Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 244. (Read 1276789 times)

I've installed BoottleXCP but it shows only my BTC balance and 0 XCP, although I have some. What can be the problem?

What I should to write here by the way:
GUI-USER
GUI-PASSWORD
?

I can't remember making any passwords, except bitcoind-rpc. Thanks!

Could some nice person, break down how to set up a asset on a windows machine for me? I can not figure it out.

Just want to vote that I completely disagree with prophetx's point of view.

Hi Eric,

Thanks for showing interest. The price is 1 JPJA = 0.002 BTC or about $1.20. Please wait a bit with buying as I will lower the price to a "giveaway" level just to show that I do this to test out / illustrate the technology. If you've all ready bought at this I price I will transfer you the difference so that you don't lose.

Info about JPJA can be found at http://www.blockscan.com/assetInfo.aspx?q=JPJA . There are 100 shares, and the asset is locked so that I cannot issue more. Your real risk in this scenario is that I do not pay the dividend as promised. As far as I know, there is no way to make an escrow to guarantee a BTC payment at a set time in the future.

To buy you need to select "I want to buy:" JPJA and "I want to sell:" BTC. I agree that the GUI is a bit confusing. Let me know if you have any further questions.  

NOTE: I noticed that 1PFQ36LZaw3EY4a6fM13LLuT55TU7T2K4V bought 5 shares before I lowered the price. I refunded BTC 0.0075 so that the effective price is the new lowered one at 1 JPJA = 0.0005 BTC

The "500" price is inverse.  500 JPJA per BTC = .002 BTC per JPJA.  

I am not the target market for your book, since I already know pretty much all of what you wrote (your book is great for beginners though, especially at a price of free/tips), but I have been reading a lot about "Bitcoin 2.0" type cryptocurrencies such as Counterparty, Mastercoin, Ethereum etc.  and I want to invest in your asset (JPJA) just as an experiment to see how it works. I transferred $1.25 in Bitcoin from my Coinbase.com account to a counterwallet.co account which I opened per your suggestion, but I am confused by what it shows in the View Prices section for JPJA. It shows a Bid of 500 and an order depth of 2, but no ask price and no history of any trades ever. Has anybody bought JPJA yet? If so, then why doesn't that show in the history?

Also, when you issued them at a price of 0.002 BTC did you sell out already? How am I able to tell if I am buying the new issue or if I am buying from the secondary market after all the newly issued JPJAs were purchased? Shouldn't it show somewhere how many shares were issued? You wrote in your book 100 shares were issued, but shouldn't it show that somewhere at counterwallet.co ? What happens if only 50% of the authorized 100 shares actually get purchased? Would I get double the dividend, or is end of year dividend adjusted by half to account for that?

What I am most confused about though is when I actually try to buy JPJA in counterwallet.co, because I get this message:
"There is currently insufficient data to determine a fair market price for your purchase. "
It is telling me 1 JPJA will cost me 500 BTC. Shouldn't it be more like 1 JPA will cost me around $1?

The counterwallet.co screen I am using says:
You have 0.002428 BTC at the selected address.
Quantity JPJA to buy:  1
BTC/JPJA unit price: 0.002
Exceeds available balance
The effective unit price of your BTC/JPJA order is 0.002 JPJA per each BTC. Your purchase of 1 JPJA will cost you 500 BTC , plus a 5 BTC (1%) miner fee (to prevent troll orders). Your purchase would exceed your available balance by 504.997572 BTC.

- Eric

Abut the market cap, please keep in mind 2 things :

- Never pump and dumped

- Fair distribution (no big premine holder)

This is probably why its market cap is the most correlated to his fundamentals. Adoption will drive the price up.

As far as I know, none of Satoshis funds have been moved. This ensures the safety of the value of Bitcoin. If the 1 million started moving, faith in Bitcoin would be destroyed.


That the only value is attached to the issuance fee is absolutely false .

First of all the XCP fee is destroyed, and not sent to anyone. The inherent value is that it's 700% faster, easier, and cheaper to use for Counterparty features than BTC. It's necessary for many Counterparty features. Phantomphreak already addressed this several times in this thread.

Counterparty started out fair in every aspect, including letting people use Bitcoin without restriction. This establishes XCP with its legitimate starting value.


P.S.
Please explain how artificially limiting the features of an open-source protocol is a 'rational economic decision'. If enough people use it, then enough people will implement a different solution which will result in a flash-crash because of the artificial limitations. Is that rational? No, it's called a pump and dump.

Look at the post above mine for a good explanation of why Counterparty has legitimate instead of artificial value. This is the reason why I listed my assets on Counterparty, and only Counterparty. Bitcoin is money for a free market. Counterparty is the market for a free society.

The debate as to the value of XCP has been run through over and over: the market for binary options and derivatives with no counterparty risk is huge, and so the potential market cap of XCP does not explain its current market cap.

We will continue to add features that require the use of XCP for technical reasons, which will further increase its potential market cap.

Having spoken with a number of people, Counterparty's non-prohibitive economic ecosystem is one of its most well-liked features, and partly explains why many projects will be crowdfunding with Counterparty over the next few weeks and months.

1 & 2. I clearly stated that I'll pay out the amount received on the tip address. It's tip for this book only.

