What are some examples in which I’ll have to spend XCP, and how much will I have to spend?
Say I’ve got 50 XCP in my wallet. I understand that at today’s rates, 50 XCP is worth roughly US$150. Speculative value aside, how much can I “do” with this? For example:
I understand that bets are placed exclusively in XCP, so my XCP balance limits the size of the bets I can make. I can only initiate or accept bets that risk up to 50 XCP, correct?
I also understand that I can place orders to purchase bitcoins using my XCP, and my XCP balance will directly limit how many bitcoins I can purchase (50 XCP would let me buy around 0.25 bitcoins in today’s market.)
I believe I can “spend” 5 XCP to create my own brand new asset class, but this seems like a pretty non-standard case.
What are some more typical cases in which I should expect to spend small amounts of XCP, and how much XCP will I need in each case?
[quote author=wmbutler link=topic=51.msg1526#msg1526 date=1395520100]
Looks like I’ve made my first crypto-currency mistake, but honestly, I thought it was a ‘near impossible’ scenario. I was planning to trade some Bitcoin for XCP so I got an account at Poloniex.com. In the process of funding the account with Bitcoin, I inadvertently copied and XCP deposit address instead of a Bitcoin Deposit Address.
https://blockchain.info/address/1HNZBmyqPEmS8bVwZBNokwo6rx6L1UGe2k
I guess I thought that the blockchains had different enough compositions that it would be almost impossible (like 1 in a billion) to pick a valid address. So, my question is this…based upon the blockchain analysis, did I actually lose my 3 BTC to a random address or am I missing something? Did it somehow get burned and go to XCP? I’m pretty confused and glad it wasn’t more money. But still a little depressed about it needless to say.
[/quote]
I would guess this is not a big issue as XCP and BTC addresses are the same. Hopefully Poloniex can sort it out for you.
[quote author=canton link=topic=51.msg1547#msg1547 date=1395596163]
What are some examples in which I’ll have to spend XCP, and how much will I have to spend?
Say I’ve got 50 XCP in my wallet. I understand that at today’s rates, 50 XCP is worth roughly US$150. Speculative value aside, how much can I “do” with this? For example:
I understand that bets are placed exclusively in XCP, so my XCP balance limits the size of the bets I can make. I can only initiate or accept bets that risk up to 50 XCP, correct?
I also understand that I can place orders to purchase bitcoins using my XCP, and my XCP balance will directly limit how many bitcoins I can purchase (50 XCP would let me buy around 0.25 bitcoins in today’s market.)
I believe I can “spend” 5 XCP to create my own brand new asset class, but this seems like a pretty non-standard case.
What are some more typical cases in which I should expect to spend small amounts of XCP, and how much XCP will I need in each case?
[/quote]
I think you nailed it.
[quote author=Matt Y link=topic=51.msg1551#msg1551 date=1395604148]I think you nailed it.[/quote]
I figure I must be leaving out a bunch of scenarios though, right? Won’t it cost me XCP to issue dividends, etc?
[quote author=Captain_Picard link=topic=51.msg1323#msg1323 date=1395100472]
Just to make sure I understand, does this mean any Bitcoin public key can receive CounterParty (XCP)? Does it matter if that wallet already has a Bitcoin balance?
[/quote]
Yes, you can send XCP to any Bitcoin address. As long as you control the private key, you will control the Bitcoins or XCP for that matter.
However, to spend it you would need to export it to the Bitcoin-QT client Or Counterwallet.
If you are not familiar with the command line options, I recommend you hold your XCP in a paper wallet (you can use any Bitcoin paper wallet software to generate this). This key can then be easily imported into the Counterparty web wallet.
Are there people who help set up new assets using the CounterParty protocol? I’ve looked at the commands for that too and probably would not attempt on my own, or will the new wallet enable that part too?
It is quite easy there is a Counterparty web wallet running on the testnet now. We should see this released on the Mainnet, somewhere in the first half of April. You can use this instead of the command line options.
