Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 159. (Read 1276789 times)

"just figure out my passphrase on counterwallet" -- assuming you are using the 12-word passphrase generated by Counterwallet when you set up your account, uh, the odds of that are astronomical.  I can't remember the dictionary that the word choices are from, but let's say that it is 20,000 words.  (I think that is close to being right.)  Choosing 12 words from that 20,000 word dictionary gives a total of 8x10^42 possible combinations.  If someone were to try 1,000,000 combinations per second, it would take 2.5x10^29 years to go through all of the combinations.  That is 1.8x10^19 times the age of the universe.

The odds of a counterwallet passphrase being brute-force discovered are roughly the same as any Bitcoin private key being brute-force discovered.

I'm reading some about this - I like what you guys are doing thus far!

what is the problem with making cold storage ?
and can use the counterpartyd to send them later
i got all my 8.9 XCP and some Folding coins i folded , together with my BTC in cold storage
i told to my grandmother that this is part of my pension fund......when im 60 i'll buy a ferrari with that !

I would consider Counterwallet to be safer than Bter but if you're looking to hodl, you can create a paper wallet at https://www.bitaddress.org. If you want better security, you download and run your computer from an Ubuntu live CD and run a saved copy of bitaddress.org on it. Either way, you can print or write down the address and private key pairs that bitaddress.org generates and use those to store your XCP offline (i.e. in cold storage).

When it comes to security, I believe the best advice is to learn in proportion to the amount of value you are storing. As the value increases, you may want to go further in verifying your Ubuntu CD, setting up Armory, building a shielded underground lair, etc.

You can print a Bitcoin paper wallet (public and private key), and store it there.

"Sign Message" is advanced functionality of Bitcoin which allows you to sign arbitrary messages to prove to that you are (were) in control of some Bitcoin address.

As i spend 80 bucks every paycheck on more and more xcp (buffet style value investing ftw) I keep wishing I could just print a paper wallet of an xcp private key with ease but that doesn't seem to be possible. I have half my xcp on bter and half on my counterwallet and I feel like neither location is safer than the other. There has to be a better way to safeguard this stuff in a way that won't require someone to just figure out my passphrase on counterwallet.


*edit* can someone explain what the "sign" a wallet functionality does? Or how that works?

How are you going to solve such the problem (not very related to your reply but logically follows from it):

Some (most of?) contracts have state that must be stored or recomputed every time a node is launched. Recomputation is impractical for big number of active contracts, storing seems to be a better way. Storing the state locally is much cheaper than storing on the blockchain, but it means that a new node have to download the blockchain and recompute all state changes of all the contracts from the very beginning. At some point amount of computations may become very big slowing down blockchain analysis (recomputation) greatly.

Bitcoin already has the problem of ever-growing blockchain (low bandwidth problem), Counterparty adds the problem of ever-growing number of computations required for catching up the network (slow processor problem). Luckily processor speed grows faster than bandwidth but if max rate of blockchain growth is limited by 1 MB block limit, max contract complexity is not limited. A bad choice of fee for contract execution (similar to gas in Ethereum) may make it cheap to create such contracts that won't allow to compute them with the rate of 10 min/block. In this case we will observe "black hole" effect, blocks will be generated faster than analyzed and new nodes (and existing ones) won't be able to keep up the rate.

The contract code is totally independent of the reorg code, which does a complete reparse of all transactions each time.

Patrick Byrne is optimistic and says April, and the code will almost surely be done by then, but regulation can delay the process indefinitely. So we'll have to wait and see.

Have Medici any public schedule yet? This year? First half in next or anything?

Awesome thanks

You can use literally any BTC address as long as you know the private key (so you can import it into Counterwallet).

I have a basic wallet question if anyone can help. If I have an Electrum offline cold storage wallet for my BTC, can I use one of those wallet addresses for my XCP?

When will we see Ethereum's code on the mainnet? I'd like to see how it handles reorgs...

I think many coins are also in hands who know what they are doing. First sellers ($25-$10) have buy with cheap price huge amount coins and they have make lot of money already and they building sell walls also...?

Yeah, it's true. XCP is very hodl in strong hands. A substantial amount of burned coins are still in their place.

New paradigm go about 6 month ago.

Just to clarify.. I can send my XCP to *any* Armory BTC address, print the backup and be completely safe? I read the tutorial on offline addresses but I wasn't aware that any address is fine.

21BTC collected at IPO, now around 51000. Peaked at around 120000.

Yes, as long as you can view the private key.

To gain access to the XCP again you should sweep the private key within Counterwallet. I recommend you practice with a very small amount first.