....snip
The technical weakness of CounterParty is that Bitcoin can't verify the CounterParty transactions, thus there is no record of the consensus about which CounterParty transactions are valid:
.............................................snip
the first part is true (Bitcoin does not validate Counterparty transactions), but it doesn't follow that there is thus no record of consensus. counterparty keeps its own "ledger in a ledger" that it assembles from decoding Counterparty protocol data payloads from any Bitcoin transaction that contains them, using the reference client code at https://github.com/CounterpartyXCP/counterparty-lib ,
it has been working well for over 2.5 years now