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

[JTB800]

Hello,

I am about to bring out a coin (or I guess token is the proper word under your system). Anyway, it was recommended to me to utilize counterparty. I had only previously been somewhat familiar with it (hey, you can't follow them all!). Anyway, the preface is a way of asking your forgiveness if the following questions are stupid. I have read a lot about XCP, but some of it is pretty deep in the weeds and of course some of it is useless. Anyway, it seems like an excellent system, but I am somewhat nonplussed in a few areas.

Speed seems to be a topic that comes up a lot as an area of concern. I have read the "18 Myths" article and  they seem to brush it off, but I was wondering if that is true. Is it slower than BTC and if so, how much slower?

Also, would my coin be offered on the XCP system only and is that community large enough for a successful coin? I understand that it can be on an exchange (Poloniex) if, I assume, some sort of criteria is met. Are there other exchanges possible as well?

Finally, as hard as I have tried, I cannot seem to find a straightforward (and believable) answer regarding that Reddit post of a couple of days ago. This one:

http://www.reddit.com/r/BitcoinMarkets/comments/2iu5xc/caution_counterparty_team_warns_of_fincen/

Could someone either tell me the story on this in an easy to understand manner or point me to somewhere where it is addressed in such a way. 500 pages on this forum is quite a milestone, but it is also tough to pin down specific answers.

Thank you

[deliciousowl]

I have read the "18 Myths" article and  they seem to brush it off, but I was wondering if that is true. Is it slower than BTC and if so, how much slower?

Sending and receiving XCP is the same speed as BTC transactions, because they are BTC transactions. Trading on the decentralized exchange is slower than centralized exchanges, and most other features take longer than centralized approaches. This is a necessary sacrifice for the security and reliability of a decentralized system.

Also, would my coin be offered on the XCP system only and is that community large enough for a successful coin? I understand that it can be on an exchange (Poloniex) if, I assume, some sort of criteria is met. Are there other exchanges possible as well?

Recently XCP has experienced an upswing, as Overstock has begun cooperating with the Counterparty team. You can be part of the rapidly growing Counterparty community, but your target demographic could include anyone, and you can create gateways to even let people buy tokens with non-crypto currencies.

Finally, as hard as I have tried, I cannot seem to find a straightforward (and believable) answer regarding that Reddit post of a couple of days ago. This one:

http://www.reddit.com/r/BitcoinMarkets/comments/2iu5xc/caution_counterparty_team_warns_of_fincen/

Could someone either tell me the story on this in an easy to understand manner or point me to somewhere where it is addressed in such a way. 500 pages on this forum is quite a milestone, but it is also tough to pin down specific answers.

The Counterparty team never issued such a warning.  And if I remember correctly, the blacklist is only there because of the WAY data is encoded, not because of what is encoded.

P.S: Counterparty is not a company, nor an organization. XCP is essentially an open-source community that never raised any funds, or sold any product.

[Matt Y]

Hello,

I am about to bring out a coin (or I guess token is the proper word under your system). Anyway, it was recommended to me to utilize counterparty. I had only previously been somewhat familiar with it (hey, you can't follow them all!). Anyway, the preface is a way of asking your forgiveness if the following questions are stupid. I have read a lot about XCP, but some of it is pretty deep in the weeds and of course some of it is useless. Anyway, it seems like an excellent system, but I am somewhat nonplussed in a few areas.

Speed seems to be a topic that comes up a lot as an area of concern. I have read the "18 Myths" article and  they seem to brush it off, but I was wondering if that is true. Is it slower than BTC and if so, how much slower?

Also, would my coin be offered on the XCP system only and is that community large enough for a successful coin? I understand that it can be on an exchange (Poloniex) if, I assume, some sort of criteria is met. Are there other exchanges possible as well?

Finally, as hard as I have tried, I cannot seem to find a straightforward (and believable) answer regarding that Reddit post of a couple of days ago. This one:

http://www.reddit.com/r/BitcoinMarkets/comments/2iu5xc/caution_counterparty_team_warns_of_fincen/

Could someone either tell me the story on this in an easy to understand manner or point me to somewhere where it is addressed in such a way. 500 pages on this forum is quite a milestone, but it is also tough to pin down specific answers.

Thank you

As Counterparty runs on Bitcoin, it is the same speed as Bitcoin.

