<<  >> (p.406)
    Author Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread  (Read 1277626 times)
    This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.

    • sumone
    Newbie
    *
    Offline Offline

    Activity: 22
    Merit: 0


    View Profile
    June 15, 2014, 04:33:04 PM
     #8101
    Quote from: led_lcd on June 15, 2014, 02:26:43 PM
    Quote from: SyRenity on June 15, 2014, 02:05:33 PM
    Quote from: led_lcd on June 15, 2014, 12:44:48 PM
    How to get XBTC
    An automatic vending machine for XBTC has been created. To get XBTC, simply send BTC in Counterwallet to:

    1XBTCxh9HdyQ4y5VMnTzPANZoZZvrMSA6
    After 3 confirmations, XBTC will be sent back automatically.

    Just to clarify, who has access to this BTC address, and how we can be sure that it won't be suddenly emptied?

    I have control to the private key to this BTC address. I'd be happy to sign a message stating that. I'm led_lcd here in Bitcointalk, global_trade_repo in the official Counterparty forums and neither am I anonymous.

    XBTC is a product based upon Vennd. XBTC is a service of a (soon to be ) legally incorporated company called vennd.io (http://vennd.io). We have been working in close relationship with the Counterparty developers to bring features, service and value to the Counterparty community.

    In which country will vennd.io become a legally incorporated company?

  • Bitcoin++
    Full Member
    ***
    Offline Offline

    Activity: 180
    Merit: 100


    View Profile
    June 15, 2014, 05:33:04 PM
     #8102
    I just realized that XCP is perfect for issuing digital currencies backed by real assets.
    (Others may have written about this before, so forgive me if I "steal" these thoughts ... )


    Unlike altcoins, you don't need to fear the network collapsing any more than you need for bitcoin.

    Therefore XCP is the perfect platform for issuing an asset/coin, right?

    Now say you own a shop and want customers to pay in a crytpo-currency because it's convenient and has low fees. The problem with bitcoin is volatility. Therefore you issue CRYPTODOLLAR which you back by USD. How you do it is simply that you put your asset for sale at the price of one dollar measured in bitcoins. Your asking price always adjusts up and down according to BTC's price. You also promise always to buy back at 99 cents, so that customers only faces a tiny spread (kinda like ETFs on the stock exchange are priced).

    As long as your customers trust that you'll always buy back their CRYPTODOLLARS they have a cryptocurruency with zero volatility. To gain this trust you may have an audited bank account with the same amount of dollars as you've issued of these assets. The same can be done backed by gold, silver, or anything else.

    In terms of betting this could work just as well. Xbet.io is an excellent service, but it's difficult to get the XCPs needed to bet. The spread is large and the volume is low. If someone trustworthy issues a CASIONDOLLAR or similar based on the description above, it becomes more user friendly. At the moment, though, this may be impossible (If I understood correct) since only XCPs are possible to use for betting. But in a future update of Counterparty any asset can be used, am I right?

  • Matt Y
    Hero Member
    *****
    Offline Offline

    Activity: 647
    Merit: 510


    Counterpartying


    View Profile WWW
    June 15, 2014, 08:01:01 PM
     #8103
    Quote from: Bitcoin++ on June 15, 2014, 05:33:04 PM
    I just realized that XCP is perfect for issuing digital currencies backed by real assets.
    (Others may have written about this before, so forgive me if I "steal" these thoughts ... )


    Unlike altcoins, you don't need to fear the network collapsing any more than you need for bitcoin.

    Therefore XCP is the perfect platform for issuing an asset/coin, right?

    Now say you own a shop and want customers to pay in a crytpo-currency because it's convenient and has low fees. The problem with bitcoin is volatility. Therefore you issue CRYPTODOLLAR which you back by USD. How you do it is simply that you put your asset for sale at the price of one dollar measured in bitcoins. Your asking price always adjusts up and down according to BTC's price. You also promise always to buy back at 99 cents, so that customers only faces a tiny spread (kinda like ETFs on the stock exchange are priced).