[quote author=canton link=topic=51.msg1552#msg1552 date=1395604956]
[quote author=Matt Y link=topic=51.msg1551#msg1551 date=1395604148]I think you nailed it.[/quote]
I figure I must be leaving out a bunch of scenarios though, right? Won’t it cost me XCP to issue dividends, etc?
[/quote]
You can issue dividends using XCP or BTC on top of the counterparty protocol.
[quote author=kdrop20 link=topic=51.msg1554#msg1554 date=1395605486]
[quote author=canton link=topic=51.msg1552#msg1552 date=1395604956]
[quote author=Matt Y link=topic=51.msg1551#msg1551 date=1395604148]I think you nailed it.[/quote]
I figure I must be leaving out a bunch of scenarios though, right? Won’t it cost me XCP to issue dividends, etc?
[/quote]
You can issue dividends using XCP or BTC on top of the counterparty protocol.
[/quote]
Or any other asset, for that matter.
[quote author=kdrop20 link=topic=51.msg1554#msg1554 date=1395605486]You can issue dividends using XCP or BTC on top of the counterparty protocol.[/quote]
Okay, but say I issue dividends in BTC. Does it cost me even a small amount of XCP to make those transactions possible?
New question:
In what cases are XCP "burned"?
The only one I know if is when new assets are defined.
[quote author=canton link=topic=51.msg1565#msg1565 date=1395672653]
New question:
In what cases are XCP “burned”?
The only one I know if is when new assets are defined.
[/quote]
That’s the only case in which they’re burned.
Also, by the way, callable assets must be called back in exchange for XCP.
I guess i’m a Newb…
About a month ago I generated a Bitcoin Address on Bitcoin QT and added it to my BitcoinTalk Sig…
So I successfully received some XCP from the faucet that was sent to this Bitcoin Address …
Actually it turned out to be 2 transactions and verified that I have .367 XCP in BlockScan…
I just created a new wallet at counterparty.co (I assume the testnet wallet I created…was just that a test with dummy transactions?)
Anyway … I have no idea how to “access” the .367 Bitcoin I received from the faucet…
Basically the question is, how do I move that .367 into the CounterParty Wallet I just created?
I mean I can’t just start Bitcoin-QT and beam over XCP instead of BTC now can I?
Yup I’m a Newb. But this newb is also slated to be one of the first recipients of LTBCoin so I better figure I just what the heck i’m doing here.
help!
Thanks
row5_seat47 (a.k.a Brian @ LTB)
Im new here. give me some love.
[quote author=row5_seat47 link=topic=51.msg2023#msg2023 date=1398039919]
I guess i’m a Newb…
About a month ago I generated a Bitcoin Address on Bitcoin QT and added it to my BitcoinTalk Sig…
So I successfully received some XCP from the faucet that was sent to this Bitcoin Address …
Actually it turned out to be 2 transactions and verified that I have .367 XCP in BlockScan…
I just created a new wallet at counterparty.co (I assume the testnet wallet I created…was just that a test with dummy transactions?)
Anyway … I have no idea how to “access” the .367 Bitcoin I received from the faucet…
Basically the question is, how do I move that .367 into the CounterParty Wallet I just created?
I mean I can’t just start Bitcoin-QT and beam over XCP instead of BTC now can I?
Yup I’m a Newb. But this newb is also slated to be one of the first recipients of LTBCoin so I better figure I just what the heck i’m doing here.
help!
Thanks
row5_seat47 (a.k.a Brian @ LTB)
[/quote]
You need to “sweep” the funds from your Bitcoin-Qt address to your Counterparty wallet. In order to “sweep” the funds, you will need to get the means you have to export the private key from Bitcoin-Qt, instructions for which can be found here: http://bitcoin.stackexchange.com/questions/4203/how-can-i-export-the-private-key-for-an-address-from-the-satoshi-client.
After you get the private key, go to your Counterparty wallet, click “Import Funds”, and paste the private key into the space provided. You will need about .0005 BTC at the address from which you are importing funds.
Let us know if you have any further questions.
