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

[stereotype]

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

Which seems to me, a huge barrier for more adoption. Which is a shame, as the devs have produced some clever tech here that has the capability for great things.....but not in its current form IMO. Way too many skips n jumps, with user feedback that just raises more questions and points to understand.
Ive spent a total of ~6 hours over 3 sessions playing with this since its release. The last time i logged in was some weeks ago, to see yet again, a crossed order book. I logged out 1 minute later, and i dont really know if and when i will be logging back in. Because for me, all i want to do is buy and sell assets and currency easily and quickly in a way that does not require me to redefine very simple processes of buy/sell, that we are all very used to.

Im just wondering who the intended end-users were for this, as currently, it feels like some sort of flashy bespoke niche corporate network back-end system, and not intended for general use.

I was a burner, and have every wish to see this as successful, so the above is intended to be constructive, and certainly not troll-like.    

[fractastical]

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

I know what XBTC is but it doesn't work since it's not trustless and you actually have to convert to XBTC. Much better would be a sort of wrapper around XCP that you could use immediately. We really need a vending machine that has 1 confirmation BTC -> XCP so that people near immediately get a tradable token and a super easy UI so they can easily trade it.

[impulsecorp]

Yesterday I though I bought 1 share of JPJA (the ebook posted at https://bitcointalk.org/index.php?topic=395761.msg7542184#msg7542184 ) using counterwallet.co at the issue/offering price of .0005 BTC, and the transaction showed as an "Order Match" in my history, but then 2 1/2 hours later is shows that order match expired and when I look at my pending orders it shows the order is still open:
Open Orders
Order 19857 @ My Address #1
Buy: 1 JPJA (remaining: 1 JPJA)
Sell: 0.0005 BTC (remaining: 0.0005 BTC)

Here's the history:
-----------------------
Tx   Block   Block Time   Source   Type   Description
   308218    Jun 28th 2014, 3:27:48 am       Order Match Exp       Order Match d40276c9d63d148f48ff3bb7ee15f7fd400f1bb9a29aeade329e7faa9d92d42d404dec488e13b30 b9ee29a36ffff4324aa9302bd5ac4bdb25cc72becdf0cd262 expired
cd262    308207    Jun 28th 2014, 1:09:00 am       Order Match       1K2eXP3wsX4W5HjnkNKsqX1fgRPhFA5RNv sent 1 JPJA
My Address #1 sent 0.0005 BTC (pending BTCpay)
cd262    308207    Jun 28th 2014, 1:09:00 am    My Address #1    Order       Sell 0.0005 BTC for 1 JPJA
-----------------------

It is now over 8 hours since I placed my order for JPJA at the offering/issue/market price yet I still don't have it. Why is that?

- Eric

[PhantomPhreak]

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

Which seems to me, a huge barrier for more adoption. Which is a shame, as the devs have produced some clever tech here that has the capability for great things.....but not in its current form IMO. Way too many skips n jumps, with user feedback that just raises more questions and points to understand.
Ive spent a total of ~6 hours over 3 sessions playing with this since its release. The last time i logged in was some weeks ago, to see yet again, a crossed order book. I logged out 1 minute later, and i dont really know if and when i will be logging back in. Because for me, all i want to do is buy and sell assets and currency easily and quickly in a way that does not require me to redefine very simple processes of buy/sell, that we are all very used to.

Im just wondering who the intended end-users were for this, as currently, it feels like some sort of flashy bespoke niche corporate network back-end system, and not intended for general use.

I was a burner, and have every wish to see this as successful, so the above is intended to be constructive, and certainly not troll-like.    

The crossing of the order book should be fixed almost entirely with block 310000. Beyond that, which shouldn't affect your trading (because of the way that order matching is handled in the protocol), I'm not sure that I see what is making Counterparty difficult to use for you, except for possibly low market depth. What wording is confusing? Yes, if you try to buy an asset with BTC, it takes about an hour to complete. This situation is, as far as I can tell, inescapable, and the best way to circumvent it is to use XCP in trades wherever possible.

[romerun]

Yes, if you try to buy an asset with BTC, it takes about an hour to complete

I'm still not quite get why it should take one hour to complete. Let's say a block takes 10 mins. Matching takes 1 block, Btcpay 1 block, so 20 mins, what do I miss.

[BitcoinBudz]

Yes, if you try to buy an asset with BTC, it takes about an hour to complete

I'm still not quite get why it should take one hour to complete. Let's say a block takes 10 mins. Matching takes 1 block, Btcpay 1 block, so 20 mins, what do I miss.

It takes less I think they show up in about 15 minutes

[cityglut]

Yes, if you try to buy an asset with BTC, it takes about an hour to complete

I'm still not quite get why it should take one hour to complete. Let's say a block takes 10 mins. Matching takes 1 block, Btcpay 1 block, so 20 mins, what do I miss.

The reason is blockchain reorganizations, which  basically rewrite the recent history of transactions, and Bitcoin payments are irreversible. So a blockchain reorganization can invalidate a BTCpay, because it can remove a previously valid order match from the ledger.

[pikuchato]

I just saw swarm started to accept XCP.. (They published an XCP address @ swarmcorp.com)

Does anyone knows what is the rate?

Any announcement about that? it just showed up out of nowhere 

[JahPowerBit]

Counterwallet going down for about one hour for an upgrade.