Yes, other exchanges are possible. Bter and Masterxchange are both possible now and other exchanges are working on the ability to easily add Counterparty tokens.

I'm not sure what to say about that warning... It seems actions may be coming down, that's all anyone knows and digging around in the forum will in get you any additional information unfortunately. Whatever happens, if anything, will affect the whole Bitcoin ecosystem. Of the 2.0 projects Counterparty is the safest as Counterparty never raised money or took funds from investors.

[BitThink]

Hello,

I am about to bring out a coin (or I guess token is the proper word under your system). Anyway, it was recommended to me to utilize counterparty. I had only previously been somewhat familiar with it (hey, you can't follow them all!). Anyway, the preface is a way of asking your forgiveness if the following questions are stupid. I have read a lot about XCP, but some of it is pretty deep in the weeds and of course some of it is useless. Anyway, it seems like an excellent system, but I am somewhat nonplussed in a few areas.

Speed seems to be a topic that comes up a lot as an area of concern. I have read the "18 Myths" article and  they seem to brush it off, but I was wondering if that is true. Is it slower than BTC and if so, how much slower?

Also, would my coin be offered on the XCP system only and is that community large enough for a successful coin? I understand that it can be on an exchange (Poloniex) if, I assume, some sort of criteria is met. Are there other exchanges possible as well?

Finally, as hard as I have tried, I cannot seem to find a straightforward (and believable) answer regarding that Reddit post of a couple of days ago. This one:

http://www.reddit.com/r/BitcoinMarkets/comments/2iu5xc/caution_counterparty_team_warns_of_fincen/

Could someone either tell me the story on this in an easy to understand manner or point me to somewhere where it is addressed in such a way. 500 pages on this forum is quite a milestone, but it is also tough to pin down specific answers.

Thank you

Here's my two cents:

1) it's as slow or quick as BTC. Around 10 minutes. All Counterparty transactions are also BTC transactions.

2) coin can be exchanged in counterparty or those exchanges accept it (it's easy for those exchange already accept XCP). However, I think they will only accept those already successful ones inside Counterparty.

3) this depends on what your coin is. Personally I think you only need to worry if you sell it as a share of your company/project. If it's just an altcoin or a representation of an product, then it has nothing to do with Fincen in my opinion. You need to consult lawyer if you really concern about it.

[JTB800]

Thank you for all of the replies. Yes, I came away with the same general consensus as you all seem to present. I wanted to ask the questions straight though so as not to influence the outcome.

Yes, FinCen could be a problem for the coin space depending on a million factors. It would probably be best to just wait for November 4th to see what kind of gems are announced. I am still confused on "6 companies in BTC to be handed enforcement actions" and what that means precisely, but I suppose we will all know soon enough.

Anyway, thank you again. And if anyone has any other insights on using the XCP system to bring out a coin (token), it would be much appreciated. It does seem to be a great option and more attractive than say, Ripple or NEXT (or at least it appears that way thus far). Let's hope FinCen is kind!

[Matt Y]

Thank you for all of the replies. Yes, I came away with the same general consensus as you all seem to present. I wanted to ask the questions straight though so as not to influence the outcome.

Yes, FinCen could be a problem for the coin space depending on a million factors. It would probably be best to just wait for November 4th to see what kind of gems are announced. I am still confused on "6 companies in BTC to be handed enforcement actions" and what that means precisely, but I suppose we will all know soon enough.

Anyway, thank you again. And if anyone has any other insights on using the XCP system to bring out a coin (token), it would be much appreciated. It does seem to be a great option and more attractive than say, Ripple or NEXT (or at least it appears that way thus far). Let's hope FinCen is kind!

Joel from Swarm created a document that compiled many of the answers he found in his search a few months ago. Even in that short a time, much has probably changed, but that document is probably still going to be of at least some value to you. Swarm has a thread here on BCT that may have a link to the Google document. If there is no link, just PM the OP of the Swarm thread and that will be Joel. He'll be able to send you a link. Joel may be able to provide additional insight as well, since Swarm is in the business of launching coins and such.

[Spratan]

Thank you for all of the replies. Yes, I came away with the same general consensus as you all seem to present. I wanted to ask the questions straight though so as not to influence the outcome.

