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

[520Bit]

I tried to transfer xcp from blockchain address to counterwallet. I take private key from the blockchain BTC wallet under the option " Export unencrypted". When I imported the private key to counterwallet, it shows "Not a valid private key". Anyone know how to solve this problem? Many thank.

You need to export unencrypted and Bitcoin-Qt format.

[Urban Dressing]

Have to say that you consider very comprehensive

[burnfat]

I tried to transfer xcp from blockchain address to counterwallet. I take private key from the blockchain BTC wallet under the option " Export unencrypted". When I imported the private key to counterwallet, it shows "Not a valid private key". Anyone know how to solve this problem? Many thank.

You need to export unencrypted and Bitcoin-Qt format.

YES, I export  unencrypted and Bitcoin-Qt format. The blockchain address has more than one BTC addresses, is that the problem?

[OTK47]

So can someone explain how this sidechain innovation project would affect projects like counterparty and mastercoin?

[romerun]

So can someone explain how this sidechain innovation project would affect projects like counterparty and mastercoin?

If 2way peg is possible we might not need btcpay, just transform btc to xbtc trustlessly

[mcjavar]

Why do I see "Pending order to sell" for more than 20 hours now?
And how was I able to send another sell order for the same amount? (there is no more XCP on the account)

?

Ok, again, maybe someone answers this...




WHY?

Because it hasn't been matched?

But I can´t see it in the order book, it is under pending actions and not open orders and I am able to send it over and over again.

It seems that this is due to insufficient fees. We raised the MIN_FEE at 0.0002 until I remove the priming which are increasing transactions size:

https://github.com/xnova/counterwallet/issues/44

Thank you! What does this mean in regards of my balance? Will the transactions just disappear from the interface after a while? Are the funds still available in my account? How can I set the fee for a transaction? When will the gui be updated so I can start trading?

Thank you very much for your help, the work you all are doing is really amazing!

anyone can answer this?

[dexX7]

So can someone explain how this sidechain innovation project would affect projects like counterparty and mastercoin?

It's an enhancement and not a threat. You need to differentiate a few things: there are protocols like XCP and MSC and there is some kind of communication with the Bitcoin protocol, for example the initial proof-of-burn (XCP) or fundraising-for-dev (MSC), the several data-storing schemes like using multisig transactions to encode transaction information or the DEX which directly interacts with the Bitcoin layer. It appears they are building the groundwork for an even more frictionless communication between Bitcoin and X.

[nakaone]

So can someone explain how this sidechain innovation project would affect projects like counterparty and mastercoin?

It's an enhancement and not a threat. You need to differentiate a few things: there are protocols like XCP and MSC and there is some kind of communication with the Bitcoin protocol, for example the initial proof-of-burn (XCP) or fundraising-for-dev (MSC), the several data-storing schemes like using multisig transactions to encode transaction information or the DEX which directly interacts with the Bitcoin layer. It appears they are building the groundwork for an even more frictionless communication between Bitcoin and X.

non-technical so explain like I am five - can we simply take all our msc/xcp/assets and move them to the new sidechain?

[OTK47]

Thanks for the explanations

[porqupine]

I am one of the unnamed core developers working with Adam Back on this project. (Though as a part-time consultant - most of my time is still spent on self-directed projects paid for by community donations.)

a) It appears that the side chains cannot offer any block rewards.

They absolutely can. We just think that unless there is an economic difference from bitcoin and other existing p2p issued coins, there's absolutely no justification for doing so.

b) They would need to achieve a certain level of hashing power.
I am not sure how b) would be possible without a)

You realize that bitcoin has the same problem, once the subsidy drops to a negligible amount?

Transaction fees are one solution, or you can have the coins demurrage in the side chain allowing for a perpetual reward. (Demurrage with pegged currencies is possible, as the pegging mechanism provides friction). There are other mechanisms being considered as well.

c) Another note, I read elsewhere is that. The value of the 'betacoin' on the side chain can never exceed 1 BTC. As coins can always be moved from the Bitcoin blockchain into the side chain.
While this seems like a nice way to experiment. I am not sure what are the incentives for the AltCoin developers (zero profit).

