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

[Equality 7-2521]

Looks like the price is back to what it was pre-SEC-FUD last week. > 0.012 BTC for 1 XCP.

[Matt Y]

http://counterparty.io/news/counterparty-community-update-november-3-2014/

[deliciousowl]

http://counterparty.io/news/counterparty-community-update-november-3-2014/

Ah, nice. I'm rather certain that regular community updates will clear up some of the mystery (suspense?) surrounding XCP. Doesn't hurt for getting indexed properly on Google either.

Also, this isn't related to the update, but I just noticed it on the forums:

"Spells of Genesis first commercial game using Counterparty"
https://forums.counterparty.io/discussion/774/spells-of-genesis-first-commercial-game-using-counterparty#latest

[IamNotSure]

http://counterparty.io/news/counterparty-community-update-november-3-2014/

Ah, nice. I'm rather certain that regular community updates will clear up some of the mystery (suspense?) surrounding XCP. Doesn't hurt for getting indexed properly on Google either.

Also, this isn't related to the update, but I just noticed it on the forums:

"Spells of Genesis first commercial game using Counterparty"
https://forums.counterparty.io/discussion/774/spells-of-genesis-first-commercial-game-using-counterparty#latest

Excellent news. I'm still waiting to see a game that fully uses the potential of cryptos

[bitcoinrocks]

I'm still waiting to see a game that fully uses the potential of cryptos

Good call.  I've been wondering what the killer app that "forces" Average Joe to buy BTC will be.  Maybe a game.

[deliciousowl]

Excellent news. I'm still waiting to see a game that fully uses the potential of cryptos

The gameplay looks solid and possibly addictive, and the cards seem to be tradable as well. I think trading intensive games definitely attract the right mindset for XCP. +1

Good call.  I've been wondering what the killer app that "forces" Average Joe to buy BTC will be.  Maybe a game.

Sadly, it will more likely be something like this:
http://www.smh.com.au/federal-politics/political-news/pensioners-lose-savings-in-government-cash-grab-20140609-39t7p.html
http://rt.com/usa/199883-irs-structuring-civil-asset-forfeiture/

[BldSwtTrs]

Choo choo motherfucker.

[bitcoinpaul]

I'm still waiting to see a game that fully uses the potential of cryptos

Good call.  I've been wondering what the killer app that "forces" Average Joe to buy BTC will be.  Maybe a game.

https://lythmmo.com

[bitcoinrocks]

I've been wondering what the killer app that "forces" Average Joe to buy BTC will be.  Maybe a game.

Sadly, it will more likely be something like this:
http://www.smh.com.au/federal-politics/political-news/pensioners-lose-savings-in-government-cash-grab-20140609-39t7p.html
http://rt.com/usa/199883-irs-structuring-civil-asset-forfeiture/

I should have said the *first* killer app.  Flight from banks won't come first.

[deliciousowl]

I should have said the *first* killer app.  Flight from banks won't come first.

Yeah, that makes more sense. I like the idea of travel also. Because people will not have to exchange currencies and pay ridiculous fees for it. But I don't think that will be the first either. Maybe in niche markets.

But anyway Counterparty is at the highest point since Overstock news, 0.01337470 BTC. And I think it's clear where we're going. And there is more than enough room for other pioneering technologies that use XCP in completely original ways. It was a great idea to create something like canvas, so that it wouldn't be necessary to guess what the users want to do with it.

Most of the potential is still in the yet unknown unknowns, multi-sig and the mass adoption of broadcast betting.
 

[bitcoinrocks]

All the 2.0 competition was getting confusing.  Nice of Overstock to choose the winner.    IMO, they chose wisely.

[PhantomPhreak]

http://venturebeat.com/2014/11/02/the-2-biggest-emerging-opportunities-in-cryptocurrency/

These early talks led to an exciting session at the Stanford seminar, one where Paypal founder Max Levchin, Counterparty’s Robby Dermody, and Blockstream’s Austin and Adam all engaged in a class wide discussion. This was easily a highlight of the quarter as reviewed by pundit Tim Swanson.

