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

[prophetx]

btw I just remembered that the Chinese give each other these red envelops with lucky money in the new year or leading up to the Chinese new year, and then they burn it I think... I'm not Chinese so I don't really know how it works.

I know it was not the original intent of this project to burn, but I thought how ironic that the burn would end around the Chinese new year. 

[1715472845]

1715472845

[1715472845]

1715472845

[lonsharim]

Will the amount of coins minted by burning be a set amount and everyone gets a share proportional to their investment or will it be a set amount x investment?

No
Investment in XCP per BTC gives you between 1500 and 1000 XCP. How much you get depends on which block your burn transaction is a part of. Currently these transactions need to be between 278310 and 283810. Transactions part of the earlier blocks get closer to 1500 and transactions part of the last few blocks will likely fetch you 1000 XCP.

There is a simple algo a few pages behind that calculates the XCP you can potentially receive.

[lonsharim]

Is it enough confirmation to see the bitcoin has been received @ this address 1CounterpartyXXXXXXXXXXXXXXXUWLpVr when done through blockchain.info?

No, that's not necessarily proof of burn. It would be best to check your address using counterpartyd or blockscan.com.
If you feel unsafe burning yourself you can use my escrow burn service:
https://docs.google.com/forms/d/1GY1pNSLo8PUW8cSb9WJC8OdQOdrZ510pGEXTBIvq3i0

How long does it take to see XCP at the addressed used for burning?

I could test this process by burning 0.01 BTC and check.

blockscan.com is pretty quick, as soon as it catches up with the latest block you'll be able to see your balance. Should not take more than 15 minutes or so.

Thanks maxmint

I was able to burn from blockchain.info easily enough and also confirm the XCP received at my address through blockscan.com

At some point I will have to sort out my local bitcoin-qt wallet and import the private keys there so that I can use the counterparty wallet.

[Bitye West]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

[TheMightyX]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

[porqupine]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

It seems there is more money to be made in scammy altcoins and promise-to-do-something protocols than the actual thing..-- Nevertheless in terms of a protocol/currency being adopted the later has much better chances (even if the devs do not get super rich from it).
Regarding PoS and asset issuance: while it would be tenable to have a PoS multi-sig requirement for asset issuance, I'm not sure it would be altogether fair. Basically a big stake owner in XCP could still issue as many assets as he would like, and low stake owners would have to scramble,if only to enable the use of a certain feature inherent to the protocol.  I think asset balance maintenance is significantly more solid - say .5 btc (200xcp) is not that much to maintain one's own asset for accounting purposes (even if its just for internal bets/accounts between a limited number of people), (and if someone has 50000 xcp sure let them make 100 assets it still won't enable them to monopolize available asset names, and it will commit their funds to non-liquidity, the later only being reasonable if they have a real use for these assets.

[halfcab123]

Why so much doom and gloom around this coin

[halfcab123]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

It seems there is more money to be made in scammy altcoins and promise-to-do-something protocols than the actual thing..-- Nevertheless in terms of a protocol/currency being adopted the later has much better chances (even if the devs do not get super rich from it).
Regarding PoS and asset issuance: while it would be tenable to have a PoS multi-sig requirement for asset issuance, I'm not sure it would be altogether fair. Basically a big stake owner in XCP could still issue as many assets as he would like, and low stake owners would have to scramble,if only to enable the use of a certain feature inherent to the protocol.  I think asset balance maintenance is significantly more solid - say .5 btc (200xcp) is not that much to maintain one's own asset for accounting purposes (even if its just for internal bets/accounts between a limited number of people), (and if someone has 50000 xcp sure let them make 100 assets it still won't enable them to monopolize available asset names, and it will commit their funds to non-liquidity, the later only being reasonable if they have a real use for these assets.

Are you suggesting 200 xcp = .5 btc ... Just wondering

[TheMightyX]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

It seems there is more money to be made in scammy altcoins and promise-to-do-something protocols than the actual thing..-- Nevertheless in terms of a protocol/currency being adopted the later has much better chances (even if the devs do not get super rich from it).
Regarding PoS and asset issuance: while it would be tenable to have a PoS multi-sig requirement for asset issuance, I'm not sure it would be altogether fair. Basically a big stake owner in XCP could still issue as many assets as he would like, and low stake owners would have to scramble,if only to enable the use of a certain feature inherent to the protocol.  I think asset balance maintenance is significantly more solid - say .5 btc (200xcp) is not that much to maintain one's own asset for accounting purposes (even if its just for internal bets/accounts between a limited number of people), (and if someone has 50000 xcp sure let them make 100 assets it still won't enable them to monopolize available asset names, and it will commit their funds to non-liquidity, the later only being reasonable if they have a real use for these assets.

Are you suggesting 200 xcp = .5 btc ... Just wondering

I think that was just an arbitrary number.
Regardless, the final amount disbursed is always going to be an arbitrary number assuming adequate divisibility.

