Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 222. (Read 1276936 times)

Quote from: delulo on July 30, 2014, 09:53:43 AM

http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

That's fantastic, very impressive. Counterparty is really looking to be hands and shoulders above any other platform for this kind of thing.

Bit of a newb question here: since these IPOs use Bitcoin rather than XCP, is betting considered to be the primary use case for XCP or are there any other circumstances in which you see people using it? I'm just trying to get a clearer picture of what drives the value of XCP.

Correct me if I am wrong. I not even read the wired article. But I strongly guess that Overstock does not want to do an IPO over Counterparty. They just want to "second-issue" their existing shares. Any that wants to correct me on that?

PhantomPhreak

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Counterparty Chief Scientist and Co-Founder

Let me play the dev. advocate a bit...

What motivation would a trusted entity like Bloomberg have to provide a feed for Counterparty? Are they significantly paid? If their feed get corrupted they could loose a lot of reputation.

In case another party replicates the Bloomberg feed and not Bloomberg itself can be held responsible for it, then a Counterparty user would have to trust the party that provides the feed and not Bloomberg. Could Bloomberg sign its feed which then would be provable within Counterparty so that Bloomberg would not have to broadcast it itself?

Feed operators can charge for the service. Bloomberg already makes a lot of money, but the cost of publishing a feed is also effectively zero.

Yes, Bloomberg could sign its feed, and that could be reproduced trustlessly and for free.

PhantomPhreak

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Counterparty Chief Scientist and Co-Founder

Quote from: profitofthegods on July 30, 2014, 09:44:08 AM

Quote from: delulo on July 30, 2014, 09:32:59 AM

http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

That's fantastic, very impressive. Counterparty is really looking to be hands and shoulders above any other platform for this kind of thing.

Bit of a newb question here: since these IPOs use Bitcoin rather than XCP, is betting considered to be the primary use case for XCP or are there any other circumstances in which you see people using it? I'm just trying to get a clearer picture of what drives the value of XCP.

The value of XCP derives from three things: 1) its mandatory usage in other functionality (such as all derivatives) and 2) its superiority to BTC with trading and crowdsales (it's much faster) and 3) it represents stake in the protocol (for future protocol changes, etc.).

delulo

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Activity: 441

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Let me play the dev. advocate a bit...

What motivation would a trusted entity like Bloomberg have to provide a feed for Counterparty? Are they significantly paid? If their feed get corrupted they could loose a lot of reputation.

In case another party replicates the Bloomberg feed and not Bloomberg itself can be held responsible for it, then a Counterparty user would have to trust the party that provides the feed and not Bloomberg. Could Bloomberg sign its feed which then would be provable within Counterparty so that Bloomberg would not have to broadcast it itself?

PhantomPhreak

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Activity: 476

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Counterparty Chief Scientist and Co-Founder

Quote from: PhantomPhreak on July 30, 2014, 09:23:47 AM

Quote from: delulo on July 30, 2014, 09:22:58 AM

Quote from: PhantomPhreak on July 30, 2014, 07:56:36 AM

Quote from: PhantomPhreak on July 29, 2014, 01:11:02 PM

Is it correct that someone that wants to bet with counterparty needs to trust the price feed that is supported by one person and that the outcome of the bet is executed automatically based on the provided feed?

Yes, that is correct. We are, however, working on implementing support for betting on the concensus of multiple, independent oracles, too.

Thanks for your answer.
What is an INDEPENDENT oracle? Sounds interesting but who is providing it?

I also had a similar question.

ESPN.com has some pretty reliable feeds when it comes to sports outcomes.. is it possible to use some central commercial authority to generate feeds? What about Wikipedia? -- oh wait, bad idea..

I can't actually access the feature using my native IP but will experiment in the future.

By 'independent', I meant independent from each other and independent from Countertparty.

To use ESPN feeds, someone currently has to translate that that data into the Counterparty broadcasts.

Say I want to bet on a football game. Are multiple parties gonna issue a feed that is supposed to be evidence for the same outcome/result? In the end I have to check who the feed broadcasters are and whether I trust them? If that is not so how does it work?

That's how it works, yes.

Just want to be clear on this, because there were a few questions in my last post:
1) You confirmed that I have to check who the feed broadcasters are and whether I want to trust them?
2) Remaining question: How is it beneficial then to have multiple feeds for the same questionable outcome?

1) Yep.

2) That's hard to say. If the feed operator is a well-established entity (like Bloomberg, CoinDesk, etc.), there isn't much advantage.

profitofthegods

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Quote from: PhantomPhreak on July 30, 2014, 09:23:47 AM

http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

That's fantastic, very impressive. Counterparty is really looking to be hands and shoulders above any other platform for this kind of thing.

Bit of a newb question here: since these IPOs use Bitcoin rather than XCP, is betting considered to be the primary use case for XCP or are there any other circumstances in which you see people using it? I'm just trying to get a clearer picture of what drives the value of XCP.

delulo

sr. member

Activity: 441

Merit: 250

Quote from: delulo on July 30, 2014, 09:22:58 AM

Quote from: PhantomPhreak on July 30, 2014, 07:56:36 AM

Quote from: PhantomPhreak on July 29, 2014, 01:11:02 PM

Is it correct that someone that wants to bet with counterparty needs to trust the price feed that is supported by one person and that the outcome of the bet is executed automatically based on the provided feed?

Yes, that is correct. We are, however, working on implementing support for betting on the concensus of multiple, independent oracles, too.

Thanks for your answer.
What is an INDEPENDENT oracle? Sounds interesting but who is providing it?

