[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 215.

PhantomPhreak

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Counterparty Chief Scientist and Co-Founder

Quote from: nutildah on August 12, 2014, 04:39:00 PM

Quote from: PhantomPhreak on August 12, 2014, 04:30:12 PM

The fees are set by the Bitcoin network. If you want to pay a lower fee, and if you are willing to possibly wait a couple of blocks for your transactions to get confirmed, then you can do so with various command-line options in counterpartyd. The default fee has to be very generous, in any case, because it has to cover all possible use cases. Moreover, as soon as the majority of Bitoicn nodes switch over to Bitcoin Core 0.9.2, we'll be able to lower the default value by 10x.

OK, I understand, but you need to update the fee that is listed on the trading screen from 0.0002 BTC to what it actually is, otherwise you're going to have people saying Counterparty is involved in "false advertising."

If I have to place orders in counterpartyd that negates the entire utility of Counterwallet.

The fees are proportional to the size of the transactions in bytes, which depends on a lot of different variables and is hard to predict. It sounds like Counterwallet needs to improve its estimation techniques, however. Thanks for the heads up!

nutildah

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Quote from: PhantomPhreak on August 12, 2014, 04:30:12 PM

The fees are set by the Bitcoin network. If you want to pay a lower fee, and if you are willing to possibly wait a couple of blocks for your transactions to get confirmed, then you can do so with various command-line options in counterpartyd. The default fee has to be very generous, in any case, because it has to cover all possible use cases. Moreover, as soon as the majority of Bitoicn nodes switch over to Bitcoin Core 0.9.2, we'll be able to lower the default value by 10x.

OK, I understand, but you need to update the fee that is listed on the trading screen from 0.0002 BTC to what it actually is, otherwise you're going to have people saying Counterparty is involved in "false advertising."

If I have to place orders in counterpartyd that negates the entire utility of Counterwallet.

stereotype

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Quote from: nutildah on August 12, 2014, 04:13:42 PM

I like Counterparty, I understand this is all very new, complicated and prone to bugs, but there's a lot of work that still needs to be done before any of the devs should honestly expect regular people to be able to use their software platform.

Ditto

I described the platform to somebody in a PM, as "... like a clever niche back-end corporate tool". Thats what it feels like to this non-codey type, and so, feels like it wasn't meant for my use.

PhantomPhreak

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Counterparty Chief Scientist and Co-Founder

Quote from: nutildah on August 12, 2014, 04:13:42 PM

Quote from: dexX7 on August 12, 2014, 01:20:11 PM

Please let me know, if the Bitcoin-Qt route worked.

OK, thank you for the update and I will check it out, even though I managed to go this entire time without having to download bitcoin-qt on my computer.

The actual solution should be for Counterparty to fix their trading fees. They can't advertise the fee to be .0002 and then have it actually be .000356, even if they are not collecting the difference.

I like Counterparty, I understand this is all very new, complicated and prone to bugs, but there's a lot of work that still needs to be done before any of the devs should honestly expect regular people to be able to use their software platform.

In the meantime they should consider reducing the trading fees in order to incentivize users to continue working on an unreliable system. If they can't do this, surely they must see that people will flee to Mastercoin, NXT, Dogeparty or any of the dozens of clones with built-in AEs that offer more reliability and cheaper fees.

The fees are set by the Bitcoin network. If you want to pay a lower fee, and if you are willing to possibly wait a couple of blocks for your transactions to get confirmed, then you can do so with various command-line options in counterpartyd. The default fee has to be very generous, in any case, because it has to cover all possible use cases. Moreover, as soon as the majority of Bitoicn nodes switch over to Bitcoin Core 0.9.2, we'll be able to lower the default value by 10x.

nutildah

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Quote from: dexX7 on August 12, 2014, 01:20:11 PM

Please let me know, if the Bitcoin-Qt route worked.

OK, thank you for the update and I will check it out, even though I managed to go this entire time without having to download bitcoin-qt on my computer.

The actual solution should be for Counterparty to fix their trading fees. They can't advertise the fee to be .0002 and then have it actually be .000356, even if they are not collecting the difference.

I like Counterparty, I understand this is all very new, complicated and prone to bugs, but there's a lot of work that still needs to be done before any of the devs should honestly expect regular people to be able to use their software platform.

