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

[Jpja]

Announcement.

I wrote the ebook The Economics of Bitcoin. It aims to relate bitcoin to the dollar and gold. What are the similarities and where do they differ? Is bitcoin a fad or will it grow further?

The book is free but tipping is appreciated. As an experiment you can "invest" in the book rather than leave a tip. I issued a counterparty asset, JPJA, whose holders will receive a dividend. All tips received by Dec 24 2014 will be paid out to holders of JPJA.

Here's how I explained it in the book:

My Bitcoin 2.0 Counterparty Experiment

Instead of leaving me tip, you can invest in me. The scheme is simple. Through a “Bitcoin 2.0” technology called Counterparty I issued a digital asset called JPJA. It works just like a share of a company. You can buy and sell it with bitcoins, as well as transfer it on the bitcoin network.

I issued  one hundred shares, and I promise to pay a dividend to each holder on the 24th of December 2014. The amount received on the tip address up until that date will be divided equally to each of the one hundred shares.

JPJA can be bought through the Counterwallet. I initially put them for sales at 0.002 BTC each. This means that you will make a positive return if I receive more than a fifth of a bitcoin in tip. I may adjust the sales price depending on how much tip I receive.

The reason for this experiment is to show that bitcoin is more than just a payment system. It is a financial platform of endless opportunities.

http://jpja.net/pdf/The%20Economics%20of%20Bitcoin%202014-06-26.pdf

1 so you are going to pay out a part of your personal income from now until Xmas??  

2 what was your lasts years income?

3 what piece of you can we buy?  up to 100%?  can we direct you to do things for us if we control 50%+?

4 is the investment in you or the book? it is not clear, just sounds like you are beggin for free money.

1 & 2. I clearly stated that I'll pay out the amount received on the tip address. It's tip for this book only.

3. I have put 30/100 shares for sale at 0.002 BTC each.

4. I beg for money just as much as a waiter does. I decided to make the book freely available instead of selling it on Amazon or similar. You can read it and if you don't like it, fine, don't pay me but give me constructive feedback instead. My hope is that, since Bitcoin enables micro-payments, that people are big enough to pay for a service they appreciate also in cyberspace.

Also, the amounts we talk about here are so small that money is only a tiny part of my motivation. I spent more than 100 hours on this book. If I receive more than $100 in revenues from this I consider it a success. 

[cityglut]

Really? Satoshi didn't create BTC to get rich?  Have you asked him why he hasn't distributed to charity the 1 million or so btc he mined?  

I will have to speak to mastercoin dev's about that bitcoin part, i don't recall a discussion where that should have been the case regarding issuances.  regarding the exodus fee they just havent had time to take that out...

the mastercoin foundation is there to develop the master protocol and ensure that mastercoins have some value through uses.  that is not a pump and dump, that is called being a rational economic actor.  

you probably don't get that and that is why xcp will continue to devalue relative to btc. (hey if i am wrong i have a shit ton of xcp )  currently the only inherent value is attached to the issuance fee...  oh those greedy developers making people pay a fee.

anyway anyone investing money into people that have some pie in the sky idea should ask VC Matt Ocko of what he thinks of investing in dreamers.  He also invested many millions into a digital encrypted virtual economy way back in the 1990s, he can tell you all about how that worked out.  

I am very confident time will prove me right on this point, and like I said if I am wrong I will be laughing looking at my balance sheet.

The debate as to the value of XCP has been run through over and over: the market for binary options and derivatives with no counterparty risk is huge, and so the potential market cap of XCP does not explain its current market cap.

We will continue to add features that require the use of XCP for technical reasons, which will further increase its potential market cap.

Having spoken with a number of people, Counterparty's non-prohibitive economic ecosystem is one of its most well-liked features, and partly explains why many projects will be crowdfunding with Counterparty over the next few weeks and months.

[deliciousowl]

Really? Satoshi didn't create BTC to get rich?  Have you asked him why he hasn't distributed to charity the 1 million or so btc he mined?  

As far as I know, none of Satoshis funds have been moved. This ensures the safety of the value of Bitcoin. If the 1 million started moving, faith in Bitcoin would be destroyed.

you probably don't get that and that is why xcp will continue to devalue relative to btc. (hey if i am wrong i have a shit ton of xcp )  currently the only inherent value is attached to the issuance fee...  oh those greedy developers making people pay a fee.