    As long as your customers trust that you'll always buy back their CRYPTODOLLARS they have a cryptocurruency with zero volatility. To gain this trust you may have an audited bank account with the same amount of dollars as you've issued of these assets. The same can be done backed by gold, silver, or anything else.

    In terms of betting this could work just as well. Xbet.io is an excellent service, but it's difficult to get the XCPs needed to bet. The spread is large and the volume is low. If someone trustworthy issues a CASIONDOLLAR or similar based on the description above, it becomes more user friendly. At the moment, though, this may be impossible (If I understood correct) since only XCPs are possible to use for betting. But in a future update of Counterparty any asset can be used, am I right?

    Yes.
    http://donatexcp.com/

  • led_lcd
    Sr. Member
    ****
    Offline Offline

    Activity: 262
    Merit: 250


    View Profile
    June 15, 2014, 10:32:35 PM
     #8104
    Quote from: sumone on June 15, 2014, 04:33:04 PM
    Quote from: led_lcd on June 15, 2014, 02:26:43 PM
    I have control to the private key to this BTC address. I'd be happy to sign a message stating that. I'm led_lcd here in Bitcointalk, global_trade_repo in the official Counterparty forums and neither am I anonymous.

    XBTC is a product based upon Vennd. XBTC is a service of a (soon to be ) legally incorporated company called vennd.io (http://vennd.io). We have been working in close relationship with the Counterparty developers to bring features, service and value to the Counterparty community.

    In which country will vennd.io become a legally incorporated company?

    Australia

  • xibeijan
    Legendary
    *
    Offline Offline

    Activity: 1232
    Merit: 1001


    View Profile
    June 15, 2014, 10:47:49 PM
     #8105
    Can someone please help?  I am trying to see my wallet and keep getting this error.

    Quote
    > counterpartyd wallet
    Traceback (most recent call last):

      File "/home/X/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 837, in <module>
        address_data = get_address(db, address=address)
      File "/home/X/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 29, in get_address
        address_dict['balances'] = util.api('get_balances', {'filters': [('address', '==', address),]})
      File "/home/X/counterpartyd_build/dist/counterpartyd/lib/util.py", line 50, in api
        raise exceptions.RPCError('{}'.format(response_json['error']))
    lib.exceptions.RPCError: {'message': 'Server error', 'code': -32000, 'data': {'type': 'NameError', 'args': ["global name 'a' is not defined"], 'message': "global name 'a' is not defined"}}
    Notable projects 2019: Semux, Dero, Wagerr, BEAM

  • xnova
    Sr. Member
    ****
    Offline Offline

    Activity: 390
    Merit: 255

    Counterparty Developer


    View Profile
    June 15, 2014, 11:22:39 PM
     #8106
    Quote from: xibeijan on June 15, 2014, 10:47:49 PM
    Can someone please help?  I am trying to see my wallet and keep getting this error.

    Quote
    > counterpartyd wallet
    Traceback (most recent call last):

      File "/home/X/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 837, in <module>
        address_data = get_address(db, address=address)
      File "/home/X/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 29, in get_address
        address_dict['balances'] = util.api('get_balances', {'filters': [('address', '==', address),]})
      File "/home/X/counterpartyd_build/dist/counterpartyd/lib/util.py", line 50, in api
        raise exceptions.RPCError('{}'.format(response_json['error']))
    lib.exceptions.RPCError: {'message': 'Server error', 'code': -32000, 'data': {'type': 'NameError', 'args': ["global name 'a' is not defined"], 'message': "global name 'a' is not defined"}}


    This has been fixed earlier in the develop branch: https://github.com/CounterpartyXCP/counterpartyd/commit/e64312d064da1a5ed8b6e52744e99fc40f8d12d0

    We'll get it ported into master, since it looks like it will be a bit before we merge develop into master again.

