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

[jimhsu]

You don't want to do a BTCpay right before the order match is set to expire (especially in the future, when blocks are closer to being full).

Can this be foolproofed somehow before going mainstream? I'd hate to think of all the posts on the forums when people start losing BTC. Maybe the BTCpay operation can accept an order match number as an optional parameter and the escrow time extended if necessary for the amount of that specific order only, provided BTCpay is called before the offer expires. The number of blocks to extend would be based on what the protocol determines is reasonable at the time or could be hardcoded initially.

This will come with the GUI/online client. Btcpay right now is not at all user friendly, (neither is order matching), but remember this is alpha quality software. Bitcoin wasn't built in a day (or for that matter, a year).

I encourage people to sign up for reddit (if you haven't already) and try to answer outstanding questions in the reddit thread: http://www.reddit.com/r/Bitcoin/comments/1wtz2b/2124_btc_destroyed_in_proofofburn/
A lot of people are sold on the idea (unlike, for instance, NXT); they just want to know how to acquire some XCP.

[cityglut]

You don't want to do a BTCpay right before the order match is set to expire (especially in the future, when blocks are closer to being full).

Can this be foolproofed somehow before going mainstream? I'd hate to think of all the posts on the forums when people start losing BTC. Maybe the BTCpay operation can accept an order match number as an optional parameter and the escrow time extended if necessary for the amount of that specific order only, provided BTCpay is called before the offer expires. The number of blocks to extend would be based on what the protocol determines is reasonable at the time or could be hardcoded initially.

I think maybe there is some confusion here?

There are two different Expiration Scenarios. 1) The expiration of the unfilled order (order-expiration). 2) The expiration of the time period a buyer has to send bitcoins to the seller through BTCPay (order-match-expiration).

From what I understand PhantomPhreak is talking about order-match-expiration. For example, an order is matched and the buyer has to push a BTCPay transaction to the blockchain within 5 blocks. He pushes it before 5 blocks are finished but it takes longer than that for his transaction to be confirmed. He loses his bitcoins in this scenario.

In terms of order-expiration, that should never cause you to lose bitcoins. When the order is matched, the order is no longer unfilled and therefore the order-expiration is no longer relevant.

Please correct me if I'm wrong.

You are correct, I believe.

[panonym]

A lot of people are sold on the idea; they just want to know how to acquire some XCP.

Exactly.
Jimhsu you are welcome to comment on my proposal to make that simpler.
(or explain me what I miss and/or don't grasp in multisig creation / data attachment)

[ddink7]

Forgive my questions: I'm very newb (not overly technical).

Let's say I want to list 10 XCP for 0.01 BTC each. I want my offer to expire in approx 24 hours, and I want to give the buyer approx 1 hour to transfer the BTC. What would I put on the command line in counterpartyd to do this?

[Patel]

Done it.

unfortunately this error came up:

Code:

C:\counterpartyd_build>C:\counterpartyd_build\run.py burn --from=1CibkcwpBRZAMZU
wv6hXE1eNoZ8Mb38cQg --quantity=0.0029
Confirm? (y/N) y
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 585, i
n <module>
    json_print(bitcoin.transmit(unsigned_tx_hex, unsigned=args.unsigned))
  File "C:\counterpartyd_build\dist\counterpartyd\lib\bitcoin.py", line 315, in
transmit
    return rpc('sendrawtransaction', [signed_tx_hex])
  File "C:\counterpartyd_build\dist\counterpartyd\lib\bitcoin.py", line 69, in r
pc
    raise exceptions.BitcoindError('{}'.format(response_json['error']))
lib.exceptions.BitcoindError: {'message': 'TX rejected', 'code': -22}

C:\counterpartyd_build>

Code:

'TX rejected', 'code': -22

 TX rejected?

I am getting this same error when sending.

If anyone gets this error, it gets caused because when you send, it will send the change outputs to a different address. And you need to put them back onto your XCP address.

An easy fix for this is to send multiple outputs of 0.0003172 to your XCP address, so every time you send, or do a order, it will use one of the multiple outputs instead of sending the change to a different address.

========

Selling 1k XCP for 7.5btc

[PhantomPhreak]

Done it.

unfortunately this error came up:

Code:

C:\counterpartyd_build>C:\counterpartyd_build\run.py burn --from=1CibkcwpBRZAMZU
wv6hXE1eNoZ8Mb38cQg --quantity=0.0029
Confirm? (y/N) y
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 585, i
n <module>
    json_print(bitcoin.transmit(unsigned_tx_hex, unsigned=args.unsigned))
  File "C:\counterpartyd_build\dist\counterpartyd\lib\bitcoin.py", line 315, in
transmit
    return rpc('sendrawtransaction', [signed_tx_hex])
  File "C:\counterpartyd_build\dist\counterpartyd\lib\bitcoin.py", line 69, in r
pc
    raise exceptions.BitcoindError('{}'.format(response_json['error']))
lib.exceptions.BitcoindError: {'message': 'TX rejected', 'code': -22}

C:\counterpartyd_build>

Code:

'TX rejected', 'code': -22

 TX rejected?