[size=1em]Hi folks,[/size]
[size=1em]I need to find an appropriate technology to issue transferable digital tokens for individuals in poverty to be used to claim packs of donated food. Are counterparty assets suitable for what I need? The problem I am intending to eliminate is a paper tokens system prone to being forged thereby denying the food to those the assessment process deems most needy which in turn diminishes the reputation of the system thereby lessening the food donators’ inclination to contribute.[/size]
[size=1em]Criteria:[/size]
[list]
[li][font=verdana][size=1em]I need to be able to allocate them to those who assess and distribute to those who need them.[/size][/font][/li]
[li][font=verdana][size=1em]I need that the recipients are able to either easily receive them on smart-phones, or more commonly, that the assessors can send a token to pre-printed paper wallets*.[/size][/font][/li]
[li][font=verdana][size=1em]Those at the food pack distribution centre need to be able to easily receive the tokens, verifying they are authentic and have not been previously used.[/size][/font][/li]
[/list][size=1em]Questions:[/size]
[list]
[li][font=verdana][size=1em]If Counterparty is an appropriate technology for this, is it mature enough yet or should we wait?[/size][/font][/li]
[li][font=verdana][size=1em]Would the cost to obtain the tokens be only the 5 xcp I need to issue the divisible asset?[/size][/font][/li]
[li][font=verdana][size=1em]If another technology might be better suited, what do you think I should be considering?[/size][/font][/li]
[/list][size=1em]I had initially been looking at issuing an alt (there’s even a web service that will do it for you for $50usd!) but there’s the vulnerability of 51% attack for small alts. Then I started looking into Ethereum and the other various proposals and technologies and whilst exciting it is so complicated and moving so fast it seems to be getting more difficult, not simpler, to decide upon a technology that is not vulnerable, not expensive, not overly complex to use and is currently available and a stable enough platform to be applied to real life situations.[/size]
[size=1em]Apologies that I am asking stuff for which I would bet the answers are not many clicks away. The problem I have is that Counterparty is one of many that to the non-technical look pretty similar and if someone could tell me straight away whether this is or is not likely to be the way to go then I can give my attention and time to that more likely to benefit the project.[/size]
[size=1em]Thank you. All responses welcomed 
[/size]
* One of my naiive reasons for liking Counterparty is I already have a Piper bitcoin paper wallet printer that would serve for a pilot project.
[quote author=thoughtfan link=topic=51.msg2101#msg2101 date=1398601756]
[size=1em]Hi folks,[/size]
[size=1em]I need to find an appropriate technology to issue transferable digital tokens for individuals in poverty to be used to claim packs of donated food. Are counterparty assets suitable for what I need? The problem I am intending to eliminate is a paper tokens system prone to being forged thereby denying the food to those the assessment process deems most needy which in turn diminishes the reputation of the system thereby lessening the food donators’ inclination to contribute.[/size]
[size=1em]Criteria:[/size]
[list]
[li][font=verdana][size=1em]I need to be able to allocate them to those who assess and distribute to those who need them.[/size][/font][/li]
[li][font=verdana][size=1em]I need that the recipients are able to either easily receive them on smart-phones, or more commonly, that the assessors can send a token to pre-printed paper wallets*.[/size][/font][/li]
[li][font=verdana][size=1em]Those at the food pack distribution centre need to be able to easily receive the tokens, verifying they are authentic and have not been previously used.[/size][/font][/li]
[/list][size=1em]Questions:[/size]
[list]
[li][font=verdana][size=1em]If Counterparty is an appropriate technology for this, is it mature enough yet or should we wait?[/size][/font][/li]
[li][font=verdana][size=1em]Would the cost to obtain the tokens be only the 5 xcp I need to issue the divisible asset?[/size][/font][/li]
[li][font=verdana][size=1em]If another technology might be better suited, what do you think I should be considering?[/size][/font][/li]
[/list][size=1em]I had initially been looking at issuing an alt (there’s even a web service that will do it for you for $50usd!) but there’s the vulnerability of 51% attack for small alts. Then I started looking into Ethereum and the other various proposals and technologies and whilst exciting it is so complicated and moving so fast it seems to be getting more difficult, not simpler, to decide upon a technology that is not vulnerable, not expensive, not overly complex to use and is currently available and a stable enough platform to be applied to real life situations.[/size]
[size=1em]Apologies that I am asking stuff for which I would bet the answers are not many clicks away. The problem I have is that Counterparty is one of many that to the non-technical look pretty similar and if someone could tell me straight away whether this is or is not likely to be the way to go then I can give my attention and time to that more likely to benefit the project.[/size]
[size=1em]Thank you. All responses welcomed [/size]
* One of my naiive reasons for liking Counterparty is I already have a Piper bitcoin paper wallet printer that would serve for a pilot project.