    For now, feel free to edit the code yourself, directly, to fix the problem.
    Visit the official Counterparty forums: http://counterpartytalk.org

  • led_lcd
    Sr. Member
    ****
    Offline Offline

    Activity: 262
    Merit: 250


    View Profile
    June 15, 2014, 11:37:25 PM
     #8107
    Quote from: xnova on June 15, 2014, 11:22:39 PM
    This has been fixed earlier in the develop branch: https://github.com/CounterpartyXCP/counterpartyd/commit/e64312d064da1a5ed8b6e52744e99fc40f8d12d0

    We'll get it ported into master, since it looks like it will be a bit before we merge develop into master again.

    For now, feel free to edit the code yourself, directly, to fix the problem.

    I've manually patched api.py but I am still getting:

    Code:
    counterpartyd wallet

    Traceback (most recent call last):
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 837, in <module>
        address_data = get_address(db, address=address)
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 29, in get_address
        address_dict['balances'] = util.api('get_balances', {'filters': [('address', '==', address),]})
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/lib/util.py", line 50, in api
        raise exceptions.RPCError('{}'.format(response_json['error']))
    lib.exceptions.RPCError: {'data': {'type': 'NameError', 'args': ["global name 'a' is not defined"], 'message': "global name 'a' is not defined"}, 'message': 'Server error', 'code': -32000}

    'a' is not very easy to search for references for...

  • xnova
    Sr. Member
    ****
    Offline Offline

    Activity: 390
    Merit: 255

    Counterparty Developer


    View Profile
    June 15, 2014, 11:57:06 PM
     #8108
    Quote from: led_lcd on June 15, 2014, 11:37:25 PM
    Quote from: xnova on June 15, 2014, 11:22:39 PM
    This has been fixed earlier in the develop branch: https://github.com/CounterpartyXCP/counterpartyd/commit/e64312d064da1a5ed8b6e52744e99fc40f8d12d0

    We'll get it ported into master, since it looks like it will be a bit before we merge develop into master again.

    For now, feel free to edit the code yourself, directly, to fix the problem.

    I've manually patched api.py but I am still getting:

    Code:
    counterpartyd wallet

    Traceback (most recent call last):
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 837, in <module>
        address_data = get_address(db, address=address)
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/counterpartyd.py", line 29, in get_address
        address_dict['balances'] = util.api('get_balances', {'filters': [('address', '==', address),]})
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/lib/util.py", line 50, in api
        raise exceptions.RPCError('{}'.format(response_json['error']))
    lib.exceptions.RPCError: {'data': {'type': 'NameError', 'args': ["global name 'a' is not defined"], 'message': "global name 'a' is not defined"}, 'message': 'Server error', 'code': -32000}

    'a' is not very easy to search for references for...





    Is there a traceback printing in counterpartyd.log? If so, that would probably have a line number to the error. If it's something we haven't fixed, we'll get it fixed once we know the location (given that you said you already patched the bug we already fixed).
    Visit the official Counterparty forums: http://counterpartytalk.org

  • voldemort628
    Full Member
    ***
    Offline Offline

    Activity: 155
    Merit: 100


    View Profile
    June 16, 2014, 12:14:13 AM
     #8109
    Is there any particular reason why you chose Australia?
    Quote from: led_lcd on June 15, 2014, 10:32:35 PM
    Quote from: sumone on June 15, 2014, 04:33:04 PM
    Quote from: led_lcd on June 15, 2014, 02:26:43 PM
    I have control to the private key to this BTC address. I'd be happy to sign a message stating that. I'm led_lcd here in Bitcointalk, global_trade_repo in the official Counterparty forums and neither am I anonymous.

    XBTC is a product based upon Vennd. XBTC is a service of a (soon to be ) legally incorporated company called vennd.io (http://vennd.io). We have been working in close relationship with the Counterparty developers to bring features, service and value to the Counterparty community.

    In which country will vennd.io become a legally incorporated company?

