[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 493.

kdrop22

full member

Activity: 238

Merit: 100

Quote from: led_lcd on February 18, 2014, 07:11:32 PM

All,

I've been discussing with busoni who operates Poloniex the possibility of Poloniex basically issuing and underwriting the value of 1 XBTC = 1 BTC.

I have already issued 21M XBTC (divisible, non callable). It isn't locked because I'm getting an error locking it but this will be done prior to any sale of XBTC.

The idea is that Poloniex will create an service which will buy and sell XBTC to BTC at a fixed value of 1:1. The fee will be kept low + tx fees.

Pros
* Frictionless trading against XBTC
* More choice in the way the DEX is utilized

Cons
* Further centralized risk on Poloniex

If the idea goes forward, I'll transfer the asset to himself so there will be no more XBTC in circulation than what he sells.

How does everyone feel about this?

Hi Led_lcd,
That sounds like a good idea. However, I cannot read the remember the protocol rules very well. Can the asset issuer issue more coins after the initial issuance. If that is the case there might be some risk.

kdrop22

full member

Activity: 238

Merit: 100

Quote from: jayso043 on February 18, 2014, 05:53:27 PM

I think I get the general idea behind counterparty and am keen to gather interest on creating a new asset to test the functionality of the assets and distribution of dividends. Count me in as one of your first customers.

I have a small mining rig that creates approx 0.008 BTC a day. The asset would give you the rights to share in the mining returns for the month of March.

The aim is to test the functionality of XCP and create a real life application.

1) Issue new asset at X price, total issue of Y shares. How is price determined, by a market or by the asset issuer?
2) Buyers purchase shares of the asset at X price, via the DEX.
3) Each day mining returns approx 0.008 btc, which will be re-distributed by XCP dividends. These are paid in XCP. Therefore I mine a coin, send to exchange and convert directly to XCP or BTC to then convert to XCP.
4) Pay XCP dividends via counterpartyd

End of March - end of test. You will have received Z amount of XCP in dividends and you have the shares of the new asset. After March the asset would be worthless. Is the asset tradeable on the DEX between issuance and end of March?
As its a test I will return the XCP at the issue price at expiry.

Should I walt until the client is available? Is what I describe possible with counterparty?
It will be interesting to see how the market reacts to demand from the requirement to purchase XCP to buy the new asset and via the dividends converted into XCP from BTC.

Yes, that would be a great idea and a good application of the capabilities of the counterparty protocol.

1) Issue new asset at X price, total issue of Y shares. How is price determined, by a market or by the asset issuer?
You can issue any asset or share on top of the counterparty platform.
http://www.blockscan.com/asset.aspx

2) Buyers purchase shares of the asset at X price, via the DEX.
Yes, that is possible see here.
http://www.blockscan.com/order.aspx?f=2

3) Each day mining returns approx 0.008 btc, which will be re-distributed by XCP dividends. These are paid in XCP. Therefore I mine a coin, send to exchange and convert directly to XCP or BTC to then convert to XCP.
Yes, you can pay dividend using the platform.

4) Pay XCP dividends via counterpartyd
Yes

The platform is working well. However, it is all command line based. If you are an engineer and have a technical background. I recommend that you get started with the counterparty client, if not I recommend waiting for the web GUI client.

led_lcd

sr. member

Activity: 262

Merit: 250

All,

I've been discussing with busoni who operates Poloniex the possibility of Poloniex basically issuing and underwriting the value of 1 XBTC = 1 BTC.

I have already issued 21M XBTC (divisible, non callable). It isn't locked because I'm getting an error locking it but this will be done prior to any sale of XBTC.

The idea is that Poloniex will create an service which will buy and sell XBTC to BTC at a fixed value of 1:1. The fee will be kept low + tx fees.

Pros
* Frictionless trading against XBTC
* More choice in the way the DEX is utilized

Cons
* Further centralized risk on Poloniex

If the idea goes forward, I'll transfer the asset to himself so there will be no more XBTC in circulation than what he sells.

