Why is the original one (save a lousy template) not balanced? As intended, you yourself have to have at least one other spell on the stack besides 1-Mana-Counter, since as with all counterspells, it cannot target itself (save redirection via Divert and its friends).
I don't believe you don't have to have a spell on the stack. I don't have time to look it up for sure right now, but I believe the initial "For each player" mitigates the usual demand for extra targets.