Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 402. (Read 2115876 times)

i'm not sure i understand....  how can i know if i have ~/.factom/factomd.conf.  i searched for it in Finder but couldn't locate it.  i have the binaries folder in Applications but it looks like I'm missing a piece.  advice?  thx so much.

Make sure you got your ~/.factom/factomd.conf
Make sure factomd, fctwallet and walletapp binaries are running then you should be able to get to the GUI like this http://localhost:8093/

By the way today drew attention started to use FACTOID ENTRIES. Block number (ID) 16346 - http://explorer.factom.org/
Total Factoids: 8753855.73938919

Now coinmarket need to constantly change the value total number of available factoids (Available Supply).
Now coinmarket - 8,753,873 FCT * http://coinmarketcap.com/

I think we could, if Factom should be successful, compare it with Bitcoin regarding it's FCT-price-potential. With other words: It's possible that it will really skyrocket at one point and the latest ATH won't be even recognized any more - impossible to call a number. But in general it's also very different to Bitcoin and times have changed.

At one side: There are more competitors in general but also a lot more of attention - and it's all faster now. Bitcoin as a currency is intended to be something like a independent payment-system. Factom won't be that, but it could be, if successful, even bigger. Reason: The demand of systems to handle and secure all kinds of data is much bigger. And therefore it will be about a stable base-system. Milestones 1, 2, 3. And then it will be about the applications. In best case the Factom-team will offer applications for different use-cases but companies also could adopt Factom and build their own applications on top of it to use it. That's a lot of potential to "grow beyond itself". And it will be about that. All kinds of Companies could use the Factom-Api and build their own Applications. At the moment the market underestimates how important Milestone 2 will be. It's near but the price is dropping. We are in Crypto, so we had a nice peak because of the chinese exchange. But Milestone 2 is about the Api and the EC-Store. Milestone 2 will make Factom ready to be easily adopted if I understand it right.

And: If successful the Factoid-price would have some kind of backing. If people buy products with Bitcoin, the company sells those Bitcoin on the market. It's just a circle. The economic-system of Factom is different and in some ways more elegant. If it should be successful the price should be pretty stable at some point because of "demand vs. Inflation". It also could be that if successful there will be a long phase of an increasing price, just because the data-volume is doubling in short time-frames even in little companies. Speculation would anticipate all that and overdrive - good for traders and no problem for the system itself as long as the EC-price is fixed/stable.

But for some time the price will mostly be speculative and in some ways like an answer to the question how much potential the market will see in Factom regarding future EC-demand. If people believe it will be about millions of entrys, the price will fluctuate in a range where it already is. If people believe, it will be about billions or even trillions of entrys, there is no limit because it's open for all kinds of use-cases. Maybe the team itself doesn't even know all possibilities of use-cases. Could be unpredictable like the internet in it's early days.

If Factom should turn out as a system that gives the opportunity to reduce costs and to solve problems, a price is unpredictable but it would be a massive rise. And I don't have precise statistics but what I know: The costs and also the problems with all kinds of dynamic-data-processes are gigantic.

tempus,
You are quite right,
this time to sell their FCT it can only make a stupid man who wants to be rich immediately.
Factom a product just for the long-term prospects and will go the way Bitcoins, I am absolutely sure. Bitcoin had to overcome four years until he was recognized by the world, but then he was a first crypto product, so the recognition came to him after such a long time. The Factom I think has to overcome this way for 1-2 years.
Someone thinks, how long it takes the Factom that it could be compared with Bitcoin?

Yes, me too. I make a little bit swing-trading, but just for fun with small amounts. 95% I will hold because what I expect is: It will go down a little bit in times without much news, but it will skyrocket when there are good news - depending of the news of course .

And Factom hast a lot of potential for good news and it won't be possible to see it coming. 7 hours of sleep can be enough to miss the train, so I would feel uncertain not to be invested.  

Yep, that's why I'm HODLing. Even if it means going down that same familiar path of watching the thing get buffeted up and down by the pushme-pullyou of excitement and disillusionment.

It's not that much. Just some examples about data and files:



Mastercard transactions:

 
MasterCard processes an average of 51 million authorizations of financial transactions a day, enabling consumers to make purchases instantly, anytime, almost anywhere, in both the virtual and real worlds.
https://www.mastercard.com/us/company/en/docs/092408MasterCardFAQ.pdf

 

VISA:

Process 300 million transactions a day without going crazy
http://www.techrepublic.com/blog/decision-central/process-300-million-transactions-a-day-without-going-crazy/

 

Trading:

TheTabb Group, a consultancy based in Westborough, MA, estimates that high-frequency automated trading now accounts for 61 percent of the more than 10 billion shares traded daily across the numerous exchanges that make up the U.S. market.
http://www.technologyreview.com/featuredstory/416805/trading-shares-in-milliseconds/



Just one trader:

By the end of the day, his computers will have bought and sold about 60 million to 80 million shares, with the heaviest activity in the last hour of trading, from three to four in the afternoon.
http://www.technologyreview.com/featuredstory/416805/trading-shares-in-milliseconds/



Health/Medical-Records:

Government agency handles billions of files containing private health information
The Challenge Improve security and data exchange across a complex partner network
https://pkware.cachefly.net/webdocs/casestudies/CMS.pdf




IBM says Elastic Storage is capable of scanning 10 billion files in 43 minutes and can move billions of files in microseconds. It can also automatically transfer less frequently used data across the whole capacity pool into less expensive storage options, leaving faster storage resources, such as Flash for more important data. IBM claims this can cut down storage costs by as much as 90%.