Yes, FinCen could be a problem for the coin space depending on a million factors. It would probably be best to just wait for November 4th to see what kind of gems are announced. I am still confused on "6 companies in BTC to be handed enforcement actions" and what that means precisely, but I suppose we will all know soon enough.

Anyway, thank you again. And if anyone has any other insights on using the XCP system to bring out a coin (token), it would be much appreciated. It does seem to be a great option and more attractive than say, Ripple or NEXT (or at least it appears that way thus far). Let's hope FinCen is kind!

Joel from Swarm created a document that compiled many of the answers he found in his search a few months ago. Even in that short a time, much has probably changed, but that document is probably still going to be of at least some value to you. Swarm has a thread here on BCT that may have a link to the Google document. If there is no link, just PM the OP of the Swarm thread and that will be Joel. He'll be able to send you a link. Joel may be able to provide additional insight as well, since Swarm is in the business of launching coins and such.

By the way, Overstock hired lawyers and anticipated regulation for Counterparty / Medici. One step ahead.

[JTB800]

Joel from Swarm created a document that compiled many of the answers he found in his search a few months ago. Even in that short a time, much has probably changed, but that document is probably still going to be of at least some value to you. Swarm has a thread here on BCT that may have a link to the Google document. If there is no link, just PM the OP of the Swarm thread and that will be Joel. He'll be able to send you a link. Joel may be able to provide additional insight as well, since Swarm is in the business of launching coins and such.

Ah, yes. I must confess, I had forgotten about Swarm (I don't know who Joel is, however). I had a busy summer and just couldn't follow everything (there are so many coins now!) I will look into that. As I seem to recall and just taking a quick glance at them again on that BTC thread, it is mostly a crowdfunding enterprise.

The coin I have in mind is more of an asset-backed coin. That is why I thought of Ripple and NXT Assets and then was pointed in your (XCP) direction.

Thank you very much for the suggestion and as I say, I will take a look.

[SalimNagamato]

you might want to also check with FoldingCoin.. very interesting asset IMHO
which is smart to use Counterparty, instead of creating another blockchain

Joel from Swarm created a document that compiled many of the answers he found in his search a few months ago. Even in that short a time, much has probably changed, but that document is probably still going to be of at least some value to you. Swarm has a thread here on BCT that may have a link to the Google document. If there is no link, just PM the OP of the Swarm thread and that will be Joel. He'll be able to send you a link. Joel may be able to provide additional insight as well, since Swarm is in the business of launching coins and such.

Ah, yes. I must confess, I had forgotten about Swarm (I don't know who Joel is, however). I had a busy summer and just couldn't follow everything (there are so many coins now!) I will look into that. As I seem to recall and just taking a quick glance at them again on that BTC thread, it is mostly a crowdfunding enterprise.

The coin I have in mind is more of an asset-backed coin. That is why I thought of Ripple and NXT Assets and then was pointed in your (XCP) direction.

Thank you very much for the suggestion and as I say, I will take a look.

[Matt Y]

This is worth looking at, if you haven't already, as they offer asset backed coins on Counterparty: https://www.digitaltangibletrust.com/

[JTB800]

you might want to also check with FoldingCoin.. very interesting asset IMHO
which is smart to use Counterparty, instead of creating another blockchain

Oh, that is interesting. I remember Ripple did something very similar (Computing For Good) when they were in their giveaway phase. I will have to look more closely into that. I don't think that fits in with what I am trying to do, but it is interesting nonetheless.  Thanks.

[JTB800]

This is worth looking at, if you haven't already, as they offer asset backed coins on Counterparty: https://www.digitaltangibletrust.com/

Oh, thank you. Yes, gold and silver seems to popular and as far as I know, a success for many coins. Mine isn't precious metals, but the same basic idea, in that the coin will have assets to back it up, not just another instant blockchain of nothingness.

[marketorder]

What if the US doesn't approve Overstocks Counterparty business plan what will happen to Counterparty? If the partnership between Counterparty and Overstock doesn't work out is that the end of Counterparty? Does Counterparty have any competition, if so who?

What's a realistic price target for the next year?

How is the price of Counterparty effected?

[Matt Y]

What if the US doesn't approve Overstocks Counterparty business plan what will happen to Counterparty? If the partnership between Counterparty and Overstock doesn't work out is that the end of Counterparty? Does Counterparty have any competition, if so who?

What's a realistic price target for the next year?

How is the price of Counterparty effected?

