Overstock and CounterParty....much news.

[EvilDave]

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all.

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........

[bl4kjaguar]

This could have been done with colored coins. What is the advantage to reinventing the wheel?

[Spoetnik]

This could have been done with colored coins. What is the advantage to reinventing the wheel?

yup fair question !

and BM was right you do know Mr. Byrne don't you lol

[Bitcopia]

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

[fivebells]

The rub is that this software would require the approval of government regulators.

[txbtc]

CounterParty
looks like a good coin and has a large community think needs more media exposure and marketing

[Anotheranonlol]

This could have been done with colored coins. What is the advantage to reinventing the wheel?

Colored coins is a square wheel compared to counterparty's round one. I've tried to issue/trade stock with various implementations of colored coins, and I've done the same with XCP. CounterParty was easier and more powerful without a shadow of a doubt. (stock issuance is just one application of counterparty protocol) There is this common misconception that XCP is required from an end users perspective, like nxt for instance - it's not the case. No proprietary token is required- just BTC is enough. You don't have to touch anything aside from BTC.  I feel as if the only ones who attempt to deride counterparty compared to vanilla colored coins are those who've never actually evaluated the 2 objectively. I've been in bitcoin for a long time, long before this profile was created and this is one of the fairest and most promising projects I've ever had the pleasure of watching coming to fruiton. The developers have been paying out of pocket since inception.

 XCP is a layer on top of bitcoin, the  purpose is to enhance the utility (therefore value) of bitcoins blockchain -  (since that's what it's built upon, and that's the kind of transactions it caters for) in just the sense colored coins would. it's not a competitor like ethereum or such

[EvilDave]

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Read the story....Overstock hired 2 XCP devs for their own 'Medici' project (which seems to resemble CounterParty).
I don't know what the consequences will be for CounterParty itself.
Any XCP dudes in the house with some input?

[Bitcopia]

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Read the story....Overstock hired 2 XCP devs for their own 'Medici' project (which seems to resemble CounterParty).
I don't know what the consequences will be for CounterParty itself.
Any XCP dudes in the house with some input?

I did read a story, and it wasn't clear on how Medici would be built. Not exactly an official source, but according to these folks (one of which is the moderator of the Counterparty subreddit and seems to be involved in the project), Medici will be built on top of Counterparty:

http://www.reddit.com/r/Bitcoin/comments/2iho5p/counterparty_founder_robby_dermody_hired_by/

[Nxtblg]

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all.

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

[Nxtblg]

This could have been done with colored coins. What is the advantage to reinventing the wheel?

yup fair question !

and BM was right you do know Mr. Byrne don't you lol

Only in the sense that I "know" Conrad Black. When he was still a Mr., Lord Black signed one of his books for me at a book signing event. As the saying goes, that plus a toonie will get me a double-double at Timmie's...

[Nxtblg]

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Read the story....Overstock hired 2 XCP devs for their own 'Medici' project (which seems to resemble CounterParty).
I don't know what the consequences will be for CounterParty itself.
Any XCP dudes in the house with some input?

That's the impression I got: Medici will be a fork of Counterparty, not Counterparty itself. [EDIT: And, as a poster down below showed, I got the wrong impression.]

[cexylikepie]

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all.

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

I would have much rather it have been done on the NXT platform originally though. not sure why he chose slow-ass counterparty.

[nakaone]

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Read the story....Overstock hired 2 XCP devs for their own 'Medici' project (which seems to resemble CounterParty).
I don't know what the consequences will be for CounterParty itself.
Any XCP dudes in the house with some input?

That's the impression I got: Medici will be a fork of Counterparty, not Counterparty itself.

Everybody, there is an enormous amount of misinformation going around in the press. We're working to fix that ASAP. In the meantime, please help us correct errors as you see them!

For the record:

1) Overstock.com and Counterparty are partnering to build a platform (Medici) for trading stocks on Counterparty and using Counterparty's decentralized exchange.

2) I, along with Ouziel (JahPowerBit), will continue working on the Counterparty protocol full-time. Robby and Evan will continue to work on Counterparty full-time because Medici is a front-end for Counterparty.

The Wired and Coindesk articles make it sound as though we are abandoning this project. Nothing could be further from the truth!

Thank you,
Adam

[jabo38]

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all.

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

I would have much rather it have been done on the NXT platform originally though. not sure why he chose slow-ass counterparty.

On the whole, I think Dave is right in his initial reaction that this kind of thing is good for crypto.  I think it is when an IBM/Samsung (Yes, they just announced their own blockchain project) or Overstock  or other powerful contender that adopts the blockchain that the real expansion of crypto will happen.  Unfortunately for all of us that might mean our Bitcoin, Litecoin, Bitshares, Ripple, and NXT might also very well die.  Just imagine IBM and Samsung team up and make some kind of awesome blockchain tech that blows away bitcoin, or Apple or Google or the US government decides to throw its weight behind a blockchain.  Counterparty was basically created by a single dude sitting behind his computer all day, how could he or anybody else in a similar position possibly compete against an army of engineers one of these companies could allocate, and allocate at a whim.  

This Overstock and IBM/Samsung announcement marks a new era in blockchain.  http://cointelegraph.com/news/112550/ibm-samsung-partner-to-reinvigorate-blockchain-technology

[Nxtblg]

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all.

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

I would have much rather it have been done on the NXT platform originally though. not sure why he chose slow-ass counterparty.

A shame, I know, but something is better than nothing. At the very least, he has a real shot at bulling, cajoling or wooing the regulators into granting legitimacy to a cryptocurrency asset exchange. Then, the legal status of the AEs of Nxt et. al. will finally be clear.

[jabo38]

not sure why he chose slow-ass counterparty.

Just tried to buy some, and yes it sure is slow. 

I thought waiting 1-3 minutes on NXT was painful, but this is terrible. 

It is my guess that part of that work the devs will be doing on Mecidi has to be to make transactions really fast, like instant or this isn't going to work.  The could design some kind of mini-block chain that has one second block times and then after the transactions get sent to the Bitcoin blockchain and they are confirmed then the Mecidi side chain is pruned free of all the old bloat. 

[Palmdetroit]

Great development,  would be a world changer....

[Anotheranonlol]

not sure why he chose slow-ass counterparty.

Just tried to buy some, and yes it sure is slow.  

I thought waiting 1-3 minutes on NXT was painful, but this is terrible.  

It is my guess that part of that work the devs will be doing on Mecidi has to be to make transactions really fast, like instant or this isn't going to work.  The could design some kind of mini-block chain that has one second block times and then after the transactions get sent to the Bitcoin blockchain and they are confirmed then the Mecidi side chain is pruned free of all the old bloat.  

Not at all.

Instant fulfilment, spoofing etc is exactly what Byrne is trying to avoid. He very much dislikes the idea of any high frequency style order settlement, for good reason

This new concept isn't intended to attempt to compete with traditional centralised exchanges in that regard.

[sumantso]

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Thats because XCP itself has minimal mandatory use. AFAIK, its only needed to issue an asset. After that anything can be done without using XCP at all.

I think Overstock are using it, apart from the functionality, is the ability to use BTC directly.