Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 363. (Read 2115876 times)

Will Factom move to a different chain?
Unless I am wrong Factom uses the Bitcoin blockchain. Considering the blocksize problems, will it move to another chain?

BrianDeery 5 hours ago replied:
Factom is meant to alleviate the block size problems.
Spring of 2014 I was warning friends about the impending holy war. Also Patrick Byrne hired the Counterparty guys to put Wall Street on the blockchain. I was horrified, because I knew bitcoin would collapse under that weight. Something else needed to exist which was as immutable as bitcoin, but could make scale tradeoffs which bitcoin cannot afford. A system needed to exist to hold interpreted protocols, similar to mastercoin and counterparty. The best way to get the future you want is to build it yourself. I founded this project to address the scaling issue.
Factom can prove its history on other blockchains too. We are planning on anchoring into ethereum too. This will allow ethereum apps to follow historical factom consensus without viewing the bitcoin blockchain.
No Factom will not stop using bitcoin as a publishing platform.

https://www.reddit.com/r/factom/comments/4a5cou/will_factom_move_to_a_different_chain/

Well, look at it this way: you get a chance to buy more at a more-or-less stable price. If you're eyeing selling your bag in 2020, you'll see this as an opportunity.

Yeah they sure do make it hard, but I noticed if you put big orders in away from the spread it will work up or down to fill them very quickly

Hm....the price keeps moving sideways all the time. These bots re really terrible burden for factom trading.

Which are other competitors?

I just see that I've made a few mistakes in my post (besides grammar because english is not my language ;-)  )

Especially this sentence needs a "not":

Important is: "Factom does not store the data itself (it's possible I believe but not necessarily the sense)"

There are more, but, howsoever...


Regarding your question:

I see 3 different usecases:

- Payment for Server in a decentralized system
- "Currency" to buy Entry Credits
- Investment (in best case store of value)

There is no special use besides the first two points as a system-currency and without speculation there wouldn't be any difference for those who use Factom and the system itself. But the Investment-aspect is very interesting because differently to a cryptocurrency like Bitcoin, Factoids will be kind of backed. Bitcoin's value is it's function and the trust we have in it. Factoids will be backed through the use of the system, because of FCT-consumption. Differently to Bitcoin the base-value (if we subtract speculation) will be calculable and in some way more objectively.
 

Thanks for the answer it was enlightenment. One last question. I already understand the factom system, I understand the factoids. But why would I want to own Factoms (like coins)? Other than investment, it has the same use as bitcoin ie trading, means of value, investment? Factoms are now around 2 dollars, but what are they? An asset, coin? Do they have any special use?

it's all pretty simple once you get hang of it. heaps easier than banking!!

Shit if it's under a few K just leave it on exchange and set 2fa

Ok, thanks, so I saved the private key (most of the key in the computer and the rest on a paper), and my address, and that it. I don t have any client anything... ok... Thanks.

For long-term storage factoids use only paper wallet (FactoidPapermill).
Instructions here - "How To Use FactoidPapermill" - http://factom.org/howto#collapse-1-5

Hi
Please who can help so I don t loose my factoids?
I want to buy some factoids for long term investments (I know it is risky investment)
So I installed it on my OSX

So I have launched factomd , then fctwallet , then I created adress with "factom-cli generateaddress fct blah" then I see my adresses when I do "factom-cli balances"

So now do I have just to go beta.shapeshift.io/beta/#/coins and send coins in 1 of the adresses I own , that's it?

Then maybe I backup / passwd something I guess then I can sleep?

Thanks!

Ok, someone asked for an unbiased review of what Factom is and what is its potential. Here it is, I agree with every word. Good stuff.

Not what i said but Bitcoin transactions are available for few cents to be confirmed several times in minutes. So right now $0.04 or less will be a better proof of existence for the Author since it doesn't rely on other/small(er) networks.  (Proofofexistence.com sells 10 or 20 transactions for $2 ech per day, but pays $0.04 in fee for them. Factom can be cheaper and maybe they can convince institutional/B2B customers.)

Factom must not protect Bitcoin. If Bitcoin isn't resistant to spam, that is a lower level problem.
Thank you mentioning 500 Factoids (0.5M entries) are consumed per month yet, i think i read that too last year? Is there website yet to check the Factom network statistics?
Factom can't grow by more than 876GB per year, so that may be slow enough, just curious still how the reward for servers changes over time.  


 There is always arbitrage and there must be arbitrage so that the price is hard to manipulate and protects reasonable traders(unfair short squeezes/long squeezes) Pump&dumpers may be able to control one market but not all. Since Factom has a relatively low market capitalization you also want to check if competitors move similarly, or if not - for what reason.  The real peak was'nt 0.0087 but rather 0.007  
(Again,  I'm not speaking against factom, this event simply made me disagree with the pumping trolls)

Factom ist the System, Factoid is the "coin". But it's more a license or a "system-currency" if you want.

Factom as a system is something like a recording engine for data in time. Let's say you are a trader and you want to be able to proof that you didn't manipulate your data. So you can hash your trades into Factom, which is like fingerprinting and timestamping it, so you can proof that your data is complete and correct. Or think it bigger: You are a trader for a company. This company connects it's system with Factom and potentially they could record every little step into Factom. You log into your Company-Account and it's recorded, you open a file and it's recorded, you change the file and it's recorded etc.