Hey,

It would probably be best if you spent some time going over the information on the Counterparty website in order to get a more complete picture of what Counterparty is Your information will be more complete vs what can be delivered through a forum post or two.

http://counterparty.io/

1. Counterparty would continue on, however, that would be a fairly large setback.

2. No.

3. Other players in the 2.0 space, if we're comfortable saying it's a competition at this point. Mastercoin and Colored Coins on Bitcoin. NXT, Ethereum, Bitshares and others off of Bitcoin.

4. Unknown. I'm a bull though.

5. Affected by what?

[weex]

What if the US doesn't approve Overstocks Counterparty business plan what will happen to Counterparty?

...

How is the price of Counterparty effected?

That really depends on how much a successful rollout is priced into the current trading value of XCP. I doubt people have counted that chicken as hatched. The recent rise was likely because Overstock has committed to a serious development effort in Medici. Each step along the way like meetings with regulators, announcements by other entities deciding on the platform, previews of the platform, etc. will likely drive further price moves one way or the other.

[Bitcoin++]

Gentlemen, I lost 5500 XCP.

Consider this as a gift to the  Counterparty community.  

How?sorry to hear that.

I copied a new passphrase on counterwallet to transfer my XCP, but I forgot to write it/paste it down..
I transfered my XCP, copied smthg else and.. it was gone.

 

Are you sure the XCP got transferred? I looked at blockscan, and there is no address with 5500XCP, nor has any addresses with roughly that amount been newly deposited.
There's a slight chance you were  lucky - exchanges sometimes screw up withdrawals. Login to the exchange and see. If there was error, contact them immediately and tell them to cancel the withdrawal.

[deliciousowl]

What if the US doesn't approve Overstocks Counterparty business plan what will happen to Counterparty? If the partnership between Counterparty and Overstock doesn't work out is that the end of Counterparty?

It will definitely not be the end of Counterparty. Government regulation cannot stop peer-to-peer innovation, only slow it down and demonize its users. And so far, this strategy has not worked in their favor. Much like Bitcoin, XCP is here to stay.
 

[Matt Y]

What if the US doesn't approve Overstocks Counterparty business plan what will happen to Counterparty? If the partnership between Counterparty and Overstock doesn't work out is that the end of Counterparty?

It will definitely not be the end of Counterparty. Government regulation cannot stop peer-to-peer innovation, only slow it down and demonize its users. And so far, this strategy has not worked in their favor. Much like Bitcoin, XCP is here to stay.
 

+1

Well said.

[Eriul_Pow]

Gentlemen, I lost 5500 XCP.

Consider this as a gift to the  Counterparty community.  

How?sorry to hear that.

I copied a new passphrase on counterwallet to transfer my XCP, but I forgot to write it/paste it down..
I transfered my XCP, copied smthg else and.. it was gone.

 

Are you sure the XCP got transferred? I looked at blockscan, and there is no address with 5500XCP, nor has any addresses with roughly that amount been newly deposited.
There's a slight chance you were  lucky - exchanges sometimes screw up withdrawals. Login to the exchange and see. If there was error, contact them immediately and tell them to cancel the withdrawal.

It was 6 months ago. I like the help though.

 I posted it now because I didn't log in my btctalk account 'til yesterday.

http://blockscan.com/address.aspx?q=1KLgg2eheNcftUgYKeTWvFaDMdGEY3qPDf

[weex]

Gentlemen, I lost 5500 XCP.

Consider this as a gift to the  Counterparty community.  

How?sorry to hear that.

I copied a new passphrase on counterwallet to transfer my XCP, but I forgot to write it/paste it down..
I transfered my XCP, copied smthg else and.. it was gone.

 

Are you sure the XCP got transferred? I looked at blockscan, and there is no address with 5500XCP, nor has any addresses with roughly that amount been newly deposited.
There's a slight chance you were  lucky - exchanges sometimes screw up withdrawals. Login to the exchange and see. If there was error, contact them immediately and tell them to cancel the withdrawal.

It was 6 months ago. I like the help though.

 I posted it now because I didn't log in my btctalk account 'til yesterday.

http://blockscan.com/address.aspx?q=1KLgg2eheNcftUgYKeTWvFaDMdGEY3qPDf

Ouch. Sorry to hear that! Are there any other known cases of unspendable/lost XCP?