Let's burn some BCH!


#1

For those unfamiliar with the burn process, here is a good summary: https://counterparty.io/news/why-proof-of-burn/. Also see How was XCP launched at https://counterparty.io/docs/FAQ-XCP/.

I propose that XCPC be distributed in a new burn. This is a fair way to distribute XCPC and immediately vests users in the project.

I propose that we follow the same protocol as the original XCP burn (5000 Bitcoin blocks, linear decrease of reward between 1500-1000 XCPC per BCH).

We can start the burn on approximately March 1st 2018 and it will end near the beginning of April 2018.


#2

Granting XCPC 1:1 to existing XCP holders is the most fair IMO.

  • Bitcoin Cash and Bitcoin Segwit were split like this from the original Bitcoin

  • Many Counterparty users want Counterparty on Cash. Why should they lose their XCP?

  • Some 10,000 XCP holders, soon XCPC holders, will want to see Counterparty Cash suceeed.

  • Counterparty Cash owes its existence from efforts by (mainly) XCP holders.

A burn, I’m afraid, will not be popular and leave all XCPC in the hands of a few.

Now the question is at which block shall the 1:1 XCP -> XCPC conversion happen?
(I suggest the same block last August when Bitcoin split. A future date will cause market speculation)


#3

New burn makes no sense to me. Ask yourself why did BCH make fork of BTC ledger with all balances preserved and not just make new chain and start mining it from clean slate? You see where I’m going? Bitcoin cash price and it’s market cap and usage is a direct result of making fork with all balances preserved. Just making new burn on new chain doesn’t make a lot of sense and won’t get the things going from the start.


#4

For reference, Monaparty recently did this and burnt $2.2M worth of Monacoin.


#5

It does not matter what Monaparty is doing. Counterparty.cash should NOT do a burn and Raegan and Borg make the most sense so far.

No offense, Devon, but it sounds like you are trying to use this project to raise money. Am I correct?


#6

An airdrop gives free XCPC to XCP holders. Those who hold XCP at this point are just speculators. They will only care about how much they can sell XCPC for. And there will be no floor for them. They have no incentive not to sell XCPC immediately.

People who burn BCH for XCPC will more likely be people who intend to use the platform. You will need XCPC immediately to do things like register assets and use the DEX.

I realize there will also be speculators who burn XCPC. But those who burn BCH will be immediately establishing a floor value of their burnt BCH. They would be very unlikely to sell for any value below what they burnt.

I understand that XCP holders want to get free money here. But this project should be about creating a new and useful Counterparty implementation. I think we have a better shot of doing that by doing a new burn than we do by airdropping XCPC.

counterparty.cash offers a compelling value proposition. BCH offers excellent security for low fees. Trust that people will see the value here and be willing to burn BCH. We don’t need to bring over XCP speculators to be successful.


#7

No. The BCH is burnt. No one receives the funds. There are more details on how this works at the top of this thread. It is a very non-ICO way of doing things.


#8

I agree with the other posters, this is the completely wrong way of going about this! It MUST be XCPC 1:1 with XCP.

The BCH is burnt. No one receives the funds.

This also benefits you though, no? Especially if you hold a lot (which you undoubtedly do)

Who is generating the burn address?

This whole thing is starting to smell fishy right from the start, Devon …


#9

I’m for the BCH burn as well. Seems like XCP will continue to do it’s own thing. Don’t see a need to airdrop those holders with something they don’t even seem to want.


#10

Just my 2 bits,

I was not doing bitcoin development at the time of XCP, but I do Bitcoin Cash development now and I am for the BCH-burn.

we can already see people are buying up XCP in hopes of an airdrop

I agree with OP that people like myself are more likely to want to see their Countery party project succeed instead of being focused on XCP or XCPC gains.


#11

I’ve been doing bitcoin development for years and plan on investing some significant effort into this project, but only if it’s done the correct way.

People are not buying XCP right now because of airdrop hopes. That is wishful thinking, IMO. If you follow any of the pumpers and whales you’ll know what’s going on :sunglasses:


#12

This project can be very successful if they do it with a true fork. A 1xcpc for 1xcp. If it is done this way I and many others will share in development , resources and investment.

It’ll gain excitment for the project any other way will be a loss imo


#13

no ‘burning’ as a XCP holder I don’t think this is a good choise, it is completey wrong way!!!


#14

New burn is wrong way. XCP have created already and Bitcoin forked also to 2 part and everyone get free airdrop. Its not matter if happen like Devon said and everyone selling first their stake, smart peoples buy that all in that case.


#15

This is simply not true. I have held XCP since the days of Chris+Junseth and I collected LTBCOIN rewards from Adam B Levine’s talkshow. I feel betrayed if Counterparty, the ‘blockcahin agnostic’ token platform, cancels out all XCP balances.