[baddw]

Yesterday I though I bought 1 share of JPJA (the ebook posted at https://bitcointalk.org/index.php?topic=395761.msg7542184#msg7542184 ) using counterwallet.co at the issue/offering price of .0005 BTC, and the transaction showed as an "Order Match" in my history, but then 2 1/2 hours later is shows that order match expired and when I look at my pending orders it shows the order is still open:
Open Orders
Order 19857 @ My Address #1
Buy: 1 JPJA (remaining: 1 JPJA)
Sell: 0.0005 BTC (remaining: 0.0005 BTC)

Here's the history:
-----------------------
Tx   Block   Block Time   Source   Type   Description
   308218    Jun 28th 2014, 3:27:48 am       Order Match Exp       Order Match d40276c9d63d148f48ff3bb7ee15f7fd400f1bb9a29aeade329e7faa9d92d42d404dec488e13b30 b9ee29a36ffff4324aa9302bd5ac4bdb25cc72becdf0cd262 expired
cd262    308207    Jun 28th 2014, 1:09:00 am       Order Match       1K2eXP3wsX4W5HjnkNKsqX1fgRPhFA5RNv sent 1 JPJA
My Address #1 sent 0.0005 BTC (pending BTCpay)
cd262    308207    Jun 28th 2014, 1:09:00 am    My Address #1    Order       Sell 0.0005 BTC for 1 JPJA
-----------------------

It is now over 8 hours since I placed my order for JPJA at the offering/issue/market price yet I still don't have it. Why is that?

- Eric

I had some trouble with the BTCpay part of buying an asset recently.  I had the same thing happen, with the order still showing up as open until I manually cancelled it.  Then I tried it again, and it worked pretty fast, although this time I was watching and reloading my wallet every 5 minutes (logging out, then logging in) to make sure that the BTCpay happened.

The process: You place your buy order.  The order is matched.  It takes ~3 blocks (?) for the order match to be confirmed, before you can BTCPay.  Then you have ~6 blocks (?) to BTCPay, after the original ~3 blocks for the order match to be confirmed, before the order match expires.  (However, in my case and yours, the order itself was still in effect, although it was not re-matched.)

So it is kind of a clunky process.  Asset owners should be encouraged to sell their assets in XCP in order to avoid the delays associated with BTCPay.  (Their assets are tied up for ~10 blocks waiting for the order to go through, even if it fails!)  It is my understanding that a pure XCP trade is confirmed very quickly, since the XCP can be escrowed as part of the order itself.

P.S.: This is the kind of thing that complainers are complaining about when they say that there is not enough documentation for XCP.  I have been following and participating in this thread for months now, reading every post, and I didn't know how the above actually worked until I did it myself.

[deliciousowl]

Would there be any way to integrate XBTC into the protocol directly?

[mybtclove]

Counterwallet going down for about one hour for an upgrade.

What is new in CW?

Are the fees lower now?

[mybtclove]

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? 

What a great idea! very important for adoption!

I think a good place to start is xbet.io

Could you make a video on how to bet using xbet? many people need this and i think a video is the best way to go.

[BitcoinBudz]

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? 

What a great idea! very important for adoption!

I think a good place to start is xbet.io

Could you make a video on how to bet using xbet? many people need this and i think a video is the best way to go.

Can you do a Step by Step buy and sell assets video? The way they have them matched can be a bit confusing and exact explanation would be great. If you want you can buy some of my stock for a example and I will give you a discount for the good deed.

[delulo]

Here is a nice comparison (as nice as such a structure can be): https://docs.google.com/spreadsheets/d/1FdxxnujeMb_1kWlz1Esqut_jmmWNicbS3Meh1F83tUo/edit#gid=0
I was not 100% sure with some things so I would leave it to Matt or someone that knows all the details... I dont know whether he will publish it beyond this spreadsheet...
https://bitcointalk.org/index.php?action=profile;u=34743

[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? 

What a great idea! very important for adoption!

I think a good place to start is xbet.io

Could you make a video on how to bet using xbet? many people need this and i think a video is the best way to go.

Okay. I haven't used Xbet but I will try.

Can you do a Step by Step buy and sell assets video? The way they have them matched can be a bit confusing and exact explanation would be great. If you want you can buy some of my stock for a example and I will give you a discount for the good deed.

No need to give me a discount. I am doing this to help adoption of XCP.

P.S. To anyone wondering, NICEPLUM assets do not represent ownership of Niceplum or ownership of rights of Niceplum. All holders of NICEPLUM coin receive distribution payments from profits of Niceplum music. It's a COIN that pays out from music profits in XCP.  

[pikuchato]

I just saw swarm started to accept XCP.. (They published an XCP address @ swarmcorp.com)

Does anyone knows what is the rate?

Any announcement about that? it just showed up out of nowhere 

bump

[fractastical]

I just saw swarm started to accept XCP.. (They published an XCP address @ swarmcorp.com)

Does anyone knows what is the rate?

Any announcement about that? it just showed up out of nowhere 

bump

We will be making an official announcement tomorrow.

[Matt Y]

Here is a short video that shows how to sell XCP for a user created token: https://www.youtube.com/watch?v=D97oo8xCcG0

I'm happy to make other videos that outline the functionality of Counterwallet.

[mindtomatter]

LTBCOIN, the crypto-rewards program for the Let's Talk Bitcoin! network has launched on Counterparty, and is in the hands of our first 200 or so early adopters.  Our first mass send broke the record for most sends in a day, very cool. 

no, you can't buy them.

You can read the announcement and details here
http://letstalkbitcoin.com/blog/post/introducing-ltbcoin-our-new-crypto-rewards-program-for-ltb-creators-and-community

You can hear much of the same information in audio format on our latest episode
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-122-curiousity-discovery-and-music

Thanks Counterparty!