Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 556. (Read 1276933 times)

However, it will get there much sooner than mastercoin. The stress test program can be helpful in finding all the bugs.
Any estimate on when counterparty is ready for massive stress testing? I think this will be a critical piece to get in place and then publicize (as soon as XCP passes)

When it comes to money, reliability is really the most important thing. Cost savings is probably in second. By passing stress test, intrinsically from not having fees and with automatic scripts that optimize trade outcomes, we can prove that XCP is not only the most reliable platform, but it makes you the most profit.

James

Let's be clear: Counterparty is not yet anywhere near 100% reliable. The basic protocol, however, is, yes, unambiguous, if for no other reason than that it has a reference implementation.

Tx    Source    Buy    Sell    Price    Expiration    Remarks
3148   1NP89QwRSZsyyzHbZ56DdULwjdDiuG6ZZk   8.5 BTC   1000.18181818 XCP   0.00849845482641065 BTC/XCP   1000   1000.18181818 XCP remain
3147   1FYRPCTwwdk7TbujfxpJYBPBxoDtAVgpxm   8.3 BTC   1000.18181818 XCP   0.00829849118343628 BTC/XCP   1000   1000.18181818 XCP remain
3146   1BLZKAsooFKSgfViZy5Nd4SkF9fkFtJ9gB   8.4 BTC   1000.18181818 XCP   0.00839847300492346 BTC/XCP   1000   1000.18181818 XCP remain
3145   1KBNEiTW6frJeQyEtqSwoz8XbbS5zXBF5m   8.2 BTC   1000.18181818 XCP   0.0081985093619491 BTC/XCP   1000   1000.18181818 XCP remain
3144   1GMFpxe4LBH566j5aQnbGSQ2xr6ox6C6TC   7.8 BTC   1000.18181818 XCP   0.00779858207600036 BTC/XCP   1000   1000.18181818 XCP remain
3143   1FKRJhRsS9ZEvYiyhPwKQqDA6U4w1AkDzf   7.7 BTC   1000.18181818 XCP   0.00769860025451318 BTC/XCP   1000   1000.18181818 XCP remain
3142   1HE7cVDjBiL2waUiPRm6puCskjSJT51Dsf   8.1 BTC   1000.18181818 XCP   0.00809852754046191 BTC/XCP   1000   1000.18181818 XCP remain
3141   1G63zk53YuwsYdu6x149iE7sLDndmgQLCG   7.6 BTC   1000.18181818 XCP   0.00759861843302599 BTC/XCP   1000   1000.18181818 XCP remain
3140   1NEwLeKqXbDpcMRzqDKoXkmm9r7HgzmoWc   8 BTC   1000.18181818 XCP   0.00799854571897473 BTC/XCP   1000   1000.18181818 XCP remain
3139   16H3V83hNeA1HoTBqqnyYHR9vpmZ6a5Yxh   7.9 BTC   1000.18181818 XCP   0.00789856389748754 BTC/XCP   1000   1000.18181818 XCP remain
3137   1KDiHRwFsAEVEmmqQP7jR9GaBp8Wu7uLoa   7.5 BTC   1000.18181818 XCP   0.00749863661153881 BTC/XCP   1000   1000.18181818 XCP remain

Whoa! I thought it was just some minor performance thing. It sounds like "address balances quickly become totally unreliable" is a pretty serious problem!

So to summarize, XCP escrow is 100% reliable and we can also count on the account balances to be 100% reliable. The 6 cents per transaction is the icing on the cake. Mastercoin is basically asking people to pay 6 cents more per transaction, but there are some risks that the transaction might get messed up and even if it doesn't the account balance might not be reliable.

Ok, I now have idea for silver bullet that will gut mastercoin, without any direct attack on them.

How hard will it be to come up with a set of hard to deal with transactions that XCP can deal with totally reliably that mastercoin would just choke on? I don't have the expertise to even begin designing such a stress test, but as soon as it becomes clear that XCP can survive a bruteforce test, people will demand that mastercoin also does. What serious investor wouldnt?

Volunteers please!

I still dont know if mastercoin network is actually running with real money yet

James

If the transactions are not parsed in a very well-defined order, then address balances quickly become totally unreliable.

Oh right, I forgot about that.. Yes, every Mastercoin transaction sends about six US cents to JR, who holds the private key to the Exodus address, completely unnecessarily.

I don't think we should rely on benefits that can be easily changes. JR can remove that fee if he wants with a split second commit.

Having a separate btcpay command basically gives the buyer of XCP an option on the price of XCP until expiration of the order-match.

Here's a simple scenario where the buyer wouldn't want to do the corresponding btcpay.