    Australia
    ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
    ▐ CRYPTI▐     a Node.JS coin built from scratch. With Proof of Time, Purchase and Identity. Custom blockchains and much more!
    ▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒

  • led_lcd
    Sr. Member
    ****
    Offline Offline

    Activity: 262
    Merit: 250


    View Profile
    June 16, 2014, 12:17:19 AM
     #8110
    Quote from: xnova on June 15, 2014, 11:57:06 PM
    Is there a traceback printing in counterpartyd.log? If so, that would probably have a line number to the error. If it's something we haven't fixed, we'll get it fixed once we know the location (given that you said you already patched the bug we already fixed).

    This is in the api.error.log:

    Code:
    [14/Apr/2014:10:20:11] HTTP Traceback (most recent call last):
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/_cprequest.py", line 656, in respond
        response.body = self.handler()
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/lib/encoding.py", line 188, in __call__
        self.body = self.oldhandler(*args, **kwargs)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/_cpdispatch.py", line 34, in __call__
        return self.callable(*self.args, **self.kwargs)
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/lib/api.py", line 445, in index
        response = JSONRPCResponseManager.handle(data, dispatcher)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/manager.py", line 47, in handle
        request = JSONRPCRequest.from_json(request_str)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc.py", line 22, in from_json
        return JSONRPC10Request.from_json(json_str)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc1.py", line 93, in from_json
        method=data["method"], params=data["params"], _id=data["id"]
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/base.py", line 12, in __init__
        self.params = params
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc1.py", line 57, in params
        raise ValueError("Incorrect params {}".format(value))
    ValueError: Incorrect params {'filters': [{'field': 'address', 'value': 'addressRedacted', 'op': '=='}]}

  • led_lcd
    Sr. Member
    ****
    Offline Offline

    Activity: 262
    Merit: 250


    View Profile
    June 16, 2014, 12:19:00 AM
     #8111
    Quote from: voldemort628 on June 16, 2014, 12:14:13 AM
    Is there any particular reason why you chose Australia?

    It's the country where we are living. We have engaged legal counsel here in Australia too in case people were wondering.

  • xnova
    Sr. Member
    ****
    Offline Offline

    Activity: 390
    Merit: 255

    Counterparty Developer


    View Profile
    June 16, 2014, 12:37:47 AM
     #8112
    Website updates

    Hey guys...knocked out numerous website updates today to www.counterparty.co:

    * Tagline added to home page...this may be tweaked over the next week
    * Added a Team page at: https://www.counterparty.co/team/
    * Added a projects portfolio at https://www.counterparty.co/projects/ ...please email us if your launched project is not listed
    * Countertalk ep1 is up and properly listed: https://www.counterparty.co/category/countertalk/
    Visit the official Counterparty forums: http://counterpartytalk.org

  • xnova
    Sr. Member
    ****
    Offline Offline

    Activity: 390
    Merit: 255

    Counterparty Developer


    View Profile
    June 16, 2014, 12:38:40 AM
     #8113
    Quote from: led_lcd on June 16, 2014, 12:17:19 AM
    Quote from: xnova on June 15, 2014, 11:57:06 PM
    Is there a traceback printing in counterpartyd.log? If so, that would probably have a line number to the error. If it's something we haven't fixed, we'll get it fixed once we know the location (given that you said you already patched the bug we already fixed).

    This is in the api.error.log:

    Code:
    [14/Apr/2014:10:20:11] HTTP Traceback (most recent call last):
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/_cprequest.py", line 656, in respond
        response.body = self.handler()
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/lib/encoding.py", line 188, in __call__
        self.body = self.oldhandler(*args, **kwargs)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/_cpdispatch.py", line 34, in __call__
        return self.callable(*self.args, **self.kwargs)
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/lib/api.py", line 445, in index
        response = JSONRPCResponseManager.handle(data, dispatcher)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/manager.py", line 47, in handle
        request = JSONRPCRequest.from_json(request_str)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc.py", line 22, in from_json
        return JSONRPC10Request.from_json(json_str)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc1.py", line 93, in from_json
        method=data["method"], params=data["params"], _id=data["id"]
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/base.py", line 12, in __init__
        self.params = params
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc1.py", line 57, in params
        raise ValueError("Incorrect params {}".format(value))
    ValueError: Incorrect params {'filters': [{'field': 'address', 'value': 'addressRedacted', 'op': '=='}]}



