[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 644.

cityglut

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Quote from: panonym on January 05, 2014, 08:17:39 PM

So every transaction of XCP or asset will have a 0.0001 BTC fee.
0.001 BTC fee is ONLY for burning through counterpartyd.
Then why using your soft to burn if it cost me 9x less using blockchain.info ?
Much more easy, cheaper, almost unfair.

Where did you see that it cost .001 BTC to burn through counterpartyd?

The fee for all XCP transactions is the same.

xibeijan

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Quote from: PhantomPhreak on January 05, 2014, 08:13:57 PM

Simply transferring XCP, for example, does not incur an XCP fee.

How is this possible, if the XCP transactions need to be written into the bitcoin block chain?

Are feed's names (i.e. TEXT) owned by those who initialise/buy them? Or can anyone post to any feed?

panonym

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So every transaction of XCP or asset will have a 0.0001 BTC fee.
0.001 BTC fee is ONLY for burning through counterpartyd.
Then why using your soft to burn if it cost me 9x less using blockchain.info ?
Much more easy, cheaper, almost unfair.

BldSwtTrs

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God, why I have this message :

Code:

Traceback (most recent call last):
  File "C:\counterpartyd_build\dist\counterpartyd\counterpartyd.py", line 413, i
n 
    util.bitcoind_check(db)
  File "C:\counterpartyd_build\dist\counterpartyd\lib\util.py", line 19, in bitc
oind_check
    block_count = bitcoin.rpc('getblockcount', [])
  File "C:\counterpartyd_build\dist\counterpartyd\lib\bitcoin.py", line 51, in r
pc
    raise exceptions.BitcoindRPCError('Cannot communicate with Bitcoind. (counte
rpartyd is set to run on {}, is Bitcoind?)'.format(network))
lib.exceptions.BitcoindRPCError: Cannot communicate with Bitcoind. (counterparty
d is set to run on mainnet, is Bitcoind?)

C:\counterparty_build\counterpartyd.conf :

Quote

[Default]
rpc-connect=localhost
rpc-port=8332
rpc-user=rpc
rpc-password=password

C:\Program Files (x86)\bitcoin\bitcoin.conf :

Quote

rpcuser=rpc
rpcpassword=password
server=1
daemon=1
txindex=1

PhantomPhreak

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Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: BldSwtTrs on January 05, 2014, 06:40:23 PM

I just make a test transaction using blockchain.info : 003ecc99cb3533920f2ce26136605b5b051245acfd823f559d7d1a27c37b642f

Can someone with counterpartyd check if I have the XCP before I burn more BTC.

It looks good. You burned .01 BTC and got 14.58363636 XCP in return.

Quote from: xibeijan on January 05, 2014, 08:02:36 PM

Quote from: cityglut on January 05, 2014, 06:36:07 PM

Quote from: xibeijan on January 05, 2014, 06:03:57 PM

Quote from: cityglut on January 05, 2014, 12:00:34 AM

Let's say I want to put out a broadcast with a fee of .01 (or 1% of the bets made on the broadcast) - it would look like this:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01

The text of a broadcast is a string. If you want to publish a value later on, then the syntax is:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01 --value=VALUE

Does that help?

I don't understand why there are two commands nor what they do.

For the first command, is the fee of 0.01 something I have to pay?

For the second command, do I need to pay for each update I make? If so, do I pay in BTC or XCP? Finally, where is this information stored? In the bitcoin block chain OR does counterpart have its own block chain?

Thanks.

No, the fee is something those who are betting on your feed have to pay. The fee is basically meant to incentivize the issuer of the feed to maintain the integrity of the feed (both updating it regularly and not tampering with it). In my opinion, feed-issuers have the added incentive of developing a reputation: the more often they maintain their feeds to the satisfaction of those who are betting, the more trusted they will become, and hence the more often betters will bet on feeds issued by them.

You have to pay the standard Bitcoin fee for making a transaction each time you update your feed, yes.

The information is stored in the Blockchain. Counterparty does not have its own blockchain; Counterparty transactions are made on the Bitcoin blockchain.

Thanks to all.

Is the fee they pay for using the feed in BTC or XCP? Is the standard Bitcoin fee I have to pay the min bitcoin TX fee of 0.0001 BTC?

So, when I transfer XCP I need to pay a 0.0001 BTC tx fee? So, while using CounterParty I am spending both XCP and BTC?

Can I switch back and forth between the mainnet and testnet (bitcoind and counterpartyd) without causing any problems? Anything I need to watch out for?

The fee paid to a feed operator is in XCP. It is a fraction of the bet, which is in XCP. Yes, the BTC fee for every transaction is .0001 BTC.

Simply transferring XCP, for example, does not incur an XCP fee.

Yes. The two should run together without a hiccup.

panonym

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I don't get this betting system.

Let say I wish to bet that at block xxxx BTC will be have a value superior to now.
Or XCT/BTC value in 24h will be higher.
Or that the last 8 binary digit of the BTC block xxxx will be over 11110000.
This result can easily be proven when then time comes.
Yet bet function doesn't appear to be descentralized.
As someone has to push feed as I understand.
There is a trust matter about the feeder publishing the correct result (result that will split the reward accordingly).

