Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 410. (Read 2115876 times)

The pre-crowd sale supporters paid more than the ICO (not less).  And Factoids started out at roughly 12-13 cents per factoid, which is a bit above the price now, but the market is pretty thin.  If you wanted to buy 5 or 10 bitcoin's worth of Factoids, you would drive the Factoid price up to ~15-16 cents.   Likewise, if you dumped a bunch of Factoids, you'd drive the price down quite a bit.

They bought when Bitcoin was worth $230 (real price FCT 52k), Bitcoin is now $380 (real price FCT 30k). Therefore, it is normal. Also someone (the first investors) bought at one time below the price of ICO.

People are selling for 25k sats when they bough for 52k ...?

At least for me this is new:

Cryptid is the next generation of identification. Cryptid eliminates the possibility of counterfeits by adding factors of authentication and encryption that is backed a distributed global network. It benefits a group or organization of any scale by allowing them implement a secure method of managing the verification of official members. Utilizing existing standards, such as ISO 19794-2 for our fingerprint templates and AAMVA and ANSI personal information format standards, our system can be integrated with existing software and hardware (fingerprint scanners) and easily understood. Our current version of Cryptid uses Factom as its blockchain backend. For encryption we use AES-512-CBC for data encryption and RSA-4096 for signing and verification.

(...)

http://devpost.com/software/cryptid

https://poloniex.com/exchange#btc_fct

https://poloniex.com  currently. 

Where can we trade factoid ?!

Good question.  It is entirely a matter of perspective.

From the perspective of the network, any entry of data must be paid for with Entry Credits, which can only be created with a corresponding decrementing of Factoids.

The system is setup so that the person who holds the private key for Factoids can be a different entity that the the EC private key holder.

Lets take the example of BIGINT, a large institution who's lawyers have forbidden it from dealing with any tradable token.  ECs cannot be reassigned, so those are just fintech denominated in KiB, which the IT department can use no problem.

Here is how BIGINT will use Factom without using Factoids:

BIGINT creates an EC key, and issues a Purchase Order to a Intermediary A.  Intermediary A's lawyers and accountants are comfortable with tradable tokens.  Intermediary A purchases Factoids from the market and converts them to Entry Credits, crediting BIGINT's EC key.  Intermediary A creates an invoice on BIGINT's standard NET30 terms and sends it to BIGINT's accounts payable department.  BIGINT sends a USD$ ACH transfer 29 days after the invoice, per the terms.

Viola, BIGINT has used Factom without using Factoids.





Yes, to a degree.  It comes down to a matter of trust and time.  Like in bitcoin, the confidence increases with time, but is more granular at short time periods.



Here is a bitcoin analogy: assume that you knew which miner was going to win the next block.  Now assume they promised to include your transaction in the next block.  That might be considered processed.  There is still the chance that all the rest of the miners will orphan that block, and not include your transaction later.

Here are the levels of trust will occur in Factom:

1. Your full node client gets a transaction.  It passes all the rules of the protocol
+ a few seconds
2. The designated Federated server for that Chain broadcasts an acknowledgement for that transaction, arbitrating between any malleations or doublespends. (note, I think we solved malleation from anyone without the private key. https://github.com/FactomProject/ed25519/commit/dadf2ec666e4abca02e8275370686855b9e419cf)
+ a few seconds
3. The other Federated servers do not reject the designated one for any misdeeds.
+ The rest of the minute
4. The Federated servers shuffle, come to loose consensus, and change which chains they are responsible for.
+ The end of the 10 minute period
5. The Federated servers add up all the acknowledgements and create the block structures.  Then, the majority of them broadcast out a signature of the block. The Bitcoin anchor is created and broadcast on the Bitcoin network.
+ 10 more minutes.
6. A new block is created including the signatures of a majority of the Federated servers.
+ 1 hour
7. The Bitcoin anchor transaction has 6 confirmations, making it permanent, and also showing that Factom as a system is not itself forked.

