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

[qtgwith]

24-hour Volume is currently: 80.60953565 BTC on Poloniex. Earlier this was 85+ 

It's right.Because it has pasted 24 hours, 24-hour Volume will change of course. 24-hour Volume is just the recent 24 hours volume total.

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[sparta_cuss]

I can't reach Poloniex. Anyone else getting a timeout?

I'm not sure what that was. All I know is that it was not web traffic. It was either a lapse in available bandwidth, or someone testing the waters to see what it would take to do a DDoS. I'll have to sift through some logs to determine that.

No subsequent issues. Looks good.

How many confirms for BTC deposit do you need for my funds to be available for trading? (Please also post the answer in the FAQ section of poloniex.) Thank you.

[IamNotSure]

What a sweet feeling to see the BTC arriving directly into your wallet when selling on the DEX 

Even though they've been sold under the market price now...

[jimhsu]

I just saw a BTCpay of 7 a few blocks ago. Things are getting serious...

For those 'regret' threads: Do I wish that I had not sold some early and not burned more (even though I did go through most of my little bit of cold storage)? Possibly. Do I think about it? Nah. The way is forward, not back. Make projects, do marketing, get stuff done to earn more.

PS From the looks of it, most commentors on this thread probably burned more than me.

[jimhsu]

Current reward for burning 1 btc? Will this coin remain scarce?

The burn period is over.

Buy orders via centralised exchange (poloniex) is currently at 0.01BTC per XCP meaning 100 XCP for every 1BTC.

XCP has a fixed supply of no more than 2,648,756 XCP. This would not increase day to day, month to month or year to year, because there is no concept of  proof-of-work mining to introduce fresh coins to the supply on regular intervals (and therefore inflate- Bitcoin would need approx 2.3 million $ of fresh income per 24hours in order to maintain it's current price level, XCP does not need to compensate miners ). This number could only ever decrease. (for example, with loss of private keypairs) so to answer your question, yes this coin has scarcity-value if that is what interests you.

The real excitement will come when we begin to see web wallets, dramatically lowering the barrier to entry. real use of decentralised aspects of exchange, for example an asset issuer taking advantage of this mechanism

XCP is the rarest of the coins!

Recall that initial asset issuances destroy 5 XCP, permanently. So not just lost keys...

(I'm thinking this fee has to go down at some point in the future, because of the rapidly appreciating value.)

[Ximp]

Yeah, a 5XCP destruction seems unsustainable. Maybe make the fee a certain percentage of XCP in circulation. Perhaps 1.887678593271709e-6% (5/2,648,756)?

[Ximp]

XCP = King of Next-Gen Crypto!

(until Ethereum shows up...maybe?)

Nah, first functional mover status

[mtbitcoin]

Current reward for burning 1 btc? Will this coin remain scarce?

The burn period is over.

Buy orders via centralised exchange (poloniex) is currently at 0.01BTC per XCP meaning 100 XCP for every 1BTC.

XCP has a fixed supply of no more than 2,648,756 XCP. This would not increase day to day, month to month or year to year, because there is no concept of  proof-of-work mining to introduce fresh coins to the supply on regular intervals (and therefore inflate- Bitcoin would need approx 2.3 million $ of fresh income per 24hours in order to maintain it's current price level, XCP does not need to compensate miners ). This number could only ever decrease. (for example, with loss of private keypairs) so to answer your question, yes this coin has scarcity-value if that is what interests you.

The real excitement will come when we begin to see web wallets, dramatically lowering the barrier to entry. real use of decentralised aspects of exchange, for example an asset issuer taking advantage of this mechanism

XCP is the rarest of the coins!

Recall that initial asset issuances destroy 5 XCP, permanently. So not just lost keys...

(I'm thinking this fee has to go down at some point in the future, because of the rapidly appreciating value.)

Perhaps, but I think the fee should also remain for now... The issuance fee is the only deflationary variable at the moment and it also makes spamming a little bit more costly. What I would like to see are high quality assets vs just pure quantity (number of assets)

Btw, JimHsu thank you for the informative posts on reddit!

[ginko-B]

Current reward for burning 1 btc? Will this coin remain scarce?

The burn period is over.

Buy orders via centralised exchange (poloniex) is currently at 0.01BTC per XCP meaning 100 XCP for every 1BTC.

XCP has a fixed supply of no more than 2,648,756 XCP. This would not increase day to day, month to month or year to year, because there is no concept of  proof-of-work mining to introduce fresh coins to the supply on regular intervals (and therefore inflate- Bitcoin would need approx 2.3 million $ of fresh income per 24hours in order to maintain it's current price level, XCP does not need to compensate miners ). This number could only ever decrease. (for example, with loss of private keypairs) so to answer your question, yes this coin has scarcity-value if that is what interests you.

The real excitement will come when we begin to see web wallets, dramatically lowering the barrier to entry. real use of decentralised aspects of exchange, for example an asset issuer taking advantage of this mechanism

XCP is the rarest of the coins!

