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

[xpay]

Go compare NXT's UI (http://nxt.org) to Counterpary's UI.  NXT's is definitely winning on the UI front.  Counterparty has feeds, betting and CFDs, which NXT doesn't do yet.  NXT has a decentralised asset exchange with faster trading via 1 minute block times and doesn't waste any energy because it's proof-of-stake.  Counterparty has 10 minute block times and relies on Bitcoin, which requires a couple nuclear power plants to run.

...
There are advantages and disadvantages when comparing Counterparty with other decentralized exchanges.  NXT is by far the most user friendly I have found.

One of Swarm's main focuses for the next couple months will be improving the user experience around Counterparty, after which we expect that no one will be able to say that NXT or any other altcoin has better UI.

We plan to do this through swarming other coins, so if you have anything in particular you are itching to do please contact me. We want to support you and the XCP ecosystem.

Glad to hear that

[xbet.io]

We wanted to let our users know that our hosting company is experiencing some issues, thus our website is currently unavailable.

We will allow them to sort things out for a few hours and after that we will run our own tests to make sure our system is healthy.

This process will take several hours to complete and therefore we will not broadcast results for several hours.

Our information is backed up so there is no need to be concerned about open bets you have made. All broadcasts will take place as soon as we will be back online.

We can be contacted through bitcointalk.

Thank you for your patience.

We have completed our testing.

Website is back online.

Come bet on today's matches:

Australia vs. Spain

Netherlands vs. Chile

Cameroon vs. Brazil

Croatia vs. Mexico

[hughjays77]

please explain to me how I can store my XCp on my computer. I cannot find a wallet for my windows 7 computer.

I am totally confused. Is their actually a functioning wallet I can use to store XCP ?
Is XCP related to bitcoin ?

[deliciousowl]

please explain to me how I can store my XCp on my computer. I cannot find a wallet for my windows 7 computer.

I am totally confused. Is their actually a functioning wallet I can use to store XCP ?
Is XCP related to bitcoin ?

XCP is the internal Counterparty currency and technically "a part of Bitcoin" and can be stored on normal Bitcoin addresses.

Maybe this can help: https://www.counterparty.co/get-started/
There is also a web wallet: http://counterwallet.co

You can send XCP to any Bitcoin address and redeem them later, as long as you have the private key.

[chong ching]

please explain to me how I can store my XCp on my computer. I cannot find a wallet for my windows 7 computer.

I am totally confused. Is their actually a functioning wallet I can use to store XCP ?
Is XCP related to bitcoin ?

XCP is the internal Counterparty currency and technically "a part of Bitcoin" and can be stored on normal Bitcoin addresses.

Maybe this can help: https://www.counterparty.co/get-started/
There is also a web wallet: http://counterwallet.co

You can send XCP to any Bitcoin address and redeem them later, as long as you have the private key.

there is a guide on xbet.io for how to buy xcp and use the counterparty webwallet here

[Spekulatius]

What will happen if someone puts up an illegal asset? Has anybody raised that question yet?

Lets say somone anonymous creates an asset that infringes on some companies copyrights, called "Facebook" or "Nintendo" for example?
Or if I create an asset that makes money with illegal activities like DDOS blackmail or sale of drugs. Would a SilkRoad-asset be allowed to exist and is there any way to remove it? What is the official policy of the devs if they have regarding those cases?

[Bitcoin++]

Questions about the escrow:

If I understand correctly, all actions in counterparty send some dust amounts of BTC and embeds some metadata. Since OP-return only allows 40 bytes, and this is not enough, the escrow function is used as well. One of the addresses is my own and the other is non-existing address. The non-existing address contains some metadata. (1) Did I get this right?

I find on blockchain.info that 0.1086 mBTC are locked on each escrow. (2) Is there any way to release these?

[PhantomPhreak]

What will happen if someone puts up an illegal asset? Has anybody raised that question yet?

Lets say somone anonymous creates an asset that infringes on some companies copyrights, called "Facebook" or "Nintendo" for example?
Or if I create an asset that makes money with illegal activities like DDOS blackmail or sale of drugs. Would a SilkRoad-asset be allowed to exist and is there any way to remove it? What is the official policy of the devs if they have regarding those cases?

Counterparty is an open platform, like Bitcoin itself, and no one (not even a dev) is capable of removing or renaming other users' assets

[PhantomPhreak]

Questions about the escrow:

If I understand correctly, all actions in counterparty send some dust amounts of BTC and embeds some metadata. Since OP-return only allows 40 bytes, and this is not enough, the escrow function is used as well. One of the addresses is my own and the other is non-existing address. The non-existing address contains some metadata. (1) Did I get this right?

