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

[Patel]

halfcab123. Dude, whats with the gigantic tard font?


You misunderstood what I asked. Feel free to NOT answer this in big bold font or not at all, thanks.


Anyone who actually can answer my question, I would appreciate it. Did someone not have to generate that address? Doesn't bitcoin have protection from sending funds to an account that doesn't exist? Or can I just make up an account string, send funds to it and bam, it's on the blockchain?

As far as I know, you can generate addresses like that. The checksum just has to match up at the end. Its like the 1BitcoinEaterAddressDontSendf59kuE address, it has a valid checksum, but noone will ever be able to get those coins.

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[Patel]

Okay, maybe I'm still missing something or just dense and not seeing the obvious. But I generate, then I get the private key for the address at the end of the generation process. How do we know one of the counterparty folk didn't keep the private key to access the burn funds?

Theres no way you can generate a vanity address that big. Even with a quantum computer, it will probably take you more years than Bitcoin even existed.

The XCP burn address was created, last 5 digits are to create a valid checksum so Bitcoin will accept the address and let people send funds there.

[jimhsu]

How is the BTC burned?  Does that mean I lose the BTC forever?  How is this accomplished, technically?

The BTC are given to Bitcoin miners in fees. BTC are sent to addresses for which there is no private key. That makes them impossible to get back.

How can you have an address for which there is no private key? Wouldn't someone have to generate that address and wouldn't you need to trust that person to not have copied it and keep it in secret? Especially a vanity address such as the counterparty one?

I actually don't know for sure, but the way I've come to understand it is; there are basically enough addresses similiar to the amount of sand particles on earth times sand particles on earth and then some. Each of these addresses are already capable of being used. My guess is that someone somewhere in a hundred to a thousand years would be issued that counterparty address and win the lottery. As far as I know its not really possible to have an unspendable address.

It's kind of like if i sent $100 to asdfasdfasdjfskldjflsdjf@hotmail.com via paypal. It would go through, even if that email address didn't have a paypal account. But then if I created that email account and joined paypal, theoretically I would be authorized to claim that money.

I would say that the chances of someone recieving that counterparty address though, are so slim, it may never actually happen. But can someone correct me if I'm wrong ? I'm just guessing.

Numbers of grains of sand in the world: About 10^18
http://wiki.answers.com/Q/How_many_grains_of_sand_are_there_in_the_world

Numbers of stars in the universe: About 10^23 (http://www.huffingtonpost.com/2010/12/01/number-of-stars-in-universe_n_790563.html)

Number of possible unique bitcoin addresses: 58^27 (excluding checksum) ~ 10^47

If every star in the universe had an earthlike planet (hardly true), and every grain of sand on these planets represented a bitcoin address ... we would still fall way short of the number of possible addresses.

Humans are just not that good with very large numbers.

It's kind of like if i sent $100 to asdfasdfasdjfskldjflsdjf@hotmail.com via paypal. It would go through, even if that email address didn't have a paypal account. But then if I created that email account and joined paypal, theoretically I would be authorized to claim that money.

Ah, but that's the beauty of asymmetric key encryption. Say that you in fact sent money to asdfasdfasdjfskldjflsdjf@hotmail.com ... but no one else knows that. What bitcoin does is allow anyone to verify that you in fact sent that amount ... without disclosing the ability to actually make that account to anyone. I'm still amazed at the brilliance of bitcoin on a day to day basis, hence why I took the time to write this post, even though the things here are obvious

PS A birthday attack on a bitcoin address is FAR more likely (sqrt(10^47) = 3 * 10^23 which is close to 1 mole). There are several million bitcoin addresses that have been used so far. It is possible (though still hideously unlikely) that someone generates the private key to an already used addresses in the next several hundred thousand years, assuming human civilization survives that long (which will most likely contain a balance of zero). Generating the address to a particular account, though, is 0.000000000000000000000001 times as likely. (Bitcoin doesn't break when that happens, though. All you basically end up with is an equivalent of a copy of wallet.dat.)

[xnova]

After installing counterpartyd on Windows,

when I try to run it, I get this error:
====
C:\Users\Owner>cd C:\counterpartyd_build

C:\counterpartyd_build>C:\Python32\python.exe run.py server
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 397,
n <module>
    int(config.RPC_PORT)
ValueError: invalid literal for int() with base 10: ''

During handling of the above exception, another exception occurred:

Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 400,
n <module>
    raise Exception("Please specific a valid port number rpc-port configuration
parameter")
Exception: Please specific a valid port number rpc-port configuration parameter

====

My bitcoin.conf looks like this

rpcuser=rpc
rpcpassword=rpcpw1234
server=1
daemon=1
txindex=1

=========
and

counterpartyd.conf

[Default]
bitcoind-rpc-connect=localhost
bitcoind-rpc-port=8332
bitcoind-rpc-user=rpc
bitcoind-rpc-password=rpcpw1234
rpc-host=localhost
rpc-port=
rpc-user=
rpc-password=xcppw1234

==

I have left counterpartyd.conf the default format, but If I add 8332 to rpc-port on counterpartyd.conf it seems like it adds all the blocks since the burn block. Is this normal?

