One of the main reasons for sidechains is to get rid of altcoins, and keep the altchains. Basically, it's so that bitcoin can be the main crypto currency. In my opinion, the one thing holding Counterparty back, is that it's native currency is a altcoin with very low liquidity. If Counterparty was a sidechain, it's native currency would be bitcoin.
Question: If Counterparty gets forked to a Bitcoin sidechain, is there a way to move XCP balances to the sidechain?
Sidechains is still in development, but it's something to consider. If Counterparty did get forked to a sidechain, the fork may have stronger network effect due to bitcoin being able to be used for all the features, rather than just some. If a Counterparty sidechain does happen, then all the new development would move to the sidechain since it uses BTC entirely.
The only drawback would be possibly losing amazing devs.
Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 163. (Read 1276789 times)
November 12, 2014, 06:05:35 PM
November 12, 2014, 06:03:21 PM
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.
Could easily become another bitcoin in terms of return over time. I'm holding.
I think this is a sort of misunderstanding.
Counterparty really *IS* Bitcoin as it is made entirely of bitcoin's blockchain.
November 12, 2014, 05:58:15 PM
Wow I just saw the price 
Now I need to read the thread to see what have happened
Now I need to read the thread to see what have happened
http://blogs.wsj.com/moneybeat/2014/11/12/bitbeat-bitcoin-2-0-firm-counterparty-adopts-ethereums-software/
November 12, 2014, 05:51:20 PM
Wow I just saw the price
Now I need to read the thread to see what have happened
Now I need to read the thread to see what have happened
November 12, 2014, 05:09:59 PM
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?
This is taken from the main article-
"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 to expand on that, maybe the initial fee is set at .1 XCP, which comes to 1/26,470,780 of the XCP supply. This fraction is kept constant. This .1 XCP is burned. This reduces the supply by .1 XCP. The next fee will be very slightly less than .1 XCP. The fees will get smaller (in XCP) as time goes on, but they will remain the same proportion of the existing XCP supply. I would hope that over time as the money supply gets smaller, a re-denomination will take place, so ".1 XCP" becomes "1 NewXCP" so that we're not chasing decimal points all over the place.
To answer the question, the supply will be reduced as quickly as people make these contracts.
Potential problem with the 'burn the fees' model: If the fees are all burnt to a given address (like the 1Counterparty address used for the original burn), which is surely the easiest solution, then these transactions will be easily blocked by hostile miners.
I heard that XCP are destroyed each time an asset is created, although I have not noticed the supply going massively down. Is there a chart somewhere showing the rate coins are being destroyed at?
November 12, 2014, 05:08:34 PM
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?
This is taken from the main article-
"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 to expand on that, maybe the initial fee is set at .1 XCP, which comes to 1/26,470,780 of the XCP supply. This fraction is kept constant. This .1 XCP is burned. This reduces the supply by .1 XCP. The next fee will be very slightly less than .1 XCP. The fees will get smaller (in XCP) as time goes on, but they will remain the same proportion of the existing XCP supply. I would hope that over time as the money supply gets smaller, a re-denomination will take place, so ".1 XCP" becomes "1 NewXCP" so that we're not chasing decimal points all over the place.
To answer the question, the supply will be reduced as quickly as people make these contracts.
Potential problem with the 'burn the fees' model: If the fees are all burnt to a given address (like the 1Counterparty address used for the original burn), which is surely the easiest solution, then these transactions will be easily blocked by hostile miners.
November 12, 2014, 04:47:08 PM
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?
This is taken from the main article-
"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."
November 12, 2014, 04:25:47 PM
Wall Street Journal: BitBeat: Bitcoin 2.0 Firm Counterparty Adopts Ethereum’s Software
November 12, 2014, 04:19:15 PM
And here comes the dump
I normally do not comment on stuff like that - but maybe this helps a little to understand xcp economics:
1.) xcp was created during a burn phase - everyone who burned at that point had until now the possibility to sell his initial investment with a win of 400% - 2500%. I think a lot of people did that for at least refinancing their initial investment - probably additionally making quite a nice sum of winnings.
2.) I estimate with the exception of maybe 2 days or maybe 150btc, xcp was always traded for lower prices than the one you see now.
3.) xcp does not have miners who need to refinance
I assume and maybe I am horribly wrong here: we do not have bagholders 100% of the trading was below current prices, and I guess not a lot of people need to refinance.
So if you are new here I would not panic, simply keep your xcp and be fine with them. I saw some original burners refinancing today - I think it is good timing, but I would keep as many xcp as possible
. November 12, 2014, 04:01:46 PM
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
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/
Does anyone have a rough idea of when the smart contract features will be transferred from the test net to the main net?
November 12, 2014, 04:00:44 PM
Congratulations to the Counterparty team for this incredible development!
November 12, 2014, 03:59:32 PM
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?
November 12, 2014, 03:50:55 PM
And here comes the dump
Dump? We're only getting started.
November 12, 2014, 03:24:40 PM
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?
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?
November 12, 2014, 03:14:54 PM
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. 
November 12, 2014, 03:12:28 PM
And here comes the dump
November 12, 2014, 02:54:12 PM
Surely with Turing Completeness, Atomic Trading between XCP and BTC (and anything else!) is on the cards? This would be incredible!
November 12, 2014, 02:42:41 PM
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.
Could easily become another bitcoin in terms of return over time. I'm holding.
November 12, 2014, 02:33:48 PM
This is incredible. The Counterparty Protocol team have proved themselves time and time again to be the most competent and foresightful of developers! Bravo.
November 12, 2014, 02:32:07 PM
Looks like Ethereum team is buying the shit out of XCP
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