Overstock and CounterParty....much news.

TechGen

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Quote from: jabo38 on October 07, 2014, 10:47:54 AM

Quote from: cexylikepie on October 07, 2014, 09:36:31 AM

not sure why he chose slow-ass counterparty.

Just tried to buy some, and yes it sure is slow.

I thought waiting 1-3 minutes on NXT was painful, but this is terrible.

It is my guess that part of that work the devs will be doing on Mecidi has to be to make transactions really fast, like instant or this isn't going to work. The could design some kind of mini-block chain that has one second block times and then after the transactions get sent to the Bitcoin blockchain and they are confirmed then the Mecidi side chain is pruned free of all the old bloat.

This helps me understand why clearinghouse is actually better. Not trolling but true.

TechGen

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Very helpful, thank you. Yes I found the main thread now I believe, still trying to figure this forum out.

Matt Y

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Counterpartying

Quote from: TechGen on October 20, 2014, 03:48:54 PM

Please forgive my technical ignorance. I'm trying to learn more about counterparty. What exactly is the incentive for a company to issue shares through such a platform? I'm new to all of this but I have been trying to catch up. I was reading an article from bitcoin news source Coindesk about the announcement and I am just starting to understand how the issuance of shares would work, but why?

I've been following bitcoin for some time, however I am new to this whole community. I'm eager to learn more though, especially when it comes to platforms like counterparty.

Also, has anyone heard of clearinghouse? I believe it is tied in with another crypto currency other than bitcoin. The reason I am asking is because I have an acquaintance who works at a big online gaming company and he told me to look into counterparty to learn more. He says this company is looking to issue shares through either this service (clearhouse) or counterparty in a way that he said is similar to what overstock is doing. What is the difference between the two? All I took away from his explanation is that clearinghouse is faster?

Hey,

Just post these questions in the main thread from now on, you're more likely to get answers there.

It will be much cheaper to issue shares through the blockchain. The estimate given at inside Bitcoins is that taking your company public will cost about 20% of what it costs to list on the NYSE. You will also save money when you issue dividends as the process is much easier than it would be in a traditional setting. Here is a video that shows the process: https://www.youtube.com/watch?v=eyzA5Lj1ajM

Clearinghouse is a clone of Counterparty and is not tied to Bitcoin. You will be better served using Counterparty in 99% of cases.

TechGen

newbie

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Please forgive my technical ignorance. I'm trying to learn more about counterparty. What exactly is the incentive for a company to issue shares through such a platform? I'm new to all of this but I have been trying to catch up. I was reading an article from bitcoin news source Coindesk about the announcement and I am just starting to understand how the issuance of shares would work, but why?

I've been following bitcoin for some time, however I am new to this whole community. I'm eager to learn more though, especially when it comes to platforms like counterparty.

Also, has anyone heard of clearinghouse? I believe it is tied in with another crypto currency other than bitcoin. The reason I am asking is because I have an acquaintance who works at a big online gaming company and he told me to look into counterparty to learn more. He says this company is looking to issue shares through either this service (clearhouse) or counterparty in a way that he said is similar to what overstock is doing. What is the difference between the two? All I took away from his explanation is that clearinghouse is faster?

prophetx

legendary

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he who has the gold makes the rules

woohooo

btw help with translating counterwallet into chinese

$342 Bounty (was 0.99 btc originally by the bounty service provider those some funky financial stuff, talking to them about it)

https://www.bountysource.com/issues/5153355-info-chinese-translation-bounty-100-xcp

EvilDave

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Lets face it, the chances of Overstock choosing a platform that wasn't based on BTC were always pretty slim.
No matter how enthusiastic PB may be about 2nd gen crypto, there is still the little matter of convincing the rest of Overstocks board and shareholders to take a leap into the unknown. CounterParty would be the easiest system to sell to board+shareholders, it can be pitched as a simple step up from BTC.

And XCP is not a bad system, AFAIK, even though I will still maintain that NXT is better Grin

One other useful aspect of this news: one of my concerns about XCP was that their reliance on an external blockchain (ie BTC) could lead to serious issues if/when Bitcoin makes changes to their code. Having Overstock utilising XCP (or an XCP-based system) will give CounterParty a lot more weight when it comes to code changes and maintaining compatibilty of the BTC blockchain with XCP.

Still good news for all crypto, though, can't see a down side yet Cool

jwiz168

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Bitcoin has a tendency to be a 51% attack victim. One of the reasons why several experts had suspected price manipulation with recent downtrend of bitcoin price. Some investors might still not see this as a reason to hedge over to another crypto assets.

knight22

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--------------->¿?

