We have had some enquiries about what is happening with Counterparty and its DEX market.
All Counterparty Protocol coins have fallen massively because they are all denominated in XCP, which is Counterparty’s own token. Less than a year ago, 1 XCP was around .004 Bitcoin. Now it stands about .00004 ie a fall of 99%.
The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0. This very reliance is why we have been working for a long time to remove SCOT from the Counterparty protocol to its own blockchain. This fall has, of course, had a serious impact on the values trading on the Counterparty Dex. I know some people have been able to buy at an exceedingly attractive price.
For now, the only external exchange offering to sell XCP is ZAIF which is Japanese and uses Japanese Yen as its base currency. Counterparty DEX has a BTC/XCP pair, where it is possible to trade BTC for XCP – and it works!
In respect of XCP, its current total value is only about $3m. We are working towards putting Scotcoin onto its own blockchain but linked to the value of over $5billion. We will no longer have a price which is indicated by a third digital currency and which is volatile.
Be assured these current XCP changes will have no adverse effect on Scotcoin longer term.
If you have any XCP you would like to sell, the Scotcoin Project will buy them at the market price. Please contact [email protected]