For direct updates on progress and how you can help: see the following post Exchange outreach
If you want to read the rationale on why this thread has been created-- rant below
It has come to my attention that over the course of the past several years, we, collectively as a community of this leaderless, decentralized organization have not done much in the way of exchange outreach. And that’s a bit of an understatement.
I have scoured through CMC and the various other aggregators and I see one thing in common. Vast, vast majority of coins have presence on 10, 15, 20,30 exchanges. Often with multiple pairings. Literally almost Every.Single.One, at least in the first couple of pages (check for yourself)
In contrast the past 3 years Counterparty has not been added to a single new exchange. And has never got more than a single pairing. Why? Honestly, I think nobody even properly took the time to research and contact new exchanges!!
Counterparty started off on the two major,most popular exchanges at the time (Bittrex and Poloniex, in a great position- then- xcp became a top 5 even competing against much more well funded competitors.
times slowly changed and more and more exchanges came, they took the crown away from poloniex and bittrex, the pay-to-list thing took off for a bit but I literally don’t believe we as a community ever really actually got in any serious dialog with any of the new exchanges that were becoming popular-- we got complacent the existing ones always stick around and remain popular, even though their volume has decreased 90% and the markets have expanded massively - Counterparty was one of the few (only?) projects NOT added to Bittrex’s highly popular Korean offshoot upbit which was a huge let-down, means it pretty much entirely missed out on exposure from an entire country that had a burgeoning interest in crypto-
meanwhile other projects were dedicating significant time and effort to reaching out to exchanges- and that shows. Sure, many were ICO’s that paid to play, some got listed just out of defaultness like litecoin and xrp, but others put in a lot more effort and it certainly didn’t hurt.
These exchanges are onramps and offramps. Discoverability points. Sometimes for huge segments of the market (e.g Korea, Thailand, Russia, China) Vast majority of volume centers around Asia.
Exchanges aren’t just for speculators, daytraders and other such groups they’re showcases- shopwindows- someone tha discovers a coin on an exchange can become community members, supporters, Holders, builders, evangelists, partners. Liquidity is a good thing. Liquidity provides a stable, secure foundation.
It gives people confidence the project is not going anywhere. That even if they cannot rely on the price of any particular coin staying the same, they can rely on there being places to exchange. If one is down, no problem. This is what decentralization is all about. No single failure point. Turns out we had only a couple of centralized points after 5 years that has been a sticking point that has stifled counterpartys growth massively (yes, I’m aware there is literally an inbuilt decentralized exchange- but I’m sure you get the point)
And with counterparty that’s especially important because as counterparty is not just a fork of btc that you hold and pretend it’ll one day be used to buy starbucks with, it’s a framework to be built upon and interacted with, XCP other than being an anti-spam fee for registrations, and potentially finding further use e.g as gas in a VM- it’s is the base liquidity token that projects can interface with, Apps. Games. Collectibles and so on.
These frameworks are a much better position if the underlying base token is widely exchangeable. Doesn’t matter what the price even is, just that it’s widely exchangeable. People will self-determine the value after that. Nobody would be interested denominated things in ETH if it was illiquid. Nobody ‘serious’ paid serious attention to BTC when it was highly illiquid, it wasn’t ready for entire swathes of use-cases, or groups of people to even pay it any mind, back in gox days.
In general, nobody wants to hold anything that’s illiquid lest they end up ‘holding a bag’. But you take that same thing and ‘just add liquidity’ without otherwise changing the properties and suddenly it is in a much better position for growth. Much better position for people to actually determine it’s value. Liquidity begets liquidity and vice versa. With decent liquidity or at least avenues for it, community grows, instead of shrinks. Morale is positive instead of negative. This is good not just for the platform itself but anything built on top of it.
The plain and simple reason counterparty dipped so extremely is not because of something drastic like a hack, not because of weak fundamentals, not because of anything else primarily but lack of liquidity. Some holders felt uneasy. They were spooked with a short deadline to hold or dump and they didn’t have confidence there would be another liquidity source in future. They were stood at the end of a cliff and told on a megaphone “we’re taking the cushions away next week”. Some who don’t make fundamental long-term decisions about why they got in just got scared given such an ultimatum and jumped. The same thing happened with BTC and gox. (except in this case, nothings missing) The recent dump was artificially brought on and exaggerated greatly
The same would happen to any other coin, does not matter how good it is, how interesting it is. Ethereum or $insert_top_coin would be close to zero too now if it was delisted everywhere overnight and only available on tux exchange (no offence to tux)
Reading the following link: https://raven.wiki/wiki/Exchange was a sobering moment for me.
