Post
Topic
Board Announcements (Altcoins)
Re: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread
by
Jpja
on 30/06/2014, 07:20:07 UTC
Absolutely NOT on assuming XCP or BTC is the currency, simply because while Bitcoin and XCP are possibly reasonable stores of value, they are both horrible units of account because of the fixed demand-inelastic supply. What is a reasonable (something)/BTC trade this year is probably going to be a horrible trade next year. If your goal is to confuse new users and encourage them to make bad trades, calling BTC/XCP currency is a great way to do it.

I partially agree with you. I agree on that XCP and BTC are bad units of accounts. I'll also add that Counterparty is a platform where anyone can issue / invent a better currency, e.g. a trustworthy company can issue a counterparty-asset backed by the dollar. Then it's up to the free market (i.e. users of counterparty) to decide on their preferred choice of currency. At the moment XCP and BTC are the least worst, hence chosen by the market.

The problem with "inverse" prices, however, is merely a psychological one. In real life we buy a Snickers bar for price $2 at the supermarket, right? It's equally to correct to say that we sell dollars for price 0.5 Snicker at the supermarket... Next time you enter a store, tell the clerk you have some dollars you want to sell Cheesy

In the Counterwallet I suggest just that when XCP or BTC are part of a trade, these will be assumed as currency (no change needed in Counterparty itself). There might be some more elegant way of dealing with the problem. E.g. by counting how many different token each token has been traded against. The higher count, the more likely it is to be the "currency".