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

[Fernandez]

A nice bump in price. Its still way undervalued compared to its potential.

I would have liked to see XCP move platform or go on an independent chain like DPOS, but the developers doesn't seem to be interested in this.

Luke-jr and maybe some other bitcoin devs is like little kids who don't want play together with neighbor house kids in their sandbox, but there is coming day when they grow up and ask XCP and MSC join to play same game   Thats why there no need other chains.  But that is just normal because neighbors kids have bigger trucks and better toys and they have only sandbox.

I think there is need as Bitcoin is too slow. In addition it is dependent and centralized by the cartel. Moving to a DPOS or TF chain will mean fast transactions.

[supersuber]

Code:

C:\counterpartyd_build>counterpartyd server

C:\counterpartyd_build>echo off
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 21, in
 <module>
    from lib import config, api, util, exceptions, bitcoin, blocks, blockchain
  File "C:\counterpartyd_build\dist\counterpartyd\lib\api.py", line 17, in <modu
le>
    import flask
ImportError: No module named flask

C:\counterpartyd_build>

 

[toffoo]

Why is there a need for faster transactions? Block chain size and security should outweigh speed in my opinion. XCP has an advantage being built on Bitcoin.

I don't know of any existing market in the history of the modern world where the average "tick time" is some random duration of approximately 10 minutes, or occasionally very much longer.

It has yet to be seen whether a functioning live market can develop under these conditions.

I'm all for Counterparty and decentralized markets in general, and agree with the current chain size and security advantages, but have my doubts about this.  I've also been playing with VIA/XCH for this reason, but it also suffers from this same speed issue, only to a lesser degree.

[devphp]

...it also suffers from this same speed issue, only to a lesser degree.

What would be acceptable in terms of speed? Decentralized systems can't be as fast as centralized and cannot deliver data in under 1 second. So what would be a good balance between comfortable use and still keeping things decentralized (=protected from tampering with)?

[NewLiberty]

Why is there a need for faster transactions? Block chain size and security should outweigh speed in my opinion. XCP has an advantage being built on Bitcoin.

I don't know of any existing market in the history of the modern world where the average "tick time" is some random duration of approximately 10 minutes, or occasionally very much longer.

It has yet to be seen whether a functioning live market can develop under these conditions.

I'm all for Counterparty and decentralized markets in general, and agree with the current chain size and security advantages, but have my doubts about this.  I've also been playing with VIA/XCH for this reason, but it also suffers from this same speed issue, only to a lesser degree.

Much business is done "Net 30"
Modern banking takes days to months.
10ish minutes is not so cumbersome as the alternatives.

[prophetx]

Why is there a need for faster transactions? Block chain size and security should outweigh speed in my opinion. XCP has an advantage being built on Bitcoin.

I don't know of any existing market in the history of the modern world where the average "tick time" is some random duration of approximately 10 minutes, or occasionally very much longer.

It has yet to be seen whether a functioning live market can develop under these conditions.

I'm all for Counterparty and decentralized markets in general, and agree with the current chain size and security advantages, but have my doubts about this.  I've also been playing with VIA/XCH for this reason, but it also suffers from this same speed issue, only to a lesser degree.

Much business is done "Net 30"
Modern banking takes days to months.
10ish minutes is not so cumbersome as the alternatives.

yea but stuff like monero and bitshares are way faster, even doge is pretty fast

10 minutes with the occasional 30  minute wait is just too much for instageneration

that said ethereum and maidsafe should be very fast a well

regarding security.  if doge has 10 blocks in the time btc has 1 block, which tx is more secure?

[baddw]

Why is there a need for faster transactions? Block chain size and security should outweigh speed in my opinion. XCP has an advantage being built on Bitcoin.

I don't know of any existing market in the history of the modern world where the average "tick time" is some random duration of approximately 10 minutes, or occasionally very much longer.

It has yet to be seen whether a functioning live market can develop under these conditions.

I'm all for Counterparty and decentralized markets in general, and agree with the current chain size and security advantages, but have my doubts about this.  I've also been playing with VIA/XCH for this reason, but it also suffers from this same speed issue, only to a lesser degree.

Much business is done "Net 30"
Modern banking takes days to months.
10ish minutes is not so cumbersome as the alternatives.

yea but stuff like monero and bitshares are way faster, even doge is pretty fast

10 minutes with the occasional 30  minute wait is just too much for instageneration

that said ethereum and maidsafe should be very fast a well

regarding security.  if doge has 10 blocks in the time btc has 1 block, which tx is more secure?

The main strength/differentiator of Counterparty is being able to use Bitcoin natively.  Someone can obtain Bitcoin, and then without having to use any kind of centralized exchange, start trading in Counterparty assets.  Of course, being on the Bitcoin blockchain is also a weakness, mostly for slowness reasons.  However, I believe that the strength outweighs the weakness.  There is a place for Counterparty-on-Bitcoin; it is a viable niche.  (That being said, of course I don't have all my eggs in the Counterparty basket...) 

If you want close-to-real-time trading, you will have to find something that is not on a Bitcoin-derived blockchain, because short block times equate to forking problems.  You need a from-scratch, purpose-written protocol such as NXT, Ethereum or BitShares in order to reliably achieve sub-minute trades.  Of course, all of these have their own issues; the largest being, they are all new/unproven compared to Bitcoin, and could have undiscovered flaws which result in them being hacked and people losing their money.  Also, many people have issues with the "fairness" (or lack thereof) of the token distribution.