Just FYI everyone, that article incorrectly states that we've received letters from the SEC. That is just a mistake. No one from Counterparty has received any such letters. We're getting the article corrected now.

[GeminiSimba]

I am curious as to how tied to the btc value/price is xcp? To clarify I notice that as the overall price of btc has been dropping, xcp has been rising. I have to ask myself if btc price were to shoot up today to say 10k for 1 bitcoin, would xcp remain at .01btc or would it all of a sudden drop down to the equivalent value of 5 dollars out of a 10k valued bitcon?

[bitcoinrocks]

I am curious as to how tied to the btc value/price is xcp? To clarify I notice that as the overall price of btc has been dropping, xcp has been rising. I have to ask myself if btc price were to shoot up today to say 10k for 1 bitcoin, would xcp remain at .01btc or would it all of a sudden drop down to the equivalent value of 5 dollars out of a 10k valued bitcon?

During the last big rise I saw altcoins only increase in per-BTC value.

One stark contrast between BTC and XCP is that BTC is inflationary and XCP is deflationary.  You can't mine-and-dump XCP.

[GeminiSimba]

I am curious as to how tied to the btc value/price is xcp? To clarify I notice that as the overall price of btc has been dropping, xcp has been rising. I have to ask myself if btc price were to shoot up today to say 10k for 1 bitcoin, would xcp remain at .01btc or would it all of a sudden drop down to the equivalent value of 5 dollars out of a 10k valued bitcon?

During the last big rise I saw altcoins only increase in per-BTC value.

One stark contrast between BTC and XCP is that BTC is inflationary and XCP is deflationary.  You can't mine-and-dump XCP.

In that case it's likely that no matter what XCP is in comparison to btc it will remain constant regardless of the volatility? As in if one XCP became .5 BTC, then whether a btc was 300 dollars or worth 300,000 dollars, in this hypothetical an XCP would probably still be .5 btc?

[bitcoinrocks]

I am curious as to how tied to the btc value/price is xcp? To clarify I notice that as the overall price of btc has been dropping, xcp has been rising. I have to ask myself if btc price were to shoot up today to say 10k for 1 bitcoin, would xcp remain at .01btc or would it all of a sudden drop down to the equivalent value of 5 dollars out of a 10k valued bitcon?

During the last big rise I saw altcoins only increase in per-BTC value.

One stark contrast between BTC and XCP is that BTC is inflationary and XCP is deflationary.  You can't mine-and-dump XCP.

In that case it's likely that no matter what XCP is in comparison to btc it will remain constant regardless of the volatility? As in if one XCP became .5 BTC, then whether a btc was 300 dollars or worth 300,000 dollars, in this hypothetical an XCP would probably still be .5 btc?

That's the way I expect it to play out but predicting future prices is difficult.

[teamcryptonator]

Counterparty (XCP)   0.01272564 BTC   +383.79% in a half a year

[baddw]

I am curious as to how tied to the btc value/price is xcp? To clarify I notice that as the overall price of btc has been dropping, xcp has been rising. I have to ask myself if btc price were to shoot up today to say 10k for 1 bitcoin, would xcp remain at .01btc or would it all of a sudden drop down to the equivalent value of 5 dollars out of a 10k valued bitcon?

During the last big rise I saw altcoins only increase in per-BTC value.

One stark contrast between BTC and XCP is that BTC is inflationary and XCP is deflationary.  You can't mine-and-dump XCP.

In that case it's likely that no matter what XCP is in comparison to btc it will remain constant regardless of the volatility? As in if one XCP became .5 BTC, then whether a btc was 300 dollars or worth 300,000 dollars, in this hypothetical an XCP would probably still be .5 btc?