[/quote]
Hi thoughtfan,
What an incredible idea. Here are some of my thoughts .
Don’t create an alt-coin. As you realized it won’t be secure and I think it would cost less than $50 to get started on Counterparty if you already have the required equipment on hand.
My first impression would be to go with paper wallets. You can pre-generate these wallets and use Counterwallet to send to these wallets the appropriate number of tokens. To redeem these tokens, the person would take the paper wallet to the redemption centre. The centre would scan the QR code representing the private key and then ‘sweep’ the wallet to send out the required number of tokens (all or some). There would need to be some element of security during the time which the private key was revealed.
Once the tokens were swept from the wallet, they cannot be re-redeemed.
The costs required for the tokens:
1) Issuance of the asset = 0.5 XCP
2) Loading each wallet will require the miner’s fee BTC to transmit the Counterparty transaction.
3) I would also load each wallet with the equivalent of a miner’s fee of BTC such that the tokens help in that wallet can be sent out.
It sounds like it would all work very well in Counterparty at the moment. There might be some manual steps involved but it would work today.
Feel free to send me a PM if you want to talk more. I’m sure someone from the Counterparty team will also contact you
[quote author=Global_trade_repo link=topic=51.msg2103#msg2103 date=1398606028][quote author=thoughtfan link=topic=51.msg2101#msg2101 date=1398601756][size=2]
Hi folks,
I need to find an appropriate technology to issue transferable digital tokens for individuals in poverty to be used to claim packs of donated food. Are counterparty assets suitable for what I need? The problem I am intending to eliminate is a paper tokens system prone to being forged thereby denying the food to those the assessment process deems most needy which in turn diminishes the reputation of the system thereby lessening the food donators’ inclination to contribute.
…
[/size][/quote][size=2]
Hi thoughtfan,
What an incredible idea. Here are some of my thoughts .
Don’t create an alt-coin. As you realized it won’t be secure and I think it would cost less than $50 to get started on Counterparty if you already have the required equipment on hand.
My first impression would be to go with paper wallets. You can pre-generate these wallets and use Counterwallet to send to these wallets the appropriate number of tokens. To redeem these tokens, the person would take the paper wallet to the redemption centre. The centre would scan the QR code representing the private key and then ‘sweep’ the wallet to send out the required number of tokens (all or some). There would need to be some element of security during the time which the private key was revealed.
Once the tokens were swept from the wallet, they cannot be re-redeemed.
The costs required for the tokens:
1) Issuance of the asset = 0.5 XCP
2) Loading each wallet will require the miner’s fee BTC to transmit the Counterparty transaction.
3) I would also load each wallet with the equivalent of a miner’s fee of BTC such that the tokens help in that wallet can be sent out.
It sounds like it would all work very well in Counterparty at the moment. There might be some manual steps involved but it would work today.
Feel free to send me a PM if you want to talk more. I’m sure someone from the Counterparty team will also contact you
[/size][/quote]
[size=2]Fantastic :D Thank you Global_trade_repo! Awesome! It really sound like this is going to be pretty straightforward overall which is what I was looking for.
One of the problems I’ve read about colored coins is that because the whole of the bitcon blockchain is required for them to work they can’t be used with smartphone apps. Is this an issue that is resolved with Counterparty? It would not be prohibitive to have to get a PC and qr scanner into each distribution centre but it would help if smartphones or even tablets people already have could be utilised.