[romerun]

Don't forget that no serious assets would go for alts for the same reason that people not like LTC.

Many bitcoiners don't even like to approve Counterparty only because we introduced a new currency, XCP.

But it's sure be a lot easier for people to swallow than having some new currencies running ontop of other new currencies.

Cloning coin, or making one from stratch is moot and not create value.

[supersuber]

Code:

C:\counterpartyd_build>counterpartyd server

C:\counterpartyd_build>echo off
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 21, in
 <module>
    from lib import config, api, util, exceptions, bitcoin, blocks, blockchain
  File "C:\counterpartyd_build\dist\counterpartyd\lib\api.py", line 17, in <modu
le>
    import flask
ImportError: No module named flask

C:\counterpartyd_build>

 

how to install flask?

[xnova]

Code:

C:\counterpartyd_build>counterpartyd server

C:\counterpartyd_build>echo off
Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 21, in
 <module>
    from lib import config, api, util, exceptions, bitcoin, blocks, blockchain
  File "C:\counterpartyd_build\dist\counterpartyd\lib\api.py", line 17, in <modu
le>
    import flask
ImportError: No module named flask

C:\counterpartyd_build>

 

how to install flask?

Best bet is to rerun the build system,  it will install flask as part of the setup (which is a newer dependency...)

Or you could manually install via pip.exe

[weex]

Koinify is using Counterparty and has received a total of $1.4 million in funding thus far.

http://koinify.com/blog/koinify-raises-1m-in-latest-round-from-idg-brock-pierce-to-accelerate-decentralized-economy/

[deliciousowl]

Koinify is using Counterparty and has received a total of $1.4 million in funding thus far.

http://koinify.com/blog/koinify-raises-1m-in-latest-round-from-idg-brock-pierce-to-accelerate-decentralized-economy/

"Here at Koinify, we are the world’s first crowdfunding platform for decentralized applications"

What about SWARM, or even Counterparty itself?   

[Giulio Prisco]

I am trying to understand Counterparty but I guess I am too lazy and wish to save a few hours of hard intellectual work ;-) Can somebody think of a clear and concise single paragraph? What is Counterparty, why it is part of Bitcoin 2.0, what is its unique selling point, and what applications it's uniquely suitable for.

Thanks!

[Anotheranonlol]

I am trying to understand Counterparty but I guess I am too lazy and wish to save a few hours of hard intellectual work ;-) Can somebody think of a clear and concise single paragraph? What is Counterparty, why it is part of Bitcoin 2.0, what is its unique selling point, and what applications it's uniquely suitable for.

Thanks!

I think this should be clear and concise enough:

https://www.counterparty.co/about/

If you have specific questions to ask or require clarification on certain aspects of CounterParty after reading that, you are welcome to ask them here.

[Giulio Prisco]

I think this should be clear and concise enough:
https://www.counterparty.co/about/

But it isn't.

"The primary goal of Counterparty is to enable entrepreneurs, developers, artists and more to build a new, productive economy: doing things that have never been done before, made possible by the amazing technology behind Bitcoin. We want to unlock the potential of “Bitcoin 2.0″ for thousands of people, who will then create profitable businesses, as well use the technology to further the social good."

Sounds like fluff with little content, could mean anything.

The only usable info that I find on that page is:

"Counterparty provides open, secure financial tools and markets that do not require a trusted third party or middleman to use."

This is very encouraging but still a bit vague.

I will join their Forum as you suggest

[jrmg]

Koinify is using Counterparty and has received a total of $1.4 million in funding thus far.

http://koinify.com/blog/koinify-raises-1m-in-latest-round-from-idg-brock-pierce-to-accelerate-decentralized-economy/

What is koinify asset name?

Yesterday 2499 transaction. So far highest amount for one day..?

[Jpja]

I am trying to understand Counterparty but I guess I am too lazy and wish to save a few hours of hard intellectual work ;-) Can somebody think of a clear and concise single paragraph? What is Counterparty, why it is part of Bitcoin 2.0, what is its unique selling point, and what applications it's uniquely suitable for.

Thanks!

I'll give it a try.

Counterparty is a platform for finance and betting. Every action is a Bitcoin transaction with embedded metadata which the Counterparty protocol interprets. All history is saved in the Bitcoin blockchain, and this enables an ecosystem of coins, assets, bets, and games.

[Giulio Prisco]

Counterparty is a platform for finance and betting. Every action is a Bitcoin transaction with embedded metadata which the Counterparty protocol interprets. All history is saved in the Bitcoin blockchain, and this enables an ecosystem of coins, assets, bets, and games.

Thanks! This was my impression after first reading, but it's good to see it confirmed.

Does Counterparty solve the trust problem for betting and gaming (the fear that the operator may take the money and go)?

Is it suitable in-principle for realtime gaming e.g. online poker?

[Spratan]

Does Counterparty solve the trust problem for betting and gaming (the fear that the operator may take the money and go)?

Is it suitable in-principle for realtime gaming e.g. online poker?

It has been already done on counterparty - look at chancecoin, decentralized casino

[Giulio Prisco]

It has been already done on counterparty - look at chancecoin, decentralized casino

Thanks, I will take a look. What I understand from a quick browsing of the Chancecoin thread, it is NOT based on Counterparty, but similar features could be implemented.