I had that problem also at one point. Try in counterpartyd.conf rpc-port=4000. That worked for me and it might work for you.

The problem was that counterpartyd would not resort to the default parameter value if a given parameter was specified in the config but left blank (e.g. "rpc-host="). This has been fixed on the develop branch. Thanks for pointing that out.

[xnova]

Any idea where is the API doc?

The official docs don't seem to include this page anymore:
http://counterpartyd-build.readthedocs.org/en/latest/

You can always find it on Github here: https://github.com/PhantomPhreak/counterpartyd/blob/master/docs/API.rst

Thanks, any idea when the do_dividend function will be implemented?

It should be implemented today:

https://github.com/PhantomPhreak/counterpartyd/blob/master/lib/api.py#L219

Let us know if you have any issues with it.

[xnova]

Any idea where is the API doc?

The official docs don't seem to include this page anymore:
http://counterpartyd-build.readthedocs.org/en/latest/

Check out the note at http://counterpartyd-build.readthedocs.org/en/latest/#table-of-contents

That will tell you the new location. 

[xnova]

How is the BTC burned?  Does that mean I lose the BTC forever?  How is this accomplished, technically?

The BTC are given to Bitcoin miners in fees. BTC are sent to addresses for which there is no private key. That makes them impossible to get back.

How can you have an address for which there is no private key? Wouldn't someone have to generate that address and wouldn't you need to trust that person to not have copied it and keep it in secret? Especially a vanity address such as the counterparty one?

jimhsu has a good response, also see the FAQ entry on this:

http://counterparty.co/faqs/use-funds-from-burn-address/

[BitThink]

I have sent 1BTC to the address 1CounterpartyXXXXXXXXXXXXXXXUWLpVr, and it has been confirmed. But it is shown in http://www.counterparty-explorer.com/ "error: not confirmed yet“. Anyone know the reason. What should I do? Thanks.

Sorry, that's a bug and I will fix it as soon as I get time. Please check blockscan.com to confirm.

[supersuber]

Code:

C:\counterpartyd_build\dist\counterpartyd>counterpartyd.py --help
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 15, in
 <module>
    from prettytable import PrettyTable
ImportError: No module named prettytable

Can you tell me why?

[delulo]

How does XCP improve on Bitshares (Mastercoin to a lesser degree)? As those are similar concepts. What advantages does XCP have? What are core differences?

How do you want to compete with the above with little to no funding? What is the plan for developing XCP?

[Patel]

How does XCP improve on Bitshares (Mastercoin to a lesser degree)? As those are similar concepts. What advantages does XCP have? What are core differences?

Main feature is XCP has features working right now, and everyone else is mostly just talk. I will acknowledge when they release features, but so far MSC only has simple send in 6 months, whereas XCP has its core already developed in less than 1. XCP will also have a client released soon.

[qtgwith]

Selling 1125 XCP for 1btc

More than you get by burning.

Check my rep thread

 

[xnova]

Code:

C:\counterpartyd_build\dist\counterpartyd>counterpartyd.py --help
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 15, in
 <module>
    from prettytable import PrettyTable
ImportError: No module named prettytable

Can you tell me why?

If you didn't install counterpartyd dependencies manually (which it appears you didn't), you need to run it with run.py, as the documentation states. Otherwise it won't be able to find the dependencies:

try:

Code:

C:\python32\python.exe C:\counterpartyd_build\run.py --help

[qtgwith]

It seems something wrong with the burning in http://www.counterparty-explorer.com/. The XCP creation suddently jumped from 2091000 to 2163457 while the BTC burned only from 1559 to 1661. Whether it is caused by some "not confirmed"?

[BitThink]

It seems something wrong with the burning in http://www.counterparty-explorer.com/. The XCP creation suddently jumped from 2091000 to 2163457 while the BTC burned only from 1559 to 1661. Whether it is caused by some "not confirmed"?

Yes, I restarted the server and now the value is correct.

[BitThink]

I've redirect counterparty-explorer.com to blockscan.com, because currently I am too busy to maintain the counterparty-explorer.com. Moreover, blockscan has way more features.

[BitThink]

We can see that daily burned BTC has decreased a lot (around 26 BTC per day), and Patel has begun selling his XCP cheaper than burning. It means the demands decrease and supply has begun to kick in. Therefore, apparently the price XCP will not increase until there're major updates: such as new clients or the first serious issuance or some bets. 

[led_lcd]

Selling 1125 XCP for 1btc

More than you get by burning.

Check my rep thread

 

There's always a silver lining to every cloud. You can see this as distribution away from centralised holders.

[led_lcd]

Anyone want to bet 10 XCP on the Super Bowl? I'll take the Seahawks to win at even money and set up/manage a feed if someone wants to test out the bet feature.

Sure, I'm keen to give it a go.

[mtbitcoin]

Anyone want to bet 10 XCP on the Super Bowl? I'll take the Seahawks to win at even money and set up/manage a feed if someone wants to test out the bet feature.

Sounds interesting... Since this is sort of the first "public" feed/bet perhaps you can put up a point to point instruction of what someone would need to subscribe to your feed/bet

Cheers