fctwallet is for API access.  You would use it for programmatic access to the wallet.  if you want to have GUI access, run walletapp instead.  fctwallet and walletapp cannot be run at the same time.

see these directions too: https://www.factom.com/howto/factoid-wallet-gui-guide/

There are 2 ways to protect your wallet.

1) use file encryption for the factoid_wallet_bolt.db file.  Here are some successors to the defunct truecrypt, which would have been a good option: https://www.maketecheasier.com/truecrypt-alternatives/

wallet passwords and file encryption will only protect against casual attackers.  If a hacker really wants your private keys, they will wait until you type in your password, then will get it.

2) To store for the long term with the best security use a paper wallet.  https://www.factom.com/howto/factoidpapermill/

The servers adjust the number of ECs a factoids buys based on the market price of factoids.  The servers can keep it at $0.001/Kib, regardless of the factoid market price. 

https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

yes, it does.  The same number of KiB of data will be purchased if the factoids are burned through the store as if they were burned yourself.

A business will buy the number of entries they need, and pay the amount that makes the most sense for them.  you seem to be thinking that they want to spend $X on entries, irrespective of their needs.  This does sound crazy.

I don't think you understand.  All Entry Credits are derived from burned Factoids.  It doesn't matter if the Factom store burns them when getting a CC order, or by burning Factoids yourself.

Think about this from a business perspective.  How would they add data into the system?


1) Buy Bitcoins
 -this is a non-trivial step today.  Do they issue a PO order?  Can they use the department credit card?  Both sound like a no.  result: No Factom usage.  End of project prototyping.

2) Send BTC to exchange and buy Factoids
 -Doable as a business, but it would be operating under the radar since corporate accounts are not really a thing.  Shapeshift might work too, if it is up at the time.

3) Use wallet to burn Factoids and buy Entry Credits.
 -doable, but awkward, as the community knows.

4) Now the business software can use the Entry Credits
 -Actual business logic can progress and applications can publish on the platform.

5) Convince legal department + accounting department that the IT department dealing in Bitcoin is not risky for the business.
 -Most of the world is still scared of Bitcoin.



or:

1) Use company credit card to buy Entry Credits.
 -Factom, inc. processes credit card, pays CC fees, bears chargeback risk.  Factom inc. buys Factoids off the market.  Factom inc. converts Factoids to ECs and assigns them to the business's address.  Factom, inc has a strong incentive to keep the system working.

2) Business software can use the Entry Credits to publish.




Which part about this are you upset about again?  This is changing it from impossible to possible for businesses to use Factom.

If you think that we are making too much profit, you are free to setup your own Credit Card merchant account and try to undercut.  Complaining about a business taking too much margin without considering overhead means that more research needs to be done.

This disappoints me.  Increasing the noise in the channel decreases information transfer.

https://en.wikipedia.org/wiki/Noisy-channel_coding_theorem

oh, man!  two different questions with the same answer.

Keymaker is a program which can be run offline and operates on the 12 words.  It both finds and translates errors from the koinify sale into a private key.  It also shows the public key that the 12 words turn into.  With the public key, you can check the balance on the explorer.  I would doublecheck that the 12 words have a balance with keymaker before I just filed them away for later.

https://www.factom.com/keymaker-setup-guide/

There was a problem with the koinify sale.  The website occasionally created 12 words with an invalid checksum. 

Instead of ignoring the checksum in the main wallet, the keymaker tool was updated to calculate the correct private key.  The correct private key can then be imported into the wallet.  in the GUI, use the key icon at the bottom.

Yes, retail prices are typically higher than wholesale prices or the prices to make the product.

http://www.thedesigntrust.co.uk/what-price-to-use-when-talking-to-retailers/

Using entry credits is the only way to add data into the system.


This is the retail price.  the current network rate can be found in the explorer in the factoid block under the "ExchRate" field. this is the factoshi/entry credit rate, how many factoshis (10^-8 factoids) it takes to get 1 entry credit.


Factoids are burned when ECs are purchased, not when those ECs are used.  The ECs were purchased earlier.


Yes, retail price is higher than wholesale price.

This would make sense if we actually got the money from the token sale.  Of the $450k raised, only $150k was released when we got to milestone 1.  The next $150k will be released by outside auditors when we get to milestone 2.