Brian,

It was talked about before that someone could purchase entry credits without using FCT.  Have you guys changed your mind about that?  If so, I am glad to hear this.



Once the federated server system is up and running, does that mean FCT transactions can be processed in seconds?

FACTOM, BrianDeery,
Thank you for your replies.
Let's hope that the project will be developed further. Generally, I believe in your project, so every day I buy FCT

And yet, you list all these people as a resource to draw upon........  http://factom.org/team

Thank you for your concerns.

First off, big projects take time.  I'm sorry we didn't conquer the world over the past weekend.


Factoids were never intended to be a consumer level payment system, we have Bitcoin for that.  It doesn't make sense to have an iphone wallet for Factoids.  As described in the whitepaper, Factoids are a way for the system to have a value sacrifice in order to limit spam.  Factoids are the only way to get Entry Credits, which is the only way to enter data in Factom.

The best way to increase scarcity of the token is to increase usage of Entry Credits.  You seem to be advocating for increasing the number of speculators, which would also tend to the increase resale value of the token, but not in the long term.  Speculators are guessing that the system will be valuable, not because there will be more speculators later, but because Factoids will be needed to access a useful business system.

http://blog.factom.org/post/131555177929/more-on-factoids-factom-foundation-factom-inc

We also realize that making user friendly wallets is very hard.  We specialize in backend automation software.  We are growing our team to make better front end software, and we know we are subpar at it.  If you have the skills to help us make the wallet better, we would very much appreciate it.  The code is located here: https://github.com/FactomProject/walletapp  If you have some design experience, the HTML files are located here: https://github.com/FactomProject/walletapp/tree/master/staticfiles

Also, the wallet can be accessed by API calls.  If you would like to put a fancy c++ wallet frontend on the fctwallet backend, all the crypto and token handling is done.  If it is as easy as you say it is, then it shouldn't take you too long to make one that complies.


Our token sale received less than 5% of Ethereum, and only 1/3 of that has been released so far.  Here is the report of the progress from Michael Perklin, a well respected outside auditor: http://factom.org/downloads/factomreview.pdf  We are now concentrating on meeting the milestones, which mean having a multiserver federated system up and running.



Do you have any contacts with Microsoft or Chinese Auto Giant Wanxiang?  We would love an introduction.  Please get in touch with us if you know someone in the organization we should be talking to.


As far as customers, normally large organizations admire discretion.  We also have NDAs in place.  Thankfully, the volumetric usage of Factom is visible on the blockchain, so you can see the amount of data being put into Factom.

The news article about Honduras came out a few hours after the token sale ended.

Thanks for the questions.
We don't usually comment about other projects but Ethereum seems to be doing just fine. Not sure if you have seen their DEVCON1 conference but it was a pretty good event.
However, Factom has only one office, we had to relocate because our team is growing and our first office was getting too tight. No, we don't splash money in things that are not needed and surely we don't "eat and drink away" as you mentioned.
Order articles in various media about your project... Have you been following us or you just recently found out about Factom? ---> http://factom.org/news.
On the other end the team has been participating to most of the Bitcoin and Blockchain related conferences around the world including China, David Johnston and Jack Lu were speakers at the event organized by Wanxiang, you can read about it on our blog: http://blog.factom.org/post/131693596729/factom-factom-inc-on-the-road.

Our team is very actively collaborating with several companies to get Factom adoption, this process takes time and not something we can disclose until there is something agreed by both parties.
The Honduras project is work in progress, it is not fake, we are aware of some trolling going on about that, but we rather focus on continuing our efforts. Working with governments is not like working with a company, there are so many variables and political dependencies which sometime can take months or even years.

We are happy for other exchanges to support Factoids, however it is their choice if they want to integrate our software. We look forward to being supported on other platforms.
We don't use BTCTalk that much, we are more active on our Social Media and Blog + websites.

We have hit our milestone 1 on the first of September and are now working on our second one. You can check our GitHub and see how much works is being put in.