He wants to use a system that have a better liquidity and stronger network effect not like NXT.

jabo38

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mining is so 2012-2013

I think nxt is better but I understand why he choose counterparty.

He is invested in Bitcoin so this is like doubling down and reinforcing his investment. Had he picked nxt then one of his investments would be in competition with another.

Nxt may or may not live. (Lots of other 2nd gen competitors and more coming) We just don't know yet, but Bitcoin had a large first mover advantage and is guaranteed to be around for a long time even if a 2nd gen is better.

And lastly, the counterparty platform is slow, but other wise it is much simpler to use and smoother looking too. No standalone program that takes an hour to download the blockchain (you just lost 99% of people there) needs to be updated and is filled with lots of features not needed to meet Bryne's needs. There is of course NXTs version of the CounterParty wallet called SecureAE but it runs into the same problem of being really slow and still isn't as polished as the counterparty wallet.

Again, from a crypto perspective I think nxt is better for a slew of reasons I can mention, but I understand why his interests didn't match the nxt platform.

Djinou94

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Quote from: jwiz168 on October 07, 2014, 05:56:50 PM

IMO, Overstock clearly did not go through the bitcoin 2.0 models , readily available today. Counterparty has no blockchain of its own. It only piggybacks on the blockchain of bitcoin. Very slow confirmation due to its high difficulty and high volume in mining . And the developers of bitcoin decided to change something on the blockchain it will affect the counterparty ecosystem . I have tried using counterparty platform. It was a disgusting experience because too high transaction fee and too slow confirmation due to bitcoin .

Yea that's right NxT is better

jwiz168

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IMO, Overstock clearly did not go through the bitcoin 2.0 models , readily available today. Counterparty has no blockchain of its own. It only piggybacks on the blockchain of bitcoin. Very slow confirmation due to its high difficulty and high volume in mining . And the developers of bitcoin decided to change something on the blockchain it will affect the counterparty ecosystem . I have tried using counterparty platform. It was a disgusting experience because too high transaction fee and too slow confirmation due to bitcoin .

knight22

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--------------->¿?

Counterparty is run over the bitcoin blockchain BTW

sumantso

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Quote from: Bitcopia on October 06, 2014, 08:09:44 PM

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Thats because XCP itself has minimal mandatory use. AFAIK, its only needed to issue an asset. After that anything can be done without using XCP at all.

I think Overstock are using it, apart from the functionality, is the ability to use BTC directly.

Anotheranonlol

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Quote from: jabo38 on October 07, 2014, 10:47:54 AM

Quote from: cexylikepie on October 07, 2014, 09:36:31 AM

not sure why he chose slow-ass counterparty.

Just tried to buy some, and yes it sure is slow.

I thought waiting 1-3 minutes on NXT was painful, but this is terrible.

It is my guess that part of that work the devs will be doing on Mecidi has to be to make transactions really fast, like instant or this isn't going to work. The could design some kind of mini-block chain that has one second block times and then after the transactions get sent to the Bitcoin blockchain and they are confirmed then the Mecidi side chain is pruned free of all the old bloat.

Not at all.

Instant fulfilment, spoofing etc is exactly what Byrne is trying to avoid. He very much dislikes the idea of any high frequency style order settlement, for good reason

This new concept isn't intended to attempt to compete with traditional centralised exchanges in that regard.

Palmdetroit

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PHS 50% PoS - Stop mining start minting

Great development, would be a world changer....

jabo38

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mining is so 2012-2013

Quote from: cexylikepie on October 07, 2014, 09:36:31 AM

not sure why he chose slow-ass counterparty.

Just tried to buy some, and yes it sure is slow.

I thought waiting 1-3 minutes on NXT was painful, but this is terrible.

It is my guess that part of that work the devs will be doing on Mecidi has to be to make transactions really fast, like instant or this isn't going to work. The could design some kind of mini-block chain that has one second block times and then after the transactions get sent to the Bitcoin blockchain and they are confirmed then the Mecidi side chain is pruned free of all the old bloat.

Nxtblg

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Quote from: cexylikepie on October 07, 2014, 09:36:31 AM

Quote from: Nxtblg on October 07, 2014, 09:22:31 AM

Quote from: EvilDave on October 06, 2014, 07:19:11 PM

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all. Cheesy

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........ Grin

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

I would have much rather it have been done on the NXT platform originally though. not sure why he chose slow-ass counterparty.

