Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 212. (Read 2115900 times)

I have exposed the facts. Of course the primary culprit is bnktothefuture.

But if you have company A making a share sale through bank B and bank B is acting illegally to sell the shares, or just even breaking (without maliciousness) some rules, shouldn't you expect at least apologies, BOTH from B AND A

(edit:) one more point.

do you REALLY believe NOBODY from Factom was at least interested to check during the sale how much was raised by bnktothefuture, maybe not an daily basis (though i certainly would if i was Factom's CEO !). When checking the figures, i would quickly figure out the actual figure and the one on bnktothefuture site had a material (1M USD) difference... If they knew and didn't intervene, thats an offense I believe. And its very hard to believe nobody knew on their side. see ? No accusation without proof, but for me, this is very fishy.

It's pretty simple what happened.  Bnktothefuture is still an imperfect system and there were fraudulent purchases and/or investors who weren't legally able to invest and that was determined after the fact.

I have zero doubt Factom is 100% in the clear and this is a non-event.

GrossBit trolling and giving fake information...

I'll let you judge that.

every of the 158 co-investors of the series A funding received daily emails telling them the deal was oversuscribed (i cut the top because there is personal info)



What you could see directly on bnktothefuture site, until a few days ago was that:



and now its this



(figures in JPY as i'm based in Japan, 1 USD = roughly 100 JPY, so the first figure consistent with the 5.3M USD, the second one with the final 4.2M USD)


TLDR: during an equity sale, there was misrepresentation of information to investors. They were led to believe the deal was oversuscribed (while still open !) and at least 13 people invested on the last day on the basis of that information (number of backers reported on the email was 145 1 day before, the final number of backers is 158 !!!) BUT the amount subscribed in the end was 4.2M only, 1M less than announced, and all that information was still there a few days ago, before it was swiftly removed from the bnktothefuture site at the same time (some hours later to be exact) after the press releases.


This is absolutely illegal. You don't need maliciousness to make some illegal (= go over a speed limit without being aware for example, kill somebody by "mistake" by prescribing wrong medicine etc...). If there is maliciousness , you can call it a federal crime. If this a registered SEC sale it could be subject to fines and perhaps more.

read the whole story, and follow me on reddit/ethtrader and reddit/factom

https://www.reddit.com/r/factom/comments/55x0sr/tim_draper_leads_42_million_series_a_for/?sort=new

PS. don't worry i won't file any complaint, after all i am an investor as well and don't want to shoot in my own foot. But i don't like to be treated like a fool. You can count on me to stay vigilant.

Are there major bugs with M2 they're struggling to figure out or are they just polishing at this point?

Paul Snow has generously agreed to have me interview him for CryptoCompare. First, thanks to tdkmatt for making this possible.

I asked Paul if he would be OK with me soliciting questions from the community on this thread, and he said it would be fine. So: If you have questions you’d like me to ask Paul, please PM me here or on Reddit (same username).

As everyone knows, Snow & Co. are working overtime on development. So I’m not going to be able to ask him everything we might want to hear about. I plan to send him a bunch of questions, though, and let him choose whichever ones he’s most interested in responding to.

Please also be aware that this will be for a general crypto audience, so questions about some of the more nitty-gritty tech details might not be appropriate. (This thread, with Paul and Brian’s recent posts, is probably the best place for that.)

Also, I’ve obviously had disagreements with some users of this forum in the past. However if anyone wants to send a possible question, please feel free to do so.

Thanks buddy!!!

1.  By M3, who is a Federated and who is an Audit servers will be voted for by users of Entry Credits.  It could end up being you or me.  M3 will make it a decentralized system.  M2 will be centralized and Factom appears to be choosing who is running those servers.

2.  I suspect initially a Federated or Audit server could be run on a VPS.  I also suspect, in time, Federated and Audit servers will require MUCH MORE computing power as use of the protocol grows.

3.  www.factom.live for the rich list -- it is widely suspected the top is Poloniex's cold wallet.

Brian,

I just finished reading the whitepaper.  I am still confused about the servers.  The servers act as a node like in bitcoin.  Are these servers run by people are are they all owned and operated by factom.  Also I read somewhere that there is a limit on the total number of federated servers.  I am assuming a federated server is like a dedicated server, just bigger.  And is there a factom rich list?

Haha classic.

"Here's the whitepaper, once you done there, there's also 28 pages of consensus protocol."

Factom is not an easy thing to wrap one's head around at first.

I understand why people don't wan't to read white papers, but then asking if they can 'just get a paragraph'? You could get a summary of it sure, but in the end you'll likely just get marketing that has nothing to do with the underlying technology, and with that no real understanding. There's no short-cuts in life mate.

why should yo go into jail because you remove your orders ?

I think this is why popular understanding/support is so important. As others have said before, certain large corporations and governments might not be naturally inclined, let's say, to change their ways, esp if they're benefiting from the inequities. Once ppl realize what can be done, though, it makes sense that they (the citizens and shareholders) would demand that transparency of their leadership.

I also think this could have a pretty strong Dominio effect. Once one major corp / gov't goes full-transparency—once those test cases are proven—I think it would naturally follow that others would feel increasing pressured to do the same.

And then, in the blink of an eye ... totally fair world.

GrossBit = return of the troll master  

Nevermind, Brian Deery, Chief Scientist at Factom, Google search

The FAQ's could be a good place to start:
https://www.factom.com/about/faqs

I glanced at the white paper, but I'll give it more than a cursory glance this time round.  I was hoping factom "could" be surmised in a paragraph, but if it can't no big deal.  Also Brian, are you part of the factom team?  Reason I asked is you used the word "we" Thank you

Ok Nostradamus.

The whitepaper does not have any code in it.  In my opinion, there might be a little too much fluff and exposition.  It is approachable by those who cannot read code.  Most, if not all your questions posted are answered in the whitepaper.

You are asking for a 5 minute read to "fully understand" the project.  It take would probably take a years worth of study to fully understand it.  If you won't even read the whitepaper, then it seems you do not want to understand Factom.

We do have some informative explainer videos.  These may help, and will only take a few minutes to watch.

https://www.youtube.com/watch?v=6NF7ZqaQHqs
https://www.youtube.com/watch?v=2Dj3qZeSLdY&list=PLz_L4-CmLmkf2hAcCEnM_5RM1Gs7XPuuN&index=2

Again, reading comprehension.
These are the potential future headlines.
Anyways, thanks for the discussion and some insults =) Obviously, we cannot have a discussion when I'm talking about one thing, and you are talking about something else.

I don't see that people are confused like you are. I don't know of headlines like "Factom reports it owns 5% of Factom" etc. But maybe you can give sources where you've seen the stuff you say that it's confusing?

Just a thought. Many people might confuse buying Factoids as buying into Factom Inc. And then there will be a time when trolls would use that against you.
Maybe I am wrong, but I see potential problems down the road. It's your call. Thanks for the response.