[BitThink]

btw I just remembered that the Chinese give each other these red envelops with lucky money in the new year or leading up to the Chinese new year, and then they burn it I think... I'm not Chinese so I don't really know how it works.

I know it was not the original intent of this project to burn, but I thought how ironic that the burn would end around the Chinese new year. 

No, Chinese will use the lucky money in the envelops. Chinese only burn fake money as an way to worship ancestors. These are two different things.

[SyRenity]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

It seems there is more money to be made in scammy altcoins and promise-to-do-something protocols than the actual thing..-- Nevertheless in terms of a protocol/currency being adopted the later has much better chances (even if the devs do not get super rich from it).

While it won't bring quantum jump as NXT did (after all, Nxt is quite unique being both first PoS and having a very limited initial distribution), I still expect a very solid profit on this technology. It very depends how market adopts and runs with it bringing innovative features onwards.

Also motivating the devs with donations is a significant part of the success .

[prophetx]

btw I just remembered that the Chinese give each other these red envelops with lucky money in the new year or leading up to the Chinese new year, and then they burn it I think... I'm not Chinese so I don't really know how it works.

I know it was not the original intent of this project to burn, but I thought how ironic that the burn would end around the Chinese new year. 

No, Chinese will use the lucky money in the envelops. Chinese only burn fake money as an way to worship ancestors. These are two different things.

so the lucky money is real money then?

when do they burn the fake money? 

[BitThink]

btw I just remembered that the Chinese give each other these red envelops with lucky money in the new year or leading up to the Chinese new year, and then they burn it I think... I'm not Chinese so I don't really know how it works.

I know it was not the original intent of this project to burn, but I thought how ironic that the burn would end around the Chinese new year.  

No, Chinese will use the lucky money in the envelops. Chinese only burn fake money as an way to worship ancestors. These are two different things.

so the lucky money is real money then?

when do they burn the fake money?  

Yes, the lucky money is real money.

The fake money is burnt on Qingming (around 5th April), 7th month in lunar calendar, and other days, mostly for ancestors worship.

Actually, burning real money is illegal in China, just like in most countries. But certainly nobody cares if you are not burning millions.

[prophetx]

btw I just remembered that the Chinese give each other these red envelops with lucky money in the new year or leading up to the Chinese new year, and then they burn it I think... I'm not Chinese so I don't really know how it works.

I know it was not the original intent of this project to burn, but I thought how ironic that the burn would end around the Chinese new year.  

No, Chinese will use the lucky money in the envelops. Chinese only burn fake money as an way to worship ancestors. These are two different things.

so the lucky money is real money then?

when do they burn the fake money?  

Yes, the lucky money is real money.

The fake money is burnt on Qingming (around 5th April), 7th month in lunar calendar, and other days, mostly for ancestors worship.

Actually, burning real money is illegal in China, just like in most countries.

cool thanks for the lesson

[cityglut]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

It seems there is more money to be made in scammy altcoins and promise-to-do-something protocols than the actual thing..-- Nevertheless in terms of a protocol/currency being adopted the later has much better chances (even if the devs do not get super rich from it).
Regarding PoS and asset issuance: while it would be tenable to have a PoS multi-sig requirement for asset issuance, I'm not sure it would be altogether fair. Basically a big stake owner in XCP could still issue as many assets as he would like, and low stake owners would have to scramble,if only to enable the use of a certain feature inherent to the protocol.  I think asset balance maintenance is significantly more solid - say .5 btc (200xcp) is not that much to maintain one's own asset for accounting purposes (even if its just for internal bets/accounts between a limited number of people), (and if someone has 50000 xcp sure let them make 100 assets it still won't enable them to monopolize available asset names, and it will commit their funds to non-liquidity, the later only being reasonable if they have a real use for these assets.

Whatever XCP balance were required to maintain an asset name could just be made a fee to purchase the asset name. Having to keep 200 XCP at an address in order to maintain ownership of an asset name is tantamount to paying a 200 XCP fee for that asset name. Asset names can, moreover, be transferred to other addresses, and so one could theoretically transfer an asset to another address in exchange for XCP (or any other asset), but as this is not an atomic transaction, one would need to trust that the latter will send the XCP.

[peer2peer360]

Would it be a good idea to try to keep this coin on the DL until after the burn period is over?

We can all keep it hush and try to keep the thread bumping and promoting at a minimum until the burn is over.

yes, except that there is already 1,400+ BTC burnt.
So.... cats out of the bag. This will not be another NXT moneymaking bonanza.

I could be wrong usually & normally I am

I highly Doubt XCP will remain inexpensive much longer
after the proof of burn process is completed.

XCP among one of the top most anticipated BTCitcoin
2.0 projects of the year..

innovations/ D'ex functionality all within itself may just be the
leading contributing factor to its success & longivity.

