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

[peer2peer360]

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.


2nd burn MUST Be from a new wallet, new address only
1 BTC per address

the other part that needs answering is the Importance
of why it's not wise to burn More than 1BTC??

[1714897576]

1714897576

[jimhsu]

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.

the other part that needs answering is the Importance
of why it's not wise to burning More than 1BTC??

You can burn up to 1 BTC (that is, send 1.0001 BTC to your burn wallet to get 1 BTC + 0.0001 miner's fee)
Burning more than 1 BTC from the same address will not give you more XCP than burning just 1 BTC.

[SyRenity]

Any way to calculate the exact amount of XCP at every stage?

Is this:
2 week - 1400
3 week - 1300

and so on?

[Kyune]

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?

If Mastercoin is the most apt comparison, you may want to review the questions stslimited has been raising about Mastercoin over the last few days in this (Mastercoin) thread: https://bitcointalk.org/index.php?topic=265488.2780.  It seems to me, at least at first glance, that his concerns may have some relevance to Counterparty as well. 

Questions like: what is the functional difference between 10 XCP or 1 XCP or .1 XCP?  How many XCP would someone actually need to use any aspects of this additional protocol layer?  What would require someone to spend XCP or go get more XCP from the open market?

[SyRenity]

If Mastercoin is the most apt comparison, you may want to review the questions stslimited has been raising about Mastercoin over the last few days in this (Mastercoin) thread: https://bitcointalk.org/index.php?topic=265488.2780.  It seems to me, at least at first glance, that his concerns may have some relevance to Counterparty as well. 

Questions like: what is the functional difference between 10 XCP or 1 XCP or .1 XCP?  How many XCP would someone actually need to use any aspects of this additional protocol layer?  What would require someone to spend XCP or go get more XCP from the open market?

Very interesting, thanks for the link!
So it seems that XCP can suffer same issue, as for making the protocol work, all you need is a fraction of XCP.

Perhaps NXT model would be more logical here, with each transfer costing at least a single NXT?

[flayway]

I burn few BTC with few different blockchain accounts for make sure all go right and i want take backup what i can import then later to XCP.  Must i go to "Import/Export" page and there "Export Encrypted" and "Download Backup"?

Sent small donation for developers too hope all go good

[mtbitcoin]

I have encountered a bug (critical?) that is causing the Counterparty client to crash. Is anyone else running into the same issues?

It appears that we have a bad 'transaction' when retrieving the blocks data

This is with the latest git pull at time of posting

From what I can gather the error is coming from around block 280131-280132

----
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 621, in <module>
    blocks.follow(db)
  File "C:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 471, in follow
    raise e
  File "C:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 438, in follow
    source, destination, btc_amount, fee, data = get_tx_info(tx)
  File "C:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 301, in get_tx_info
    data = binascii.unhexlify(bytes(asm[1], 'utf-8'))
binascii.Error: Odd-length string

[PhantomPhreak]

I have encountered a bug (critical?) that is causing the Counterparty client to crash. Is anyone else running into the same issues?

It appears that we have a bad 'transaction' when retrieving the blocks data

This is with the latest git pull at time of posting

From what I can gather the error is coming from around block 280131-280132

----
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 621, in <module>
    blocks.follow(db)
  File "C:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 471, in follow
    raise e
  File "C:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 438, in follow
    source, destination, btc_amount, fee, data = get_tx_info(tx)
  File "C:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 301, in get_tx_info
    data = binascii.unhexlify(bytes(asm[1], 'utf-8'))
binascii.Error: Odd-length string

Yup. I saw that. Someone wrote 'deadbeef', which is a hexadecimal number, in an OP_RETURN output. The latest commit fixes it.

[flayway]

How long can take before burn is complete? I just send 1btc more and I can see that in blockchain.info page that my transfer have go to 1counterpartyXXXX.... and have already 7 confirmations but i dont see that in blockscan.com page... Hope not go wrong

[PhantomPhreak]

Announcement: We've added to Counterparty the ability to imbed and parse data in multi-signature outputs, in addition to OP_RETURNs. This means that all message types (not just burns) now work on mainnet, at regular speed. Counterparty is fully operational (like the second Death Star), without Eligius and without Bitcoin 0.9.

