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

[masternode]

Yea we have dogcoin chinacoin with faster blocktime and they are superior to bitcoin right

If everything else among dogecoin and china coin were equal to that of BTC than yes, they would be superior coins.  

Matt Y even said it himself "The usability of both wallets is practically identical as well. So again, the only advantage XCH has, is speed."

To dismiss speed as a non-factor is pretty absurd.  Not only is it a factor, it is a major factor in almost any product or industry I can think of.  The markets will show either that speed is important in this case or it isn't.  I'm willing to bet strongly it is.  But then again, I still own some of both in case it isn't.  

[masternode]

Yea we have dogcoin chinacoin with faster blocktime and they are superior to bitcoin right

If everything else among dogecoin and china coin were equal to that of BTC than yes, they would be superior coins.  

Matt Y even said it himself "The usability of both wallets is practically identical as well. So again, the only advantage XCH has, is speed."

To dismiss speed as a non-factor is pretty absurd.  Not only is it a facor, it is a major factor in almost any product or industry I can think of.  The markets will either show speed is important in this case or it isn't.  I'm willing to bet strongly it is.

The problem with the speed argument is... faster is never fast enough when it comes decentralized block chains. You're not going to have real-time settlement that you can trust no matter how fast your blocks are targeted to be produced.

Ok, so because you can't have real time settlement no matter what, then the markets will choose a slower option over a faster option?  I don't buy it.  While it's not absolute, it's a pretty safe bet that people will choose a faster option, even if it's not real-time settlement.  This has been proven over and over again in the markets.

[dexX7]

Hey guys,

I updated redeem.bitwatch.co and now it's compatible with Counterwallet.

If you want to reclaim some transaction costs check out the tutorial on imgur by clicking on the picture..




Direct links:

Redeem unspent multisig outputs: http://redeem.bitwatch.co

How to reclaim transaction costs tutorial: http://imgur.com/a/YWKaV

[Equality 7-2521]

I'm saying people will choose a more secure network over one that is less secure. If you want speed, you go off-chain.

This is quite right. Security of the protocol is absolutely paramount now. Speed and, crucially, flexibility are technological challenges that will be solved. Side-chains and tree-chains will be powerful tools to help solve these challenges.

[IamNotSure]

Hey guys,

I updated redeem.bitwatch.co and now it's compatible with Counterwallet.

If you want to reclaim some transaction costs check out the tutorial on imgur by clicking on the picture..




Direct links:

Redeem unspent multisig outputs: http://redeem.bitwatch.co

How to reclaim transaction costs tutorial: http://imgur.com/a/YWKaV

cool, I was waiting this from a long time

Time to collect some dust

[DailyModo]

Hey guys here's a review from Coin-Network.com http://coin-network.com/a-brief-review-of-the-phenomenon-known-as-counterparty/  Hope you enjoy it

[prophetx]

Hey guys,

I updated redeem.bitwatch.co and now it's compatible with Counterwallet.

If you want to reclaim some transaction costs check out the tutorial on imgur by clicking on the picture..




Direct links:

Redeem unspent multisig outputs: http://redeem.bitwatch.co

How to reclaim transaction costs tutorial: http://imgur.com/a/YWKaV

cool, I was waiting this from a long time

Time to collect some dust

this 70 cents worth of btc i found maybe worth millions one day

awesome tool

[prophetx]

Hey guys here's a review from Coin-Network.com http://coin-network.com/a-brief-review-of-the-phenomenon-known-as-counterparty/  Hope you enjoy it

Counterparty relies on the XCP currency whereas other platforms with the same purposes work directly on Bitcoin, so you don’t have to get price exposure or volatility risk with a new currency when you use them.

hmm i worked at mastercoin and invested in counterparty, and also researched colored coins, as well as many other initiatives, and this sentences makes absolutely no sense to me.

[masternode]

I'm saying people will choose a more secure network over one that is less secure. If you want speed, you go off-chain.

This is quite right. Security of the protocol is absolutely paramount now. Speed and, crucially, flexibility are technological challenges that will be solved. Side-chains and tree-chains will be powerful tools to help solve these challenges.

Agreed.  Tree-chains is why Viacoin (which Clearinghouse runs on) hired bitcoin core dev Peter Todd. 

[Equality 7-2521]

I'm saying people will choose a more secure network over one that is less secure. If you want speed, you go off-chain.

This is quite right. Security of the protocol is absolutely paramount now. Speed and, crucially, flexibility are technological challenges that will be solved. Side-chains and tree-chains will be powerful tools to help solve these challenges.

Agreed.  Tree-chains is why Viacoin (which Clearinghouse runs on) hired bitcoin core dev Peter Todd.  

Exactly, so the block-time*** will be rendered a moot point in the "Viacoin-versus-Bitcoin-as-a-Higher-Level-Protocol-host" debate because application specific (e.g. fast) blockchains (e.g. side-chains and tree-chains) will be rolled out as required.

