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Author Topic: A simple diagram of how Counterparty works  (Read 904 times)
520Bit
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February 19, 2014, 06:40:20 AM
 #1

Official announcement: https://bitcointalk.org/index.php?topic=395761.0


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cubicdissection
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February 19, 2014, 06:57:33 AM
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Haters gonna hate...
jimhsu
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February 19, 2014, 07:25:13 AM
 #3

People say bitcoins are a Ponzi pyramid scheme. What are the arguments to prove it's wrong ?
You guys are delusional. Bitcoin is nothing but a ponzi scheme.

The world is a pyramid scheme. Your point?

"Trust, but verify."
Bitrated user: jimhsu.
canth
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February 19, 2014, 02:58:04 PM
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Way to have the first and likely dumbest comment of the thread - I don't know why I expect better from someone who's been on bitcointalk since 2011, but I do.

Per wikipedia."A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public."

What's unsustainable about CounterParty? Do you know what value it offers? If you think that this is just Dogecoin 2.0 then I suggest educating yourself before being so quick to pull out the memegenerator.

---
Description

Counterparty is a protocol for the creation and use of decentralised financial instruments using Bitcoin as a transport layer. The protocol's native currency, XCP, is un-mined and slightly deflationary, with 2.6 million XCP created by burning bitcoins in January.


Functionality

Send: XCP or user-created assets
User-Created Assets: Issue user‐defined currencies/assets and pay dividends on them.
Distributed Exchange: Trade XCP, BTC or any asset with any other.
Feeds: Broadcast information, which may be used as the subject of a bet.
Betting, Financial Derivatives: Make bets, or construct contracts for difference, on the numerical value of a feed.
---

canth
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February 19, 2014, 11:44:32 PM
 #5



Per wikipedia."A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public."




Pretty much sums up counter party. But here is a consolation prize for trying Counter Party.


~BCX~


snip

It's great that you've got opinions and some memepics to back up those opinions, but would you care to add any logic? As an example, why is it that you feel there is no value in a distributed exchange?

canth
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February 20, 2014, 12:49:01 AM
 #6


Per wikipedia."A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public."



Pretty much sums up counter party. But here is a consolation prize for trying Counter Party.

~BCX~

snip

It's great that you've got opinions and some memepics to back up those opinions, but would you care to add any logic? As an example, why is it that you feel there is no value in a distributed exchange?

On the various serious side, you better find a way to explain this in simple terms.

Because the impression you give off is "This is complex, tedious and techie"....like it or not you have to market to the 99% who will not understand complex transactions.

~BCX~

At this point, I don't think that CounterParty should be marketed to anyone besides the 1% who understand complex transactions and are willing to put up with buggy alpha code. There is no GUI, within the last 24 hours a serious flaw was identified (and patched) and the effort of running a counterparty client is much, much more complicated than even an average bitcoin user will be willing to put out.

The purpose of the original post was just to give people a broad outline of how CounterParty works - it's not ready for primetime, yet. However, if there are intrepid users who want to get their hands dirty and start thinking about how they could take advantage then now is the time to perhaps build a proof of concept model.

TL;DR? The answer is a distributed exchange like the one CounterParty offers is necessary because it helps avoid repeating the pitfalls we all suffered through when GLBSE, BTCT and Bitfunder shuttered their doors.

lemfuture
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February 20, 2014, 12:54:56 AM
 #7

something more simpler  Embarrassed

1ADLcfwTofFXb95pKhebpeRkJ4WTWsvQXB
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February 20, 2014, 01:15:27 AM
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Btc=C2MF     FLO      Litecoin to da Moon! ↑↑↑↑↑          FUN
nakaone
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February 20, 2014, 01:32:27 AM
 #9


Per wikipedia."A pyramid scheme is an unsustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public."



Pretty much sums up counter party. But here is a consolation prize for trying Counter Party.

~BCX~

snip

It's great that you've got opinions and some memepics to back up those opinions, but would you care to add any logic? As an example, why is it that you feel there is no value in a distributed exchange?

On the various serious side, you better find a way to explain this in simple terms.

Because the impression you give off is "This is complex, tedious and techie"....like it or not you have to market to the 99% who will not understand complex transactions.

~BCX~

At this point, I don't think that CounterParty should be marketed to anyone besides the 1% who understand complex transactions and are willing to put up with buggy alpha code. There is no GUI, within the last 24 hours a serious flaw was identified (and patched) and the effort of running a counterparty client is much, much more complicated than even an average bitcoin user will be willing to put out.

The purpose of the original post was just to give people a broad outline of how CounterParty works - it's not ready for primetime, yet. However, if there are intrepid users who want to get their hands dirty and start thinking about how they could take advantage then now is the time to perhaps build a proof of concept model.

TL;DR? The answer is a distributed exchange like the one CounterParty offers is necessary because it helps avoid repeating the pitfalls we all suffered through when GLBSE, BTCT and Bitfunder shuttered their doors.

it is still stuff for advanced early adopters

i also think marketing should start when the webwallet will be published, which should be within the next weeks
canth
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February 20, 2014, 01:55:30 AM
 #10



LOL. This is not the NXT thread.

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