1) Buyer buys 100 XCP for 1 BTC. Order is matched with expiration of 10 blocks.
2) A new seller submits an order to sell 200 XCP for 1 BTC in the next block.

Buyer now has the option of hitting the new order and letting his first order expire.

/flamewar commence

Doesn't MasterCoin mandate a fee that gets sent to 1Exodus for each transaction on top of the BTC miner fee?

That design decision fits perfectly with MasterCoin's philosophy of centralization and rent-seeking...which makes me uneasy about it. I'm sure many others feel the same way.

IIRC the first 10 pages in the original MSC thread were about how much money everyone needed to give JRWillet so he could convince his wife to let him have 2 hours a week to work on the project. Several other times he implied that he was the "owner" of 1Exodus. Others had to remind him the coins in 1Exodus belonged to the MasterCoin community.

The strongest point that XCP has over MSC is that nobody received any BTC during the creation of XCP. The only people who become millionaires from XCP will get there with XCP, not donated bitcoins.

In terms of technical advantages we will have to wait for MSC code to actually be completed.

/flamewar commence

Doesn't MasterCoin mandate a fee that gets sent to 1Exodus for each transaction on top of the BTC miner fee?

That design decision fits perfectly with MasterCoin's philosophy of centralization and rent-seeking...which makes me uneasy about it. I'm sure many others feel the same way.

IIRC the first 10 pages in the original MSC thread were about how much money everyone needed to give JRWillet so he could convince his wife to let him have 2 hours a week to work on the project. Several other times he implied that he was the "owner" of 1Exodus. Others had to remind him the coins in 1Exodus belonged to the MasterCoin community.

The strongest point that XCP has over MSC is that nobody received any BTC during the creation of XCP. The only people who become millionaires from XCP will get there with XCP, not donated bitcoins.

In terms of technical advantages we will have to wait for MSC code to actually be completed.

Pretty self explanatory.

Server is to start the counterpartyd server

Send is to send any assets, just fill in the fields appropriately depending on what asset you want to send.

Order is to make an order on the exchange, depending on what you want. Expiration is number of blocks. Fee is idk but I set it to 0.001

Btcpay is for when your order matches up and its time to send BTC payment if your buying XCP. In the field, enter both the hashes of the orders being matched up.

Cancel is to cancel your order.

Yikes!
Please explain why they are useful. To me (end user hat on) it looks like very scary technobabble.

I don't want to start a flame war, but this is a legitimate question.

There are lots of medium-sized technical advantages of the Counterparty protocol, but the most important advantage, IMHO, is just that it is much simpler and more straightforward. For one, this means that there will never be any question of what constitutes a valid Counterparty transaction, whereas Mastercoin is still working on this problem, many months in. Then there's the issue of parsing of transactions, and the order in which they're considered, which they have hardly even touched on yet, and which constitute a much greater technical challenge. (Their early efforts implementing a distributed exchange, for instance, are very much overcomplex, too.) They will never be able to duplicate this, for backwards-compatibility, with anything less than a full shutdown of the network and a transfer of balances to a new protocol.

I don't want to start a flame war, but this is a legitimate question.

There are lots of medium-sized technical advantages of the Counterparty protocol, but the most important advantage, IMHO, is just that it is much simpler and more straightforward. For one, this means that there will never be any question of what constitutes a valid Counterparty transaction, whereas Mastercoin is still working on this problem, many months in. Then there's the issue of parsing of transactions, and the order in which they're considered, which they have hardly even touched on yet, and which constitute a much greater technical challenge. (Their early efforts implementing a distributed exchange, for instance, are very much overcomplex, too.) They will never be able to duplicate this, for backwards-compatibility, with anything less than a full shutdown of the network and a transfer of balances to a new protocol.

For everyone who is actively testing the command line, I ask a favor.

Could you come up with the most common sequences of commands you find useful. If we had a list of (??) most useful sequences, we can make them push button easy in the GUI.

James

Here are some useful commands

cd C:\counterpartyd_build
C:\Python32\python.exe run.py server


C:\Python32\python.exe run.py send --from=1xx --quantity=xx --asset=XCP --to=1xx

C:\Python32\python.exe run.py order --from=1xx --get-quantity=xx --get-asset=XCP --give-quantity=xx --give-asset=BTC --expiration=10 --fee_required=.001


C:\Python32\python.exe run.py btcpay --order-match-id=[enter tx hashes of both orders, combined]

C:\Python32\python.exe run.py cancel --offer-hash=[enter tx hash here]

BUMP @PhantomPhreak ?

Its the same command as send, but replace asset=XCP with asset=[name] quantity is however much you want to send