Important is: Factom does not store the data itself (it's possible I believe but necessarily the sense), just a hash of each file so it's possible to control if data is correct or not, if data is complete or not and so on. And if a company would also record who had access at which time to specific data, manipulations would become a lot more difficult, or loss of data with intention ("ups, we've lost all our data. sorry!"). It would become much more easier to find out who is responsible and also what happened.

Factoids:

For each entry into the system you need Entry Credits. You get Entry Credits if you transact Factoids on an Entry Credit - Address or even better: You buy just the Entry Credits for Dollar (each 1/10 cent) in the (coming) Store, so you don't have to touch any Cryptocurrency. Each Entry Credit is one Entry.


On first sight it may look confusing but it's a very elegant system because it solves a lot of problems at once:

- Factom can be decentralized. Factoids are also the value to pay the participating server.
- User don't need to touch Cryptocurrency (Factoids, Bitcoin etc.). They can order Entry Credits and pay with Dollar, Factoids are transferred on the EC-Address and voila. That's important to avoid regulatory problems for big companies.
- While Factoids are transferable Entry Credits are not. Once a FCT is converted into EC's it's not possible to re-convert it or to transact it. Just to use it.
- While the price of Factoids can be very volatile (which we see on the exchanges) the price for EC's can be (is) stable. The price for FCT's will never have negative impact on the demand.
 


And, what's also ingenious: The value of Factoids will reflect the use of the system. The more it's used, the more Factoids will be converted into EC's --> out of the system (kind of "burned"). So it will be possible to calculate something I call the "base-price" which is needed for a stable supply. If the price would drop below, more Factoids would be consumed than new created. If it goes above, more Factoids will be created than consumed. Speculation will have a great effect (it already has), but it's very likely that the price will always find a base where the number of consumed FCT's will be equal to the 73k new Factoids each month.


At the moment the price reflects speculation, it says something what people believe if they think about future potential of Factom. But there are also some interesting points:

1. It's really mostly speculation (or betting) and it's visible in the Polo-trollboy (just for example) that many did not make enough research to come to own conclusions. I can't say that my conclusions are correct because there is nothing without risks. But I believe that Factom is the project with the biggest potential right now (I think it's potential is bigger than ETH, because I believe to see a lot of risks in ETH while it's already near to 1 billion marketcap - personal opinion of course) and I believe that more and more ppl will learn about Factom and come to similar conclusions.

2. The price-rise of the last 3 months, since Mid-December, is a price correction. Factom was totally undervalued since the ICO and the first months on Poloniex. With other words: If more people would have understood how good this project is to that time, more people would have bought into the ICO. The total supply would be higher which would mean that it would have started with a higher market-cap at lower prices for each Factoid right from it's first day on an exchange. That can be called an opportunity.

And while the price has increased a lot, many people believe it's overbought now. But kind of funny is: The high volume builds strong support. While the total supply is just 8,7 Mio it just needs some days to trade that volume and a lot of profit-takers have already sold. Some not of course but that are obviously strong hands and in for longterm. The dumping was mainly margin trading. I don't believe in the chinese-theory. I know that there were problems and there may have been some arbitrage but I saw the interest rates and that 90% of all loans were demanded. But, it's not even important. Important is it's general potential and in my opinion that's like Bitcoin in 2011.

Could someone explain me a thing: What is Factom - the Factom being traded, what are the pro's of Factom. I mean Factom is certainly a kind of coin, but then there is factoid. So factoid is the coin using for operations, and will be the one people will be paying for services with. So what does the factom coin do?

BITMEX INTRODUCES FCT7D CONTRACT, TRADE FACTOM (FCTBTC) WITH YOUR BITCOIN UP TO 10X LEVERAGE.

"You can now trade Factom (FCTBTC) at up to 10x leverage using bitcoin - Hedge and Speculate with futures contracts at BitMEX.
BitMEX has an exciting new Factom futures contract which you can trade at up to 10x leverage.
BitMEX uses only bitcoin on their site, but the value of FCTBTC on Poloniex is used as the settlement for this new contract they created.
It's as simple as you deposit bitcoin, and use bitcoin to bet on the price of FCTBTC going up or down and then if FCT goes down you earn more bitcoin and if it goes up you can "long" the contract and earn money on it. This is a great positive development for FCT users."

http://www.bitcoinfuturesguide.com/bitcoin-blog/bitmex-introduces-fct7d-contract-trade-factom-fctbtc-with-your-bitcoin-up-to-10x-leverage

Thanks for sharing.

So no lending, just trading right?

Hey everyone - Sam from BitMEX here.

The 10x Factom market is live: https://www.bitmex.com/app/trade/FCT7D

The contract is traded entirely in Bitcoin (no need to deposit Factom or carry any). Each contract is worth 1 FCT. Specifications: https://www.bitmex.com/app/contract/FCT7D

Hope to see you all around.

So you prefer to pay 10 to 100 times as much , and also wonder when it will be on the block , and bloat the bitcoin blockchain with useless
space compared to just se factom and be innovative