If XCP are shaped, formed or fashioned after
MSC in anyway or remotely better then is it not safe to say

XCP could very easily rise in price naturally without hype.

a well diversified CryptoPortfolio may include some
of the leading BTCitcoin 2.0 decentralized peer2peer trustless
projects (MSC, XCP, PTS, Etheruem)

2014 may be a very interesting year.

[panonym]

Actually, burning real money is illegal in China, just like in most countries. But certainly nobody cares if you are not burning millions.

Burn 10$, it's a crime.
Burn 1'000'000$, it's statistic

Am I the only one having problem with the decentralized market?
I get this error:

Code:

counterpartyd market

Open Orders
Traceback (most recent call last):
  File "/home/panonym/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 612, in <module>
    market(args.give_asset, args.get_asset)
  File "/home/panonym/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 42, in market
    print(str(table.get_string(sortby='Price')))
  File "/home/panonym/counterpartyd_build/env/lib/python3.3/site-packages/prettytable.py", line 984, in get_string
    rows = self._get_rows(options)
  File "/home/panonym/counterpartyd_build/env/lib/python3.3/site-packages/prettytable.py", line 933, in _get_rows
    rows.sort(reverse=options["reversesort"], key=options["sort_key"])
TypeError: unorderable types: str() < int()

I updated from git right now.
I already got a similar error 2 days ago. ('needed a break, didn't reported ASAP)

For XCP value to increase faster:
A centralized exchange could be a big plus (need easiness for the "mainstreamer").
An intuitive GUI could be enough (but it force the "mainstreamer" to have a full bitcoind running, with txindex=1)

edit:
This could help for inspiration: https://masterchest.info/
Keeping only the decentralized exchange, but allowing an easy access to it from a website.
Where at least the exchange BTC -> XCP would be made extremely easy.
Such as "send 0.005BTC here" to cover the fee [of the webmaster account] for matching an order.
Then when matched, "send xBTC there" corresponding to btcpay_ID, which finalize the transaction.
So that if someone new - buy with close to zero knowledge - wish to buy XCP, he can use this intermediary service.
Just need to send 2 time BTC and it's done for him.
Or webmaster can think about a % fee. User need only one transaction.
Send x BTC somewhere, get y XCP minus fee.
Easiness = good for market value.
 

[sixteendigits]

Noticing a tick up in <1 BTC burns (the stock analogy would be odd-lot trades) the past few days. Increasing public awareness of the XCP idea?

Nice observation!


Though unfortunately the donations are still near 0:
https://blockchain.info/address/19QX5WBkkaUXAZ4HZrNtPtjPsakGG2co8H

Let's hope the community will at least start donating XCP's, otherwise everyone may end up sitting on a pile of useless bits and bytes.

What is this address?  I was going to make a BTC donation to 12J1YFvsWHDCU5HNAWNLNy1Q9nZo8Q4Xgs which I thought was the official donation address.  The donations are a bit paltry at the moment, would like to show my support, but I imagine as soon as a reliable windows installer and GUI are developed the XCP donations will start pouring in.  Now I'm no tech idiot, but as soon as I see the phrases "compile from source" and "command-line interface", I say "nope" and turn right around.  I imagine it is the same for many who burnt XCP.

Don't get me wrong, not telling PhantomPhreak and xnova to work faster, they have made impressive progress already. Just saying if the development team is discouraged by the lack of community support by way of funding, I imagine that will change quickly as soon as the project gets that far.

[Patel]

Noticing a tick up in <1 BTC burns (the stock analogy would be odd-lot trades) the past few days. Increasing public awareness of the XCP idea?

Nice observation!


Though unfortunately the donations are still near 0:
https://blockchain.info/address/19QX5WBkkaUXAZ4HZrNtPtjPsakGG2co8H

Let's hope the community will at least start donating XCP's, otherwise everyone may end up sitting on a pile of useless bits and bytes.

What is this address?  I was going to make a BTC donation to 12J1YFvsWHDCU5HNAWNLNy1Q9nZo8Q4Xgs which I thought was the official donation address.  The donations are a bit paltry at the moment, would like to show my support, but I imagine as soon as a reliable windows installer and GUI are developed the XCP donations will start pouring in.  Now I'm no tech idiot, but as soon as I see the phrases "compile from source" and "command-line interface", I say "nope" and turn right around.  I imagine it is the same for many who burnt XCP.

Don't get me wrong, not telling PhantomPhreak and xnova to work faster, they have made impressive progress already. Just saying if the development team is discouraged by the lack of community support by way of funding, I imagine that will change quickly as soon as the project gets that far.

The link SyRenity posted is not the official donation address. You can find the official donation address in the OP.

[SyRenity]

The link SyRenity posted is not the official donation address. You can find the official donation address in the OP.

My bad, the address in blockchain is indeed:
https://blockchain.info/address/12J1YFvsWHDCU5HNAWNLNy1Q9nZo8Q4Xgs

Nice to see the donations starting to flow there!