That, or you have a totally other idea about betting.
That is not compatible with my example.

kdrop22

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Activity: 238

Merit: 100

Would someone be kind enough to check if my test transaction is correct.
https://blockchain.info/tx/3db7d791ff30c8ddbd82fa8bb04c42842e8f3aa793bb0b81bfb40822629e26a3

xibeijan

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Activity: 1232

Merit: 1001

Quote from: cityglut on January 05, 2014, 06:36:07 PM

Quote from: xibeijan on January 05, 2014, 06:03:57 PM

Quote from: cityglut on January 05, 2014, 12:00:34 AM

Let's say I want to put out a broadcast with a fee of .01 (or 1% of the bets made on the broadcast) - it would look like this:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01

The text of a broadcast is a string. If you want to publish a value later on, then the syntax is:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01 --value=VALUE

Does that help?

I don't understand why there are two commands nor what they do.

For the first command, is the fee of 0.01 something I have to pay?

For the second command, do I need to pay for each update I make? If so, do I pay in BTC or XCP? Finally, where is this information stored? In the bitcoin block chain OR does counterpart have its own block chain?

Thanks.

No, the fee is something those who are betting on your feed have to pay. The fee is basically meant to incentivize the issuer of the feed to maintain the integrity of the feed (both updating it regularly and not tampering with it). In my opinion, feed-issuers have the added incentive of developing a reputation: the more often they maintain their feeds to the satisfaction of those who are betting, the more trusted they will become, and hence the more often betters will bet on feeds issued by them.

You have to pay the standard Bitcoin fee for making a transaction each time you update your feed, yes.

The information is stored in the Blockchain. Counterparty does not have its own blockchain; Counterparty transactions are made on the Bitcoin blockchain.

Thanks to all.

Is the fee they pay for using the feed in BTC or XCP? Is the standard Bitcoin fee I have to pay the min bitcoin TX fee of 0.0001 BTC?

So, when I transfer XCP I need to pay a 0.0001 BTC tx fee? So, while using CounterParty I am spending both XCP and BTC?

Can I switch back and forth between the mainnet and testnet (bitcoind and counterpartyd) without causing any problems? Anything I need to watch out for?

Are feed's names (i.e. TEXT) owned by those who initialise/buy them? Or can anyone post to any feed?

PhantomPhreak

sr. member

Activity: 476

Merit: 300

Counterparty Chief Scientist and Co-Founder

Quote from: ?? on ??

Quote from: xibeijan on January 05, 2014, 06:03:57 PM

Quote from: cityglut on January 05, 2014, 12:00:34 AM

Let's say I want to put out a broadcast with a fee of .01 (or 1% of the bets made on the broadcast) - it would look like this:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01

The text of a broadcast is a string. If you want to publish a value later on, then the syntax is:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01 --value=VALUE

Does that help?

I don't understand why there are two commands nor what they do.

For the first command, is the fee of 0.01 something I have to pay?

For the second command, do I need to pay for each update I make? If so, do I pay in BTC or XCP? Finally, where is this information stored? In the bitcoin block chain OR does counterpart have its own block chain?

Thanks.

Anyone?

The first command is just a limiting case of the second command. fee_multiplier is the fraction of every bet made on your feed that you get paid in fees. All of the data are imbedded in the OP_RETURN output.

cityglut

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Activity: 216

Merit: 100

Quote from: ?? on ??

Quote from: xibeijan on January 05, 2014, 06:03:57 PM

Quote from: cityglut on January 05, 2014, 12:00:34 AM

Let's say I want to put out a broadcast with a fee of .01 (or 1% of the bets made on the broadcast) - it would look like this:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01

The text of a broadcast is a string. If you want to publish a value later on, then the syntax is:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01 --value=VALUE

Does that help?

I don't understand why there are two commands nor what they do.

For the first command, is the fee of 0.01 something I have to pay?

For the second command, do I need to pay for each update I make? If so, do I pay in BTC or XCP? Finally, where is this information stored? In the bitcoin block chain OR does counterpart have its own block chain?

Thanks.

Anyone?

The first command is what people are betting on, and the second command, which includes the 'value' function publishes the actual outcome of the bet, and hence determines which user won the bet.

cityglut

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Activity: 216

Merit: 100

Quote from: panonym on January 05, 2014, 06:46:33 PM

Quote from: cityglut on January 05, 2014, 06:36:07 PM

feed-issuers have the added incentive of developing a reputation: the more often they maintain their feeds to the satisfaction of those who are betting, the more trusted they will become, and hence the more often betters will bet on feeds issued by them.

This betting system seem to rely on trust... That's a problem to me.
We can bet anything, but the feed output is under control of a single one.
Nothing stop him to feed the opposite of the true result of the bet.
Do I miss something?

'Trust' is a misleading word. Consider the situation from a feed-operator's point of view: For the most part, the actual data that a feed operator is publishing will be extremely easy to find outside of Counterparty, and consequently, whether a feed-operator has tampered with the data will be readily verifiable. Users will then stop betting on feeds published by such a feed-operator.

