Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 243. (Read 1276789 times)

I had some trouble with the BTCpay part of buying an asset recently.  I had the same thing happen, with the order still showing up as open until I manually cancelled it.  Then I tried it again, and it worked pretty fast, although this time I was watching and reloading my wallet every 5 minutes (logging out, then logging in) to make sure that the BTCpay happened.

The process: You place your buy order.  The order is matched.  It takes ~3 blocks (?) for the order match to be confirmed, before you can BTCPay.  Then you have ~6 blocks (?) to BTCPay, after the original ~3 blocks for the order match to be confirmed, before the order match expires.  (However, in my case and yours, the order itself was still in effect, although it was not re-matched.)

So it is kind of a clunky process.  Asset owners should be encouraged to sell their assets in XCP in order to avoid the delays associated with BTCPay.  (Their assets are tied up for ~10 blocks waiting for the order to go through, even if it fails!)  It is my understanding that a pure XCP trade is confirmed very quickly, since the XCP can be escrowed as part of the order itself.

P.S.: This is the kind of thing that complainers are complaining about when they say that there is not enough documentation for XCP.  I have been following and participating in this thread for months now, reading every post, and I didn't know how the above actually worked until I did it myself.

Counterwallet going down for about one hour for an upgrade.

I just saw swarm started to accept XCP.. (They published an XCP address @ swarmcorp.com)

Does anyone knows what is the rate?

Any announcement about that? it just showed up out of nowhere 

The reason is blockchain reorganizations, which  basically rewrite the recent history of transactions, and Bitcoin payments are irreversible. So a blockchain reorganization can invalidate a BTCpay, because it can remove a previously valid order match from the ledger.

It takes less I think they show up in about 15 minutes

I'm still not quite get why it should take one hour to complete. Let's say a block takes 10 mins. Matching takes 1 block, Btcpay 1 block, so 20 mins, what do I miss.

The crossing of the order book should be fixed almost entirely with block 310000. Beyond that, which shouldn't affect your trading (because of the way that order matching is handled in the protocol), I'm not sure that I see what is making Counterparty difficult to use for you, except for possibly low market depth. What wording is confusing? Yes, if you try to buy an asset with BTC, it takes about an hour to complete. This situation is, as far as I can tell, inescapable, and the best way to circumvent it is to use XCP in trades wherever possible.

Yesterday I though I bought 1 share of JPJA (the ebook posted at https://bitcointalksearch.org/topic/m.7542184 ) using counterwallet.co at the issue/offering price of .0005 BTC, and the transaction showed as an "Order Match" in my history, but then 2 1/2 hours later is shows that order match expired and when I look at my pending orders it shows the order is still open:
Open Orders
Order 19857 @ My Address #1
Buy: 1 JPJA (remaining: 1 JPJA)
Sell: 0.0005 BTC (remaining: 0.0005 BTC)

Here's the history:
-----------------------
Tx   Block   Block Time   Source   Type   Description
   308218    Jun 28th 2014, 3:27:48 am       Order Match Exp       Order Match d40276c9d63d148f48ff3bb7ee15f7fd400f1bb9a29aeade329e7faa9d92d42d404dec488e13b30 b9ee29a36ffff4324aa9302bd5ac4bdb25cc72becdf0cd262 expired
cd262    308207    Jun 28th 2014, 1:09:00 am       Order Match       1K2eXP3wsX4W5HjnkNKsqX1fgRPhFA5RNv sent 1 JPJA
My Address #1 sent 0.0005 BTC (pending BTCpay)
cd262    308207    Jun 28th 2014, 1:09:00 am    My Address #1    Order       Sell 0.0005 BTC for 1 JPJA
-----------------------

It is now over 8 hours since I placed my order for JPJA at the offering/issue/market price yet I still don't have it. Why is that?

- Eric

I know what XBTC is but it doesn't work since it's not trustless and you actually have to convert to XBTC. Much better would be a sort of wrapper around XCP that you could use immediately. We really need a vending machine that has 1 confirmation BTC -> XCP so that people near immediately get a tradable token and a super easy UI so they can easily trade it.

Which seems to me, a huge barrier for more adoption. Which is a shame, as the devs have produced some clever tech here that has the capability for great things.....but not in its current form IMO. Way too many skips n jumps, with user feedback that just raises more questions and points to understand.
Ive spent a total of ~6 hours over 3 sessions playing with this since its release. The last time i logged in was some weeks ago, to see yet again, a crossed order book. I logged out 1 minute later, and i dont really know if and when i will be logging back in. Because for me, all i want to do is buy and sell assets and currency easily and quickly in a way that does not require me to redefine very simple processes of buy/sell, that we are all very used to.

Im just wondering who the intended end-users were for this, as currently, it feels like some sort of flashy bespoke niche corporate network back-end system, and not intended for general use.

I was a burner, and have every wish to see this as successful, so the above is intended to be constructive, and certainly not troll-like.    

If anyone is wondering how to use specific features or anything, I can make an explainer video soon enough. Can you guys let me know what you would like to be included? 

I second that brother, yea that was a test purchase from me, the other shares are pre-sold shares I just have to send them to the owners.

They should do better video on how to use the system, cuase the wording is confusing as well as the functions.

At http://www.blockscan.com/assetInfo.aspx?q=BUDZ it shows somebody bought 2 shares (I assume the other shareholder of 2000 shares is you) so that seems like it works, unless you bought those 2 shares as a test yourself.

I did not issue shares, I just tried to buy shares (in a different asset) and was very confused, and I am not a cryptocurrency novice. I can't image how a non-technical person would be able to do any of this.

- Eric

Looks like it's working to me...

I am not sure exactly what you are asking for, but will XBTC do the trick? It serves as a BTC proxy. Unfortunately, it's not a part of the Counterparty core.
See what you think.

https://forums.counterparty.co/index.php/topic,404.msg2683.html#msg2683

Thinking out loud here, but is there any chance of getting a BTC proxy token that is tradable. My ideal token would be composed of the amount of XCP that corresponds to a single BTC. This means I would effectively be trading XCP but I would not have to think about the value of XCP, I could still price everything in BTC.  

I say this because as I see it one of the main issues right now with the decentralized exchange is the additional mental cost of calculating things in XCP as opposed to BTC.

Stop arguing you two asses, got to the scam thread for that shit.
Stop burring my post with your nonsense.

Thanks for your help guys got my security issued and on the market. Platform looks great, kinda confusing to use though. I hope I did the asset sell correctly could someone check it out for me?

Thank you sir, have a blessed day.

This shows the process in Counterwallet: https://www.youtube.com/watch?v=eyzA5Lj1ajM

I'm not sure if there is a tutorial for command line.