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Overstock and Counterparty devs split ways

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pooktwo

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In an article from Coindesk http://www.coindesk.com/lead-developers-leave-overstocks-medici-project/ its appears as if the Counterparty devs Robby Dermody and Evan Wagner are no longer working on Medici.

This comes as a sad shock to me, but the article continues on to say that the Devs have a project of their own they will be announcing soon. Maybe they will be tryinh to compete with Medici rrather than help it. What do you all think?

Due to this news, XCP is currently way down: 34% at the time of writing http://coinmarketcap.com/currencies/counterparty/

Posted on February 4, 2015 at 8:53 PM

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• dgiors

  

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  That comes as quite a shock. I'm invested in Counterparty at perhaps 10% of my entire crypto holdings at time of purchase. Unfortunately the trend has been mostly down since then. For the long term I'm not overly concerned regarding the current price, however, Medici was a great assurance XCP had a bright future.

  Not that XCP has lost it's place as a great technology. There are many other wonderful tokens on their system, FLDC and LTBC among them. The problem is that Medici was such a big deal that it weakens the prospect of XCP. Hopefully we don't see others jump ship too.

  Alas if a better platform comes along it would make sense for existing platforms to be eroded. Bitcoin being a notable exception because of it's vast network strength. It won't shock me if over the coming years platforms eat each other up until a number of them gain adequate network effect to sustain their shotcomings compared to newcomers.

  Posted on February 4, 2015 at 9:53 PM
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• pooktwo

  

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  @dgiors That comes as quite a shock. I'm invested in Counterparty at perhaps 10% of my entire crypto holdings at time of purchase. Unfortunately the trend has been mostly down since then. For the long term I'm not overly concerned regarding the current price, however, Medici was a great assurance XCP had a bright future.

  Not that XCP has lost it's place as a great technology. There are many other wonderful tokens on their system, FLDC and LTBC among them. The problem is that Medici was such a big deal that it weakens the prospect of XCP. Hopefully we don't see others jump ship too.

  Alas if a better platform comes along it would make sense for existing platforms to be eroded. Bitcoin being a notable exception because of it's vast network strength. It won't shock me if over the coming years platforms eat each other up until a number of them gain adequate network effect to sustain their shotcomings compared to newcomers.

  Well said, but I hope XCP comes out on top. It has been the only 2.0 project that has actually been showing great results in product creation. Smart Contracts and the desktop wallet will increase the price over time this year.

  Posted on February 4, 2015 at 10:21 PM
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• adam

  

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  @dgiors That comes as quite a shock. I'm invested in Counterparty at perhaps 10% of my entire crypto holdings at time of purchase. Unfortunately the trend has been mostly down since then. For the long term I'm not overly concerned regarding the current price, however, Medici was a great assurance XCP had a bright future.

  Not that XCP has lost it's place as a great technology. There are many other wonderful tokens on their system, FLDC and LTBC among them. The problem is that Medici was such a big deal that it weakens the prospect of XCP. Hopefully we don't see others jump ship too.

  Alas if a better platform comes along it would make sense for existing platforms to be eroded. Bitcoin being a notable exception because of it's vast network strength. It won't shock me if over the coming years platforms eat each other up until a number of them gain adequate network effect to sustain their shotcomings compared to newcomers.

  I was a little suprised to see Medici specifically go for Counterparty, it makes a ton more sense for them to be like Tokenly and be able to integrate and hooked up with lots of protocols. In that way the platform acts as a bridge between the normally incompatible tokens.

  Posted on February 5, 2015 at 6:01 AM
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• Rob

  

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  My thought is, Patrick Byrne started looking for help to implement Medici, and he was blown away by what Counterparty had accomplished. Plus he liked the developers. Almost like meeting a significant other, Patrick was intoxicated by all of the qualities he recognized, and the promise he foresaw. But bit of time went by, and Patrick learned more and more, and realized there were a few rough edges with Counterparty; plus there were tons of other smart people and great platforms he could work with (even though he clearly dismissed a few early on, for various reasons that might not have been related to the quality of the technology). I think he may have realized there was no rush to get married to a platform so quickly. The space is so immature, that, as much as I feel a connection to Counterparty, I almost felt uncomfortable with Patrick's very quick decision to run with them for such an important project.

  Anyway, you all probably are more up on the details than I am, but that's my take. I would really like to see Medici succeed by not committing to any platform too quickly. In a year or two, we all may have totally different views on the different ways Medici should go. I'd say Patrick should really take his time, allowing platforms to develop, mature, and prove they are up to the task.

  I have a bit of a hard time wrapping my head around Medici being like Tokenly. But wouldn't that be something, if Tokenly ends up being a model Patrick uses!