Don’t forget that Bitcoin Cash is not even an altcoin. It’s Bitcoin, at least according to a large part of the Bitcoin community. Moreover, every pre-segwit holder of Bitcoin got the same value of Bitcoin Core and Bitcoin Cash.

Deweller, no harm in rethinking your position. I know burn seems fair and honest, and you will personally not gain from that. But it is NOT FAIR due to the current circumstances. Those that burnt bitcoin back in the days, burn just as much Bcore as Bcash. I signed up for Counterparty on Bitcoin.

Bitcoin Cash is my Bitcoin.


#16

Yes, it sounds like Devon has been isolated from the development of Bitcoin Cash, and the reasons for it’s creation. He will come around.

Bitcoin Cash is my Bitcoin.


#17

No burn. The project has to fork XCP. Doing a new distribution from scratch screws over counterparty holders, who have believed in coutnerparty for years. It wipes out their equity, they will not support XCPC.

Bitcoin cash launched as an altcoin would have been nothing special at all. It wouldve been litecoin but without even the built up support that litecoin had. BCH was successful because it gave stake to everyone who was in bitcoin all along. Some of them who disagree with the philosophy sold. Others who believe in the philosophy bought.

XCPC needs to be the same. It has to be a fork from the current state of XCP that rewards all XCP holders and all asset holders with coins in XCPC.

If you launch from scratch, youre not counterparty, youre just an altcoin. XCP holders wotn support it. Current counterparty projects wont support it. No pepes, force of will, spell of genesis, augmentors, etc. You’ll be building again from the ground up, except that every XCP investor will have incentive to see you fail, and will scream at the world that the project is a scam.

The benefit of a fork which preserves everyone’s investment is that you instantly acquire a bunch of support, on launch, from those already invested in the initial project. You will have a community, plus projects already running on XCPC. And people will be able to ACTUALLY USE their assets of those projects for 1 cent fees due to bitcoin cash, instead of 20 dollar+ fees. Pepes will be traded again. People will be able to trade tokens representing game cards again. And all the other uses of XCP. (Personally I am in it for the game assets, but I welcome all applications).

If you do a fair fork, creating XCPC as a copy of the current xcp and xcp assets and award them to their current owners, as you should, then I and many others will fully and enthusiastically support this project.
If you try to screw over all current XCP holders, we will all fight you as hard as we can.


#18

“we can already see people are buying up XCP in hopes of an airdrop”

Yes. Many in the counterparty community want to see counterparty on a low fee / high capacity chain, so badly, that they are willing to go buy xcp simply in the hope that they will get xcpc from it later.

Is this project thieves who will try to steal the counterparty name and steal the value created by counterparty community over the past several years, or is this project the true and useful form of counterparty, which will make counterparty useful again by allowing it to return to 1 cent fees, and will gain the adoption of the current xcp holders and their projects?


#19

Burned BCH is the direction I would like to see XCPC go. I don’t see why current XCP holders are owed anything. They are all looking at all time high in dollar value on their investment. If they want in on XCPC, they can sell for BCH and burn it. This whole notion of brand equity being stolen on a open source project just seems like silly talk.

XCP has it’s own thing going on with more development than ever. They should be fine without getting a free airdrop.


#20

“Burned BCH is the direction I would like to see XCPC go. I don’t see why current XCP holders are owed anything.”

XCP holders burned bitcoin cash already. They did it in 2014 when they burned BTC to get Counterparty.
This burned BTC would have generated BCH in the fork, but it had already been burned.

You fork XCP to XCPC and reward holders in order to gain legitimacy and to jumpstart with a community already existing, and a number of projects already using the product. These products will already be invested in XCPC, and they will have a choice: use XCP with 20 dollar+ fees, or use XCPC with 1 cent fees.
They will probably choose to use XCPC because its actually useful. So you will jumpstart adoption.

I understand that people who don’t own counterparty and have not spent time and effort on it for the past several years, might feel its okay to just fuck over XCP people, and try to make their own new coin, but this is a mistake. Not only are you failing to gain the adoption of a group of people who could potentially be huge supporters of the project, but by giving them the middle finger, you make enemies of them and they will fight to make sure the project fails.

There are lots of people who are into counterparty and the various counterparty assets and projects, who want a low fee counterparty on bitcoin cash. These are communities that have build real use cases for counterparty which are actually being used. Give those communities their deserved stake in the porject and they will support it and build more things for XCPC. You will have communities of people boostrapping the project and working for its success, right away. Like Bitcoin Cash did.

Make your own new coin and chances are very high you will not succeed and will just be yet another alt in the crowded market. Bitcoin Cash succeeded and became an instant top crypto by starting out with strong support from a large amount of bitcoin hodlers.

Do the same in XCPC, and gain the support of a bunch of counterparty users. You wont gain them all of course, just like BCH didnt gain all BTC supporters. But you will gain many, and it will give the project a successful start which will help it succeed.