+1

But would it be possibility to implement such a mechanism: The issuer of XLTC sends the funds to a LTC wallet within the Counterparty system....

Hi guys. With the Counterwallet mainnet release behind us, I've made my identity public to facilitate the continued evolution of Counterparty as we enter the next stage of growth.

Please see our blog post on this matter at: https://www.counterparty.co/next-steps/

A paper justifying a 100% premine. Honestly?

With Bitcoin ban looming over China I think bter just got alot more risky. I wouldnt leave any coins laying around there!

Luke will you shut the fuck up? If your not gonna listen to what the community wants, then get out of this thread. You've sounded nothing short of a arrogant prick in all your posts.

If you don't like Counterparty, close the door on your way out.

Answer1:
We don't send you the gold. Our system is setup that gold goes directly from the gold seller to the custodian. We never touch your gold.

Answer 2:
With our special custody agreement, you can conduct an independent audit on the gold in custody. Again, we never touch your gold. It's in professional, bonded, insured, guarded custody.

Answer 3:
We will provide a feed on spot gold. I just need to figure out how to do that on Counterparty, but it's not a blocker to trading your gold coin on the DEX.

EDIT: Super Thanks for these questions, l4p7. I will add them to our FAQ right now.

Yeah, this will change EVERYTHING, thanks once again.

Thanks for the excellent review baddw!

Answering #1: We do not send our customers gold. It's easier to do that directly. We are focused on digitizing the physical gold asset into an XCP IOU. We're a digital custodian for these assets.

Adding to #2 answer above: Customers CAN cash out into the physical gold with BitcoinTangible Trust. The unique structure of our custodian agreement allows for our customers to redeem their gold at anytime, less any outstanding custodian fees and subject to private key signature verification. Otherwise, our goal is that you can trade the asset as long as you need and it proves useful to you.

I hope that was helpful. Thank you for the excellent questions!
BTT

Product and Service Updates March 27, 2014

Introduction:
We at BitcoinTangibleTrust are happy that to launch a public, trustless trial of BitcoinTangible Trust's gold asset purchase, custody, and issuance on the Counterparty Platform. The players in this public purchase will be:

• Global_trade_repo(Counterparty Forums) also known as led_cd(BitcoinTalk Forums)
• BitcoinTangibleTrust (Counterpart Forums) also known as BitcoinTangibleTrust(BitcoinTalk Forums)
• Agora Commodities
• DiamondState Depository

Objective:
Our objective is to open up the BitcoinTangibleTrust process to the community in order to build trust from with our process and to validate that there is a value proposition we can continue to scale with more customers and further sales.

Our Process:
Walk with led_cd through the purchase of approximately 1 BTC of gold for custody and DEX trading through BitcoinTangible Trust process. led_cd will provide his public feedback on the purchase, custody, and trading process to the community. We welcome a very public exercise. We will not charge any fees to led_cd/Global_Trade_repo outside the fees from either gold sellers or our custodian partners.

The first step will be for led_cd to fill out our Order form online and inform us of his desire to make a purchase of 1 BTC of gold here: http://bitcointangibletrust.com/buy-gold/

Our Ask:
We look to you, the community to share any thoughts on the process and how we might improve by quoting us in the feedback we will share during the entire process. Will you help us?

Thank you Counterparty Devs and the Counterparty Community,
Bitcoin Tangible Trust Team
Cross Posted to Counterparty Forums:
https://forums.counterparty.co/index.php/topic,203.0.html

You cannot eliminate counterparty risk from an asset-backed currency peg, as there is no mechanism at the protocol level to stop the issuer (i.e. the user with the private key of the address with the XCP backing) from withdrawing funds. I still think though that is a really good use-case.

A currency peg that actually requires no trust is making a CFD on the price of an asset to which you would like to peg your holdings in XCP. The effectiveness of the peg, however, depends on one's leverage, which in turn increases one's risk. For anyone who is interested in making such a peg, I have come up with a few examples which would show how you do it.

as there is no mechanism at the protocol level to stop the issuer (i.e. the user with the private key of the address with the XCP backing) from withdrawing funds

The thing is, a centralized exchanged like Bitstamp or Cryptsy is really complicated, and you can't read the source.  There are potential vulnerabilities throughout their entire systems.

An asset issuer on Counterparty needs only do one thing correctly: hold the asset.  They don't need to make sure their wallet software is updated, they don't need to match orders correctly, they don't need to keep orders on the books.  They only have to do one thing, and that one thing can be provable (such as providing bank statements, photos of physical assets, etc.).  The rest is on the Counterparty implementation, which is open-source.

Do you trust that Cryptsy owns the correct amount of coins for the 50+ coins that they trade?  And that a vulnerability in one of the wallets in one of those coins won't lead people to make fake deposits, trade those fake coins for BTC, cash out the BTC and leave Cryptsy with nothing but a bunch of fake coins?  (Like supposedly happened with CryptoRush and BlackCoin?)

I'm not trying to pick on Cryptsy here, I use them myself and trust them more than I trust other centralized exchanges.  But for them to prove to me that they have all the required coin balances for 50 different coins would be quite complicated.  And then they would have to prove to me that their exchange code can't be cheated.

Reddit: https://pay.reddit.com/r/Bitcoin/comments/21ig93/the_greatest_threat_to_bitcoin/

Hacker News: https://news.ycombinator.com/item?id=7481046

If this is too difficult for you, just sell everything, and get back playing with your Barbie dolls... People are incredible, you must be French to complain that much.

There is nothing to stop people from issuing LTC (or whatever) trading derivatives, similar to how XBTC has been created on Counterparty as essentially a proxy for BTC. We encourage folks in the community to come up with and enact these kinds of use-cases (in a thoughtful, responsible manner, not unlike how XBTC was created and is operated).

Funnily enough, I just posted a similar idea in the main Counterparty forums.

You have at least one working eye, an internet connection, and you can hopefully click on the pages on top. People are so lazy nowadays, incredible.

You have at least one working eye, an internet connection, and you can hopefully click on the pages on top. People are so lazy nowadays, incredible.