[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 278.

Matt Y

hero member

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Counterpartying

Quote from: Patel on May 14, 2014, 10:53:26 PM

Counterparty offers such a great incentive to Bitcoin by the use of its asset issuance, but I believe this technology is ahead of its time.

There is a huge benefit to Bitcoin because Counterparty allows companies to IPO at 0 cost. Basically, they can sell shares for Bitcoin, and get paid dividends in Bitcoin.

This creates a large demand in Bitcoin, but until the regulations are clear, no business will touch it because they don't want to get in trouble with the SEC.

That's not entirely true if I understand what the lawyers tell us correctly. Also, there is at least one US based company using Counterparty in the way you describe, legally.

I don't want to butcher anything so I'll refrain from offering what would probably be a helpful explanation, but we'll work on getting some guidance out, if that's possible.

romerun

legendary

Activity: 1078

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Bitcoin is new, makes sense to hodl.

Yes, xcp is way ahead of its time. Only a fraction of ppl know what bitcoin is, and only a fraction of bitcoiners are aware of xcp.

It reminds me of the pink sheet stocks boiler room in the wolf of wall street. I'm keen to see the day, someone set up physical offices helping local business raising fund using crypto and DEx as the ledger.

Patel

legendary

Activity: 1321

Merit: 1007

Counterparty offers such a great incentive to Bitcoin by the use of its asset issuance, but I believe this technology is ahead of its time.

There is a huge benefit to Bitcoin because Counterparty allows companies to IPO at 0 cost. Basically, they can sell shares for Bitcoin, and get paid dividends in Bitcoin.

This creates a large demand in Bitcoin, but until the regulations are clear, no business will touch it because they don't want to get in trouble with the SEC.

nakaone

hero member

Activity: 742

Merit: 500

Quote from: Matt Y on May 14, 2014, 05:28:02 PM

Let's Talk Bitcoin Reddit thread. Robby's interview: http://www.reddit.com/r/Bitcoin/comments/25jx6i/lets_talk_bitcoin_the_ideal_counterparty/

good one, especially the part on proxy-tokens. the most interesting question is how do we reduce the issuer-risk to a minimum - if someone has an elegant solution for that, this can be a game changer in the whole cryptosphere.

Matt Y

hero member

Activity: 647

Merit: 510

Counterpartying

Let's Talk Bitcoin Reddit thread. Robby's interview: http://www.reddit.com/r/Bitcoin/comments/25jx6i/lets_talk_bitcoin_the_ideal_counterparty/

FrictionlessCoin

legendary

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Cryptotalk.org - Get paid for every post!

I got a question that may have been explained prior.

How does counterparty prevent double spending of assets?

kuanglinliang

member

Activity: 70

Merit: 10

We should keep our community better and health!

td services

sr. member

Activity: 448

Merit: 250

black swan hunter

Quote from: PhantomPhreak on May 14, 2014, 12:00:00 AM

Quote from: td services on May 13, 2014, 11:40:29 PM

Quote from: PhantomPhreak on May 13, 2014, 11:29:12 PM

Quote from: td services on May 13, 2014, 10:13:52 PM

Quote from: MrWDunne on May 13, 2014, 05:28:04 PM

This should definitely be refunded as it is a bug in the software, at least partially.

I received a nice PM from Counterwallet. They are very helpful and willing to refund the BTC. I'm really happy to find it didn't disappear into a black hole. The counterwallet looks like it will evolve into a great exchange platform. Other than the confirmation glitch, I was able to figure it out intuitively in about 15 minutes. It'll be fun exploring the asset types.

The money that you spent did disappear into a black hole (it was sent to random Bitcoin miners). We reimbursed you out of pocket.

Ouch, thanks! I knew the send fee goes to miners, about .00015 BTC total in Mastercoin with the three separate destinations. You're saying the 1% transaction fee on orders goes to BTC miners as well? This seems really high.

It's only when you buy something with BTC directly. The 1% fee is also only a temporary default.

OK. Too bad it doesn't go to the developers working on the project, though they explained the philosophy behind Counterparty at the Ethereum Meetup. The refund arrived, sorry it came out of your pockets.

Now its time to work on adding some more colors to my Counterwallet screen by adding some more assets.

porqupine

full member

Activity: 214

Merit: 101

Quote from: romerun on May 14, 2014, 12:05:29 AM

Can somebody explain how betting works or point me out where to read. Let's say I would like to bet on the increase of BTC/USD price using porquepine feed, so I create a bet saying btc price will be higher than X at the end of block N and the valid bet transactions have to be submitted before block M. The winner side takes all from the losing side, each participant will be paid out proportionally to his wager / all winner side wager. Is this how it works ?

The bets are directly matched with another participant.
When a bet is placed the protocol places the amount of the Wager in escrow and creates an 'open bet'.
Then if a bet is made taking the opposite side (Bear/Bull or Equal/Not Equal pair - with matching leverage and deadline), the protocol will see how much of the two positions can be matched and automatically proceed to match them.
When the Deadline is reached or if the funds of one side are exhausted entirely, the funds that were held in Escrow are credited to the Addresses involved in the bet in accordance with the price movement (for a CFD) - or as winner takes all (for Equal/Not Equal).

