one day I was passively looking for something, anything exciting in the space to follow, to be excited about after losing 95% of holdings due to trusting centralized services which got hacked or went rogue or were always scammers like instawallet, gox, btcjam, etc. I came across the counterparty project. It looked good. It looked disruptive. it had a purpose, a real one. I started to feel a sense of wonder almost as huge as when I discovered bitcoin itself the more I read into counterparty
The implications of the counterparty protocol taking off were huge and resounding- the ability to turn bitcoin from just a great store of value and poor currency
into a globalized ledger of assets. Satoshi envisioned various transaction types (contracts etc) from the very beginning however beyond CC which had only naive and unfriendly implementations till this time nobody had really taken advantage of these advanced features.
perhaps even more excitingly counterparty offered the ability to trade said assets, issue dividends etc in a completely decentralized fashion.
This was game changing. It’s not common knowledge but in the original reference bitcoin client satoshi actually embedded a 'market’s page into the bitcoin-qt wallet.and here we were - the missing piece of the puzzle. The best thing, was that this was not a project which was unrelated to btc- It was built on top of bitcoin. It complimented bitcoin, potentially who knows- in 10 years time the value of assets on the blockchain could exceed the value of btc on the blockchain- and that wouldn’t be a bad thing. (remember, back then many were totally unfamiliar with the concept of ‘tokens’ - unlike today).
In many ways counterparty was ahead of the game. So many doors could open if we adopted such technology and built upon it. we could remove middlemen, guarantee authenticity, negate the need for specialist databases, provably transfer assets, tokens vouchers and all without
exposing the participants to counterparty risk. I suppose I’m preaching to the choir here since we all see the potential.
well long story short Ihose to prove my commitment to the XCP project by selling the meagre amounts of BTC i had left that hadn’t been hacked or stolen
in exchange for XCP. I brought a little at a low amount, but then more at a higher amount- back when XCP was actually ABOVE ethereum
in market cap- when spirits were high and there looked for a brief second like the traction would start and not stop- Well we all know how that one turned out.Not too well. Community picked up the pieces from the shattered dreams and kept plugging away dilligently. There are several names who had tirelessly been involved who I’m sure also felt a little exasperated
I’d happily buy them a beer
I do feel this project hasn’t been fairly recognised from the huge potential
it once held. it is so far turned out to be no match for the almighty ethereum. Bitcoin tx costs and confirmation speed rendered the project
more unattractive for small transactions. I’ve stayed around so have many others. despite the setbacks for ‘commoners’ trading assets I think there is a huge untapped
potential for those who want provably secure counterparty-like functions on bitcoin blockchain, even considering the current cost and speed. I appreciate all work
that’s put in and I see numerous developments have already shown improvements, and more are to come making the protocol once again more attractive. I want to stick around
and support counterparty.
But I’m going off on a tangent. So here we are today: counterparty forks. More or less cloning the project onto a more-or-less clone of bitcoin (not without work, costs and a real difficulty,
but I think you’ll agree it isn’t the biggest engineering challenge to ever occur in this space). So not a world-changing event but handled right this could be great . There’s many promising benefits to such a fork and Counterparty could turn a new leaf. begin to see some serious community spirit arising again and the adoption for projects that were previously held back like it deserves.
Let’s assume the XCPC project, despite utterly benefitting from the creation of the counterparty project and counterparty cash not being possible without counterparty
only rewards those with ‘free’ BCH to exchange for XPCPC?. Well because I and anyone else holding XCP sold BTC and purchased XCP
we lost out on the chance to receive ‘free’ BCH, which unfortunately by proxy also means no chance to receive XCPC without added financial outlay.
So a double kick in the gut. It seems wrong.
But it get’s worse…
since I support counterparty, by extension I also support counterparty on a faster, cheaper chain.
I think there’s a huge chance along with the backing off less-hostile bitcoin cash crowd to create a fantastic reboot and see counterparty tap some of it’s untapped potential.
therefore it’s a given I want to involve myself into supporting XCPC which begins with some sort of financial commitment. However because I don’t have BCH I will have to begin by selling some XCP for XCPC- and of course, game theory dictates that if any reasonable number of people also want do that in an illiquid market the price of XCP crashes down- meaning I and anyone else who wishes to support the ‘new’ counterparty will be cutting their own arm to spite their leg, so to speak. The only logical choice of action if they don’t want to devalue their stake in the original XCP is not to sell SOME of it, but to sell ALL of it, and before others do.
Do you see the problem there? Only rewarding BCH holders is creating unfair and perverse incentives for those that don’t. An airdrop- or at worse the burning of XCP achieves the same affect at proving commitment without the negative repurcussions of hurting those in the original project this is built off entirely
Now playing devils advocate, I understand whilst the BCH may be ‘free’. It still has a value. It can still be cashed in, instead of being used in a proof-of-burn to demonstrate commitment to the new project. And I absolutely understand the benefits towards
embracing BCH’ers. I think they’ll be an accomodating audience and will lend a fresh set of minds towards ensuring this projects success especially
seeing as the counterparty cash can be more of a killer app to BCH and vice versa than the existing arrangement on bitcoin at least in it’s current incarnation.
However, look at the opposite side of the coin.
Years ago many beleived in the fundamentals behind counterparty and were ready to take on that risk by holding XCP instead of BTC. This meant they stood
to gain if the project does well and stood to lose if it went badly. This meant they should better contribute to the project somehow. Personally I did. I made some translation efforts, I pitched the coin to exchanges, I preached the benefits of the project
to those that were unaware , I donated to the CounterParty bounty, I helped offer support, created tokens, purchased and traded some tokens. helped out in some ways in those tokens sub-communities.
I know there’s others that did more that made more of a difference.
None of that guarantees any sort of value in return, i get that. But to follow something for years is something. CounterParty has hardly seen the most success
in terms of adoption, price appreciation, or recognition. you’d have been better served in almost any other venture. People stuck around because they beleive in it even though the rapid rise in popularity of bitcoin and effects that had on the bitcoin blockchain
was limiting the project, keepin it in a strangehold. People contributed. they worked. BCH’ers didn’t expose themself to any risk. It just came naturally one day
and now what, if it comes to fruition that ONLY bch holders are rewarded then those that invested and stuck by XCP is getting a rough ride over by those holding BCH who get the benefits of the past 4 years gratis? Why do we keep forever losing? Please do consider a reasonable community round-table discussion of the benefits/and con’s of various approaches. I’m sure there is an approach which is optimal and does not leave any single entity high and dry and gives the chance for the existing counterparty community to embrace the new community and co-operate together on starting a new XCPC that will grow to be everything the father wasn’t rather than have an akward custody battle.