Counterparty (XCP), first trust-free decentralized asset exchange, is now live (opens in new tab)

(blockscan.com)

12 pointsspiderbro12y ago12 comments

Here are some links to get started:<p>Block explorer: http://blockscan.com/<p>Official site (under construction) https://counterparty.co/<p>Installation instructions: http://counterpartyd-build.readthedocs.org/en/latest/<p>Github: https://github.com/PhantomPhreak/counterpartyd

12 comments

spiderbroOP12y ago

Here are some links to get started:

Block explorer: http://blockscan.com/

Official site (under construction) https://counterparty.co/

Installation instructions: http://counterpartyd-build.readthedocs.org/en/latest/

Github: https://github.com/PhantomPhreak/counterpartyd

Discussion thread: https://bitcointalk.org/index.php?topic=395761.0

pyalot212y ago

So thing is this, you're using proof of burn and/or some derivative of proof of stake or whatever.

Thing is what proof of * you use don't matter. You're not in control of the chain, and anybody can just spam the bitcoin blockchain with fraudulent transactions (double spends, etc.)

And the only way for anybody want to accept any of those assets, would be to calculate the probability of having a real asset in hand from the entire blockchain history that this amount derives off of.

So, very sorry to say that, but, this'll crash&burn. That's just how it is if you forgoe the iron guarantees of proof of work.

spiderbroOP12y ago

Could you give an example of a double spend attack on XCP?

From what I understand, XCP transactions guarantee atomicity and funds are swept from addresses to fund any bets/orders immediately. The risk of double-spending XCP is the same as the risk of double-spending BTC as XCP relies on bitcoin's proof of work.

Please correct me if I'm wrong.

1 more reply

qwertyboy12y ago

They are actually not using proof of burn. Counterparty is a decentralized exchange that sits on top of bitcoin. As such, I don't think it should be minable, not with proof of work and not with proof of anything.

Proof of burn was used during an initialization phase (let's call it distributed minting) which is over. Should really check it out more thoroughly, it looks like a pretty neat idea.

dmix12y ago

Can someone "explain like I'm 5" what some of the use cases are for this service? I've been following bitcoin and distributed services for a while and I'm still confused (or lazy).

The website copy is extremely abstract and non-specific. It's in need of a copywriter.

spiderbroOP12y ago

Here are a couple of uses cases off the top of my head. This is by no means comprehensive.

* The ability to issue shares in your company/startup and have them be traded from Day 1. Unlike BTCT/BitFunder/Havelock, Counterparty is a P2P protocol and cannot be shut down by regulatory agencies. Kind of like BitTorrent.

* The ability to trade XCP for Bitcoin and vice versa without relying on any fallible counterparty. There is no centralized exchange to steal money from you or fail like MtGox. There is no escrow required to trade with peers because Counterparty guarantees atomicity of transactions.

* The ability to place a variety of different bets. Currently the protocol has support for simple contracts-for-difference (CFDs) and binary Equal/NotEqual bets. Why is this useful? You could for example hedge your exchange rate risk completely by being short a XCP/USD contract. This allows you to hold your wealth in cryptocurrency but have no exchange rate risk. Another use case is sports betting. There was a friendly bet on the Super Bowl, for example.

PhantomPhreak12y ago

Counterparty is software that allows you to create and trade virtual assets (including BTC), make bets, pay dividends, and more, with all other Counterparty users, safely and pseudononymously, with no middleman at all. It extends Bitcoin's functionality beyond simply moving money from one address to another to that of a larger collection of standard financial tools.

cazzoduro12y ago

It let's you trade tokens using bitcoin... i hope you understand that...

neals12y ago

You might need to read this though (I sure did, still don't really get it)

https://counterparty.co/about/

cazzoduro12y ago

2 virtual objects + secure peer to peer exchange of those objects.

what is so hard about getting that...

j / k navigate · click thread line to collapse

12 comments

spiderbroOP12y ago

Here are some links to get started:

Block explorer: http://blockscan.com/

Official site (under construction) https://counterparty.co/

Installation instructions: http://counterpartyd-build.readthedocs.org/en/latest/

Github: https://github.com/PhantomPhreak/counterpartyd

Discussion thread: https://bitcointalk.org/index.php?topic=395761.0

pyalot212y ago

So thing is this, you're using proof of burn and/or some derivative of proof of stake or whatever.

Thing is what proof of * you use don't matter. You're not in control of the chain, and anybody can just spam the bitcoin blockchain with fraudulent transactions (double spends, etc.)

So, very sorry to say that, but, this'll crash&burn. That's just how it is if you forgoe the iron guarantees of proof of work.

spiderbroOP12y ago

Could you give an example of a double spend attack on XCP?

Please correct me if I'm wrong.

1 more reply

qwertyboy12y ago

Proof of burn was used during an initialization phase (let's call it distributed minting) which is over. Should really check it out more thoroughly, it looks like a pretty neat idea.

dmix12y ago

Can someone "explain like I'm 5" what some of the use cases are for this service? I've been following bitcoin and distributed services for a while and I'm still confused (or lazy).

The website copy is extremely abstract and non-specific. It's in need of a copywriter.

spiderbroOP12y ago

Here are a couple of uses cases off the top of my head. This is by no means comprehensive.

PhantomPhreak12y ago

cazzoduro12y ago

It let's you trade tokens using bitcoin... i hope you understand that...

neals12y ago

You might need to read this though (I sure did, still don't really get it)

https://counterparty.co/about/

cazzoduro12y ago

2 virtual objects + secure peer to peer exchange of those objects.

what is so hard about getting that...

j / k navigate · click thread line to collapse