I'll write up a better description to put up on the site later today.

Quote from: prophetx on May 14, 2014, 02:56:26 AM

it may not be at the end, the contract could get filled during the period leading to block N; different type of option style. i, as you, am uncertain how the event trigger is coded to function.

The current system calculates the change on every broadcast - but only settles the Bet if one of two conditions has occurred: The Deadline was reached (settled on deadline), or the escrowed funds of one side were exhausted entirely (Contract liquidated).

prophetx

legendary

Activity: 1666

Merit: 1010

he who has the gold makes the rules

Quote from: romerun on May 14, 2014, 12:05:29 AM

Can somebody explain how betting works or point me out where to read. Let's say I would like to bet on the increase of BTC/USD price using porquepine feed, so I create a bet saying btc price will be higher than X at the end of block N and the valid bet transactions have to be submitted before block M. The winner side takes all from the losing side, each participant will be paid out proportionally to his wager / all winner side wager. Is this how it works ?

it may not be at the end, the contract could get filled during the period leading to block N; different type of option style. i, as you, am uncertain how the event trigger is coded to function.

romerun

legendary

Activity: 1078

Merit: 1002

Bitcoin is new, makes sense to hodl.

Can somebody explain how betting works or point me out where to read. Let's say I would like to bet on the increase of BTC/USD price using porquepine feed, so I create a bet saying btc price will be higher than X at the end of block N and the valid bet transactions have to be submitted before block M. The winner side takes all from the losing side, each participant will be paid out proportionally to his wager / all winner side wager. Is this how it works ?

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: td services on May 13, 2014, 11:40:29 PM

Quote from: PhantomPhreak on May 13, 2014, 11:29:12 PM

Quote from: td services on May 13, 2014, 10:13:52 PM

Quote from: MrWDunne on May 13, 2014, 05:28:04 PM

This should definitely be refunded as it is a bug in the software, at least partially.

I received a nice PM from Counterwallet. They are very helpful and willing to refund the BTC. I'm really happy to find it didn't disappear into a black hole. The counterwallet looks like it will evolve into a great exchange platform. Other than the confirmation glitch, I was able to figure it out intuitively in about 15 minutes. It'll be fun exploring the asset types.

The money that you spent did disappear into a black hole (it was sent to random Bitcoin miners). We reimbursed you out of pocket.

Ouch, thanks! I knew the send fee goes to miners, about .00015 BTC total in Mastercoin with the three separate destinations. You're saying the 1% transaction fee on orders goes to BTC miners as well? This seems really high.

It's only when you buy something with BTC directly. The 1% fee is also only a temporary default.

td services

sr. member

Activity: 448

Merit: 250

black swan hunter

Quote from: PhantomPhreak on May 13, 2014, 11:29:12 PM

Quote from: td services on May 13, 2014, 10:13:52 PM

Quote from: MrWDunne on May 13, 2014, 05:28:04 PM

This should definitely be refunded as it is a bug in the software, at least partially.

I received a nice PM from Counterwallet. They are very helpful and willing to refund the BTC. I'm really happy to find it didn't disappear into a black hole. The counterwallet looks like it will evolve into a great exchange platform. Other than the confirmation glitch, I was able to figure it out intuitively in about 15 minutes. It'll be fun exploring the asset types.

The money that you spent did disappear into a black hole (it was sent to random Bitcoin miners). We reimbursed you out of pocket.

Ouch, thanks! I knew the send fee goes to miners, about .00015 BTC total in Mastercoin with the three separate destinations. You're saying the 1% transaction fee on orders goes to BTC miners as well? This seems really high.

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: td services on May 13, 2014, 10:13:52 PM

Quote from: MrWDunne on May 13, 2014, 05:28:04 PM

This should definitely be refunded as it is a bug in the software, at least partially.

I received a nice PM from Counterwallet. They are very helpful and willing to refund the BTC. I'm really happy to find it didn't disappear into a black hole. The counterwallet looks like it will evolve into a great exchange platform. Other than the confirmation glitch, I was able to figure it out intuitively in about 15 minutes. It'll be fun exploring the asset types.

The money that you spent did disappear into a black hole (it was sent to random Bitcoin miners). We reimbursed you out of pocket.

td services

sr. member

Activity: 448

Merit: 250

black swan hunter

Quote from: MrWDunne on May 13, 2014, 05:28:04 PM

This should definitely be refunded as it is a bug in the software, at least partially.