That the only value is attached to the issuance fee is absolutely false .

First of all the XCP fee is destroyed, and not sent to anyone. The inherent value is that it's 700% faster, easier, and cheaper to use for Counterparty features than BTC. It's necessary for many Counterparty features. Phantomphreak already addressed this several times in this thread.

Counterparty started out fair in every aspect, including letting people use Bitcoin without restriction. This establishes XCP with its legitimate starting value.

Some reasons why XCP has value:

1) Trading with XCP on the distributed exchange is (and always will be) cheaper and faster than with BTC.

2) You can use only XCP for making bets, CFDs and asset callbacks. Forthcoming complex features and financial instruments will also likely be restricted to denomination in XCP.

3) All future proof-of-stake voting, e.g. for protocol changes, voting functionality, DACs, etc. will be determined by XCP holdings.

XCP is the native currency of Counterparty and its sole first-class citizen. If the Counterparty protocol has great value (as I'm sure that it does), then so does XCP.

P.S.
Please explain how artificially limiting the features of an open-source protocol is a 'rational economic decision'. If enough people use it, then enough people will implement a different solution which will result in a flash-crash because of the artificial limitations. Is that rational? No, it's called a pump and dump.

Look at the post above mine for a good explanation of why Counterparty has legitimate instead of artificial value. This is the reason why I listed my assets on Counterparty, and only Counterparty. Bitcoin is money for a free market. Counterparty is the market for a free society.

[IamNotSure]

Abut the market cap, please keep in mind 2 things :

- Never pump and dumped

- Fair distribution (no big premine holder)

This is probably why its market cap is the most correlated to his fundamentals. Adoption will drive the price up.

[impulsecorp]

Announcement.

I wrote the ebook The Economics of Bitcoin. It aims to relate bitcoin to the dollar and gold. What are the similarities and where do they differ? Is bitcoin a fad or will it grow further?

The book is free but tipping is appreciated. As an experiment you can "invest" in the book rather than leave a tip. I issued a counterparty asset, JPJA, whose holders will receive a dividend. All tips received by Dec 24 2014 will be paid out to holders of JPJA.

Here's how I explained it in the book:

My Bitcoin 2.0 Counterparty Experiment

Instead of leaving me tip, you can invest in me. The scheme is simple. Through a “Bitcoin 2.0” technology called Counterparty I issued a digital asset called JPJA. It works just like a share of a company. You can buy and sell it with bitcoins, as well as transfer it on the bitcoin network.

I issued  one hundred shares, and I promise to pay a dividend to each holder on the 24th of December 2014. The amount received on the tip address up until that date will be divided equally to each of the one hundred shares.

JPJA can be bought through the Counterwallet. I initially put them for sales at 0.002 BTC each. This means that you will make a positive return if I receive more than a fifth of a bitcoin in tip. I may adjust the sales price depending on how much tip I receive.

The reason for this experiment is to show that bitcoin is more than just a payment system. It is a financial platform of endless opportunities.

http://jpja.net/pdf/The%20Economics%20of%20Bitcoin%202014-06-26.pdf

I am not the target market for your book, since I already know pretty much all of what you wrote (your book is great for beginners though, especially at a price of free/tips), but I have been reading a lot about "Bitcoin 2.0" type cryptocurrencies such as Counterparty, Mastercoin, Ethereum etc.  and I want to invest in your asset (JPJA) just as an experiment to see how it works. I transferred $1.25 in Bitcoin from my Coinbase.com account to a counterwallet.co account which I opened per your suggestion, but I am confused by what it shows in the View Prices section for JPJA. It shows a Bid of 500 and an order depth of 2, but no ask price and no history of any trades ever. Has anybody bought JPJA yet? If so, then why doesn't that show in the history?

Also, when you issued them at a price of 0.002 BTC did you sell out already? How am I able to tell if I am buying the new issue or if I am buying from the secondary market after all the newly issued JPJAs were purchased? Shouldn't it show somewhere how many shares were issued? You wrote in your book 100 shares were issued, but shouldn't it show that somewhere at counterwallet.co ? What happens if only 50% of the authorized 100 shares actually get purchased? Would I get double the dividend, or is end of year dividend adjusted by half to account for that?