(...) IBM started receiving calls from members of the healthcare industry who said they were interested in using Elastic Storage to store and process complex and voluminous medical data.
http://www.techtimes.com/articles/6884/20140513/ibm-launches-elastic-storage-scan-10-billion-files-no-sweat.htm



Everybody can do some research about it to find some statistics of different sectors and industries and businesses and "big data" etc. Just think about data of patients, banks, data in science, laboratories, offices for statistics, etc., and just for fun:

Maybe this wouldn't have been happened with Factom:

Report Reveals $8.5 Trillion Missing From Pentagon Budget
http://www.globalresearch.ca/report-reveals-8-5-trillion-missing-from-pentagon-budget-2/5453618

And no, I don't believe the Pentagon will use Factom. ;-)


But, to be serious again: I believe Factom is extreme. There is just "do it or die". If it's just about some millions of files I don't believe that could be seen as success. If Factom will be what it is intended to be, it will be about billions of Entrys. It won't be about little girls who hash their diary everyday. ;-)

So basically 1 million of entries each day seems a lot indeed.

Actually I think it will take few years to reach this level but when it will reach it as the grow should  be exponential then the value will grow exponentially.

From now to this point it is all about speculation and if it will reach this point, but if it reaches it then the value of factoid can be easily few thousands of dollars in my mind.

Furthermore the speculation side will always be in advance compare to the real value of Factoid, if you check disruptive start up their valuation correspond at 80 years of current profits, people speculate that their profits will grow exponentially...

So...using this model as a guide, the current 40 cents per Factom (from Coinmarketcap) implies a fair-value corresponding to ~28.5 million entries per month.

Thanks for posting that quote: it helps explain why Factom's price sunk so much before the pump.

tl;dr: using Paul Snow's model, Factom's price now is assuming close to 30 million entries a month. That's an awful lot...

Sorry, no; I don't know of any. All I know is what I've observed "in the raw."

You are right, its ~73K per month.

Are you sure about 75K a year? I think it is 73.000 a month !

This is a quote from Paul snow on reddit :

[–]PaulSnow
The only thing you are missing is that if the protocol gains traction, then the demand for Entry Credits does in fact drive up the value of the factoids. So suppose we were writing 10 million entries into factom per month. This would be 10,000 dollars worth of Entry Credits. Since about 73,000 Entry Credits are generated a month, then it makes sense to equate the value of the in flow of factoids to the outflow. This would make each factoid would be worth roughly 14 cents. If the volume went up to 100 million entries per month, then each factoid would be worth roughly 1.4 dollars.

anyone knows a good source for learning theory of post-pump price behhaviour?

"Annnnd...it's gone!"

And here I was trying to use Polo's import function to sell into the pump. (sigh)

Well, them's the breaks. The Address Generator & the blockchain explorer show that I've still got mine. Given that the pump is turning into post-pump, or so it looks to me, I should look into buying more & socking them away until Merry Christmas 2020 or so. I don't need the Import Function for that; all I need is my address to withdraw.

P.S.: If buying Factom now is like buying Bitcoin in its earlier years, a better analogy would be buying Bitcoin in 2011. Factom's current market cap is almost four million bucks, a cap that Bitcoin didn't reach until '11.

Can't wait for it to get on some other exchanges..  btc38 soon ? 

My impression is that there is somebody or maybe more than just one whale who wants to push it down. It started yesterday with a huge dump and than there showed up a big sellwall. But he didn't really want to sell. Always when it came near the sell-wall was taken away. Today it's the same game. First dumping, than sell-walls "on/off".

So, I don't believe it's really the will to cash out and leave, maybe more to buy low. But I'm not sure if it can be successful. The market-depth looks very good.

Another scenario would be that somebody who bought a lot during the ICO really cashed out because it's at about 100% profit, plus the BTC-price is higher. Maybe I would believe that if there wouldn't be these manipulative games with sell-walls.

But anyway, it's good when wales distribute their massive amounts.

can't seem to get the GUI wallet installed on my mac.  anyone else have problems?  i got the binaries downloaded and installed (i think) but when i go to run the wallet, it says "could not find page".  any magic tricks out there?  anything to report re: importing straight to poloniex from koinify?  thx all.

FCT is now below 100k. Looks like whales are cashing out after the huge rise. Does anyone think that selling will stop now or will Factom price keep dropping?

FCT is getting beaten up across exchanges !

Is Development Team having an eye on the Price?