Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 252. (Read 2115876 times)

It's the same in Factom. The hashes, and hashes are data, are stored forever - in Factom and the Bitcoin-Blockchain. But the data that is hashed is not stored by Factom. It has to be that way, because nobody would want to store personal data, like medical records, on a blockchain.

The sense is: Let's say a bank hashes transactions and places the hashes into Factom and Factom into the Bitcoin-Blockchain ---> one year or five years later the bank has proof that nothing was altered or deleted. If there would be a hash in Factom but the file is missing, it would reveal that data was deleted. If there is a file that doesn't match to the hash it was altered etc. Plus: It's also about organizing data and we talk about "big-data" here.

And Factom also can be used to hash access to data. Let's say you work for a bank and you log into your account - Factom can record that as hash (depends on the application, on how the bank uses Factom). And let's say you open a file and change it --> Entry into Factom. So it's not just about the data and hashes but also about responsibility. It makes it much harder to mess with data once it's recorded as hashes. And that is more powerful than most people think because it's not just about objective aspects like:


- Proof of Existence: a document existed in this form at a certain time.
- Proof of Process: a document existed and is linked to this new updated document.
- Proof of Audit: an updated document can be verified to have changed according to a set of rules.

...but also about the way people think and act. That's why it's called "honesty-system". It doesn't prevent dishonest behaviour, it doesn't make it impossible to manipulate or delete data. But Factom would reveal it.

To understand how powerful that is it needs some knowledge about how it's handled today and how much manipulation is going on everywhere on this world with data.

Thanks for explanation, I believe it is useful for everybody.
I am sorry for my stupid English, please bear with me. With regards to 3/ - the data is not guaranteed to be stored - so what is the reason to try to store hashes or anything with FCT, if it just may disappear ? With BTC I buy the storage in the blockchain forever. Does it make more sense now ?

Well lots of us do consider these large 500 BTC dumps fishy, especially since they ve got a quite repetitive character. Yet, this is just speculation and we should focus on the positive news and events.

There is well organized FCT dump and pump team

In my opinion only btc appreciation that push down all the alt coins....

Nearly got margin called  . Tough day for factom, why did the price fall so much? Any negative news?

Not that much. I can still buy back on the way up.
To my mind, the only problem with Factom is timing, all other variables align - so Im playing it risky - but still, got carried away.
I wont say 'dont use margin', but I will say the 2.5x part is a 'suggestion'. Given the manipulated nature of alts - I'll probably stick to 2x or less from hereon.

Exaggerations goes both ways.

Sorry to hear that. What lesson did you learn from it?

I had the opposite problem. I just didnt think the price could drop this much... and got margin called.

Such is life.

Yeah, this was a pretty major shake-out. FCT's admittedly hard to wrap your mind around initially, so probably a lot of the recent sellers were people who jumped on the bandwagon over the past few weeks, but when the price started to fall didn't know enough about Factom to hold on ... aka weak hands.

The dump seems to be over and the price will recover. The main reason behind it is BTC price jump combined with weak hands running into XMR to try to skim some profit. People just don't learn not to buy at the peak, which is what happens with Monero now.

I am shocked by the dumping. I guess a bunch of people bought low to sell high. All noise though. Just waiting for a new ATH and then the lack of selling and all of a sudden thousands of BTC in support and no sellers.

Well... that sure didn't work.

Hahah.

I sure do own a lot of FCT now...

I think you're confused about how direct quotes work.

Happy to discuss if you find the place in the video where Snow says either of the things above, or some variation. But otherwise you should take a peek at the thread's header, "Introducing Honesty to Record-Keeping."

By the way, how's your 5-day-old account treating you?

I warned yall. XMR is continuing an aggressive push and the sponge effect is taking over. XMR will be worth 0.03 while everyone here is sitting on their hands waiting for these tokens to rise. FCT is not a store of value / token that is designed to sustain a high value. It has been stated in this interview with lead DEV PAUL SNOW: https://www.youtube.com/watch?v=1noFK6M8ktU

Yeah, one thing that endears me the most to FCT is the lack of arguments by FCT fudders. Most are either confused or appear to have some other agenda. Seriously ... aside from a black-swan event (Bitcoin is hacked, Paul Snow decides he's more interested in water-skiiing than blockchain tech) are there any good arguments against FCT? Ppl are clearly still confused about the EC/FCT ecosystem, but ... are there other reasonable criticisms that can be leveled against FCT? Curious to hear them if so.

And cheers to being all-in! If anyone lives in the Bay Area ... I'm going to try to organize an M2-release party, so PM me if you're in the area and interested.

I'm all in.. Buying every dip. No one has provided one compelling reason to sell other than bs. I have to admit it's definitely a gut check to buy in the face of a sell-off however, I like to buy things on sale.

LOL.  Coordinated attempt to tank FCT.

I've been buying up more FCT at these levels and am about to squeeze the shit out of the shorts.

Stand back...

....says the XC-bagholder!

Go, buy some more XC! ;-)