What I am most confused about though is when I actually try to buy JPJA in counterwallet.co, because I get this message:
"There is currently insufficient data to determine a fair market price for your purchase. "
It is telling me 1 JPJA will cost me 500 BTC. Shouldn't it be more like 1 JPA will cost me around $1?

The counterwallet.co screen I am using says:
You have 0.002428 BTC at the selected address.
Quantity JPJA to buy:  1
BTC/JPJA unit price: 0.002
Exceeds available balance
The effective unit price of your BTC/JPJA order is 0.002 JPJA per each BTC. Your purchase of 1 JPJA will cost you 500 BTC , plus a 5 BTC (1%) miner fee (to prevent troll orders). Your purchase would exceed your available balance by 504.997572 BTC.

- Eric

[baddw]

Announcement.

I wrote the ebook The Economics of Bitcoin. It aims to relate bitcoin to the dollar and gold. What are the similarities and where do they differ? Is bitcoin a fad or will it grow further?

The book is free but tipping is appreciated. As an experiment you can "invest" in the book rather than leave a tip. I issued a counterparty asset, JPJA, whose holders will receive a dividend. All tips received by Dec 24 2014 will be paid out to holders of JPJA.

Here's how I explained it in the book:

My Bitcoin 2.0 Counterparty Experiment

Instead of leaving me tip, you can invest in me. The scheme is simple. Through a “Bitcoin 2.0” technology called Counterparty I issued a digital asset called JPJA. It works just like a share of a company. You can buy and sell it with bitcoins, as well as transfer it on the bitcoin network.

I issued  one hundred shares, and I promise to pay a dividend to each holder on the 24th of December 2014. The amount received on the tip address up until that date will be divided equally to each of the one hundred shares.

JPJA can be bought through the Counterwallet. I initially put them for sales at 0.002 BTC each. This means that you will make a positive return if I receive more than a fifth of a bitcoin in tip. I may adjust the sales price depending on how much tip I receive.

The reason for this experiment is to show that bitcoin is more than just a payment system. It is a financial platform of endless opportunities.

http://jpja.net/pdf/The%20Economics%20of%20Bitcoin%202014-06-26.pdf

I am not the target market for your book, since I already know pretty much all of what you wrote (your book is great for beginners though, especially at a price of free/tips), but I have been reading a lot about "Bitcoin 2.0" type cryptocurrencies such as Counterparty, Mastercoin, Ethereum etc.  and I want to invest in your asset (JPJA) just as an experiment to see how it works. I transferred $1.25 in Bitcoin from my Coinbase.com account to a counterwallet.co account which I opened per your suggestion, but I am confused by what it shows in the View Prices section for JPJA. It shows a Bid of 500 and an order depth of 2, but no ask price and no history of any trades ever. Has anybody bought JPJA yet? If so, then why doesn't that show in the history?

Also, when you issued them at a price of 0.002 BTC did you sell out already? How am I able to tell if I am buying the new issue or if I am buying from the secondary market after all the newly issued JPJAs were purchased? Shouldn't it show somewhere how many shares were issued? You wrote in your book 100 shares were issued, but shouldn't it show that somewhere at counterwallet.co ? What happens if only 50% of the authorized 100 shares actually get purchased? Would I get double the dividend, or is end of year dividend adjusted by half to account for that?

What I am most confused about though is when I actually try to buy JPJA in counterwallet.co, because I get this message:
"There is currently insufficient data to determine a fair market price for your purchase. "
It is telling me 1 JPJA will cost me 500 BTC. Shouldn't it be more like 1 JPA will cost me around $1?

The counterwallet.co screen I am using says:
You have 0.002428 BTC at the selected address.
Quantity JPJA to buy:  1
BTC/JPJA unit price: 0.002
Exceeds available balance
The effective unit price of your BTC/JPJA order is 0.002 JPJA per each BTC. Your purchase of 1 JPJA will cost you 500 BTC , plus a 5 BTC (1%) miner fee (to prevent troll orders). Your purchase would exceed your available balance by 504.997572 BTC.