3. I have put 30/100 shares for sale at 0.002 BTC each.

4. I beg for money just as much as a waiter does. I decided to make the book freely available instead of selling it on Amazon or similar. You can read it and if you don't like it, fine, don't pay me but give me constructive feedback instead. My hope is that, since Bitcoin enables micro-payments, that people are big enough to pay for a service they appreciate also in cyberspace.

Also, the amounts we talk about here are so small that money is only a tiny part of my motivation. I spent more than 100 hours on this book. If I receive more than $100 in revenues from this I consider it a success. 

Really? Satoshi didn't create BTC to get rich?  Have you asked him why he hasn't distributed to charity the 1 million or so btc he mined?  

I will have to speak to mastercoin dev's about that bitcoin part, i don't recall a discussion where that should have been the case regarding issuances.  regarding the exodus fee they just havent had time to take that out...

the mastercoin foundation is there to develop the master protocol and ensure that mastercoins have some value through uses.  that is not a pump and dump, that is called being a rational economic actor.  

you probably don't get that and that is why xcp will continue to devalue relative to btc. (hey if i am wrong i have a shit ton of xcp )  currently the only inherent value is attached to the issuance fee...  oh those greedy developers making people pay a fee.

anyway anyone investing money into people that have some pie in the sky idea should ask VC Matt Ocko of what he thinks of investing in dreamers.  He also invested many millions into a digital encrypted virtual economy way back in the 1990s, he can tell you all about how that worked out.  

I am very confident time will prove me right on this point, and like I said if I am wrong I will be laughing looking at my balance sheet.

Sorry, but it's true.


The BTC fee isn't burned though, it goes directly to J.R. Willett.




P.S. Your point is actually exactly the same I have been trying to make. Mastercoin was made to pump its own value artificially and make MSC holders rich at the expense of others. Just because Counterparty isn't fuelled and motivated by greed, does not mean it doesn't have inherent value.

Satoshi didn't create Bitcoin to get rich, and Counterparty devs did not create XCP to get rich. They want to make the ecosystem healthier and a better place, not run a get rich quick scheme..... There's enough pump and dumps around if you want to focus on that...

so you are going to pay out a part of your personal income from now until Xmas??  

what was your lasts years income?

what piece of you can we buy?  up to 100%?  can we direct you to do things for us if we control 50%+?

is the investment in you or the book? it is not clear, just sounds like you are beggin for free money.

i dont recall that the 0.3% is taken on btc trades, only meta coin trades. then the msc fee is burned which lowers the total supply of msc.

and as a holder of coins from both projects i would hope that the xcp community realize that if all the features of something are free to use there is no underlying value for it.  it is good that there at least is a small fee for issuing currencies on xcp...

bitcoin has mining fee and a transaction subsidy which is essentially a tax on current holders as the currency inflates.  obviously xcp or msc cannot be mined but there needs to be some cost imposed so people don't just leech from the work others do.

satoshi smartly designed a pretty damn good economic model to provide compensation for mining work and development work is tied to that as the more tx that can pushed to the blockchain the higher the value of BTC. it is not perfected yet as there is some of a disconnect between core dev's and miners but it works somewhat as we can see from the price of BTC.

i don't see a well thought out economic model for xcp.  don't take offense guys, we all have met in person, but this part needs to be boned up a lot if you all are going to be able to eat.

maybe there should be a vote on this issue...

Hello,

I'm trying to sign & broadcast a transaction made with coinsweeper in counterwallet but I got this error message in the signed transaction box :


Any clue of what I'm doing wrong ?

Announcement.

I wrote the ebook The Economics of Bitcoin. It aims to relate bitcoin to the dollar and gold. What are the similarities and where do they differ? Is bitcoin a fad or will it grow further?

The book is free but tipping is appreciated. As an experiment you can "invest" in the book rather than leave a tip. I issued a counterparty asset, JPJA, whose holders will receive a dividend. All tips received by Dec 24 2014 will be paid out to holders of JPJA.

Here's how I explained it in the book:


http://jpja.net/pdf/EconomicsOfBitcoin.pdf

EDIT: I lowered the price of JPJA to a "giveway" level of about $0.30. I issued JPJA in the first place to show the possibilities of Counterparty / Bitcoin, not to beg for money or make a profit.

Hi PhantomPhreak,

I too am only a month or two into Counterparty and am fascinated by its capabilities and potential. Since SilkRoad was shut down do you fear websites like Counterwallet could potentially be shut down if there was evidence of some sort of nefarious activities (regarding copyright infringement or illegal goods) going on with the assets?

I am near certain a few NXT assets have been publicly exposed as more-or-less scams already, though to be fair one guy (NewNxtGames) did offer to repurchase all the assets he sold at their purchase price when his whole idea for making games based on the NXT blockchain fell through.

My apologies if you are already well tired of answering this question. I read all the CounterParty Protocol and Wiki articles and will dig into this thread before I ask any potentially silly questions.

PhantomPhreak, Thank you!

I can confirm it. Counterwallet only uses cryptographically secure pseudo-random number generators.

http://www.reddit.com/r/Bitcoin/comments/295las/35_of_my_btc_gone_pc_not_compromised/

It seems like brainwallet.org used weak random functions when creating a paraphrase...

Can anyone please confirm that counterwallet.co does not have this problem so I'll be able to sleep without nightmares?