In the meantime they should consider reducing the trading fees in order to incentivize users to continue working on an unreliable system. If they can't do this, surely they must see that people will flee to Mastercoin, NXT, Dogeparty or any of the dozens of clones with built-in AEs that offer more reliability and cheaper fees.

dexX7

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Quote from: nutildah on August 12, 2014, 12:54:14 AM

Hi Again,

So I asked to signrawtransaction, pressed enter and got these 2 errors:

SyntaxError: invalid syntax

TypeError: signrawtransaction() takes exactly 4 arguments (2 given)

How do I generate the signed hex number? Thanks again this has been quite educational.

Alright, I'm sorry for the misinformation.

Actually it looks like Electrum expected signrawrawtransaction("hex", ["privatekey"], "electrumpassword") (edit: this indicates that Electrum's signrawtransaction hsa a different behavior than Bitcoin Core and it doesn't expect a raw hex, but rather some transaction blueprint), but I was still not able to sign a transaction. I tried it with something standard, nothing special that involved multisig. :/

But: I missed the fact that you mentioned Bitcoin Qt. In the case you have a fully synced Bitcoin Core client available, it should be easy. Please follow this tutorial:

https://bitcointalksearch.org/topic/m.6336408

I really have to admit, this outlines the need for easier tools. For some time I wanted to make redeem.bitwatch.co more user friendly in general, but I also see the need for a simple "sign any transaction" tool with low overhead, so it's easy to audit. Unfortunally all this is not yet done. Wink

Please let me know, if the Bitcoin-Qt route worked.

nutildah

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Shouldn't the trading fees be corrected so they are actually .0002 BTC per trade (as it says in Counterwallet) as opposed to .000356 BTC per trade?

This is going to seriously hinder Counterparty's widespread adoption if the the trading fees can't be fixed.

In my opinion its a problem that needs to be fixed before anything else.

peled1986

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@Devs any progress with Overstock?
(link - https://coinreport.net/little-altcoin-sanity-counterparty/)

JahPowerBit

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Counterparty Developer

Quote from: SyRenity on August 11, 2014, 03:51:38 PM

Quote from: JahPowerBit on August 10, 2014, 09:01:37 AM

You talk about sweeping? Please send me more details by PM or email.

Sent you all the logs yesterday, still unfortunately doesn't work.

Just sent you a PM.

nutildah

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Quote from: dexX7 on August 11, 2014, 07:57:12 PM

Quote from: nutildah on August 11, 2014, 06:18:40 PM

I was actually trying to import the hex into Counterwallet, "sign transaction" but I'm not quite sure I know what I'm doing. I'll try it on bitcoin-qt a little later on. Thanks for the advice.

Aah I see. I'm not sure, if this is supported. For what it's worth: if you are using Electrum by any chance, then there is also an option to sign and broadcast transactions (UI console -> signrawtransaction("hex") -> sendrawtransaction("signedhex") --- if I recall correctly).

Hi Again,

So I asked to signrawtransaction, pressed enter and got these 2 errors:

SyntaxError: invalid syntax

TypeError: signrawtransaction() takes exactly 4 arguments (2 given)

How do I generate the signed hex number? Thanks again this has been quite educational.

xinweiwei

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I have read it,nice article

dexX7

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Quote from: nutildah on August 11, 2014, 06:18:40 PM

I was actually trying to import the hex into Counterwallet, "sign transaction" but I'm not quite sure I know what I'm doing. I'll try it on bitcoin-qt a little later on. Thanks for the advice.

Aah I see. I'm not sure, if this is supported. For what it's worth: if you are using Electrum by any chance, then there is also an option to sign and broadcast transactions (UI console -> signrawtransaction("hex") -> sendrawtransaction("signedhex") --- if I recall correctly).

nutildah

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Quote from: dexX7 on August 11, 2014, 03:50:51 PM

Which Bitcoin Core client verison are you using? If you like, send me the raw transaction and I'll take a look.

I was actually trying to import the hex into Counterwallet, "sign transaction" but I'm not quite sure I know what I'm doing. I'll try it on bitcoin-qt a little later on. Thanks for the advice.