- Eric

The "500" price is inverse.  500 JPJA per BTC = .002 BTC per JPJA.  

[Jpja]

I am not the target market for your book, since I already know pretty much all of what you wrote (your book is great for beginners though, especially at a price of free/tips), but I have been reading a lot about "Bitcoin 2.0" type cryptocurrencies such as Counterparty, Mastercoin, Ethereum etc.  and I want to invest in your asset (JPJA) just as an experiment to see how it works. I transferred $1.25 in Bitcoin from my Coinbase.com account to a counterwallet.co account which I opened per your suggestion, but I am confused by what it shows in the View Prices section for JPJA. It shows a Bid of 500 and an order depth of 2, but no ask price and no history of any trades ever. Has anybody bought JPJA yet? If so, then why doesn't that show in the history?

Also, when you issued them at a price of 0.002 BTC did you sell out already? How am I able to tell if I am buying the new issue or if I am buying from the secondary market after all the newly issued JPJAs were purchased? Shouldn't it show somewhere how many shares were issued? You wrote in your book 100 shares were issued, but shouldn't it show that somewhere at counterwallet.co ? What happens if only 50% of the authorized 100 shares actually get purchased? Would I get double the dividend, or is end of year dividend adjusted by half to account for that?

What I am most confused about though is when I actually try to buy JPJA in counterwallet.co, because I get this message:
"There is currently insufficient data to determine a fair market price for your purchase. "
It is telling me 1 JPJA will cost me 500 BTC. Shouldn't it be more like 1 JPA will cost me around $1?

The counterwallet.co screen I am using says:
You have 0.002428 BTC at the selected address.
Quantity JPJA to buy:  1
BTC/JPJA unit price: 0.002
Exceeds available balance
The effective unit price of your BTC/JPJA order is 0.002 JPJA per each BTC. Your purchase of 1 JPJA will cost you 500 BTC , plus a 5 BTC (1%) miner fee (to prevent troll orders). Your purchase would exceed your available balance by 504.997572 BTC.

- Eric

Hi Eric,

Thanks for showing interest. The price is 1 JPJA = 0.002 BTC or about $1.20. Please wait a bit with buying as I will lower the price to a "giveaway" level just to show that I do this to test out / illustrate the technology. If you've all ready bought at this I price I will transfer you the difference so that you don't lose.

Info about JPJA can be found at http://www.blockscan.com/assetInfo.aspx?q=JPJA . There are 100 shares, and the asset is locked so that I cannot issue more. Your real risk in this scenario is that I do not pay the dividend as promised. As far as I know, there is no way to make an escrow to guarantee a BTC payment at a set time in the future.

To buy you need to select "I want to buy:" JPJA and "I want to sell:" BTC. I agree that the GUI is a bit confusing. Let me know if you have any further questions.  

NOTE: I noticed that 1PFQ36LZaw3EY4a6fM13LLuT55TU7T2K4V bought 5 shares before I lowered the price. I refunded BTC 0.0075 so that the effective price is the new lowered one at 1 JPJA = 0.0005 BTC

[Matt Y]

Just want to vote that I completely disagree with prophetx's point of view.

[BitcoinBudz]

Could some nice person, break down how to set up a asset on a windows machine for me? I can not figure it out.

[Armando]

I've installed BoottleXCP but it shows only my BTC balance and 0 XCP, although I have some. What can be the problem?

What I should to write here by the way:
GUI-USER
GUI-PASSWORD
?

I can't remember making any passwords, except bitcoind-rpc. Thanks!

[Matt Y]

Could some nice person, break down how to set up a asset on a windows machine for me? I can not figure it out.

This shows the process in Counterwallet: https://www.youtube.com/watch?v=eyzA5Lj1ajM

I'm not sure if there is a tutorial for command line.

[BitcoinBudz]

Could some nice person, break down how to set up a asset on a windows machine for me? I can not figure it out.

This shows the process in Counterwallet: https://www.youtube.com/watch?v=eyzA5Lj1ajM

I'm not sure if there is a tutorial for command line.

Thank you sir, have a blessed day.

[BitcoinBudz]

Thanks for your help guys got my security issued and on the market. Platform looks great, kinda confusing to use though. I hope I did the asset sell correctly could someone check it out for me?