I am getting this same error when sending.

If anyone gets this error, it gets caused because when you send, it will send the change outputs to a different address. And you need to put them back onto your XCP address.

An easy fix for this is to send multiple outputs of 0.0003172 to your XCP address, so every time you send, or do a order, it will use one of the multiple outputs instead of sending the change to a different address.

========

Selling 1k XCP for 7.5btc

counterpartyd always sends the change back to the source address. The problem might be that those change inputs remain unconfirmed for a while, however.

[kdrop22]

You don't want to do a BTCpay right before the order match is set to expire (especially in the future, when blocks are closer to being full).

Can this be foolproofed somehow before going mainstream? I'd hate to think of all the posts on the forums when people start losing BTC. Maybe the BTCpay operation can accept an order match number as an optional parameter and the escrow time extended if necessary for the amount of that specific order only, provided BTCpay is called before the offer expires. The number of blocks to extend would be based on what the protocol determines is reasonable at the time or could be hardcoded initially.

This will come with the GUI/online client. Btcpay right now is not at all user friendly, (neither is order matching), but remember this is alpha quality software. Bitcoin wasn't built in a day (or for that matter, a year).

I encourage people to sign up for reddit (if you haven't already) and try to answer outstanding questions in the reddit thread: http://www.reddit.com/r/Bitcoin/comments/1wtz2b/2124_btc_destroyed_in_proofofburn/
A lot of people are sold on the idea (unlike, for instance, NXT); they just want to know how to acquire some XCP.

Everyone, please help spread the word. To be successful as an asset trading and betting platform for financial instruments, we need broad community participation not just few early adopters.

[halfcab123]

I ran reparse, but it says its not a valid choice.

purgue will reparse the counterparty DB.

Thank you!  

Thanks Phantom for the fix, the XCP is now showing in the wallet.

Man that is great to hear Patel!

[PhantomPhreak]

So what was the result of the Super Bowl bet between me and jimhsu?

I can see on blockscan that I've been credited 1 XCP from winning the bet since I only received 1340 XCP from burning and my "total received" shows 1341 XCP:
http://blockscan.com/address.aspx?q=1QBPsB2ea61vWTNA9nGUhaHqPQB4SXF4fN

However, my balance is still 1340. What is causing this discrepancy?

What should your balance be? I found a bug in the bet expiration code, and now I'm getting 1399.41 XCP.

EDIT: In addition to that problem, the bet isn't being settled, it seems.

[rotalumis]

Everyone, please help spread the word. To be successful as an asset trading and betting platform for financial instruments, we need broad community participation not just few early adopters.

Is there any reason the burn was not really publicized much? I first learned of XCP when I saw the post-burn thread on reddit late last night, already in bed, and immediately felt burned myself (haha!) for not having found out in time. I think I need to cool off a little before buying in, especially since the price is now around 10x and we don't seem to be out of the a-future-update-might-not-be-backward-compatible-and-you-might-lose-it-all development phase.

Anyway, I'm a professional copywriter and I would still like to offer my services to proof/correct/improve any communications you want to send out, even if I'm not yet invested in XCP. I think Patel was preparing a PR.

[PhantomPhreak]

So what was the result of the Super Bowl bet between me and jimhsu?

I can see on blockscan that I've been credited 1 XCP from winning the bet since I only received 1340 XCP from burning and my "total received" shows 1341 XCP:
http://blockscan.com/address.aspx?q=1QBPsB2ea61vWTNA9nGUhaHqPQB4SXF4fN

However, my balance is still 1340. What is causing this discrepancy?

What should your balance be? I found a bug in the bet expiration code, and now I'm getting 1399.41 XCP.

EDIT: In addition to that problem, the bet isn't being settled, it seems.

The reason that the bet wasn't settled is that the broadcast you made announcing the result was timestamped before the bet's deadline, which was a few hours ago. You just need to make another broadcast with the same values now (counterpartyd does the timestamping automatically).

EDIT: The expiration bug should have only affected the develop branch.

[ddink7]

Everyone, please help spread the word. To be successful as an asset trading and betting platform for financial instruments, we need broad community participation not just few early adopters.

Is there any reason the burn was not really publicized much? I first learned of XCP when I saw the post-burn thread on reddit late last night, already in bed, and immediately felt burned myself (haha!) for not having found out in time. I think I need to cool off a little before buying in, especially since the price is now around 10x and we don't seem to be out of the a-future-update-might-not-be-backward-compatible-and-you-might-lose-it-all development phase.