Approximately the same incentives as Counterparty, which also forgoes the scummy currency issuance model.

The asset issuance and smart property contracts layer is free infrastructure that is difficult if not impossible to monetize directly, yes. But there are an infinitum of profitable services that can be built on such a layer.

Defending 'type-b Bitcoin' as economically viable (with unlimited one way issuance) shows a complete misunderstanding of very basic economics - in order for proper functionality as a store of value, or financial instrument (it's not the same as buying your bitcoins in the morning and spending them for some lsd on silkroad in the evening - the medium of exchange type use)  - there has to be a relative stability in  price (or minimally the instability has to be relatively predictable). In this case it is completely unpredictable - because you always have to sell to someone to get regular Bitcoins, but they never have to buy to get type-b bitcoins: no one is going to use a decentralized system that is far higher risk than a centralized one.

Furthermore here for example is the last block: 295094
Reward: 25 btc
Fees collected: 0.05852852 BTC
25:0.05852852 That's .00234 - So we can expect .234% of the total hashing power working on the type-b bitcoin chain (if it reaches the same transaction volume - unlikely, and actually less considering the ridiculous one way redeem-ability). And this is going to be a secure network?

  

[mcjavar]

Error making request to https://counterwallet.co/_api: JSON-RPC Error:
Type: Server error

Code: -32000

Message: 'NoneType' object has no attribute 'timetuple'

[allwelder]

I tried to transfer xcp from blockchain address to counterwallet. I take private key from the blockchain BTC wallet under the option " Export unencrypted". When I imported the private key to counterwallet, it shows "Not a valid private key". Anyone know how to solve this problem? Many thank.

You need to export unencrypted and Bitcoin-Qt format.

YES, I export  unencrypted and Bitcoin-Qt format. The blockchain address has more than one BTC addresses, is that the problem?

The same question "Not a valid private key."
Could anybody help?
thnk

[520Bit]

I tried to transfer xcp from blockchain address to counterwallet. I take private key from the blockchain BTC wallet under the option " Export unencrypted". When I imported the private key to counterwallet, it shows "Not a valid private key". Anyone know how to solve this problem? Many thank.

You need to export unencrypted and Bitcoin-Qt format.

YES, I export  unencrypted and Bitcoin-Qt format. The blockchain address has more than one BTC addresses, is that the problem?

The same question "Not a valid private key."
Could anybody help?
thnk

Seems a bug in Counterwallet. I can import the private key start from letter 'K' which is dumped from Bitcoin-QT, but can't import the private key start from '5' which is dumped from blockchain.info

[maaku]

Sorry, but no it's not immediately clear this 2-way pegging mechanism has any application to parasitic, unverified systems like Counterparty and Mastercoin. Certainly not without some changes to these systems. The pegging system itself depends on SPV mode of operation for public chains (which parasitic chains do not support), or the existence of auditor commitments for private accounting servers. Counterparty natively supports neither.

As I've advocated earlier, asset issuance and exchange transactions would be done on a merged mined side chain, with all the benefits that come from having the protocol rules validated by miners. One of those benefits is the ability to do pegging transactions with other chains.

@porqupine, first of all we're talking about 2-way pegs. Bitcoin and type-B bitcoins are for practical purposes the same asset because you can freely exchange between them. I was not and never was talking about one-way issued assets.

Regarding hash rate, your calculation doesn't make any sense. The side chain would be merged mined so there would be approximately zero cost. Those 0.05852852 BTC would be money left on the table by any miner who choses not to merge mine the side chain. So long as the fees are sufficient to cover the bandwidth costs of miner's full node, or demurrage or some other construction is used to enact a perpetual reward, one should expect very hash rate adoption.

[porqupine]

Sorry, but no it's not immediately clear this 2-way pegging mechanism has any application to parasitic, unverified systems like Counterparty and Mastercoin. Certainly not without some changes to these systems. The pegging system itself depends on SPV mode of operation for public chains (which parasitic chains do not support), or the existence of auditor commitments for private accounting servers. Counterparty natively supports neither.