When OP_RETURN goes live, the multi-sig method will probably be retired, just because it's not officially supported and is slightly less elegant. However, the Bitcoin developers have (counter-productively) decided to allow only one OP_RETURN output per tx, so without multi-sig we are limited to 80 bytes per tx. With multi-sig, the limit is much higher. (N.B. Both methods may be combined in a single transaction.)

counterpartyd will continue to function as it always has, except now everything will actually work. As always, be careful: this software is still largely untested.

[porqupine]

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?

If Mastercoin is the most apt comparison, you may want to review the questions stslimited has been raising about Mastercoin over the last few days in this (Mastercoin) thread: https://bitcointalk.org/index.php?topic=265488.2780.  It seems to me, at least at first glance, that his concerns may have some relevance to Counterparty as well. 

Questions like: what is the functional difference between 10 XCP or 1 XCP or .1 XCP?  How many XCP would someone actually need to use any aspects of this additional protocol layer?  What would require someone to spend XCP or go get more XCP from the open market?

Well - you cannot make bets with BTC for example, so you would need to have XCP>

If you are talking about creating smart property, than obviously you just need the minimal amount of XCP and BTC.

[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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.

the other part that needs answering is the Importance
of why it's not wise to burning More than 1BTC??

You can burn up to 1 BTC (that is, send 1.0001 BTC to your burn wallet to get 1 BTC + 0.0001 miner's fee)
Burning more than 1 BTC from the same address will not give you more XCP than burning just 1 BTC.

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.


2nd burn MUST Be from a new wallet, new address only
1 BTC per address

the other part that needs answering is the Importance
of why it's not wise to burn More than 1BTC??

Hold on, PhantomPhreak can you please clarify this?  Do we need to make a new wallet for every burn, or can we simply make a new address within the same wallet?

[jimhsu]

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?

If Mastercoin is the most apt comparison, you may want to review the questions stslimited has been raising about Mastercoin over the last few days in this (Mastercoin) thread: https://bitcointalk.org/index.php?topic=265488.2780.  It seems to me, at least at first glance, that his concerns may have some relevance to Counterparty as well.  

Questions like: what is the functional difference between 10 XCP or 1 XCP or .1 XCP?  How many XCP would someone actually need to use any aspects of this additional protocol layer?  What would require someone to spend XCP or go get more XCP from the open market?

Perhaps I'm not understanding stslimited, but isn't that analogous to asking what is the functional difference between 1 BTC, 1 mBTC, 1 uBTC, and 1 satoshi? All of those monetary units can be used as a basic transfer of wealth (of which 99.99% of it is used for that purpose right now), to send messages, to denote proof of ownership (colored coins), etc. (the latter two are not the primary uses of BTC right now, but could be). Similarly with MSC and XCP, I expect similar analogies to apply -- a store of value, until a network can be built that utilizes the other functions of these coins. How many bitcoin do you need "to do anything"? What someone is willing to take for them in exchange for goods and services.   

Where I could understand is if stslimited considers MSC and XCP transactional currencies, rather than stores of value. And that is right to an extent; the non store-of-value features of these currencies has been a selling point, so to speak. However, in light of this view, I'd like to point to several posts highlighting the transactional currency status of BTC itself, which the community has (by now) embraced the store-of-value concept. Thus, I don't think at all that the transactional and store-of-value concepts should be segregated at all, at least when talking about these.

[flayway]

How long can take before burn is complete? I just send 1btc more and I can see that in blockchain.info page that my transfer have go to 1counterpartyXXXX.... and have already 7 confirmations but i dont see that in blockscan.com page... Hope not go wrong

11 confirmations now and cant see in blockscan. I lose that or some possibility its coming late?