I find on blockchain.info that 0.1086 mBTC are locked on each escrow. (2) Is there any way to release these?

1) That's correct, yes.

2) Yep: http://api.bitwatch.co/redeem

[Bitcoin++]

Questions about the escrow:

If I understand correctly, all actions in counterparty send some dust amounts of BTC and embeds some metadata. Since OP-return only allows 40 bytes, and this is not enough, the escrow function is used as well. One of the addresses is my own and the other is non-existing address. The non-existing address contains some metadata. (1) Did I get this right?

I find on blockchain.info that 0.1086 mBTC are locked on each escrow. (2) Is there any way to release these?

1) That's correct, yes.

2) Yep: http://api.bitwatch.co/redeem

Great 
Thanks for quick feedback.

[hughjays77]

Thank you. The site helped a bit as well as the first & last 20pages of the thread. I think the whole concept is brilliant yet after 40pages + extra reading I still dont feel I have a handle on what exactly Counterparty is and its potential. I can see 90% of people that end up here would never hang around. Its all very very confusing even to people with some technical ability. So you have some level of my ability.. my first computer was a TRS-80, I can do some basic C+ programming and I can compile in Linux. 90% of ALT coin users are windows based non technical users. I am surprised if even 10% of people that initially visit would hang around.  


Before we even get to slick videos, https://www.counterparty.co/get-started/ needs a total revamp for newbies. The 1st post on the thread also needs a total revamp. XCP is highly confusing for the newbie and spoon feeding is required for elementary things.

The 1st post on thread and homepage on website should have EASY TO UNDERSTAND paragraphs on each below:

1) What is counterparty ? [ in tech and easy speak]

2) Why should I be interested in counterparty ? [with real and potential simple examples]

3) How do I buy XCP ? [ past[proof of burn,etc] & present way ]

4) How do I store XCP ? [ simple explanations of the 3 wallet types and again why one may need the entire bitcoin blockchain & qt ]

5) A quick outline of future plans for Counterparty including other ALT blockchain links, etc, etc



The above is a basic start that would have maybe 50-75% of the people hanging around to maybe even try to understand the more complex issues like asset creation, etc

please explain to me how I can store my XCp on my computer. I cannot find a wallet for my windows 7 computer.

I am totally confused. Is their actually a functioning wallet I can use to store XCP ?
Is XCP related to bitcoin ?

XCP is the internal Counterparty currency and technically "a part of Bitcoin" and can be stored on normal Bitcoin addresses.

Maybe this can help: https://www.counterparty.co/get-started/
There is also a web wallet: http://counterwallet.co

You can send XCP to any Bitcoin address and redeem them later, as long as you have the private key.

[Matt Y]

I agree for the most part with the above post. Here is a contribution to new text should it be changed.

(For the "description" part of the OP)

For people who are dissatisfied with centralized financial solutions and institutions, Counterparty is a peer-to-peer financial market which provides a medium for secure transactions that do not require a trusted third party. Unlike Wall Street, we have assembled a free to use software platform that allows everyone access to financial instruments that were previously cost prohibitive or not available.

[hughjays77]

Thanks Matt,

I like your write up. This would be part 1 of my suggestion. I would add a few examples. Perhaps an example of a bet, a contract and a loan between friends/family

I agree for the most part with the above post. Here is a contribution to new text should it be changed.

(For the "description" part of the OP)

For people who are dissatisfied with centralized financial solutions and institutions, Counterparty is a peer-to-peer financial market which provides a medium for secure transactions that do not require a trusted third party. Unlike Wall Street, we have assembled a free to use software platform that allows everyone access to financial instruments that were previously cost prohibitive or not available.

eg. A



eg. B



eg. C

[PhantomPhreak]

Announcement: Over the past few weeks, we've been doing a lot of work on the fee algorithm that Counterparty uses, and now transactions are effectively much cheaper than before. In particular, 'send' transactions can store all of their Counterparty metadata in a 40-byte OP_RETURN output, and you can now specify the exact fees paid for each transaction, as well as the default fee-per-KB amount, dust sizes, and so on. Multi-sig outputs need not be used, so no difficult-to-spend funds need to be sent back to your self at all.