Some of the issuing centres are very low-tech and there are many for each distribution centre so I think something like a stand-alone Piper paper-wallet generator and printer* would be required in each and if they don’t have the means to put the token on it (and bitcoin mining fee) a photo or fax of the public key to the distribution centre would suffice for the token to be ‘charged up’.[/size]
[font=Verdana][size=2]Hehe. I’m getting excited now because your reply has just changed this project from something I thought in principle would be possible to something it’s looking like I’m going to be able to implement :) Thank you Global_trade_repo and the Counterparty team :)[/size][/font]
[size=2]* No harm asking if Piper would want to support the project assuming not I could get tech-savvy volunteers to build our own with Raspberry Pis and utilising the open-source software, customising the logos and additional info on the paper wallets.[/size]
Newbie here, I have two questions for you:
- I logged into counterwallet yday for the first time and created a chat handle. If I now click on Show Chat it asks me for my handle but when I enter the same one I used yday it says "handle in use". What can I do?
- Is there a way to show in counterwallet a list of all the assets and there last price? I know I can go to View Prices but this shows me only prices for more or less liquid asset it seems and I need to input a ticker. A list of all with just the last observed price would be great.
- Is there a good resource discussing the differences between XCP and MSC. In terms of what they do they look almost identical to me so maybe the difference lies in how they achieve it. But I know this must have been discussed before.
- Equally, is there a good resource that lists the next steps in the XCP development?
Many thanks.
[quote author=thoughtfan link=topic=51.msg2105#msg2105 date=1398615413]
[size=1em]Fantastic :D Thank you Global_trade_repo! Awesome! It really sound like this is going to be pretty straightforward overall which is what I was looking for.
One of the problems I’ve read about colored coins is that because the whole of the bitcon blockchain is required for them to work they can’t be used with smartphone apps. Is this an issue that is resolved with Counterparty? It would not be prohibitive to have to get a PC and qr scanner into each distribution centre but it would help if smartphones or even tablets people already have could be utilised.
Some of the issuing centres are very low-tech and there are many for each distribution centre so I think something like a stand-alone Piper paper-wallet generator and printer* would be required in each and if they don’t have the means to put the token on it (and bitcoin mining fee) a photo or fax of the public key to the distribution centre would suffice for the token to be ‘charged up’.[/size]
[font=verdana][size=1em]Hehe. I’m getting excited now because your reply has just changed this project from something I thought in principle would be possible to something it’s looking like I’m going to be able to implement :) Thank you Global_trade_repo and the Counterparty team [/size][/font]
[size=1em]* No harm asking if Piper would want to support the project assuming not I could get tech-savvy volunteers to build our own with Raspberry Pis and utilising the open-source software, customising the logos and additional info on the paper wallets.[/size]
[/quote]
Regarding the requirement of the full blockchain, that’s where Counterwallet is the killer application . Counterwallet works from a smartphone. I’m making an assumption that you can find a QR application which reads a QR and stores the contents of the QR in the clipboard. You can then open up Counterwallet and use the ‘import’ function, paste the private key into the dialogue box and then sweep the contents of that address. It would not be the most friendly solution but it would work.
It sounds like a worthwhile cause. I hope the community would get behind your efforts! All the best, feel free to contact me.
Added to which, those folks with QR codes shouldn’t be flashing them around in front of stranges with smartphones
This sounds like a nice and worthy idea!
Hello to everyone ; )
I have been reading sporadically this forum for more than 3 months but never had the time to write, sorry for being late 
I have appreciated very much the "burning" scheme (in a period full of greedy IPO) and the "more-development-less-words" method of counterparty… which is an amazing piece of tech!
I came from bitcointalk but I am quite active also in the ripple community. I believe that counterparty and ripple are not direct competitors but their concepts may coexist and enhance each other (could this be an interesting point for a new topic maybe?).
sorry for my poor english, I never have the occasion to practice, excepts for a few post in some pioneering forum like this ; )