[jimhsu]

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.

the other part that needs answering is the Importance
of why it's not wise to burning More than 1BTC??

You can burn up to 1 BTC (that is, send 1.0001 BTC to your burn wallet to get 1 BTC + 0.0001 miner's fee)
Burning more than 1 BTC from the same address will not give you more XCP than burning just 1 BTC.

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.


2nd burn MUST Be from a new wallet, new address only
1 BTC per address

the other part that needs answering is the Importance
of why it's not wise to burn More than 1BTC??

Hold on, PhantomPhreak can you please clarify this?  Do we need to make a new wallet for every burn, or can we simply make a new address within the same wallet?

"Wallets" in bitcoin-qt are comprised of one or multiple addresses. The terminology is confusing because some people denote an address as a wallet (and the fact that the client hides change wallets by default doesn't help). Each burn can expend a maximum of 1 BTC, per address.

[jimhsu]

How long can take before burn is complete? I just send 1btc more and I can see that in blockchain.info page that my transfer have go to 1counterpartyXXXX.... and have already 7 confirmations but i dont see that in blockscan.com page... Hope not go wrong

11 confirmations now and cant see in blockscan. I lose that or some possibility its coming late?

Wait for blockscan to update to the latest client.

https://bitcointalk.org/index.php?topic=395761.msg4470228#msg4470228

[PhantomPhreak]

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.

the other part that needs answering is the Importance
of why it's not wise to burning More than 1BTC??

You can burn up to 1 BTC (that is, send 1.0001 BTC to your burn wallet to get 1 BTC + 0.0001 miner's fee)
Burning more than 1 BTC from the same address will not give you more XCP than burning just 1 BTC.

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.


2nd burn MUST Be from a new wallet, new address only
1 BTC per address

the other part that needs answering is the Importance
of why it's not wise to burn More than 1BTC??

Hold on, PhantomPhreak can you please clarify this?  Do we need to make a new wallet for every burn, or can we simply make a new address within the same wallet?

Those instructions to create a new wallet were for using Bitcoind/Bitcoin-QT. Using counterpartyd or Blockchain.info, you only need a new address.

[flayway]

Those instructions to create a new wallet were for using Bitcoind/Bitcoin-QT. Using counterpartyd or Blockchain.info, you only need a new address.

I have make new blockchain account to all my coins what have burned expect first two because think all go sure right

[SyRenity]

Where I could understand is if stslimited considers MSC and XCP transactional currencies, rather than stores of value. And that is right to an extent; the non store-of-value features of these currencies has been a selling point, so to speak. However, in light of this view, I'd like to point to several posts highlighting the transactional currency status of BTC itself, which the community has (by now) embraced the store-of-value concept. Thus, I don't think at all that the transactional and store-of-value concepts should be segregated at all, at least when talking about these.

And why you would store wealth in MSC/XCP, if you have BTC for that?
At least NXT offers a completely new way of coin creation, which makes the ASIC race pointless.

[peer2peer360]

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.

the other part that needs answering is the Importance
of why it's not wise to burning More than 1BTC??

You can burn up to 1 BTC (that is, send 1.0001 BTC to your burn wallet to get 1 BTC + 0.0001 miner's fee)
Burning more than 1 BTC from the same address will not give you more XCP than burning just 1 BTC.

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?

I could be wrong normally & usually I am

what was understood was that you could

Burn NO more than 1BTC (0.99990000) per address.


2nd burn MUST Be from a new wallet, new address only
1 BTC per address

the other part that needs answering is the Importance
of why it's not wise to burn More than 1BTC??

Hold on, PhantomPhreak can you please clarify this?  Do we need to make a new wallet for every burn, or can we simply make a new address within the same wallet?

Those instructions to create a new wallet were for using Bitcoind/Bitcoin-QT. Using counterpartyd or Blockchain.info, you only need a new address.

if that's true then it makes perfect sense now.

Using Counterpartyd & Blockchain.org
(requires Only new address)

Using Bitcoind/bitcoin QT
(required New wallet, New Address)