Awesome! That was needed.

So I must have some BTC linked to my key?!
What happen if I try to send XCP from an address which contain 0 bitcoin?
Does the transaction never confirm?
Anyway to cancel it in this case? (That is a major problem with all crypto, to me.)

I will have to test. The .py is mandatory? not asset command in the main counterpartyd?


Very good job at answering question.
I'm impressed.
Hopefully in 12~24h my bitcoind will be sync and I will be able to start testing.

@Developers - Can I send BTC to you and burn them for me?
I want to get in ASAP and it is a bit unfair for me as a mac user - I trust that when you will have a working client you will send the XCP back to me!

Burning need no specific hardware.
Burning has nothing to do with mining.
Burning is sending coin to an unvalid address, or to an address where it's obvious vanitygen couldn't have succeed to create it (pubkey where nobody own the privkey).

But to obtain XRP, sending BTC somewhere is not sufficent.
Read all the post again, and the doc links.
You have to use counterpartyd to get XCP in exchange of your burning.

Up to your thoughts.
Yes you need BTC to start with.

This project is more advance that your common spamnewcoin.
(There is even a cheap industry now... http://coingen.bluematt.me 'hopeless)

Spending time doing research, 'making effort to comprehend and improve your skills:
That's all part of it.

Yes LeoC, you need BTC to start burning.
Yes, there is lots of opportunity to make money here, but it's very early so you are ahead of most cyrpto-traders.
No, XCP doesn't mirror BTC prices. It's a new protocol.
Read up on Counterparty here: https://github.com/PhantomPhreak/Counterparty/blob/master/README.md

Counterparty transactions are made on the Bitcoin blockchain. Right now, all you can do with Bitcoins is send them from one address to another, and so Counterparty adds increased functonality to Bitcoin. Specifically, the Counterparty protocol provides a distributed exchange and, by running counterpartyd, users can 1) broadcast information, 2) make bets on broadcasts 3) create assets and 4) send assets to other addresses.

Counterparty uses proof-of-burn to initialize balances: by sending BTC to an unspendable address, users earn XCP. The burn period is roughly a month, and there is an early entrance reward, which starts at 50% and decreases linearly over the month.

If you have any other questions, please feel free to ask, and also check out the reference implementation and the protocol specification.

Just for more clarity: how many dev is there to this project? 2, 3, more?
I'd like a list of the usernames.
- PhantomPhreak
- xnova
- ?

'have to sleep once in a while
Good night everybody.
Best of luck to this project.

Sorry some really low level questions,

1. If you wait till the end of the month/issuance period will you still get at least 1000 XCP per BTC? (I.e the advantage of burning now is mainly that you will get up to 1500 XCP per BTC?)

2. Will there be a really simple, idiot proof way to purchase XCP before the end of the issuance period? (I.e send BTC to this address from a client... or download this counterparty wallet send BTC to an address there, then from Counterparty wallet BTC address send to burn address. Yes I'm an idiot.)

3. Will the total amount of XCP issued  be 'total amount of BTC sent to burn address in issuance period multiplied by 1000-1500'?

4. As it sits on top of BTC will it be difficult to trade/speculate with it on exchanges like Crypsty/BTC-E before it takes off. 
I.e. people will have to buy XCP on a specialised MSC type decentralised exchange after the issuance period.

5. Can a competitor Mastercoin/Bitshares say "hmm. You guys are geniuses, nice code! Thanks! Saves us some work!"
"Hi Bitshares/MSC here, we're releasing the counterparty code, as smart as those guys are,  we have a full time team/company set up already of 5-10 key people and a few million $ in development funding to support it now, so come on over, the water's warm! "

If you can answer any of those it will be appreciated, thanks!

The following link can be visited to see up to date burn activity for Counterparty: https://blockchain.info/address/1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Note that since the burn blocks are being processed by only one pool at this time (Eligius), investments spanning an hour or two will tend to be "grouped" within single blocks.

I will be releasing a Windows installer for counterpartyd this weekend.