As I've advocated earlier, asset issuance and exchange transactions would be done on a merged mined side chain, with all the benefits that come from having the protocol rules validated by miners. One of those benefits is the ability to do pegging transactions with other chains.

@porqupine, first of all we're talking about 2-way pegs. Bitcoin and type-B bitcoins are for practical purposes the same asset because you can freely exchange between them. I was not and never was talking about one-way issued assets.

Regarding hash rate, your calculation doesn't make any sense. The side chain would be merged mined so there would be approximately zero cost. Those 0.05852852 BTC would be money left on the table by any miner who choses not to merge mine the side chain. So long as the fees are sufficient to cover the bandwidth costs of miner's full node, or demurrage or some other construction is used to enact a perpetual reward, one should expect very hash rate adoption.

Apparently I have misunderstood some of this discussion - the last time I read (the discussion suggesting type-B bitcoins - which Kdrop was quoting from) the implementation suggested an unlimited one-way burn.

My calculation was assuming you were making a PoW side-chain (i.e. shorter block times) and storing block hashes in the Bitcoin chain - it was not directed at merged mining. In the later case it's true that you will have significantly more security for "free" but at the potential reward of .0582 BTC it isn't a great security incentive either (and you can be attacked nearly for "free" as well).

[sumantso]

Hi guys. With the Counterwallet mainnet release behind us, I've made my identity public to facilitate the continued evolution of Counterparty as we enter the next stage of growth.

Please see our blog post on this matter at: https://www.counterparty.co/next-steps/

Page not found.

[kdrop22]

I am one of the unnamed core developers working with Adam Back on this project. (Though as a part-time consultant - most of my time is still spent on self-directed projects paid for by community donations.)

a) It appears that the side chains cannot offer any block rewards.

They absolutely can. We just think that unless there is an economic difference from bitcoin and other existing p2p issued coins, there's absolutely no justification for doing so.

b) They would need to achieve a certain level of hashing power.
I am not sure how b) would be possible without a)

You realize that bitcoin has the same problem, once the subsidy drops to a negligible amount?

Transaction fees are one solution, or you can have the coins demurrage in the side chain allowing for a perpetual reward. (Demurrage with pegged currencies is possible, as the pegging mechanism provides friction). There are other mechanisms being considered as well.

c) Another note, I read elsewhere is that. The value of the 'betacoin' on the side chain can never exceed 1 BTC. As coins can always be moved from the Bitcoin blockchain into the side chain.
While this seems like a nice way to experiment. I am not sure what are the incentives for the AltCoin developers (zero profit).

Approximately the same incentives as Counterparty, which also forgoes the scummy currency issuance model.

The asset issuance and smart property contracts layer is free infrastructure that is difficult if not impossible to monetize directly, yes. But there are an infinitum of profitable services that can be built on such a layer.

Defending 'type-b Bitcoin' as economically viable (with unlimited one way issuance) shows a complete misunderstanding of very basic economics - in order for proper functionality as a store of value, or financial instrument (it's not the same as buying your bitcoins in the morning and spending them for some lsd on silkroad in the evening - the medium of exchange type use)  - there has to be a relative stability in  price (or minimally the instability has to be relatively predictable). In this case it is completely unpredictable - because you always have to sell to someone to get regular Bitcoins, but they never have to buy to get type-b bitcoins: no one is going to use a decentralized system that is far higher risk than a centralized one.
  

In my earlier post I indicated that it is a one way flow from Bitcoin to the 'Type-B' blockchain.
I listen to the podcast again. It appears that I made a mistake and
there will be a two way exchange between Bitcoin and 'Type-B' Bitcoin. What that will do is essentially peg the Type-B Bitcoin price to the Bitcoin price.
For example, you can move your Bitcoin to a side chain to do microtransactions etc..., then move it back to the main chain once you are done.

[liquiddrool]

Have to say that you consider very comprehensive

Understanding of a very comprehensive is a good start
 

[liquiddrool]

I need pay more attention to XCP

Thank you for your attention
I hope you would like it to promote it
A great community

[pigheadbig]

great project!
need you guys!