[BitcoinBudz]

Stop arguing you two asses, got to the scam thread for that shit.
Stop burring my post with your nonsense.

Thanks for your help guys got my security issued and on the market. Platform looks great, kinda confusing to use though. I hope I did the asset sell correctly could someone check it out for me?

[fractastical]

Some reasons why XCP has value:

1) Trading with XCP on the distributed exchange is (and always will be) cheaper and faster than with BTC.

2) You can use only XCP for making bets, CFDs and asset callbacks. Forthcoming complex features and financial instruments will also likely be restricted to denomination in XCP.

3) All future proof-of-stake voting, e.g. for protocol changes, voting functionality, DACs, etc. will be determined by XCP holdings.

XCP is the native currency of Counterparty and its sole first-class citizen. If the Counterparty protocol has great value (as I'm sure that it does), then so does XCP.

Thinking out loud here, but is there any chance of getting a BTC proxy token that is tradable. My ideal token would be composed of the amount of XCP that corresponds to a single BTC. This means I would effectively be trading XCP but I would not have to think about the value of XCP, I could still price everything in BTC.  

I say this because as I see it one of the main issues right now with the decentralized exchange is the additional mental cost of calculating things in XCP as opposed to BTC.

[sparta_cuss]

Some reasons why XCP has value:

1) Trading with XCP on the distributed exchange is (and always will be) cheaper and faster than with BTC.

2) You can use only XCP for making bets, CFDs and asset callbacks. Forthcoming complex features and financial instruments will also likely be restricted to denomination in XCP.

3) All future proof-of-stake voting, e.g. for protocol changes, voting functionality, DACs, etc. will be determined by XCP holdings.

XCP is the native currency of Counterparty and its sole first-class citizen. If the Counterparty protocol has great value (as I'm sure that it does), then so does XCP.

Thinking out loud here, but is there any chance of getting a BTC proxy token that is tradable. My ideal token would be composed of the amount of XCP that corresponds to a single BTC. This means I would effectively be trading XCP but I would not have to think about the value of XCP, I could still price everything in BTC.  

I say this because as I see it one of the main issues right now with the decentralized exchange is the additional mental cost of calculating things in XCP as opposed to BTC.

I am not sure exactly what you are asking for, but will XBTC do the trick? It serves as a BTC proxy. Unfortunately, it's not a part of the Counterparty core.
See what you think.

https://forums.counterparty.co/index.php/topic,404.msg2683.html#msg2683

[baddw]

Stop arguing you two asses, got to the scam thread for that shit.
Stop burring my post with your nonsense.

Thanks for your help guys got my security issued and on the market. Platform looks great, kinda confusing to use though. I hope I did the asset sell correctly could someone check it out for me?

Looks like it's working to me...

[impulsecorp]

Thanks for your help guys got my security issued and on the market. Platform looks great, kinda confusing to use though. I hope I did the asset sell correctly could someone check it out for me?

At http://www.blockscan.com/assetInfo.aspx?q=BUDZ it shows somebody bought 2 shares (I assume the other shareholder of 2000 shares is you) so that seems like it works, unless you bought those 2 shares as a test yourself.

I did not issue shares, I just tried to buy shares (in a different asset) and was very confused, and I am not a cryptocurrency novice. I can't image how a non-technical person would be able to do any of this.

- Eric

[BitcoinBudz]

Thanks for your help guys got my security issued and on the market. Platform looks great, kinda confusing to use though. I hope I did the asset sell correctly could someone check it out for me?

At http://www.blockscan.com/assetInfo.aspx?q=BUDZ it shows somebody bought 2 shares (I assume the other shareholder of 2000 shares is you) so that seems like it works, unless you bought those 2 shares as a test yourself.

I did not issue shares, I just tried to buy shares (in a different asset) and was very confused, and I am not a cryptocurrency novice. I can't image how a non-technical person would be able to do any of this.

- Eric

I second that brother, yea that was a test purchase from me, the other shares are pre-sold shares I just have to send them to the owners.

They should do better video on how to use the system, cuase the wording is confusing as well as the functions.

[deliciousowl]

If anyone is wondering how to use specific features or anything, I can make an explainer video soon enough. Can you guys let me know what you would like to be included?