Please read it too.
This is a detailed log of ravencoins community outreach to exchanges in the past year. In the past year the ravencoin community, quite admirably, has gone from being listed on ZERO exchanges with a zero market cap and just an OTC sheet (where counterparty is now more or less) to being listed on over 40 exchanges with a one billion fully diluted market cap, proving that the idea of a token system (without all the complexity and cruft of a ‘world’ computer) is viable. Proving there is interest in the idea.
This is an Idea counterparty came up with
Half of the exchanges RVN got listed on were achieved during the time period when raven did not actually even have any kind of assets. It was literally just a bitcoin fork with a changed PoW. The binance listing alone which happened in october jumpstarted their volume from $180K a day before the ann across 5 exchanges including bittrex and upbit (XCP was $450k on same day between bittrex and poloniex which generally got less vol than upbits KRW pairing ) to $175M ,the listing meant a dozen articles describing what RVN is and what it’s used for went out overnight,the number of participants in their telegram two fold. No difference in the code but a sudden HUGE difference in exposure.
We already know the problem is not that this project sucks, it’s not that there’s no point, that there’s no use case, no market. Quite the opposite. The issue is that so many don’t even know it exists. it launched in the shadows in 2014 when tokens weren’t a thing, when the space with a lot smaller. It’s on no exchanges. Almost nobody knows about it to even be able to interact with it. that’s the MAIN reason it’s where it’s at now. Simple.
Counterparty has an edge
Vitalik Buterin: “I was involved in the colored coins project for a few months before I moved to my position that MSC/XCP-style systems are strictly superior to CC in basically every possible way (and moved to Ethereum full-time, but I will say that Ethereum is not superior to CC in every possible way because it is not directly based on Bitcoin so doesn’t have as nice interoperability properties… my personal opinion is that XCP-style meta-consensus systems are the next generation from here, at least as far as Bitcoin-based protocols are concerned”
Sergio Demain Lerner (Rootstock creator and Bitcoin contributor): “Keeping the counterparty source code small and independent of the network client is a great design decision, from the point of view of security. Because of this Counterparty client is the smallest, readable and yet completely usable “alt-coin” I’ve ever seen.”
Peter Todd (Prominent BTC contributor ) on a technical level using a token [like counterparty] rather than a two-way-peg [sidechains] has the advantage of security: who owns what tokens is defined by the Bitcoin blockchain, and changing that record requires you to 51% attack Bitcoin as a whole
^^ Remember what these folks said RE:counterparty?. Counterparty really does offer some unique benefits. Built for tokens and immutable (unlike RVN which will implement tags/restrictions invalidating that premise) Strong security, Native interoperability with bitcoin, inbuilt DEX- existing asset ecosystem. Time-tested. Long term development, No sky high inflation or concerns with miner abandonment once that sky-high inflation tails off, no turing complete vectors, no complex code audits on issuances, Perhaps one of the easiest asset creation systems around (especially new wallets like freeport) These features never got a chance to shine.
Since 2014 when counterparty was lauched in the shadows before the token revolution really even was on anyones lips the cryptospace has grown and evolved drastically. Counterparty never kept up with exchange pace, completely missed out on a BUNCH of exposure and resultingly suffered. Now is the time to realize this and work collectively to correct with the same energy a new project would do.
The future, and how it can be brighter
There’s some reassurance here. Why? out of those 41 exchanges that RVN has so far been listed on, not a single one of them was a paid listing At least 8 exchanges voluntarily listed RVN (mostly after Binance led the way) but the rest came as a direct result of the community members requesting a listing/filling a form
XCP and RVN share the same decentralized, cypherpunk, open-source ethos that projects like DCR and grin have wrt listings. An ethos that used to be the norm but temporarily got sidelined by dubious ICO’s that will no doubt slowly mostly fade away along with those entities that survived solely of extorting ICO’s for listings. The markets are wiser, more mature. A focus on quality, innovative non ICO projects is an ethos which is coming back into fashion.
Counterparty is essentially at ground-zero, day one right now. The wiki is a blueprint of how another project grew from day one from nothing to something major- How a project left obscurity into the limelight. this is evidence-- at least on the exchange front that we as a community can help grow XCP too.
I will be beginning work on adapting this wiki page to counterparty specific outreach efforts. In the interim, I will be posting a temporary basic version as a forum thread here- and encourage anybody to post with feedback, (e.g specific exchanges not already included on the list that might be worth reaching out to.)