A shame, I know, but something is better than nothing. At the very least, he has a real shot at bulling, cajoling or wooing the regulators into granting legitimacy to a cryptocurrency asset exchange. Then, the legal status of the AEs of Nxt et. al. will finally be clear.

jabo38

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mining is so 2012-2013

Quote from: cexylikepie on October 07, 2014, 09:36:31 AM

Quote from: Nxtblg on October 07, 2014, 09:22:31 AM

Quote from: EvilDave on October 06, 2014, 07:19:11 PM

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all. Cheesy

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........ Grin

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

I would have much rather it have been done on the NXT platform originally though. not sure why he chose slow-ass counterparty.

On the whole, I think Dave is right in his initial reaction that this kind of thing is good for crypto. I think it is when an IBM/Samsung (Yes, they just announced their own blockchain project) or Overstock or other powerful contender that adopts the blockchain that the real expansion of crypto will happen. Unfortunately for all of us that might mean our Bitcoin, Litecoin, Bitshares, Ripple, and NXT might also very well die. Just imagine IBM and Samsung team up and make some kind of awesome blockchain tech that blows away bitcoin, or Apple or Google or the US government decides to throw its weight behind a blockchain. Counterparty was basically created by a single dude sitting behind his computer all day, how could he or anybody else in a similar position possibly compete against an army of engineers one of these companies could allocate, and allocate at a whim.

This Overstock and IBM/Samsung announcement marks a new era in blockchain. http://cointelegraph.com/news/112550/ibm-samsung-partner-to-reinvigorate-blockchain-technology

nakaone

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Quote from: Nxtblg on October 07, 2014, 09:36:04 AM

Quote from: EvilDave on October 06, 2014, 08:25:24 PM

Quote from: Bitcopia on October 06, 2014, 08:09:44 PM

I'm surprised XCP / BTC volume is so low! I thought it was going to go wild after this announcement, but we're looking at 148 BTC in volume over the past 24 hours. I definitely picked up a few XCP. An "open checkbook" from Overstock is a pretty big deal.

Read the story....Overstock hired 2 XCP devs for their own 'Medici' project (which seems to resemble CounterParty).
I don't know what the consequences will be for CounterParty itself.
Any XCP dudes in the house with some input?

That's the impression I got: Medici will be a fork of Counterparty, not Counterparty itself.

Quote from: PhantomPhreak on October 07, 2014, 07:23:17 AM

Everybody, there is an enormous amount of misinformation going around in the press. We're working to fix that ASAP. In the meantime, please help us correct errors as you see them!

For the record:

1) Overstock.com and Counterparty are partnering to build a platform (Medici) for trading stocks on Counterparty and using Counterparty's decentralized exchange.

2) I, along with Ouziel (JahPowerBit), will continue working on the Counterparty protocol full-time. Robby and Evan will continue to work on Counterparty full-time because Medici is a front-end for Counterparty.

The Wired and Coindesk articles make it sound as though we are abandoning this project. Nothing could be further from the truth!

Thank you,
Adam

cexylikepie

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Quote from: Nxtblg on October 07, 2014, 09:22:31 AM

Quote from: EvilDave on October 06, 2014, 07:19:11 PM

http://www.wired.com/2014/10/overstock-com-assembles-coders-build-bitcoin-like-stock-market

This is cool as fuck, tbh. Almost every 2nd gen crypto has been pitching to Overstock this year, and it looks like Overstock/Patrick Byrne has decided to cut through all the bs associated with choosing a platform in favour of developing their own. I'd have preferred they use NXT, but, hey, you can't win them all. Cheesy

This means that we are going to see some very interesting developments for all of crypto.
If the Overstock/PB 'Medici' syatem can get SEC approval.....this could open the door for all 2nd gen crypto-currencies/asset issuance platforms, and certainly won't hurt with the adoption and use of 1st gen crypto.

I have a feeling that this project could be one of the things that drags crypto into the mainstream........ Grin

Fantastic news! Patrick Byrne, despite he being rather colourful, is the CEO of a solid listed public company. He's obviously not the lobbying type, but none of us are...and he has a lot more clout than all of us put together. Whatever he bulls through, will serve as a solid precedent for the AE of Nxt, plus the AEs of Nxt clones like NFD.

Durn right I'm rooting for him...

I would have much rather it have been done on the NXT platform originally though. not sure why he chose slow-ass counterparty.

Topic: Overstock and CounterParty....much news. (Read 2627 times)