How does everyone feel about this?

halfcab123

full member

Activity: 224

Merit: 100

CabTrader v2 | crypto-folio.com

Any screen shots of the Web wallet ?

jayso043

newbie

Activity: 18

Merit: 0

I think I get the general idea behind counterparty and am keen to gather interest on creating a new asset to test the functionality of the assets and distribution of dividends.

I have a small mining rig that creates approx 0.008 BTC a day. The asset would give you the rights to share in the mining returns for the month of March.

The aim is to test the functionality of XCP and create a real life application.

1) Issue new asset at X price, total issue of Y shares. How is price determined, by a market or by the asset issuer?
2) Buyers purchase shares of the asset at X price, via the DEX.
3) Each day mining returns approx 0.008 btc, which will be re-distributed by XCP dividends. These are paid in XCP. Therefore I mine a coin, send to exchange and convert directly to XCP or BTC to then convert to XCP.
4) Pay XCP dividends via counterpartyd

End of March - end of test. You will have received Z amount of XCP in dividends and you have the shares of the new asset. After March the asset would be worthless. Is the asset tradeable on the DEX between issuance and end of March?
As its a test I will return the XCP at the issue price at expiry.

Should I walt until the client is available? Is what I describe possible with counterparty?
It will be interesting to see how the market reacts to demand from the requirement to purchase XCP to buy the new asset and via the dividends converted into XCP from BTC.

cryptrol

hero member

Activity: 637

Merit: 500

Quote from: michald on February 18, 2014, 10:23:33 AM

why did that happen?
how should i have encoded the call (php example would be great)?
to keep working i am now rebuiliding the database, is there a better way to deal with it if it happens again?

This works for me :

Code:

$client = new jsonRPCClient('http://host:port/jsonrpc/',array('username' => 'yourusername', 'password' => 'yourpass'));
$addr = '1Fn..............'; // BTC/XCP address
$res = $client->get_balances(array('filters' => '','field' => 'address', 'op' => '==', 'value' => $addr));

lemfuture

hero member

Activity: 686

Merit: 500

ooo: i wanna burn my altcoins

halfcab123

full member

Activity: 224

Merit: 100

CabTrader v2 | crypto-folio.com

Quote

hi.

ddink7

legendary

Activity: 1120

Merit: 1000

Quote from: ?? on ??

Quote from: ddink7 on February 18, 2014, 02:15:14 PM

Quick question: if I'm running bitcoin-qt, do I need to close it and run bitcoind instead? It's my understanding that qt is actually running bitcoind in the background, correct?

bitcoin-qt is fine

Thanks!

ddink7

legendary

Activity: 1120

Merit: 1000

Quick question: if I'm running bitcoin-qt, do I need to close it and run bitcoind instead? It's my understanding that qt is actually running bitcoind in the background, correct?

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: pgbit on February 18, 2014, 01:15:36 PM

Can anyone explain about the link with bitcoin wallet locking and counterparty functions? Just wanted to know what is required re: keeping wallets encrypted (i.e. is unlocking required and at what stages / for how long). Thanks for any info. Also, running the test suite on Windows, I get 27 failed & 6 passed items, failed on things like "no such asset, BBBC." and "codec cant decode byte 0x90 in position 3537: character maps to . Any link to a troubleshooting guide on these errors? I guess I have not installed some dependencies right?

counterpartyd will ask for your passphrase and unlock your encrypted Bitcoind wallet for 60 seconds, if it needs to.

The second of those errors is caused by poor Unicode support on Windows. Also, you must be running Bitcoind on testnet in the background for the unit tests to work.

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: devphp on February 18, 2014, 12:58:51 PM

Quote from: PhantomPhreak on February 18, 2014, 12:56:03 PM

Try it again now.

Yeah, that works now, thanx.

About those troll buy orders that some of the sell orders got stuck in.
You said after block 286500 the system will only wait for 10 blocks to send btcpay and then release XCPs?
I guess this will work for all new orders only, right? Those that got stuck in the troll orders have to wait for full order expiry?

That's right.

pgbit

sr. member

Activity: 771

Merit: 258

Trident Protocol | Simple «buy-hold-earn» system!