  Posted on February 5, 2015 at 7:12 AM
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• pooktwo

  

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  @rob My thought is, Patrick Byrne started looking for help to implement Medici, and he was blown away by what Counterparty had accomplished. Plus he liked the developers. Almost like meeting a significant other, Patrick was intoxicated by all of the qualities he recognized, and the promise he foresaw. But bit of time went by, and Patrick learned more and more, and realized there were a few rough edges with Counterparty; plus there were tons of other smart people and great platforms he could work with (even though he clearly dismissed a few early on, for various reasons that might not have been related to the quality of the technology). I think he may have realized there was no rush to get married to a platform so quickly. The space is so immature, that, as much as I feel a connection to Counterparty, I almost felt uncomfortable with Patrick's very quick decision to run with them for such an important project.

  Anyway, you all probably are more up on the details than I am, but that's my take. I would really like to see Medici succeed by not committing to any platform too quickly. In a year or two, we all may have totally different views on the different ways Medici should go. I'd say Patrick should really take his time, allowing platforms to develop, mature, and prove they are up to the task.

  I have a bit of a hard time wrapping my head around Medici being like Tokenly. But wouldn't that be something, if Tokenly ends up being a model Patrick uses!

  I think @adam was referring to Medici being built in a way where it wouldn't be tied to being used on one specific platform. Tokenly for example could be plugged into (with some work) Mastercoin, NXT, ext..

  @kerbos5 was talking with me about it, and he made an interesting point that this also could be due to the fact that the Counterparty devs may have wanted everything open sourced as for Overstock might not have seen it that way. That is pure speculation, but a possibility.

  But I agree that Patrick probably did get jumpy because he saw the only established 2.0 community thus far.

  Posted on February 5, 2015 at 8:53 AM
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• kerbos5

  

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  There is also another possibility....first there is no indication that CP is off the project, I'm not sure how big the team is over there but its more than 2 people, so CP to date is still in charge of developing project, and every indication is that it will be released in late 2nd quarter, early 3rd. Now it seems as though the developers left amicably, this might be because they started a company to created another function based on CP tech, that ultimately could be used in the new Medici exchange, and they had Byrne approval to leave and pursue. So many scenarios with little to go on other than they left, which is really not a big deal.

  Posted on February 5, 2015 at 9:04 AM
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• adam

  

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  Yeah, I mean Tokenly and Medici are both unlike Counterparty or Mastercoin or NXT or Bitshares because they are platforms that exist at a higher level.

  You might think about Tokenly and Medici as Token Use Cases while the aforementioned protocols are more about Token Manufacturing and Basic Infrastructure. The company that manufactures roller skates is different from the company that runs a skating ring, the skating ring might find it in their best interest to allow users with compatible skates of all varieties and brands to pay to use the premises while the skate manufacturer has a different kind of relationship with the industry.

  same thing here, both Tokenly and Medici are skating rings and it makes sense to accept all compatible skates (tokens)

  Posted on February 5, 2015 at 9:08 AM
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• irnhnve

  

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  As much as I would've like them to use Counterparty for something like that, problems with their platform are painfully obvious after using it even 1 time. Everything is incredibly slow, random errors pop up from time to time, needing to leave your wallet open until a certain function is done working,etc. These things have been problems for months and if they haven't been fixed yet then it's not a good indicator of them being able to ramp up the user base like Medici will need. These were fundamental problems that needed to be fixed and are still a problem today.

  Posted on February 5, 2015 at 6:56 PM
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• pooktwo

  

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  @irnhnve As much as I would've like them to use Counterparty for something like that, problems with their platform are painfully obvious after using it even 1 time. Everything is incredibly slow, random errors pop up from time to time, needing to leave your wallet open until a certain function is done working,etc. These things have been problems for months and if they haven't been fixed yet then it's not a good indicator of them being able to ramp up the user base like Medici will need. These were fundamental problems that needed to be fixed and are still a problem today.

  It is true that these problems exist. I do hope to see improvements to the platform, however, currently there reallyt isnt another 2.0 project that is implementing features like Counterparty does. NXT is doing it well, but I still am not really sure about what I think about the NXT community.... lots of secrets :/

  Posted on February 5, 2015 at 7:05 PM
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• irnhnve

  

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  @pooktwo It is true that these problems exist. I do hope to see improvements to the platform, however, currently there reallyt isnt another 2.0 project that is implementing features like Counterparty does. NXT is doing it well, but I still am not really sure about what I think about the NXT community.... lots of secrets :/

  I agree. I still use Counterparty pretty frequently and just put up with the slowness for now. I have a feeling that when Ethereum gets released it's going to take over since they the developers have been able to use/see what Counterparty can do and will undoubtedly be including the same type of functionality in their protocol in addition to tons of other capabilities.

  Posted on February 6, 2015 at 8:12 AM
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