SyRenity

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Quote from: JahPowerBit on August 10, 2014, 09:01:37 AM

You talk about sweeping? Please send me more details by PM or email.

Sent you all the logs yesterday, still unfortunately doesn't work.

dexX7

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Quote from: nutildah on August 11, 2014, 03:36:53 PM

Thank you for this! I appreciate it. For some reason I keep getting the message "invalid arguments" when trying to sign the hex string given at the bottom of the bitwatch results page. Do I accomplish this by using the "Sign Transaction" option under the address for which I am trying to recover BTC to, and pasting the hex string, or is there more to it than that?

Thanks again and I will check out the blockscan balances next.

Which Bitcoin Core client verison are you using? If you like, send me the raw transaction and I'll take a look.

The process is basically:

- open redeem.bitwatch.co
- paste your address into the input box
- press "get unspent outputs"
- copy the complete hex string at the bottom
- power up bitcoin-qt, -cli
- enter: signrawtransaction *hex*
- no error should appear
- copy this result
- enter: sendrawtransaction *signedhex*

nutildah

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Quote from: deliciousowl on August 11, 2014, 10:28:03 AM

I'm guessing the extra amount in the fee is the unspent multisig output (a method of storing XCP data), which can be redeemed here: http://api.bitwatch.co/redeem (this functionality will soon be added to Counterwallet).

As for why you got an additional BTC credit, I'm not sure. Could you provide your BTC/XCP address or history? It may be a display bug in the new Counterwallet pre-release, while the actual balance may be accurate.

I suggest you look at your trades/credits and debits in http://blockscan.com, and if it still seems fishy, contact the developers.

Thank you for this! I appreciate it. For some reason I keep getting the message "invalid arguments" when trying to sign the hex string given at the bottom of the bitwatch results page. Do I accomplish this by using the "Sign Transaction" option under the address for which I am trying to recover BTC to, and pasting the hex string, or is there more to it than that?

Thanks again and I will check out the blockscan balances next.

deliciousowl

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Quote from: nutildah on August 11, 2014, 02:33:15 AM

Quote from: nutildah on August 11, 2014, 02:10:15 AM

...I couldn't help but wonder the trading fees for orders involving XCP are listed in the buy/sell screens as .0002 BTC when the final fee comes out to .000356 BTC.

Update: after the BTC balance for the account conducting the trades had settled, the averaged fee was .000317 BTC... somehow I got back an additional .000039 BTC credit.

Thoughts?

I'm guessing the extra amount in the fee is the unspent multisig output (a method of storing XCP data), which can be redeemed here: http://api.bitwatch.co/redeem (this functionality will soon be added to Counterwallet).

As for why you got an additional BTC credit, I'm not sure. Could you provide your BTC/XCP address or history? It may be a display bug in the new Counterwallet pre-release, while the actual balance may be accurate.

I suggest you look at your trades/credits and debits in http://blockscan.com, and if it still seems fishy, contact the developers.

nutildah

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Quote from: nutildah on August 11, 2014, 02:10:15 AM

...I couldn't help but wonder the trading fees for orders involving XCP are listed in the buy/sell screens as .0002 BTC when the final fee comes out to .000356 BTC.

Update: after the BTC balance for the account conducting the trades had settled, the averaged fee was .000317 BTC... somehow I got back an additional .000039 BTC credit.

Thoughts?

nutildah

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Hi Guys,

I apologize if this question has been answered already, but I couldn't help but wonder the trading fees for orders involving XCP are listed in the buy/sell screens as .0002 BTC when the final fee comes out to .000356 BTC. At 11-12 cents a pop isn't such a big deal but at 20-21 cents, well, it becomes more expensive than some of the assets that are currently for sale, which is a heavy disincentive to list cheap assets in small or singular quantities.

I realize there has to be motivation for the network to process transactions, but would someone mind explaining why the fee is currently 78% higher than what is listed in market order screens?

Thanks for your help, it is appreciated.

JahPowerBit

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Counterparty Developer

Quote from: SyRenity on August 10, 2014, 07:43:56 AM

Anyone knows why scrubbing does not work anymore?

Trying to import XPC's into counterwallet since the morning, and the process just stops on step 1.

You talk about sweeping? Please send me more details by PM or email.

Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 215. (Read 1276936 times)