It's impossible to tell.  Most cryptos are still heavily denominated in BTC.  This is pretty much due to the fact that most cryptos are traded in XXX-BTC trading pairs on the various exchanges.  E.g. if you want to buy Random Coin X, then you have to trade BTC for it.

Some of the bigger cryptos like LTC, DRK, DOGE, and XCP have been established on exchanges with real-world-currency pairs. E.g. XCP-CNY, XCP-USD, DOGE-EUR.  So you can buy XCP with Dollars or Yuan in your account directly, instead of first buying BTC.  These help remove some of the ties to BTC, and as volume for a particular crypto becomes established in real-world-currency-trading versus BTC-trading, it will be somewhat insulated from the BTC fluctuations, as it will take some time (and money) for the trading pairs to be aribtraged to equivalency.

E.g. say BTC is at $400.00 USD, XCP is at .01 BTC, which means XCP is at $4.00 USD.  Now the BTC price drops to $300.  The XCP price is "sticky" around .01 BTC but it's also "sticky" at $4.00.  The final price of XCP will be proportional to how much volume is being traded in the XCP/BTC markets versus the XCP/USD markets.  So if the overall XCP volume is 75% BTC and 25% USD, then the final price might end up more around $3.25.  Of course this is just a grossly simplified example, as we also have trading in CNY (Chinese Yuan, aka Renminbi) which also fluctuates relative both to the USD and BTC.  So there are lots of arbitrage points, and the price kind of "floats" between all of them. 

(Note: Since Bitcoin tends to be denominated in USD in the news and most sites, this is taken as a one-way street: "Bitcoin lost value today..."  It is the same with oil lately.  Oil prices in USD have dropped significantly in the past few months.  But this only has meaning if you treat USD as the default currency!  The fact is, the USD has gotten stronger relative to the EUR, the JPY, the GBP, you name it, all the world currencies.  A stronger dollar means that the price of everything gets lower in dollars.... gold, oil, BTC.  (Interesting article on Yahoo Finance the other day about how the BTC price has closely tracked gold prices lately.... http://briankellycap.tumblr.com/post/101298875667/bitcoin-and-gold-bosom-buddies )

(Real-world currency traders do this all day.  Trade AUD for EUR for JPY for USD for AUD, and end up with more Australian Dollars than you started with!  Which is great if you're Australian and pay your mortgage in AUD.)

If you look at coinmarketcap for XCP right now, you see that XCP is trading for roughly $4.17 in BTC on BTER exchange, while it is trading for roughly $4.01 in CNY on the same exchange.  So if you had CNY, you could purchase XCP for $4.01 and end trade for BTC, and get $4.17 worth of BTC for only $4.01 of CNY.  The lowest price is on the Counterparty DEX at $3.39 while the highest price is on Poloniex at $4.28.

XCP only has less than 2% of its trades denominated in real-world-curencies (CNY and USD).  It is heavily denominated in BTC.  So for now expect the "real-world-equivalent" price of XCP to track closely with BTC.  Of course it is gaining value due to the Overstock news, which is an upward trend within the BTC-tracking trend that all cryptos are subject to.

In conclusion, this "XCP up while BTC down" trend is definitely going against the grain of normal crypto trades, and is a great thing for XCP!

[sparta_cuss]

Excellent news. I'm still waiting to see a game that fully uses the potential of cryptos

Take a look at Huntercoin (HUC). They are still a long way from a smoothly operating user experience, but the underlying POW incentives are there. Playing the game is how you mine and acquire coins.

[bitcoinpaul]

Excellent news. I'm still waiting to see a game that fully uses the potential of cryptos

Take a look at Huntercoin (HUC). They are still a long way from a smoothly operating user experience, but the underlying POW incentives are there. Playing the game is how you mine and acquire coins.

I don't think this is what he meant with "fully uses the potential". I think the MMORPG "Lyth" (powered by Nxt) is more the direction what he searches for.