The Magic of Counterparty Bitcoin
Updated: Mar 26
The Magic of Counterparty continues as a new a chapter emerges for the Bitcoin asset/NFT issuance protocol.
The Magic started in 2014 when founders Robby Dermody, Adam Krellenstein, and Ouziel Slama programmed the XCP Protocol that burned over 2,140 Bitcoin or $124,000,000 in today's value to create 2,614,000 XCP, the reserve and utility token for the Counterparty decentralized exchange and anti spam mechanism for issuing vanity assets on Bitcoin .
By burning Bitcoin, Counterparty essentially forever locked away this Bitcoin so it could never be accessed or spent again. The reasoning was for a fair distribution of Counterparty's reserve currency XCP.
Unlike conventional crypto projects where founders raise money to either build a product or enrich themselves, Robby, Adam, & Ouziel founded Counterparty with the idea that even they had to pay their own personal Bitcoin just to be included in the distribution of XCP; Despite the fact they were the ones who would have to do most of the work building the protocol.
Counterparty was built to be fair to everyone, even less fair to the founders themselves.
Counterparty was built for community, fairness, democracy.
If Counterparty was to survive, the community would have to donate their own money moving forward to improve the protocol.
On March 11th, 2015, the first ever digital art associated NFT was issued on the Counterparty Protocol, asset FDCARD with a supply of 300 by Shaban, founder of game maker Spells of Genesis.
Fast forward to September 9th, 2016 and the asset RarePepe was issued on the Counterparty Protocol by Mike.
RarePepe was the first community NFT project where anyone could create and submit their own RarePepe art.
A group of RarePepe "scientists" evaluated submitted cards and either rejected or accepted them into the RarePepe collection; The only rule was no NSFW. There was no submission fee. It was a completely community driven project where artists all around the world created RarePepe Bitcoin NFTs via a community driven and funded protocol.
I personally like to call all these early day NFTs on Counterparty Democracy Cards. They are spread out around the world. I'm almost certain a large majority of these cards were acquired free from either game makers or other community members.
These aren't just regular cards. They are history. But more than history, they stand for freedom.
Just last week, the FDCARD sold for $46,000 at live auction and RAREPEPE for $30,000. Sounds absurd because it is. Months ago, these cards were practically free. Everyone is now starting to realize they are going to become very valuable one day.
I'm extremely bullish on Counterparty NFTs because they are the originals, but more than that, they mean freedom to so many. The people who hold these cards are located all around the world in various economic situations.
For some, these Bitcoin Counterparty NFTs may mean new toys, but to others, they may mean an entire new life for them and their family.
I personally cannot wait for the day when we hear about some poor family in Venezuela or Thailand or India striking it rich after finding some old passcode that contains $1,000's or even $1,000,000's worth of RarePepe's or Spell of Genesis cards in an old wallet.
Stay tuned for more magic from Counterparty.
RarePepe often gets a negative connotation, but it's not the truth. RarePepe was created to unite the world in community and love. Some of my favorite RarePepe's below.
PEPEALASSAD - "Playing this card makes you loose 90% of all the RarePepe's assets you own." https://www.xchain.io/asset/PEPEALASSAD
ERDOPEPEGAN - https://www.xchain.io/asset/ERDOPEPEGAN
MURICAPEPE - https://www.xchain.io/asset/MURICAPEPE
To learn more about Counterparty and to become apart of the community, use the links below. We will be happy to see you!
Counterparty Official Telegram Room: www.t.me/counterparty_XCP
Counterparty Blockexplorer: www.xchain.io
Counterparty Official Website: www.counterparty.io