Stay tuned for more news and updates.

FACTOM, BrianDeery,
Really, make do usability normal wallet. The first version of your wallet undermines the credibility of your project, this a wallet could make only a schoolboy, not a professional programmer. You have money, hiring normal programmers who can make a professional wallet. Take the example of Ethereum, the first version of their wallet once looks professional and it is clear that there is work fine professional programmers. Just look at how to make the normal wallet, which is pleasant to work with. Your wallet is disgusting.

https://blog.ethereum.org/2015/09/16/ethereum-wallet-developer-preview/

Let your programmers learn the language C++  

Your official site usability is more - less well, why have you done such a poor wallet from which hunt only to vomit?
It is simply incomprehensible. If you position yourself to a professional project, please comply with this.
And you might think that you have a bunch of schoolchildren who want to simply earn money quickly.

p.s. By the way the news of the partnership Factom and the Government of Honduras, this was fake? This news was only to collect more money for crowdsale? Why is the government of Honduras has not invested in your project is money? They looked at your project and they are disappointed?
http://www.coindesk.com/factom-land-registry-deal-honduran-government/

same old same old.hope these ppl who behind this project will be prosecuted.this GUI is complete crap.
Factom dev u have a nice specious office,Have u spent all fund champagne, hookers and new office?
whoever responsible for Factom Blog should get sucked.nothing there.
so far have lost a lot.

Soon 

FACTOM, BrianDeery
Please publish your particular action plan (step by step and be sure to mark the dates for the months or quarters) to the next in 2016. For investors like me meant what you plan to do next. We invest our money in your project, and need to know what you're doing. Please do not take an example from such as Vitalik Buterin, who with his team Ethereum just "eats and drank away" money that had been invested in his project, and spent money on the maintenance of multiple offices (400 thousand dollars a month) and this led to that course Ethereum fell almost to zero.
Only when then Vitalik Buterin began to give information about what his team is doing specifically to the project. It is necessary to raise your project, you are probably also interested in this, as well as your investors. It's so?
By the way, admiring a photo of your new office, I was immediately pushed to the idea that things can go on the scenario command Ethereum. Where nearly a year spent money only on new offices and fees DEV. A work product was not.
Order articles in various media about your project, to promote it on a different Bitcoin conferences and so on. Engage normal PR. Like the fact it is necessary to tell people about your project and attract investors. It is not visible yet.
Why do not you start by offering your project such as large companies such as Microsoft and so on, instead of waiting until they pay attention to your project?
Why do not you talk to Chinese Auto Giant Wanxiang?, their company is planning to spend their money in other projects, if your project is really promising they would be interested in attraction money in the Factom?
See how immediately raise the rate Ethereum after it drew the attention of the Microsoft company(Azure service) and Chinese Auto Giant Wanxiang.
Negotiate with other exchanges (better with the Chinese) to the factom they put on their sites. One of the little Poloniex exchanges need to involve other exchanges. It is necessary to expand the network of exchange. In order not to mark time. On the Poloniex exchange practically no sell/buy (no volume) have so much time.
Deal only with programming that is not enough.
So we are waiting for you to normal support information.

I see you have a lot of questions, why don't you use http://factom.org/contact ?

This is a new mode of financial mutuals, can change people's way of life, quick to experience this 100%!!

I don't think so. By november they should have had fully operational and stable network of at least 16 federated servers, their identities should be verified and publicly vetted, all devs must have pgp signatures, skype, irc, slack, videos and footages from meetups.

Have these retards attended any public crypto related summits?

Do they have a booth to exhibit factom at any said bitcoin conference?

Where is fucking dedicated forum?

Any 2.0 apps being built on top of factom blockchain? Like decentralized uber, skype alternative, decentralized mmo or voting / election services?

What the fuck? Are u guys kidding me? They received 700 bitcoins = $210,000 from ipo. What the fuck are they doing??