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

[Matt Y]

http://support.counterparty.io/support/solutions/articles/5000004858-cold-storage-of-counterparty-assets-btc-using-armory-

[1715036264]

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[deliciousowl]

If I pick up a few XCP am I limited to an online wallet? Or has anyone developed an alternative. I prefer to keep my coins offline. However, this is more an asset and so I presume exists almost as if in the cloud?

XCP, and all assets are stored on the Bitcoin blockchain. So any Bitcoin address where you know the private key is fine.  

If you are not opposed to command line clients, you could also run Bitcoind and Counterpartyd locally.
https://github.com/CounterpartyXCP/counterpartyd

[GeminiSimba]

***NEW COUNTERPARTY VIDEO***

I really loved watching this video with Adam and Bloomberg discussing the space. Particularly, I was pleased to see Adam openly mention the inherent security flaws in Sidechains and Merged mining and why this would be bad for Counterparty

(Third video down is the one with Adam)
http://new.livestream.com/internetsociety/isocnypositivedisrupt/videos/68048954

[deliciousowl]

I really loved watching this video with Adam and Bloomberg discussing the space. Particularly, I was pleased to see Adam openly mention the inherent security flaws in Sidechains and Merged mining and why this would be bad for Counterparty

(Third video down is the one with Adam)
http://new.livestream.com/internetsociety/isocnypositivedisrupt/videos/68048954

Since it's difficult to link to this video directly, I've embedded it in a blog post:
http://coinedtalk.com/xcp-founder-adam-krellenstein-at-bitcoin-related-panel-2/

And here's some notes on sidechains that I've gleaned from it, and agree with:
http://coinedtalk.com/the-sidechain-hype/

[palawan]

It's like the thread is reading my mind wrt storing XCP's on a local wallet (vs online counterwallet.io).

1.  I have a bitcoind node running 24x7 on an Ubuntu 14.04 (old laptop coreI3/4GB RAM)

2.  I have a bitcoind running on my main laptop Arch Linux (rolling release Linux, I update nightly)


I don't feel safe running counterpartyd on #1 (tl;dr).  Counterpartyd does not run on #2 because it's not an Ubuntu distro.  I suppose I can run counterpartyd on a VM, but I've decided last night (and even reinforced by the posts here) I will just run a bitcoin-qt client on my main laptop and send some XCP's  to the addresses on the bitcoin-qt wallet for testing.  Import the private keys to counterwallet.io    Do a few times back and forth.  If no problems; I'll feel comfortable storing most of my XCP's on bitcoin-qt addresses outside of counterwallet.io


Is a counterwallet-qt (even if it's limited to just send/receive XCP's and not the full blown counterparty platform system) wallet gonna be available in the future?  It's ok if it requires a properly configured bitcoind (with txindex=1).  It would just be nice for comfort level to have the XCP coins under local full control.  I'd imagine the other caveats of backing up the bitcoin wallet.dat in many secure locations (inside truecrypt containers, on several USB flash drives/USB drives) still apply...

[PhantomPhreak]

Is a counterwallet-qt (even if it's limited to just send/receive XCP's and not the full blown counterparty platform system) wallet gonna be available in the future?  It's ok if it requires a properly configured bitcoind (with txindex=1).  It would just be nice for comfort level to have the XCP coins under local full control.  I'd imagine the other caveats of backing up the bitcoin wallet.dat in many secure locations (inside truecrypt containers, on several USB flash drives/USB drives) still apply...

Yes.

[520Bit]

How about add a Counterparty logo on the first page in this thread?

[nonlinearboy]

again the headline news of xcp shows up.
lucky I have some asset registered early.

[getts]

I really loved watching this video with Adam and Bloomberg discussing the space. Particularly, I was pleased to see Adam openly mention the inherent security flaws in Sidechains and Merged mining and why this would be bad for Counterparty

(Third video down is the one with Adam)
http://new.livestream.com/internetsociety/isocnypositivedisrupt/videos/68048954

Since it's difficult to link to this video directly, I've embedded it in a blog post:
http://coinedtalk.com/xcp-founder-adam-krellenstein-at-bitcoin-related-panel-2/

And here's some notes on sidechains that I've gleaned from it, and agree with:
http://coinedtalk.com/the-sidechain-hype/

Anyone studied the not yet released TruthCoin?   The Ethereum blog had positive comments about it, and seems to disparage Counterparty's unnecessary coding on the Bitcoin blockchain due to several major flaws.  

https://blog.ethereum.org/2014/11/20/bitcoin-maximalism-currency-platform-network-effects/  One of the more interesting quotes is "....some features of Counterparty, particularly the token sale functionality, do not rely on moving currency units under any conditions that the Bitcoin protocol does not support, and so one can use that functionality without ever purchasing XCP, using BTC directly."  

So, this begs the question, what is the value of the coin?

Here is a quick summary of TruthCoin:
http://www.truthcoin.info/presentations/six-slide-sprint.pdf

I am still not convinced that Counterparty will be the leader in this space...the jury is still out.  It appears that there may be a better and more efficient way to accomplish these functionalities of coding.  The real question is, which one of these invest-able crypto technologies will ultimately lead?  

[520Bit]

XCP - No premine, No IPO, the second generation bitcoin. 

[deliciousowl]

XCP - No premine, No IPO, the second generation bitcoin. 

Well, I've really never liked the term Bitcoin 2.0. It implies that it's being replaced. Counterparty is more like a financial toolkit (Bitcoin + other features).