Recall that initial asset issuances destroy 5 XCP, permanently. So not just lost keys...

(I'm thinking this fee has to go down at some point in the future, because of the rapidly appreciating value.)

Yes, true, not just lost keys.  =)   XCP will actually become increasingly scarce as the stock of assets trading on Counterparty grows, wow! (what a cool insight)  So, not only is it the rarest of coins, but it will become even rarer as the project gains traction and achieves success!  =)  

This creates the potential for a non-linear rise in XCP price - hold onto your chairs folks!  

As for the 5 XCP fee, while this may need to be reviewed periodically, IMHO it is healthy to keep a high barrier in place as a meaningful way to prevent the creation of "crap" assets and if we are slowly raising the bar on quality control over time as XCP becomes more valuable, well, I think that is a healthy dynamic actually!

[biodieselchris]

what does "no more burning" mean. Can I still create an asset?

[ginko-B]

We pass Mastercoin at .025

We pass Nxt at .03

Then XCP = King of Next-Gen Crypto!

(until Ethereum shows up...maybe?)

Nah ...  the Ethereum team have some smart ideas.  

But the Counterparty team is actually writing code!

[suppow]

to the mooon?

[Anotheranonlol]

what does "no more burning" mean. Can I still create an asset?

burning was the initial bootstrap stage of acquiring XCP for BTC. now all trade is P2P via DEX or exchanges.
yes you can still create assets, bets, feeds etc. no problem.

[DaFockBro]

Wow, I was expecting XCP to take months to eventually reach this price...not a couple weeks.

Could Counterparty be the DOGE of decentralized, blockchain-based, exchanges?

[led_lcd]

I can't reach Poloniex. Anyone else getting a timeout?

Yes. Just as I deposited 1 BTC.

Damn, we've DDoSed Poloniex  

I bet busoni is happy he added XCP 

Volume on Poloniex for XCP has passed Ripples now.

[DaFockBro]

Everyone who had the vision to burn 15 or more BTC should be watching this now that the price hit .02btc/xcp:

http://www.youtube.com/watch?v=n48RyNTHyz0

"Worth a couple hundred grand"

[jimhsu]

Current reward for burning 1 btc? Will this coin remain scarce?

The burn period is over.

Buy orders via centralised exchange (poloniex) is currently at 0.01BTC per XCP meaning 100 XCP for every 1BTC.

XCP has a fixed supply of no more than 2,648,756 XCP. This would not increase day to day, month to month or year to year, because there is no concept of  proof-of-work mining to introduce fresh coins to the supply on regular intervals (and therefore inflate- Bitcoin would need approx 2.3 million $ of fresh income per 24hours in order to maintain it's current price level, XCP does not need to compensate miners ). This number could only ever decrease. (for example, with loss of private keypairs) so to answer your question, yes this coin has scarcity-value if that is what interests you.

The real excitement will come when we begin to see web wallets, dramatically lowering the barrier to entry. real use of decentralised aspects of exchange, for example an asset issuer taking advantage of this mechanism

XCP is the rarest of the coins!

Recall that initial asset issuances destroy 5 XCP, permanently. So not just lost keys...

(I'm thinking this fee has to go down at some point in the future, because of the rapidly appreciating value.)

Perhaps, but I think the fee should also remain for now... The issuance fee is the only deflationary variable at the moment and it also makes spamming a little bit more costly. What I would like to see are high quality assets vs just pure quantity (number of assets)

Btw, JimHsu thank you for the informative posts on reddit!

You're welcome. Because of my "position" on the counterparty forums, I'm trying to be as neutral as possible (for things like reddit) while at the same time giving people enough information.

[busoni]

I can't reach Poloniex. Anyone else getting a timeout?

I'm not sure what that was. All I know is that it was not web traffic. It was either a lapse in available bandwidth, or someone testing the waters to see what it would take to do a DDoS. I'll have to sift through some logs to determine that.

Now that you're here, are you going to fix the exorbitant 1 XCP transaction fee?

Yeah, it's getting a bit high. I've lowered it to 0.35 XCP, minimum withdrawal now 3 XCP.

[qwertyasdfgh]

Everyone who had the vision to burn 15 or more BTC should be watching this now that the price hit .02btc/xcp:

http://www.youtube.com/watch?v=n48RyNTHyz0

"Worth a couple hundred grand"

Could Counterparty be the DOGE of decentralized, blockchain-based, exchanges?

Is it amusing to anyone else that this statement would have been complete nonsense 3 months ago?

These are the post that make me want a like button on these forums.

[ddink7]

Devs: Thank you for your unceasing work.

Busoni: Thank you for all your hard work too!

Community: Thank you for general awesomeness and behind-the-scenes work, and logos, and such.

I'm proud to be part of this wild ride =)

P.S. 1 XCP is almost equal to 1 LTC now. Unreal!