This transaction is an example of a modern send transaction that cost only US $0.01 in fees, with a $0.03 output to the destination. It was constructed and broadcast with the following command: counterpartyd.py send --source=SOURCE --destination=DEST --quantity=1 --asset=XCP --encoding='opreturn' --fee=.00002, and it was confirmed almost immediately. If you're moving lots of assets around, or sending one asset to many users, you can use this script to automate the process and keep costs as low as possible.

[hughjays77]

thats great news ( I have no clue what it means ] but sounds all good.

Announcement: Over the past few weeks, we've been doing a lot of work on the fee algorithm that Counterparty uses, and now transactions are effectively much cheaper than before. In particular, 'send' transactions can store all of their Counterparty metadata in a 40-byte OP_RETURN output, and you cit sounds all good an now specify the exact fees paid for each transaction, as well as the default fee-per-KB amount, dust sizes, and so on. Multi-sig outputs need not be used, so no difficult-to-spend funds need to be sent back to your self at all.

This transaction is an example of a modern send transaction that cost only US $0.01 in fees, with a $0.03 output to the destination. It was constructed and broadcast with the following command: counterpartyd.py send --source=SOURCE --destination=DEST --quantity=1 --asset=XCP --encoding='opreturn' --fee=.00002, and it was confirmed almost immediately. If you're moving lots of assets around, or sending one asset to many users, you can use this script to automate the process and keep costs as low as possible.

[romerun]

Announcement: Over the past few weeks, we've been doing a lot of work on the fee algorithm that Counterparty uses, and now transactions are effectively much cheaper than before. In particular, 'send' transactions can store all of their Counterparty metadata in a 40-byte OP_RETURN output, and you can now specify the exact fees paid for each transaction, as well as the default fee-per-KB amount, dust sizes, and so on. Multi-sig outputs need not be used, so no difficult-to-spend funds need to be sent back to your self at all.

This transaction is an example of a modern send transaction that cost only US $0.01 in fees, with a $0.03 output to the destination. It was constructed and broadcast with the following command: counterpartyd.py send --source=SOURCE --destination=DEST --quantity=1 --asset=XCP --encoding='opreturn' --fee=.00002, and it was confirmed almost immediately. If you're moving lots of assets around, or sending one asset to many users, you can use this script to automate the process and keep costs as low as possible.

WoW ! This is huge. Let's get it on reddit shall we ? http://www.reddit.com/r/Bitcoin/comments/28xfxd/counterparty_transaction_has_finally_switched_to/

[daviducsb]

I transferred some btc to counter wallet, tried to exchange for XCP and no exchange but .028 BTC disappeared. It appears a commission was taken without performing the function of the currency exchange. Can anybody help? Around $16 at today's price but not very encouraging...

[PhantomPhreak]

I transferred some btc to counter wallet, tried to exchange for XCP and no exchange but .028 BTC disappeared. It appears a commission was taken without performing the function of the currency exchange. Can anybody help? Around $16 at today's price but not very encouraging...

There aren't any commisions in Counterwallet, though there are Bitcoin fees which are paid to miners. Please PM me with all of the details of your usage (addresses involved, transaction hashes, timestamps, etc.), so that we can figure out what exactly happened. It's quite possible the trade is still in progress, and it's just taking longer than you might expect.

[Patel]

I transferred some btc to counter wallet, tried to exchange for XCP and no exchange but .028 BTC disappeared. It appears a commission was taken without performing the function of the currency exchange. Can anybody help? Around $16 at today's price but not very encouraging...

Maybe it was used to prime? and probably waiting for confirmations.

[udecker]

Announcement: Over the past few weeks, we've been doing a lot of work on the fee algorithm that Counterparty uses, and now transactions are effectively much cheaper than before. In particular, 'send' transactions can store all of their Counterparty metadata in a 40-byte OP_RETURN output, and you can now specify the exact fees paid for each transaction, as well as the default fee-per-KB amount, dust sizes, and so on. Multi-sig outputs need not be used, so no difficult-to-spend funds need to be sent back to your self at all.

This transaction is an example of a modern send transaction that cost only US $0.01 in fees, with a $0.03 output to the destination. It was constructed and broadcast with the following command: counterpartyd.py send --source=SOURCE --destination=DEST --quantity=1 --asset=XCP --encoding='opreturn' --fee=.00002, and it was confirmed almost immediately. If you're moving lots of assets around, or sending one asset to many users, you can use this script to automate the process and keep costs as low as possible.

Nicely done, guys!

This is for sends only?  Other transactions types don’t fit?