Can anyone explain about the link with bitcoin wallet locking and counterparty functions? Just wanted to know what is required re: keeping wallets encrypted (i.e. is unlocking required and at what stages / for how long). Thanks for any info. Also, running the test suite on Windows, I get 27 failed & 6 passed items, failed on things like "no such asset, BBBC." and "codec cant decode byte 0x90 in position 3537: character maps to . Any link to a troubleshooting guide on these errors? I guess I have not installed some dependencies right?

devphp

sr. member

Activity: 336

Merit: 260

Quote from: PhantomPhreak on February 18, 2014, 12:56:03 PM

Try it again now.

Yeah, that works now, thanx.

About those troll buy orders that some of the sell orders got stuck in.
You said after block 286500 the system will only wait for 10 blocks to send btcpay and then release XCPs?
I guess this will work for all new orders only, right? Those that got stuck in the troll orders have to wait for full order expiry?

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: devphp on February 18, 2014, 12:48:32 PM

5.1 develop branch was ok.

I downloaded https://github.com/PhantomPhreak/counterpartyd/archive/v5.2.tar.gz

now getting an error message:

"Please upgrade counterpartyd to the latest version."

what am I doing wrong?

You weren't doing anything wrong... I mis-tagged v5.2. Try it again now.

devphp

sr. member

Activity: 336

Merit: 260

5.1 develop branch was ok.

I downloaded https://github.com/PhantomPhreak/counterpartyd/archive/v5.2.tar.gz

now getting an error message:

"Please upgrade counterpartyd to the latest version."

what am I doing wrong?

EDIT: never mind, I just cloned the latest develop branch through git, that fixed it.

SyRenity

hero member

Activity: 756

Merit: 502

FYI - XCP was added to cryptocoincharts!
http://www.cryptocoincharts.info/#jump-xcp-btc

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: jimhsu on February 18, 2014, 11:16:01 AM

Quote from: 520Bit on February 18, 2014, 10:25:16 AM

The same error, the server command does not work now:

Code:

c:\counterpartyd_build>counterpartyd server

c:\counterpartyd_build>echo off
Status: RESTART
Block: 286524

Traceback (most recent call last):
  File "c:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 694, in
   blocks.follow(db)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 678, in follow
   parse_block(db, block_index, block_time)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 78, in parse_block
   parse_tx(db, tx)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 35, in parse_tx
   order.parse(db, tx, message)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\order.py", line 107, in parse
   match(db, tx)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\order.py", line 160, in match
   fee = int(D(tx1['fee_required']) * D(forward_amount) / D(tx0_give_remaining))
UnboundLocalError: local variable 'tx0_give_remaining' referenced before assignment

Does it mean that v5.1 will come out later?

~~Yes network appears down at the moment.~~

Bug fixed, do a git pull.

Yep. We're at v5.2 now.

mtbitcoin

legendary

Activity: 876

Merit: 1000

Etherscan.io

Quote from: ?? on ??

I confirm the bug at block 286524

Quote

UnboundLocalError: local variable 'tx0_give_remaining' referenced before assignment

Please panic sell on poloniex, so I can buy cheaply Cheesy

What bug? We're already at block 286539 Cheesy

jimhsu

sr. member

Activity: 364

Merit: 264

Quote from: 520Bit on February 18, 2014, 10:25:16 AM

The same error, the server command does not work now:

Code:

c:\counterpartyd_build>counterpartyd server

c:\counterpartyd_build>echo off
Status: RESTART
Block: 286524

Traceback (most recent call last):
  File "c:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 694, in
   blocks.follow(db)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 678, in follow
   parse_block(db, block_index, block_time)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 78, in parse_block
   parse_tx(db, tx)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\blocks.py", line 35, in parse_tx
   order.parse(db, tx, message)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\order.py", line 107, in parse
   match(db, tx)
  File "c:\counterpartyd_build\dist\counterpartyd\lib\order.py", line 160, in match
   fee = int(D(tx1['fee_required']) * D(forward_amount) / D(tx0_give_remaining))
UnboundLocalError: local variable 'tx0_give_remaining' referenced before assignment

Does it mean that v5.1 will come out later?

~~Yes network appears down at the moment.~~

Bug fixed, do a git pull.

Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 493. (Read 1276916 times)