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Counterwallet DEX no longer supports BTC trades

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jsea

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Seems trading BTC on the DEX has proven unreliable. I wonder what if anything will replace it.

Posted on November 8, 2014 at 3:30 AM
Last Edited: November 8, 2014 at 3:32 AM

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• Cryptonaut

  

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  yep, they are working on a better way to automate it, so this is only temporary. Currently it is a huge pain in the ass because it requires both users on each end of the trade to be logged in, because a second transaction needs to be signed in order to complete the order.

  Info here: http://counterparty.io/news/counterparty-development-update-1/

  Posted on November 8, 2014 at 9:35 AM
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• jsea

  

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  @cryptonaut yep, they are working on a better way to automate it, so this is only temporary. Currently it is a huge pain in the ass because it requires both users on each end of the trade to be logged in, because a second transaction needs to be signed in order to complete the order.

  Info here: http://counterparty.io/news/counterparty-development-update-1/

  Good, so it's no longer a huge pain anymore.

  Posted on November 8, 2014 at 10:51 AM
  Last Edited: November 8, 2014 at 11:04 AM
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• Cryptonaut

  

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  @jsea its just disabled altogether at the moment, so I guess you can say its not a huge pain anymore lol.

  You can still trade for instance LTBCOIN XCP or any other pairing of counterparty tokens no problem and works pretty smooth actually. Its just BTC itself which is an issue.

  The actual issue is really just because Counterwallet is completely client side and the website servers never actually touch your private keys. If there was a centralized web wallet for counterparty (something like coinbase or w/e), they wouldnt have this problem at all because they could finalize trades on your behalf. So there is trade offs on the extra security.

  Posted on November 8, 2014 at 11:04 AM
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• bitsol

  

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  @cryptonaut

  The actual issue is really just because Counterwallet is completely client side and the website servers never actually touch your private keys. If there was a centralized web wallet for counterparty (something like coinbase or w/e), they wouldnt have this problem at all because they could finalize trades on your behalf. So there is trade offs on the extra security.

  And tada! Thats why I like counterwallet

  Posted on November 8, 2014 at 4:16 PM
  Last Edited: November 8, 2014 at 4:16 PM
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• jsea

  

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  @bitsol

  @cryptonaut

  And tada! Thats why I like counterwallet

  It's great technology, I'm wondering, if the issue is with BTC what might replace it.

  In the Counterparty Development Update #1 it says that "After consulting with the community on this topic, on November 5th 9:50 EST, we have disabled BTC trading in Counterwallet to better focus our efforts on developing a novel trading system that should dramatically improve usability, settlement times and reliability of BTC trading in Counterparty."

  How might this novel trading system work ?

  It goes on to say that the Vennd team have removed or suspended the exchange of BTC into XBTC for the foreseeable future.

  What's going on, when did the consulting with the community take place ?

  It summarizes with Planned development for next sprint

  Yet, no further mention on the novel trading system just something about non human readable assets.

  It leads me to think what other changes might be rolled out in the future and I turned to listening again to beyond bitcoin 17 I notice that porting to another blockchain is always an option.

  Would Counterparty move onto the dogechain ?

  Would such a move off the Bitcoin blockchain arise from consulting with the community and what is the community opinion on Counterparty riding on the blockchain and what's the Bitcoin foundation stance on it?

  I think there's many questions that will remain unanswered as the uncertainty of Counterparty and it's ability to maintain effectiveness whilst remaining dependent on the blockchain for the foreseeable future is left in the air.

  Posted on November 8, 2014 at 8:23 PM
  Last Edited: November 8, 2014 at 8:56 PM
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• bitsol

  

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  @jsea

  @bitsol

  @cryptonaut

  And tada! Thats why I like counterwallet

  It's great technology, I'm wondering, if the issue is with BTC what might replace it.

  In the Counterparty Development Update #1 it says that "After consulting with the community on this topic, on November 5th 9:50 EST, we have disabled BTC trading in Counterwallet to better focus our efforts on developing a novel trading system that should dramatically improve usability, settlement times and reliability of BTC trading in Counterparty."

  How might this novel trading system work ?

  It goes on to say that the Vennd team have removed or suspended the exchange of BTC into XBTC for the foreseeable future.

  What's going on, when did the consulting with the community take place ?

  It summarizes with Planned development for next sprint

  Yet, no further mention on the novel trading system just something about non human readable assets.

  It leads me to think what other changes might be rolled out in the future and I turned to listening again to beyond bitcoin 17 I notice that porting to another blockchain is always an option.

  Would Counterparty move onto the dogechain ?

  Would such a move off the Bitcoin blockchain arise from consulting with the community and what is the community opinion on Counterparty riding on the blockchain and what's the Bitcoin foundation stance on it?

  I think there's many questions that will remain unanswered as the uncertainty of Counterparty and it's ability to maintain effectiveness whilst remaining dependent on the blockchain for the foreseeable future is left in the air.

  counterparty will never move to the dogechain, a fork of counterparty, called dogeparty is counterparty for the doge blockchain. so people burn BTC to get XCP in counterparty but in dogeparty people burn dogecoin for xdp

  both can be used for making assets on each XDP = Dogeparty XCP = Counterparty

  Posted on November 9, 2014 at 7:55 AM
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