sep 5, 2014 - JPBULL & JPBEAR

Description:

These two tokens by JP Janssen (JPBULL and JPBEAR) are the first on-chain experiments for tokenized bitcoin derivatives using Counterparty. Attaining these tokens were a basic way of buying 'put' and 'call' options against the bitcoin price at the time. The descriptions of these tokens published the options as 'BULL $500 14/09/18' and 'BEAR $500 14/09/18' giving users some time to make a prediction.

In this case, JPBEAR holders recieved a payout due to the price action of Bitcoin at the time. While no users other than JPJA participated in this experiment, the on-chain record of the payout and usage of these tokens were conducted as a proof that fully transparent contracts were possible using Counterparty.

JPJA states on his website that 'trading on the [Counterparty] DEX' was simply 'too slow for a real life application'. Also noted is that both tokens were issued as divisible and the original supply's issuance for both tokens were later locked in 2021. He also documented and notorized this idea within the same PDF as he did for JPGOLD.

Issuer: JP Janssen

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