    Eh...unfortunately not very helpful, due to the nature of that error. We'll have ouziel find and fix this 'a' bug in master tomorrow morning first thing (as well as a counterwallet mobile bug Swarm was having problems with).
    Visit the official Counterparty forums: http://counterpartytalk.org

  • led_lcd
    Sr. Member
    ****
    Offline Offline

    Activity: 262
    Merit: 250


    View Profile
    June 16, 2014, 01:31:01 AM
     #8114
    Quote from: xnova on June 16, 2014, 12:38:40 AM
    Eh...unfortunately not very helpful, due to the nature of that error. We'll have ouziel find and fix this 'a' bug in master tomorrow morning first thing (as well as a counterwallet mobile bug Swarm was having problems with).

    Thanks. Unfortunately, there wasn't anything in counterpartyd.log

  • toffoo
    Sr. Member
    ****
    Offline Offline

    Activity: 408
    Merit: 261



    View Profile
    June 16, 2014, 03:19:04 AM
     #8115
    Quote from: xnova on June 16, 2014, 12:37:47 AM

    * Added a Team page at: https://www.counterparty.co/team/


    Nice, but FYI this page isn't rendering for me good on Safari/OSX:
    My OTC web of trust rating: http://bitcoin-otc.com/viewratingdetail.php?nick=toffoo
    My GPG KeyID: 65CDAF66E5FCF278

  • porqupine
    Full Member
    ***
    Offline Offline

    Activity: 214
    Merit: 101


    View Profile
    June 16, 2014, 04:13:12 AM
    Last edit: June 16, 2014, 05:25:45 AM by porqupine
     #8116
    Cross Post from Counterparty Forums:

    Quote
    Development version of the new site is UP at test.xcpfeeds.info.

    * General *
    The Front-page is still being redone.

    * Web Wallet *

    Web Wallet is BIP32 deterministic - your Counterwallet testnet login should work.

    Wallet does not currently display any unconfirmed transactions (including your own)
    - this will be implemented soon.

    Wallet is not Security tested - you may loose your Testnet BTC.

    * Betting *
    All Times are in UTC GM.

    Addresses must have been used at least once to send a Bitcoin Transaction in order
    for XCPfeeds to find the Pubkey_hex, betting is not currently 'wallet address book'
    conscious, so even using xcpfeeds wallet the address must have been used at least once
    prior for a valid tx to be created.

    Selecting a team will auto select the best odds if there are open bets available for the team.


    * Known Issues *
    Display Glitch for the Odds Slider Using Chrome (or Chromium) when loading a Binary Bet view for the first time.
    Pixelated loading wheel on Firefox.


    *******

    I will lack a stable internet connection until Thursday or Friday of this week, so advanced apologies if I am not able to respond to bug reports promptly.

    Bug reports and comments: https://forums.counterparty.co/index.php/topic,329

  • xibeijan
    Legendary
    *
    Offline Offline

    Activity: 1232
    Merit: 1001


    View Profile
    June 16, 2014, 06:29:26 AM
     #8117
    Quote from: xnova on June 16, 2014, 12:38:40 AM
    Quote from: led_lcd on June 16, 2014, 12:17:19 AM
    Quote from: xnova on June 15, 2014, 11:57:06 PM
    Is there a traceback printing in counterpartyd.log? If so, that would probably have a line number to the error. If it's something we haven't fixed, we'll get it fixed once we know the location (given that you said you already patched the bug we already fixed).