Hence, all other things being equal - Bitcoin is practically a more viable host as it is (currently) more secure.

***Let's not forget that confirmation (i.e. confidence) times are more important than block-times.

[Anotheranonlol]

Thanks for the heads up on the Overstock question.

What is Counterparty's current stand on

1) Moving away from the Bitcoin blockchain:
- How likely is it that you will do that if there is no absolute necessity?
- Do you have SPECIFIC backup plans where to move in case it becomes necessary or at least advisable?

2) Price feeds:
- What is your take on price feeds and do you have plans to "decentralize" them in some way? Goal here: Do not (entirely) depend on one individual/company that broadcasts the feed.
- Is there some in detail post / paper that describes how non volatile crypto assets (like BitUSD in BitsharesX) could be possible with price feeds in counterparty ?

Thanks for sharing and taking the time.

1. It should be noted that while I volunteered full-time with Counterparty for a number of months, I'm not privy to any inside information anymore. I recall Adam saying that switching blockchains is fairly trivial, but that he would be very unlikely to do that as the advantage of being on Bitcoin is a big one. I would assume that Adam, Robby, and Evan have specific backup plans, yes.

2. I think there is work being done on decentralizing oracles somehow, but I'm not the person to ask about that. There is no post like that, but I don't think it would be that complicated. You would just back your USD coin with dollars and then pull the price of dollars vs X from somewhere via an API or something?

Thanks Matt!

I don't know how open the (idea) development process is. I would appreciate more info on these (imo) crucial issues.

As for (2): The goals I have in mind are: Decentralizing the price feed (=not relying on one party to provide it) and getting rid of ONE counterparty to back the dollar token with real USD. BitSharesX is doing something like that but I was thinking whether something with a similar functional output is possible with counterparty (e.g. by contracts for difference) but I was not thinking super far

In regards to decentralizing feeds, perhaps you can use  oracle source like https://www.realitykeys.com/ in conjunction with a set of arbitrators, or other independent auditor etc, or try and use data from distributed oracles like http://oracles.li/ into the XCP feed

multisig seems to solve the problem of relying on single entity to secure a fund

[Matt Y]

Counterparty Founder Robby Dermody hired by Overstock.com. Going to create a decentralized stock market.

https://www.reddit.com/r/Bitcoin/comments/2iho5p/counterparty_founder_robby_dermody_hired_by/

https://www.reddit.com/r/Bitcoin/comments/2ihp5w/overstockcom_announces_crypto_stock_exchange/

Edited to add second link.

[weex]

Counterparty Founder Robby Dermody hired by Overstock.com. Going to create a decentralized stock market.

https://www.reddit.com/r/Bitcoin/comments/2iho5p/counterparty_founder_robby_dermody_hired_by/

Wow, and here we are a half hour away from Patrick Byrne's Keynote! Wish there was a live stream of that.

[nakaone]

build on top of counterparty

congratulations counterparty team -  you deserved it

[Equality 7-2521]

build on top of counterparty

congratulations counterparty team -  you deserved it

It is currently speculation that The Medici Project is built on top of Counterparty. However, it would be surprising if the project wasn't a frontend to the Counterparty Protocol, much in the same way that Vennd and Swarm are.

[baddw]

build on top of counterparty

congratulations counterparty team -  you deserved it

Wow!  Congrats!  Looking forward to hearing the details and how the system will interface with Counterparty.

[nakaone]

build on top of counterparty

congratulations counterparty team -  you deserved it

It is currently speculation that The Medici Project is built on top of Counterparty. However, it would be surprising if the project wasn't a frontend to the Counterparty Protocol, much in the same way that Vennd and Swarm are.

matt wrote it on reddit

[Equality 7-2521]

build on top of counterparty

congratulations counterparty team -  you deserved it

It is currently speculation that The Medici Project is built on top of Counterparty. However, it would be surprising if the project wasn't a frontend to the Counterparty Protocol, much in the same way that Vennd and Swarm are.

matt wrote it on reddit

You are correct. Thanks.

"I have confirmed from Counterparty Founders that the decentralized stock market that is being built, will be built on top of the existing Counterparty network." - Matt-Y

https://www.reddit.com/r/Bitcoin/comments/2iho5p/counterparty_founder_robby_dermody_hired_by/

[PhantomPhreak]

build on top of counterparty

congratulations counterparty team -  you deserved it

It is currently speculation that The Medici Project is built on top of Counterparty. However, it would be surprising if the project wasn't a frontend to the Counterparty Protocol, much in the same way that Vennd and Swarm are.

matt wrote it on reddit

How does XCP the token fit into this? If Medici sits on top of the Counterparty protocol it will need to use the tokens like any other asset issuer, is this correct?

I can confirm it as well.

Yep! The technology will always remain completely decentralized.

[IamNotSure]

Congrats Xnova !!

... and ofc the rest of the team