Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 171. (Read 1276789 times)

Imagine a world where corruption is not possible.
Those with vision will walk toward this world one step at a time.
Counterparty has cleared the path, and given it wheels.

As the old world fades into the past, the work of government becomes less necessary, their job done before they awake and so have less need of our taxes and time.

while i was speaking at the American Banker conference on digital currencies in NYC in July 2014, i made the argument for how blockchain technologies actually allow for more safety and automation of regulatory rules for trading securities which is good for investors as well as good for gov't regulators to not  have to an open view into the software and network to know that certain rules function as they should, are enforced and are transparent to all market participants.

i mentioned how we had a system in place now that is not transparent built on the work of a guy who was chairmen of one of the major exchanges who defrauded people of billions.

there were people there from the NY DFS and the Federal Reserve, and while I am not a mind reader I think some of them found it interesting that it is possible to build a public resources and infrastructure to encapsulate certain rules to ensure that everyone is playing on a level field.

"The team is going to cost in low single million dollars a year."


he is a true believer.

Will Medici be open source?

Exactly. Medici is only positive for the wider Counterparty/Bitcoin community, even if it has to interface with the existing legacy infrastructure.

The following article in WSJ was mentioned here several days ago as not so positive

http://blogs.wsj.com/moneybeat/2014/10/24/bitbeat-the-promise-and-limits-of-overstocks-crypto-stock-exchange/?utm_content=buffer94df6&utm_medium=social&utm_source=twitter.com&utm_campaign

but actually- the relative skepticism and the willingness of our CP devs and Patrick B. to create a solution that will satisfy regulators while demonstrating the need for and value of such a system, is extremely positive. the gradual path and not the confrontational is how this will succeed reaching the regulators approval. the revolution is in the tech. Good job by Robby and Evan in this interview. 

+1 well said!

I was here on page 2 of the announcement thread back in january, when come-from-beyond linked it from the nxt thread. I just understood the basic idea of xnova and phantom and decided to burn a few btc. What was much clearer even back then for me was that these guys really had an idea what they were talking about and the intellectual capabilities to achieve this without living in utopia.

the discussion about the purpose of the blockchain with luke-jr in this thread and especially one post of xnova was so remarkable that I decided to share it with friends.

Less than 10 months (!!!) later a-half-a-billion nasdaq companies ceo praises this protocol.

I basically have three major positions in these crypto-protocols, the other two besides counterparty are driven by deduction, which is in my opinion the best way to handle these uncertain markets. the decision for counterparty is more driven by trust than deduction. I do not want to sound overly enthusiastic and I still have open questions, but if one team is capable of reaching this almost utopian status of disrupting the most powerful market in the world, it will probably be these guys.

So this one encrypted mobile messaging app make Nxxty so great? (or what ever nxt or both) That is good Counterparty no have anything like this what make that very profitable?  

Btw how this Nxxty and Supernet have bigger marketcap than Storj or Swarm?

Thanks Jesse Livermore this Overstock post.

Thanks for posting it, Jesse. I copied it over at http://counterpartynews.com/.
We have a rewards program, and you'll be awarded some tokens if you'd like. The CPNEWS token might have value in the future as it give a stake of ad revenues.
Please give me your address if interested.

Haha, thanks.

Fairly positive to say the least!

Can't believe no one's posted this Overstock.com conference call transcript from Oct. 23 (found here: http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-calendar) :

Patrick Byrne - Overstock.com Inc. - CEO
Okay, well, that's the background on the name Medici. What it is is a technology has emerged in the last few years called the Blockchain and the
Blockchain is liberation itself.
You can create a currency on the Blockchain and that is, but you can also use the Blockchain, this technology, augmented by some new stuff on
top of it called Counterparty to create a parallel world to the world of modern finance, where all these institutions we have in the modern financial
world that accomplish certain desired ends, institutions like having equities and bonds and derivatives, swaps, they can all be -- and centralized
stock exchanges and centralized clearing systems like the DTCC, my bete noire, are things that can be done within the Blockchain, can be done in
this parallel universe.
We looked at -- I made a mention in May in Amsterdam that we wanted to be the first company to issue a security in this new parallel universe.
And I did that somewhat strategically, assuming that there were people out there who were thinking about that and would get in touch. Well, it
turns out there were 13 different groups around the world thinking of that and trying to figure out how to do it.
We vetted -- Mark Griffin did yeoman's work vetting a bunch of these different companies -- and I don't mean to slag anybody, some just weren't
our cup of tea, but there was one group that really was our cup of tea. They are called Counterparty. They're not all -- they are not even a company.
It's an open-source movement that stays true to the bitcoin philosophy. It is transparent. It is built within bitcoin rather than being a proprietary
alternative to bitcoin. There's just all these aspects of it that made me think these were the right fellas to go with.
Three of the founders came out to Overstock and they seemed to have very similar backgrounds to me, which is maybe why I like them, but they
were just doing it for the right reasons. So we worked out a deal recently announced, two of them have joined our company, and we are building
what is basically the tollbooth between those two universes.
You've got the world of modern finance, people with dollars in it, and there is going to be this world of cryptofinance and we will have the tollbooth
for people who go back and forth. And that is Medici.
The timeframe; we actually think that in the absence of there being a government we could build this technology and have it live and working for
the public in about, say, three or four months. Now we have to get regulatory approval for this. How much time does that add? Your guess is as
good as mine. Mark Griffin, do you want to venture a guess on that?

