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

[freedomfighter]

Can someone explain this part in layman's terms (it is ALREADY I know... but refer to the highlighted parts:

"The economics of the fee system for Counterparty Contracts will necessarily be rather different from those of Ethereum, simply because there are no Counterparty miners. All Counterparty nodes will execute all contracts, and it will be the holders of XCP that receive the fees for the execution. The simplest and most robust way to make this payment will be just to destroy the fees, and to thereby reduce the money supply, as this is equivalent to paying the fee out to all holders of XCP in proportion to the size of their holdings. Unlike with Ethereum, the fees will not be constant values, but rather fractions of the total extant supply of XCP, so that no amount of computation will deplete the supply of XCP and drive it into negative territory: the divisibility of XCP ensures that there will always be enough XCP."

so in other words- will the system automatically distribute fees to addresses? trying to understand the envisioned mechanism

 

[1714684057]

1714684057

[1714684057]

1714684057

[deliciousowl]

so in other words- will the system automatically distribute fees to addresses? trying to understand the envisioned mechanism

He fees will be burned (destroyed), thereby reducing the supply.

[GeminiSimba]

so in other words- will the system automatically distribute fees to addresses? trying to understand the envisioned mechanism

He fees will be burned (destroyed), thereby reducing the supply.

I think his main question is how in the world do holders of XCP get these fees because the explanation almost sounds like holders of xcp will magically receive payment of some sort whenever people execute contracts.

[Spratan]

I am still astonished that there are sells under 100$. Who is selling knowing what we know ?

[PhantomPhreak]

so in other words- will the system automatically distribute fees to addresses? trying to understand the envisioned mechanism

He fees will be burned (destroyed), thereby reducing the supply.

I think his main question is how in the world do holders of XCP get these fees because the explanation almost sounds like holders of xcp will magically receive payment of some sort whenever people execute contracts.

Because all XCP are the same (i.e. *fungible*), the value of XCP comes from the value of all of the XCP together. That means that a reduction in the total number of XCP increases the value of *your* XCP.

[ElTomeko27]

XCP = MOON?

[GeminiSimba]

so in other words- will the system automatically distribute fees to addresses? trying to understand the envisioned mechanism

He fees will be burned (destroyed), thereby reducing the supply.

I think his main question is how in the world do holders of XCP get these fees because the explanation almost sounds like holders of xcp will magically receive payment of some sort whenever people execute contracts.

Because all XCP are the same (i.e. *fungible*), the value of XCP comes from the value of all of the XCP together. That means that a reduction in the total number of XCP increases the value of *your* XCP.

Gotcha, so it's a logical increase in value rather than a literal one. Still epic development

[freedomfighter]

I will not be surprised if this announcement will have an impact on BTC itself. This is major news for BTC and can truly be a milestone. I hope that core BTC folks will appreciate this development. 

[asnghost]

Sweet Jesus!! We are In the Game!!


http://cointelegraph.com/news/112908/counterparty-adds-ethereum-smart-contract-features?utm_content=buffera178f&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Official announcement is here: http://counterparty.io/news/counterparty-recreates-ethereums-smart-contract-platform-on-bitcoin/

 

WOW super news!! Seems people don't want to miss the train now.

[MR1]

Very impressive rise guys! Congrats!

[Djentriser]

Looks like Ethereum team is buying the shit out of XCP 

[Equality 7-2521]

This is incredible. The Counterparty Protocol team have proved themselves time and time again to be the most competent and foresightful of developers! Bravo.

[daviducsb]

Long overdue given the considerable investment from Patrick Byrne and the sheer intelligence and initiative of the core developers.

Could easily become another bitcoin in terms of return over time. I'm holding.

[Equality 7-2521]

Surely with Turing Completeness, Atomic Trading between XCP and BTC (and anything else!) is on the cards? This would be incredible!

[BTCMILLIONAIRE]

And here comes the dump  

[meccaflare0]

And here comes the dump  

Either the last time to sell or a good time to buy. But in reality counterparty has a lot going for it. Investors shouldn't worry about FUD. Counterparty has a long future.

[profitofthegods]

More good news already! Happy days  

With the extra demand and constant burning of coins for dividends this could be really huge for the price of XCP - and I think its great news for Bitcoin too as the dream of mainstream adoption of btc as money is fading fast so I see making innovative alternative uses of the block chain like this available within the Bitcoin protocol as very positive for btc; I haven't had a chance to look into the 15% or so rise in the price of bitcoin over the last 24 hours but could there be a connection?

[deliciousowl]

And here comes the dump  

Dump? We're only getting started.

[belmonty]

so in other words- will the system automatically distribute fees to addresses? trying to understand the envisioned mechanism

He fees will be burned (destroyed), thereby reducing the supply.

How quickly will the supply be reduced?

[baddw]

Congratulations to the Counterparty team for this incredible development!