    This is in the api.error.log:

    Code:
    [14/Apr/2014:10:20:11] HTTP Traceback (most recent call last):
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/_cprequest.py", line 656, in respond
        response.body = self.handler()
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/lib/encoding.py", line 188, in __call__
        self.body = self.oldhandler(*args, **kwargs)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/cherrypy/_cpdispatch.py", line 34, in __call__
        return self.callable(*self.args, **self.kwargs)
      File "/home/jeremy/counterpartyd_build/dist/counterpartyd/lib/api.py", line 445, in index
        response = JSONRPCResponseManager.handle(data, dispatcher)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/manager.py", line 47, in handle
        request = JSONRPCRequest.from_json(request_str)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc.py", line 22, in from_json
        return JSONRPC10Request.from_json(json_str)
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc1.py", line 93, in from_json
        method=data["method"], params=data["params"], _id=data["id"]
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/base.py", line 12, in __init__
        self.params = params
      File "/home/jeremy/counterpartyd_build/env/lib/python3.3/site-packages/jsonrpc/jsonrpc1.py", line 57, in params
        raise ValueError("Incorrect params {}".format(value))
    ValueError: Incorrect params {'filters': [{'field': 'address', 'value': 'addressRedacted', 'op': '=='}]}



    Eh...unfortunately not very helpful, due to the nature of that error. We'll have ouziel find and fix this 'a' bug in master tomorrow morning first thing (as well as a counterwallet mobile bug Swarm was having problems with).

    Yeah, this is pretty bad and needs fixed.
    Notable projects 2019: Semux, Dero, Wagerr, BEAM

  • Kalkuuuta
    Member
    **
    Offline Offline

    Activity: 64
    Merit: 10


    View Profile
    June 16, 2014, 08:01:06 AM
     #8118
    Quote from: Matt Y on June 15, 2014, 08:01:01 PM
    Quote from: Bitcoin++ on June 15, 2014, 05:33:04 PM
    I just realized that XCP is perfect for issuing digital currencies backed by real assets.
    (Others may have written about this before, so forgive me if I "steal" these thoughts ... )


    Unlike altcoins, you don't need to fear the network collapsing any more than you need for bitcoin.

    Therefore XCP is the perfect platform for issuing an asset/coin, right?

    Now say you own a shop and want customers to pay in a crytpo-currency because it's convenient and has low fees. The problem with bitcoin is volatility. Therefore you issue CRYPTODOLLAR which you back by USD. How you do it is simply that you put your asset for sale at the price of one dollar measured in bitcoins. Your asking price always adjusts up and down according to BTC's price. You also promise always to buy back at 99 cents, so that customers only faces a tiny spread (kinda like ETFs on the stock exchange are priced).

    As long as your customers trust that you'll always buy back their CRYPTODOLLARS they have a cryptocurruency with zero volatility. To gain this trust you may have an audited bank account with the same amount of dollars as you've issued of these assets. The same can be done backed by gold, silver, or anything else.

    In terms of betting this could work just as well. Xbet.io is an excellent service, but it's difficult to get the XCPs needed to bet. The spread is large and the volume is low. If someone trustworthy issues a CASIONDOLLAR or similar based on the description above, it becomes more user friendly. At the moment, though, this may be impossible (If I understood correct) since only XCPs are possible to use for betting. But in a future update of Counterparty any asset can be used, am I right?

    Yes.

    Couple page ago here was speculating about price and betting option one big reason for get price higher. If all assets are coming possible for use betting what you think for XCP price happen when that no need still?

  • porqupine
    Full Member
    ***
    Offline Offline

    Activity: 214
    Merit: 101


    View Profile
    June 16, 2014, 08:25:50 AM
     #8119
    Quote from: Kalkuuuta on June 16, 2014, 08:01:06 AM
    Quote from: Matt Y on June 15, 2014, 08:01:01 PM
    Quote from: Bitcoin++ on June 15, 2014, 05:33:04 PM
    I just realized that XCP is perfect for issuing digital currencies backed by real assets.
    (Others may have written about this before, so forgive me if I "steal" these thoughts ... )


    Unlike altcoins, you don't need to fear the network collapsing any more than you need for bitcoin.

    Therefore XCP is the perfect platform for issuing an asset/coin, right?