I also had a similar question.

ESPN.com has some pretty reliable feeds when it comes to sports outcomes.. is it possible to use some central commercial authority to generate feeds? What about Wikipedia? -- oh wait, bad idea..

I can't actually access the feature using my native IP but will experiment in the future.

By 'independent', I meant independent from each other and independent from Countertparty.

To use ESPN feeds, someone currently has to translate that that data into the Counterparty broadcasts.

Say I want to bet on a football game. Are multiple parties gonna issue a feed that is supposed to be evidence for the same outcome/result? In the end I have to check who the feed broadcasters are and whether I trust them? If that is not so how does it work?

That's how it works, yes.

Just want to be clear on this, because there were a few questions in my last post:
1) You confirmed that I have to check who the feed broadcasters are and whether I want to trust them?
2) Remaining question: How is it beneficial then to have multiple feeds for the same questionable outcome?

delulo

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Activity: 441

Merit: 250

Quote from: delulo on July 30, 2014, 09:22:58 AM

http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

+1
This in deed is great news!

PhantomPhreak

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Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: PhantomPhreak on July 30, 2014, 07:56:36 AM

Quote from: PhantomPhreak on July 29, 2014, 01:11:02 PM

Quote from: PhantomPhreak on July 30, 2014, 07:56:36 AM

Is it correct that someone that wants to bet with counterparty needs to trust the price feed that is supported by one person and that the outcome of the bet is executed automatically based on the provided feed?

Yes, that is correct. We are, however, working on implementing support for betting on the concensus of multiple, independent oracles, too.

Thanks for your answer.
What is an INDEPENDENT oracle? Sounds interesting but who is providing it?

I also had a similar question.

ESPN.com has some pretty reliable feeds when it comes to sports outcomes.. is it possible to use some central commercial authority to generate feeds? What about Wikipedia? -- oh wait, bad idea..

I can't actually access the feature using my native IP but will experiment in the future.

By 'independent', I meant independent from each other and independent from Countertparty.

To use ESPN feeds, someone currently has to translate that that data into the Counterparty broadcasts.

Say I want to bet on a football game. Are multiple parties gonna issue a feed that is supposed to be evidence for the same outcome/result? In the end I have to check who the feed broadcasters are and whether I trust them? If that is not so how does it work?

That's how it works, yes.

delulo

sr. member

Activity: 441

Merit: 250

Quote from: PhantomPhreak on July 29, 2014, 01:11:02 PM

Quote from: mailmansDOGE on July 30, 2014, 08:02:31 AM

Is it correct that someone that wants to bet with counterparty needs to trust the price feed that is supported by one person and that the outcome of the bet is executed automatically based on the provided feed?

Yes, that is correct. We are, however, working on implementing support for betting on the concensus of multiple, independent oracles, too.

Thanks for your answer.
What is an INDEPENDENT oracle? Sounds interesting but who is providing it?

I also had a similar question.

ESPN.com has some pretty reliable feeds when it comes to sports outcomes.. is it possible to use some central commercial authority to generate feeds? What about Wikipedia? -- oh wait, bad idea..

I can't actually access the feature using my native IP but will experiment in the future.

By 'independent', I meant independent from each other and independent from Countertparty.

To use ESPN feeds, someone currently has to translate that that data into the Counterparty broadcasts.

Say I want to bet on a football game. Are multiple parties gonna issue a feed that is supposed to be evidence for the same outcome/result? In the end I have to check who the feed broadcasters are and whether I trust them? If that is not so how does it work?

xnova

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Counterparty Developer

Help support us with Overstock

If you like Counterparty, please help lend your support by posting positive comments regarding Counterparty in the comments section for the Wired, Reddit, and Hacker news articles.

nakaone

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the development of this protocol is nothing but impressive - maybe it is really possible to put counterparty in the front of blockchain based finance

BitThink

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Great news. Will see how they handle the legal issues.

coinburgers

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http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

Good to see that overstock has more big plans

Wow!

Reddit thread: Overstock Hopes to Issue Shares on Bitcoin with Counterparty
Hacker News thread: https://news.ycombinator.com/item?id=8108163

edit: updated links

mailmansDOGE

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http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

Good to see that overstock has more big plans

Spratan

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http://www.wired.com/2014/07/overstock-and-cryptocurrency/

"Overstock has already held extensive discussions with a company called CounterParty, which offers software that could help drive such a cryptosecurity..."

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: PhantomPhreak on July 29, 2014, 01:11:02 PM

Is it correct that someone that wants to bet with counterparty needs to trust the price feed that is supported by one person and that the outcome of the bet is executed automatically based on the provided feed?

Yes, that is correct. We are, however, working on implementing support for betting on the concensus of multiple, independent oracles, too.

Thanks for your answer.
What is an INDEPENDENT oracle? Sounds interesting but who is providing it?

I also had a similar question.

ESPN.com has some pretty reliable feeds when it comes to sports outcomes.. is it possible to use some central commercial authority to generate feeds? What about Wikipedia? -- oh wait, bad idea..

I can't actually access the feature using my native IP but will experiment in the future.

By 'independent', I meant independent from each other and independent from Countertparty.

To use ESPN feeds, someone currently has to translate that that data into the Counterparty broadcasts.

jaybny

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Activity: 410

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Proof-of-Skill - protoblock.com

hi page 459, how are you? im about to start an asset on counter-party. any advice? RTFM is all i can think off.

nutildah

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Quote from: PhantomPhreak on July 29, 2014, 01:11:02 PM