[Bitcoin-ml] For CounterParty, I think it's necessary to guarantee the 1:1 ratio between Bitcoin (cash) and XCPC.

Junyi Li jli225 at binghamton.edu
Thu Jan 11 19:41:26 UTC 2018


I read this What’s Wrong with Counterparty by Andrew Barisser
https://medium.com/@abarisser/whats-wrong-with-counterparty-91ebbdc8603d

I agree with the author on nearly all points, especially that the most
important reason that there should have been permanent, fixed
exchangeability between BTC and XCP.


It's very, very, very important.


I think it’s better to not “burn”. Instead, we should set a foundation to
hold the “burnt” fund and guarantee the ~1:1 ratio between Bitcoin and
XCPC, before better way is found. Just like USDT. Here 1 BCH= 1BCHT=1XCPC.
Here there is no risk of bank account closure.

The multiple people who co-hold the fund must be reliable. I propose Gavin
Andresen, Mike Hearn, Amaury Séchet, Jon Matonis and one of
Counterparty.cash dev as 5 supervisors. So if those 5 guys are no longer
able to reach consensus on the usage of the fund for whatever reason, that
would become a real 'burn'.

If 4 of 5 agree and another 1 disagree, then the result should be No.

If 1 of 5 agrees and another 4 keep silent for one year, then the result
should be Yes. That usually means those 4 guys encountered ...... something.

Junyi
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