[PhantomPhreak]

How about add a Counterparty logo on the first page in this thread?

Good idea! (Done.)

[Equality 7-2521]

Hi guys, here's the latest Counterparty development update http://counterparty.io/news/counterparty-development-update-3/

Great! People are used to hearing about M of N multi-sig configurations... What kind of values of M and N can we hope to see in Counterparty? Is there a limit? Is there a technical overlap between Bitcoin's multi-sig implementation and Counterparty's implementation? Will Counterparty multi-sig addresses start with a "3" too?

Edit:

I got some information here - http://support.counterparty.io/support/articles/5000006561-multisig-tech-preview. However it is dated October 4th.

E.g. "1-of-2, 2-of-2, 1-of-3, 2-of-3 and 3-of-3 are supported at the moment."

[deliciousowl]

I got some information here - http://support.counterparty.io/support/articles/5000006561-multisig-tech-preview. However it is dated October 4th.

E.g. "1-of-2, 2-of-2, 1-of-3, 2-of-3 and 3-of-3 are supported at the moment."

I've read that currently that's the limit as a result of the Bitcoin protocol (and how Counterparty works), although it's only temporary.

edit: clarification

[Equality 7-2521]

I got some information here - http://support.counterparty.io/support/articles/5000006561-multisig-tech-preview. However it is dated October 4th.

E.g. "1-of-2, 2-of-2, 1-of-3, 2-of-3 and 3-of-3 are supported at the moment."

I've read that currently that's the limit as a result of the Bitcoin protocol, although it's only temporary.

In what way is it a limitation of the Bitcoin protocol? From what I understand the Counterparty multisig concept is independent of the Bitcoin multisig concept. If it is related to Bitcoin's implementation then this is the latest news - https://www.reddit.com/r/Bitcoin/comments/2n1cwl/multisig_up_to_15_signatures_from_now_v093/.

15 of 15.

[nonlinearboy]

XCP - No premine, No IPO, the second generation bitcoin. 

we are the one burned the bitcoin,hah,
so diffferent with other coins.

[Kalkuuuta]

Why there is so much big dumps always when price go little higher? Overstock buy under 0.01 all coins and now dump when they can not do Medici like they want with 0.0200?  What is situation with Medici, no any news or talk long time?

[PhantomPhreak]

I got some information here - http://support.counterparty.io/support/articles/5000006561-multisig-tech-preview. However it is dated October 4th.

E.g. "1-of-2, 2-of-2, 1-of-3, 2-of-3 and 3-of-3 are supported at the moment."

I've read that currently that's the limit as a result of the Bitcoin protocol, although it's only temporary.

In what way is it a limitation of the Bitcoin protocol? From what I understand the Counterparty multisig concept is independent of the Bitcoin multisig concept. If it is related to Bitcoin's implementation then this is the latest news - https://www.reddit.com/r/Bitcoin/comments/2n1cwl/multisig_up_to_15_signatures_from_now_v093/.

15 of 15.

It's a temporary limitation to the relaying of `CHECKMULTISIG` transactions, which is what we use. It's only P2SH that now supports more than that.

[deliciousowl]

It took me quite some time to realize that you can sign up for official Counterparty news updates via email. It's at the bottom of the page, if anyone else missed it: http://counterparty.io/

[palawan]

Is a counterwallet-qt (even if it's limited to just send/receive XCP's and not the full blown counterparty platform system) wallet gonna be available in the future? 

Yes.

Very good news.

Just a follow-up.  I'm using bitcoin-qt (addresses) to store XCP assets (and a little bit of BTC on each address).  I'm also using counterwallet.io  watch-addresses to verify the Counterparty assets inside these bitcoin-qt addresses.

Before I did this; I  tested the concept.

• 1. Fired up bitcoin-qt with a brand new wallet.dat
• 2  Encrypted the wallet with a random 50+ character password and tested
• 3. Made copies of wallet.dat and compared md5 hash on each copy and stored in secure locations
• 4. Created some receiving addresses and sent XCP's (and .01 BTC) to a couple of the addresses
• 5. Using bitcoin-qt console; walletpassphrase, dumpprivkey for each of the addresses containing XCP's
• 6. Import Funds at counterwallet.io, and voila, everything there
• 7. Transferred most of my XCP's from counterwallet.io to bitcoin-qt addresses (and a little bit of BTC on each) and track with counterwallet.io watch-addresses

It's easy enough to get the XCP's to the Counterparty platform if I need to do anything.  The difference is I sleep well at night now      I used to wake up in the middle of the night so I can check my counterwallet.io account.

I'm new here and I haven't read all of the pages since OP, so I don't know how everyone deals with their Counterparty assets.  The 12-word password is very secure, but I guess I'm paranoid that someone will somehow get a hold of my password and wipe me out while I sleep (or anytime).  In some ways; I think the quick-url is safer for daily use.

Even now I still have XCP's in a counterwallet.io account and after I copy and paste the 12-word password to login, I quickly copy a random word to replace the paste buffer and I have a Mousepad (Linux notepad) for test-pasting.  These few seconds in between are stressful for me, what if I get interrupted at work and forget to replace the buffer, what if I accidentally paste it in an irc chatroom (most of the channels I'm in are crypto-related, lol), what if I accidentally paste it in a google search or google chrome address bar (and now part of the google index search term that people can pickup maybe).

Having local access and control means someone 15K miles away shouldn't be able to wipe me out of my Counterparty assets