Betting in Counterparty doesn't depend on feed-operators being honest, it depends on them being rational.

Now one could argue that a feed operator can create arbitrarily many addresses, and consequently can continue publishing faulty under new identities. In my opinion, however, this is not a real concern, given how I see Counterparty developing. Namely: one will discover feed-operators outside of the blockchain (either through forum threads or external websites, or whatever), see which public addresses they says are theirs, and bet accordingly. This further increases the utility of reputation within Counterparty, and hence reduces the risk of being scammed.

panonym

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Quote from: cityglut on January 05, 2014, 06:36:07 PM

feed-issuers have the added incentive of developing a reputation: the more often they maintain their feeds to the satisfaction of those who are betting, the more trusted they will become, and hence the more often betters will bet on feeds issued by them.

This betting system seem to rely on trust... That's a problem to me.
We can bet anything, but the feed output is under control of a single one.
Nothing stop him to feed the opposite of the true result of the bet.
Do I miss something?

Quote from: BldSwtTrs on January 05, 2014, 06:40:23 PM

OK I give up trying to install counterpartyd, I am too stupid to do that.

Don't lower yourself Wink

Hard at the beginning, but can work. [not done yet on my side, hopefully soon]
Start by adding txindex=1 in your bitcoin.conf, then do a bitcoind -reindex (this will take you +12h, that you will anyway need to do in the future to have full potential of your XCP)

BldSwtTrs

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OK I give up trying to install counterpartyd, I am too stupid to do that.

I just make a test transaction using blockchain.info : 003ecc99cb3533920f2ce26136605b5b051245ac1d823f559d7d1a27c37b642f

Can someone with counterpartyd check if I have the XCP before I burn more BTC.

reader31

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Activity: 221

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There we go...the first hate post! took only 3 days!

cityglut

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Activity: 216

Merit: 100

Quote from: xibeijan on January 05, 2014, 06:03:57 PM

Quote from: cityglut on January 05, 2014, 12:00:34 AM

Let's say I want to put out a broadcast with a fee of .01 (or 1% of the bets made on the broadcast) - it would look like this:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01

The text of a broadcast is a string. If you want to publish a value later on, then the syntax is:

python3 counterpartyd.py --rpc-password=PASSWORD broadcast --from=ADDRESS --text=TEXT --fee-multiplier=.01 --value=VALUE

Does that help?

I don't understand why there are two commands nor what they do.

For the first command, is the fee of 0.01 something I have to pay?

For the second command, do I need to pay for each update I make? If so, do I pay in BTC or XCP? Finally, where is this information stored? In the bitcoin block chain OR does counterpart have its own block chain?

Thanks.

No, the fee is something those who are betting on your feed have to pay. The fee is basically meant to incentivize the issuer of the feed to maintain the integrity of the feed (both updating it regularly and not tampering with it). In my opinion, feed-issuers have the added incentive of developing a reputation: the more often they maintain their feeds to the satisfaction of those who are betting, the more trusted they will become, and hence the more often betters will bet on feeds issued by them.

You have to pay the standard Bitcoin fee for making a transaction each time you update your feed, yes.

The information is stored in the Blockchain. Counterparty does not have its own blockchain; Counterparty transactions are made on the Bitcoin blockchain.

subSTRATA

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:^)

Quote from: panonym on January 05, 2014, 06:30:49 PM

Can't stop people from using Bitcoin to store data.

panonym

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Go troll elsewhere, little-ripple-fan, will you.

Can't stop people from using Bitcoin to store data.
OP_RETURN will just make it cleaner.

Even in the unlikely event of v0.9 renouncing about OP_RETURN, the transaction record can serve as proof of investment.
We would rely by trust on dev to make it right, but that's still a security.

subSTRATA

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:^)

XCP added to fire that was already started by MSC and will make Bitcoin devs and miners ban all those protocols sooner.
For you morons not seeing that coming and obviously not thinking much I just wanna say thanks for burning your bitcoins.
Burn even more bitcoins so my stash goes up in value even more.

panonym

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Quote from: kdrop22 on January 05, 2014, 06:25:36 PM

Quote from: jayso043 on January 05, 2014, 06:10:31 PM

I tested sending XCP burn via blockchain.info see aca58858a3266ca911e83769b00959349869966ad3910432100c20dc01df32b9 Could someone check if the XCP that worked. thanks

Seems alright to me.

I'd wait a real confirmation before sending more, if I was you.
& 2 transactions after yours after 1 confirmation, your none yet.

kdrop22

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Quote from: jayso043 on January 05, 2014, 06:10:31 PM

I tested sending XCP burn via blockchain.info see aca58858a3266ca911e83769b00959349869966ad3910432100c20dc01df32b9 Could someone check if the XCP that worked. thanks

Seems alright to me.
Both criteria are met.
a) The transaction amount < 1 BTC
b) The change address is same as sending address.

Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 644. (Read 1277023 times)