    Now say you own a shop and want customers to pay in a crytpo-currency because it's convenient and has low fees. The problem with bitcoin is volatility. Therefore you issue CRYPTODOLLAR which you back by USD. How you do it is simply that you put your asset for sale at the price of one dollar measured in bitcoins. Your asking price always adjusts up and down according to BTC's price. You also promise always to buy back at 99 cents, so that customers only faces a tiny spread (kinda like ETFs on the stock exchange are priced).

    As long as your customers trust that you'll always buy back their CRYPTODOLLARS they have a cryptocurruency with zero volatility. To gain this trust you may have an audited bank account with the same amount of dollars as you've issued of these assets. The same can be done backed by gold, silver, or anything else.

    In terms of betting this could work just as well. Xbet.io is an excellent service, but it's difficult to get the XCPs needed to bet. The spread is large and the volume is low. If someone trustworthy issues a CASIONDOLLAR or similar based on the description above, it becomes more user friendly. At the moment, though, this may be impossible (If I understood correct) since only XCPs are possible to use for betting. But in a future update of Counterparty any asset can be used, am I right?

    Yes.

    Couple page ago here was speculating about price and betting option one big reason for get price higher. If all assets are coming possible for use betting what you think for XCP price happen when that no need still?

    You wouldn't enable more than one asset for betting - because that would decrease contract liquidity, and hence hurt protocol utility as a whole.

    Edit: Also trust based issuance of tokens like dollars or euros is only useful in special cases  - in most cases it's much preferable to make a CFD and not have to trust an issuer...

  • cityglut
    Full Member
    ***
    Offline Offline

    Activity: 216
    Merit: 100


    View Profile
    June 16, 2014, 08:50:52 AM
     #8120
    Quote from: porqupine on June 16, 2014, 08:25:50 AM
    Quote from: Kalkuuuta on June 16, 2014, 08:01:06 AM
    Quote from: Matt Y on June 15, 2014, 08:01:01 PM
    Quote from: Bitcoin++ on June 15, 2014, 05:33:04 PM
    I just realized that XCP is perfect for issuing digital currencies backed by real assets.
    (Others may have written about this before, so forgive me if I "steal" these thoughts ... )


    Unlike altcoins, you don't need to fear the network collapsing any more than you need for bitcoin.

    Therefore XCP is the perfect platform for issuing an asset/coin, right?

    Now say you own a shop and want customers to pay in a crytpo-currency because it's convenient and has low fees. The problem with bitcoin is volatility. Therefore you issue CRYPTODOLLAR which you back by USD. How you do it is simply that you put your asset for sale at the price of one dollar measured in bitcoins. Your asking price always adjusts up and down according to BTC's price. You also promise always to buy back at 99 cents, so that customers only faces a tiny spread (kinda like ETFs on the stock exchange are priced).

    As long as your customers trust that you'll always buy back their CRYPTODOLLARS they have a cryptocurruency with zero volatility. To gain this trust you may have an audited bank account with the same amount of dollars as you've issued of these assets. The same can be done backed by gold, silver, or anything else.

    In terms of betting this could work just as well. Xbet.io is an excellent service, but it's difficult to get the XCPs needed to bet. The spread is large and the volume is low. If someone trustworthy issues a CASIONDOLLAR or similar based on the description above, it becomes more user friendly. At the moment, though, this may be impossible (If I understood correct) since only XCPs are possible to use for betting. But in a future update of Counterparty any asset can be used, am I right?

    Yes.

    Couple page ago here was speculating about price and betting option one big reason for get price higher. If all assets are coming possible for use betting what you think for XCP price happen when that no need still?

    You wouldn't enable more than one asset for betting - because that would decrease contract liquidity, and hence hurt protocol utility as a whole.

    Edit: Also trust based issuance of tokens like dollars or euros is only useful in special cases  - in most cases it's much preferable to make a CFD and not have to trust an issuer...


    There are some much more interesting and much more obvious use-cases for Counterparty assets in derivatives than CFDs; futures, for example.

    EDIT: Original post was redundant with porqupine.
    Pages: « 1 ... 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 [406] 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 ... 662 »
      Print  
Page 405
Viewing Page: 406

IRLBTC™ © 2025 IRLBTC.com