I received a nice PM from Counterwallet. They are very helpful and willing to refund the BTC. I'm really happy to find it didn't disappear into a black hole. The counterwallet looks like it will evolve into a great exchange platform. Other than the confirmation glitch, I was able to figure it out intuitively in about 15 minutes. It'll be fun exploring the asset types.

frozen123

member

Activity: 74

Merit: 10

12 May 2014
Let's talk bitcoin --"The Idea Counterparty" http://letstalkbitcoin.com/blog/post/ltb109-the-ideal-counterparty
Adam interview Robby (xnova)

Counterparty forum cross thread--- https://forums.counterparty.co/index.php?topic=264.msg1962#msg1962

MrWDunne

sr. member

Activity: 322

Merit: 250

This should definitely be refunded as it is a bug in the software, at least partially.

td services

sr. member

Activity: 448

Merit: 250

black swan hunter

Quote from: PhantomPhreak on May 13, 2014, 04:40:40 PM

Quote from: td services on May 13, 2014, 03:34:03 PM

Quote from: MrWDunne on May 13, 2014, 03:26:15 PM

Quote from: td services on May 13, 2014, 02:39:13 PM

I have 8 orders (shows as 16 line items) showing in counterwallet. There should only one. First 7 were from Firefox which showed no confirmation when order was placed, 8th was from Chrome, which showed a popup window for confirmation when the order was placed. Will the first order fill and the rest just go away? Using pop-ups for confirmation is a REALLY bad idea - should go to a confirmation page instead. Is there a way to cancel the extra orders?

I'm also showing a lower BTC balance, 1.8583 instead of the 2.02 BTC I started with - has it been eaten away by all these orders? Does this mean all of 8 orders will fail because the BTC balance is no longer at 2? When I placed the order, it said the total cost was 2.02 BTC, now I'm down to 1.8583 BTC with no order filled.

Considering you were ordering my asset I'll answer this for you:

Each transaction takes a BTC fee. That is 0.02, hence the lower balance.

They will expire and you will get that back in a couple more blocks, which is a pain for both of us but you can re-do it.

Best,

William Dunne

I've sent another .15 BTC to bring the BTC balance up, guess I should have read this first. I may need to have some extra dust anyway. We'll see how it goes. Thanks for the reply. The confirmation pop-up has to go. I service computers and see how regular people use them. This will never fly for the average user in its current state.

I've created a bug report for this as a GitHub issue. Thanks for bringing this to our attention (the unreliability of the confirmation pop-up).

Quote from: td services on May 13, 2014, 04:20:49 PM

I pushed 1 of the 8 orders through by adding BTC to my balance and paying it off. The other 7 have been promoted to 14 open orders expiring in about 11 days with a cancel option. Should I cancel to get the fee refunded or is it better to let them expire?

You should probably cancel your open orders, yes. The fees can't be refunded, however.

So I noticed. I cancelled them, but I'm short 0.1451838 BTC, original deposit 2.02 BTC + .15 BTC extra - 2.02 filled order - 0.0048162 final BTC balance after 7 orders cancelled. Is there someone who can issue a refund of the missing BTC. That's about $64 USD at current prices. Where do the fees go?

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: td services on May 13, 2014, 03:44:17 PM

Counterwallet seems to log out every time I minimize or hide the window. Is this normal? I have to have it up and covering the screen as long as a transaction is pending?

That's not the intended behavior, no. This should be fixed soon, however.

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: td services on May 13, 2014, 03:34:03 PM

Quote from: MrWDunne on May 13, 2014, 03:26:15 PM

Quote from: td services on May 13, 2014, 02:39:13 PM

I have 8 orders (shows as 16 line items) showing in counterwallet. There should only one. First 7 were from Firefox which showed no confirmation when order was placed, 8th was from Chrome, which showed a popup window for confirmation when the order was placed. Will the first order fill and the rest just go away? Using pop-ups for confirmation is a REALLY bad idea - should go to a confirmation page instead. Is there a way to cancel the extra orders?

I'm also showing a lower BTC balance, 1.8583 instead of the 2.02 BTC I started with - has it been eaten away by all these orders? Does this mean all of 8 orders will fail because the BTC balance is no longer at 2? When I placed the order, it said the total cost was 2.02 BTC, now I'm down to 1.8583 BTC with no order filled.

Considering you were ordering my asset I'll answer this for you:

Each transaction takes a BTC fee. That is 0.02, hence the lower balance.

They will expire and you will get that back in a couple more blocks, which is a pain for both of us but you can re-do it.

Best,

William Dunne

I've sent another .15 BTC to bring the BTC balance up, guess I should have read this first. I may need to have some extra dust anyway. We'll see how it goes. Thanks for the reply. The confirmation pop-up has to go. I service computers and see how regular people use them. This will never fly for the average user in its current state.

I've created a bug report for this as a GitHub issue. Thanks for bringing this to our attention (the unreliability of the confirmation pop-up).

Quote from: td services on May 13, 2014, 04:20:49 PM

I pushed 1 of the 8 orders through by adding BTC to my balance and paying it off. The other 7 have been promoted to 14 open orders expiring in about 11 days with a cancel option. Should I cancel to get the fee refunded or is it better to let them expire?

You should probably cancel your open orders, yes. The fees can't be refunded, however.

Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 278. (Read 1276789 times)