Anyway, I'm a professional copywriter and I would still like to offer my services to proof/correct/improve any communications you want to send out, even if I'm not yet invested in XCP. I think Patel was preparing a PR.

I'm not sure how it could have been advertised more? This thread has 108 pages and 38,400 page views. Short of taking out a paid advertisement somewhere, what can you do?

FWIW I actually read about it in the Ethereum thread and though it might have potential, so came over here and started reading up on it.

[physalis]

0.01 BTC for 1.0 XCP

OK, so we're now expected to pay 10-15x of what people burned BTC for 2 days ago.... sure.

If somebody wants to do a decent, non-scammy trade, I'll offer 0.0015 btc/xpc.

[rotalumis]

I'm not sure how it could have been advertised more? This thread has 108 pages and 38,400 page views. Short of taking out a paid advertisement somewhere, what can you do?

I haven't been too active here lately, but if that reddit post had been made 24 hours earlier, I'd have burned a BTC or two. The original announcement post on reddit 28 days ago got just 14 upvotes and must have been buried in the flurry of altcoin posts, which is why no one saw it.

[relm9]

I think the publicity was quite good - it was actually mentioned on Coindesk.com in an article alongside Mastercoin like a week ago, most projects here don't get anywhere near that kind of exposure early on. I was expecting the amount of BTC burned to be way higher.

[ddink7]

0.01 BTC for 1.0 XCP

OK, so we're now expected to pay 10-15x of what people burned BTC for 2 days ago.... sure.

If somebody wants to do a decent, non-scammy trade, I'll offer 0.0015 btc/xpc.

I don't think anybody expects you to do anything. You either buy or you don't. Up to you.

[halfcab123]

0.01 BTC for 1.0 XCP

OK, so we're now expected to pay 10-15x of what people burned BTC for 2 days ago.... sure.

If somebody wants to do a decent, non-scammy trade, I'll offer 0.0015 btc/xpc.

I don't think anybody expects you to do anything. You either buy or you don't. Up to you.

Buyers need to realize that the burn period is over. Sorry. No one is going to sell for that cheap, you're crazy. We know where this thing is going and if we're going to check out now, its because buyers are going to pay us for what it "will" be worth. That's just how it goes.

[PhantomPhreak]

POSSIBLE BUG:

Two orders were matched from this address and have yet to be paid with btcpay:
http://blockscan.com/address.aspx?q=1G2i1WENdALacdWAwCQLf4Sn56PrWBVkYR

However no matched orders show up on counterpartyd market

I am on master branch, updated a couple hours ago.

That table in the 'market' view only shows matched orders awaiting payment from you. I'll change the title to make this clear. Thanks for the report, though!

[PhantomPhreak]

So what was the result of the Super Bowl bet between me and jimhsu?

I can see on blockscan that I've been credited 1 XCP from winning the bet since I only received 1340 XCP from burning and my "total received" shows 1341 XCP:
http://blockscan.com/address.aspx?q=1QBPsB2ea61vWTNA9nGUhaHqPQB4SXF4fN

However, my balance is still 1340. What is causing this discrepancy?

What should your balance be? I found a bug in the bet expiration code, and now I'm getting 1399.41 XCP.

EDIT: In addition to that problem, the bet isn't being settled, it seems.

The reason that the bet wasn't settled is that the broadcast you made announcing the result was timestamped before the bet's deadline, which was a few hours ago. You just need to make another broadcast with the same values now (counterpartyd does the timestamping automatically).

EDIT: The expiration bug should have only affected the develop branch.

I am confused. I thought when the deadline arrives the value of the last feed broadcast before the deadline counts as the final value?

jimhsu originally set that deadline for 5AM EST.

Example scenario:

block X: feed value = 0
(bet deadline passes in between block X and X+1)
block X+1: feed value = 1

What is the value the bet would settle at? 0 or 1?

Or are you talking about the deadline for open bet expiration? I believe jimhsu's bet expiration was set for 1000 blocks away. I set my expiration for only 10 blocks because I expected it to match immediately.

Rather, it's the first broadcast with a timestamp after the deadline that settles bets.

[jimhsu]

POSSIBLE BUG:

Two orders were matched from this address and have yet to be paid with btcpay:
http://blockscan.com/address.aspx?q=1G2i1WENdALacdWAwCQLf4Sn56PrWBVkYR

However no matched orders show up on counterpartyd market

I am on master branch, updated a couple hours ago.

I think for orders to show up as matched in blockscan, the buyer first has to execute btcpay. Correct me if I'm wrong.

Would be helpful to see matched, but unpaid orders though.