Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 412. (Read 2115876 times)

Good news, I'm curious as to how it will function. How can we get Factom in The Economist again, this is getting some real traction behind it

Wow. This is a great news!

Not long GUI wallet should be out soon

It's working fine for me, ...at least now.  

@devs - what is ETA for a GUI?  Cheers.

Second day I have not opened of. site - www.factom.org. Just see blue color and the word "Loading" in center and nothing else. I wonder what's the problem? Maybe just go update site?
http://imgur.com/kVsiqE7

p.s. Found out what the problem is. The problem was in Google Chrome browser on website does not load. I tried through Tor, Safari and Mozilla to load properly.

They don't mention Factom, but what they say sounds like it. Would it be possible for Factom to handle that much data?


HSBC says the blockchain could be used for 'helicopter money'


(...)

HSBC outlines the trust problem with helicopter money — in short, people are rightly sceptical of a central bank's ability to work out how much help the economy actually needs. If it's too much, helicopter money could be wildly inflationary.

Here's how they think the blockchain could help with that:

If we move towards an economy where all transactions become recorded in real-time on a Blockchain type of technology, it will not be too dissimilar to the current eco-systems that many ecommerce giants have around the globe. Online e-commerce stores are able to give out loans to merchants without collateral, because they know all the flows already from the merchants’ point of view: from how much people are spending to the conversion rate of pages viewed to purchases. In the same way, a modernised monetary transmission system, based on real-time big data analysis through Blockchain, could allow the government to balance the economy more efficiently and systematically.

In short, the blockchain would allow the government to know a huge amount more about what's actually happening in the economy.

(...)

http://www.businessinsider.com/hsbc-says-the-blockchain-could-be-used-for-radical-central-bank-helicopter-money-policies-2015-11?r=UK&IR=T



Edit: Another Article about it from Coindesk

HSBC: Blockchain Tech Could Complement Central Bank Policies
http://www.coindesk.com/hsbc-central-banks-blockchain-economic-activity/

Yes. But there was a big delay. BTC started to rise in early October while the LTC-price in BTC decreased. LTC spiked in mid-November.

Bestcase: BTC hypes, good news for Factom at the same time or even before - a GUI, hopefully more exchanges etc. ;-)

Most of it is testing I think. There is already a photo-app which can be used, but there were some tests, like this one:
https://www.facebook.com/FactomProject/posts/278806202243728

That's what I was hoping for but it doesn't seem to be playing out that way.  When BTC ran way up in 2013, LTC ran up even harder.

I ask again about the Entry credits which are already used (10-20 per block) are they used only because of test purposes or some people / company actually use it for real purpose already?

It's absolutely possible but hard to predict. My impression about ETH is, that it's a hype. I don't mean that in negative way because it's a great idea with big potential, but it'll need some time and in my eyes and for now it's overpriced. They have a huge inflation and there may be a lot of risks on it's way because of it's technical complexity. But: It's very known. Everybody in the "Crypto-world" knows ETH and the volume is incredible.

Factom: It seems as if the team doesn't focus on the Crypto-Speculators and speculation in general. Factom is known, but as a Blockchain-project. Many don't know that it involves it's own "currency" and maybe (most likely), the majority doesn't see the potential right now. I mean, the idea doesn't sound that "sexy", right? ;-) You have to think about it to see the potential. It can be used nearly everywhere. It makes sense for nearly every company. Medical records for example would be really big. It would also make sense for mail-providers, cloud-services also individuals in many ways.

The speculative part is: Will it get the attention it deserves in the near future?
The objective part is: How quick will it be ready to be used? And will bigger companies implement it? Will there be nice applications, maybe also for individuals that would gain some attention...

And it's highly related to one another. But I really see only good signs. There is a lack of attention in the crypto-community but... that's most likely more a problem of the crypto-community and can change very quick. But most important will be use... and that's what the team obviously focusses on.

For example, if we compare Ethereum and Factoid, then we may well see price $9-$10 per 1 FCT in 2016.
Of course, provided that the project will be developed further and will be given due attention to the advertising promotion of the network and attract new investment.
At this time, factoid really underestimated, I think that in the near future, we should see capitalization $11 million and cost about $1- $1.3 per 1 FCT

I think that's hard to predict in the near future, because it's part of the speculation. I personally see that much potential in Factom that I won't sell because of a rising BTC. I believe a BTC-hype would be good PR for Factom and even if the FCT-price should drop first because of a hyping BTC I expect a "FCT-hype" with a little delay. That was the case with many Altcoins in Nov 2013. The last weeks we saw a decreasing prices in the Alt-market because of the rising BTC-price... in this early stage and for the near future it's unpredictable I believe. But there are some signs for releases, most likely a GUI, so there are some chances for a rising price in the near future.  

Later, let's say in a best-case scenario, if Factom runs stable and there will be a mostly stable rate of consumption of EC's, the price will be related to USD and if BTC should raise 100% while the EC-rate should be stable, FCT/BTC would go down. In future, and if Factom should be really successful I expect a really objective price related to USD.

But, the good thing about this project: If it should be successful, and for now I don't know any reason why it shouldn't, there should be a long time with an increasing user-growth. If that should be the case, speculation would drive the price additionally to a point with more stability and more objectivity. Risks will be mainly the tech or competitors. But it's base-simplicity is a strong quality. That's the reason why I see more potential for now in Factom than in Ethereum.

While we see that the higher price Bitcoin, the lower the ratio falls FCT/BTC
example: BTC price $230 = 0.00052 FCT/BTC, BTC price $380 = 0.00032 FCT/BTC
Perhaps even now such a fall, because that is simply no demand for factoid and the fact that some buyers ICO just get rid of their factoids now

Right, there will be speculation, and the more of it there is, the higher both FCT/BTC and FCT/USD will go.  But what I'm wondering about here is how the price movements of BTC/USD will affect the price of FCT/BTC.  If FCT is coupled to BTC, price movements of BTC/USD won't affect the FCT/BTC price.  If FCT is coupled to USD, price movements of BTC/USD will inversely affect the FCT/BTC price.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.   

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used. But speculation will anticipate it, so the FCT-price will be volatile in the first time. It will rise with good news. New Applications, maybe because of news about a/every company who'll implement it, and if Factom should be really successful there could be a time with a stable rising price as long as there is an increase of Apps and Use and Users.

That's what I like about it. There are high chances that we'll see times with a lot of exciting news, a lot of Applications, a lot of news about companies that will implement it. It's very unlimited... So, the current price is okay for now, but in my eyes it should be much higher if we talk about potential.

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.