of 0.99BTC. Is there an issue with that? The blockchain showed correctly the sum of the xcp.

Using bitcoind-qt?
Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

[SyRenity]

Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

Just to verify, miners fees (0.0002) are not counted towards 1 BTC limit, right?

[PhantomPhreak]

Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

Just to verify, miners fees (0.0002) are not counted towards 1 BTC limit, right?

Correct.


Everyone, burning with Bitcoin-QT is a bad idea.

[wizzardTim]

Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

Just to verify, miners fees (0.0002) are not counted towards 1 BTC limit, right?

Correct.


Everyone, burning with Bitcoin-QT is a bad idea.

Why is it a bad idea? Bitcoin qt is the same as bitcoind fir windows OS

[PhantomPhreak]

Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

Just to verify, miners fees (0.0002) are not counted towards 1 BTC limit, right?

Correct.


Everyone, burning with Bitcoin-QT is a bad idea.

Why is it a bad idea? Bitcoin qt is the same as bitcoind fir windows OS

Burning with Bitcoind, without counterpartyd, is also a bad idea.

[SyRenity]

XCP is more like MSC than Nxt. Nxt is an altcoin having its own blockchain, but XCP is based on bitcoin blockchain just as MSC.

The benefit to have its own blockchain is the low level protocol can be designed from the scratch to make all high-level protocols easier to be implemented and parsing more efficient. On the other hand, the benefit of basing on bitcoin blockchain is there's already secure hashing rate and a lot of users are already using bitcoin. Moreover, implementation is easier since there's no need to worry about all those mining things.

BTW, one large advantage of Nxt is it's transparent forging (mining). According to what the dev said, it can help to make 51% attack almost impossible. I'm sure everyone agree that 51% attack is almost the pain of bitcoin and all its copycats.

Thanks. What about comparison to MSC?

[wizzardTim]

Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

Just to verify, miners fees (0.0002) are not counted towards 1 BTC limit, right?

Correct.


Everyone, burning with Bitcoin-QT is a bad idea.

Why is it a bad idea? Bitcoin qt is the same as bitcoind fir windows OS

Burning with Bitcoind, without counterpartyd, is also a bad idea.

Sorry, my mistake. I should have said that I also used counterpartyd.

[sixteendigits]

So if I want to burn more than 1 BTC, it is ok to use the same wallet, just as long as I am making a new adderess for each BTC, correct?

[PhantomPhreak]

Unsure it's 100% success (counterpartyd is here for that),
but burning 'same address x+y≦1BTC = no problem.

Just to verify, miners fees (0.0002) are not counted towards 1 BTC limit, right?

Correct.


Everyone, burning with Bitcoin-QT is a bad idea.

Why is it a bad idea? Bitcoin qt is the same as bitcoind fir windows OS

Burning with Bitcoind, without counterpartyd, is also a bad idea.

Sorry, my mistake. I should have said that I also used counterpartyd.

No need to apologize! I just want everyone here to be crystal-clear on this point.