Mark Griffin - Overstock.com Inc. - SVP & General Counsel
It's hard. We haven't had the initial discussions. The framework is going to be difficult. It is a paradigm shift for these regulatory agencies, so it's
hard to predict.

Patrick Byrne - Overstock.com Inc. - CEO
That said, I have had, believe it or not, some quite positive conversations with some of the regulators involved. And I am at least told, and I actually
believe they are sincere, that they are not going to try and stop this. That they want to see it develop reasonably and to have a say and such, but
that they were going to act like adults.
And we are going to act like adults. I think as long as they understand this is coming -- they have a legitimate -- I think they have a legitimate interest
in making sure crooks can't use it to do bad things. So I actually am not expecting the massive regulatory opposition.
And there are already rules. We will be creating an ATS, an alternative trading system, and there are already rules that -- I think it's a 60-page
document that says this -- from the SEC -- this is what an alternative trading system has to do. This is how it has to handle record-keeping, how it
has to handle derivatives and things like that.
So there's already a roadmap out there. Nobody anticipated that we would use -- that someone would use the roadmap to build this thing that
we are talking about. But it is -- there is already a roadmap out there from the regulators of what our new system is going to have to do.
What value could it create for Overstock? Well, I have no way to estimate that. You know everything I know. I do know that we have stood -- that
I kick myself, because we have stood next to some extraordinary innovations that we just missed.
I thought of Overstock as a search company from the very beginning to go around to venture capitalists and on Wall Street trying to raise money
explaining it was a search company just that had these things wrapped up in it, warehouses and customer call centers and such. If I had been
smarter, I would have seen just doing pure search was probably the way to go.
We were early in the game in mobile, so early that around 2002 nobody adopted and we eventually discontinued it. We had a great social media
platform very early on. Again, the same story.
So I kick myself about some -- about having stood just a foot away from some of the great technological innovations of the last 15 years and not
really seized them correctly. That's not going to happen here. We, through some fluke, have ended up right in the crossroads of this emerging
technology.
It could disrupt the financial industry as we know it. I have no idea how to value that, but we seem to be -- through various flukes have found
ourselves right at the forefront of it. We've gotten very -- so we built a team to pursue this. We've gotten very good.
The team is going to cost in low single million dollars a year. It's not going to dramatically affect our earnings, but -- and we have really developed
great -- we have become a very agile company and we can develop software quickly and well and with good user experience and good design in
all kinds of ways and security and such.
So this team really has first call on the assets within Overstock to draw on all the people, all our people with all our experience to get this project
done quickly. And I couldn't even begin to estimate the value it could create for Overstock.
But a technology that disrupts an industry that is 40% of the profits of American corporations, and we could do the same thing that -- we could
build a system that can do many of the same things that industry does in essentially a tiny fraction of the cost would be a very valuable technology.





....
Buy.

JL

Agreed.  At this point I am just confused by the Bitcoin names.

Should counterpartyd be re-branded as Counterparty Core asap to row in behind Bitcoin Core, and to indirectly encourage alternate Counterparty Protocol implementations.

Awesome, thank you.

Search the last pages of the thread for posts from PhamtomPhreak and xnova.

Where are the xcp developers? Do they frequent this forum?

Probably someone concerned with the SEC stuff. Would be interesting to know how old the deleted posts are anyway.

Nxxty is an encrypted mobile messaging app (it doesn't use Nxt).  Jinn is a distributed processor based on ternary logic with many uses, Gaming, AT, etc..

What is this "real world" products what they have?