Factoids have always been a small part of a bigger project.  This was never hidden.  https://www.youtube.com/watch?v=X3rM2TQJt7o

I'm sorry our incentives don't perfectly align.  I have a long term perspective, which includes passing the milestones.  My perspective extends beyond the next bubble. 


You are speculating on factoids.  Why?  Because the price will go up?  Why would it do that?  I see two possible reasons:
1. Future speculators would think other people would want to speculate in the token, because there would be even more future speculators.  This is not sustainable in the long term.  This is what you are advocating for.

2. Future businesses need to publish data.  Factom will help them create value, and they will solve real world problems.  To access the system, they need to burn factoids.  This is sustainable.

You want us to stop work on a sustainable system, and build a more user friendly unsustainable system.  This is what I am hearing.

The most secure way to hold factoids is with a paper wallet.  It is simple.  It is safe.  Descent to me means that you are asking for an insecure wallet.  Security is tradeoff between security and convenience.  Are you asking for a more convenient less secure wallet? 

Walletapp can be used securely.  It can be used in offline mode, where the private keys never touch an online computer.  It is similar to how Armory would be used.  The transactions are prepared online, saved to a thumbdrive, then moved to an offline computer.  The offline computer examines the transaction, then signs it.  The signed transaction is put onto the thumbdrive then imported into the online computer, which broadcasts it.


Last week you guys were wanting milestone2, this week you want a web wallet.  We find milestone 2 is a higher priority. 


You seem to be thinking of factoids as an altcoin.  factoids are not an altcoin.  I define an altcoin as a token who's primary purpose is be be a store of value and payment network for purposes outside of the network.  Litecoin and Monero are examples of this.  With altcoins, and all money for that matter, speculators are anticipating someone in the future will also be a speculator.  Factoids do not require that there be future speculators to have a value.  It only requires that people use the system as a publishing platform.  See the negative feedback article from earlier.

We are working on making it a better publishing platform.  This will do more to create value than even the most spectacular wallet you can imagine.


In the upcoming version 0.3.6 you will be able to specify a remote factomd, so you can run fctwallet and factom-cli without having the blockchain.  Will it be as easy as mybitcoin.com?  No.  http://observer.com/2011/08/mybitcoin-disappeared-with-bitcoins/  It will be a good solution for azure users to start using factom without having to download the blockchain.



Where did you get the idea that the azure blog was talking about milestone 2?

According to the US congress, Paul Snow talks too much.

https://www.youtube.com/watch?v=wIGo9bpPV3A&feature=youtu.be&t=6271
https://www.youtube.com/watch?v=wIGo9bpPV3A&feature=youtu.be&t=7635

Nor will Merkle trees help the Cubs win.

https://www.youtube.com/watch?v=wIGo9bpPV3A&feature=youtu.be&t=4441

Here is the World Bank paper and the presentation:


"IMMUTABILITY & AUDITABILITY: THE CRITICAL ELEMENTS IN PROPERTY RIGHTS REGISTRIES"
https://www.conftool.com/landandpoverty2016/index.php/Regan-411-411_paper.pdf?page=downloadPaper&filename=Regan-411-411_paper.pdf&form_id=411&form_version=final


https://www.conftool.com/landandpoverty2016/index.php/Regan-411-411_ppt.pdf?page=downloadPaper&filename=Regan-411-411_ppt.pdf&form_id=411&form_index=2&form_version=final

Abstract:

Epigraph is a blockchain backed property rights management system. Purpose­-built to be a government­-grade system of record for property rights that is (i) trustworthy/secure (ii) auditable and (iii) ubiquitously accessible. Especially relevant to developing countries that lack a sociopolitical foundation of tradition and trust.

Epigraph has identified a recipe of technology assets and methodologies that utilizes blockchain technology to offer an original yet pragmatic solution to an old and chronic problem. A land and property administration registry built using a blockchain backbone creates immutable operational and financial processes, which can secure trillions of dollars in assets; resulting in an enormous social, economic and political impact globally by fulfilling the need for transparency and accountability.

The point is they fall short of being money, as being an alternative to bitcoin as a store of value.

The servers are rewarded with software licenses, which they can sell like any other software company sells licenses.  The only difference is it is a collective system, which they are operating collaboratively, while also being competitive in the long term.  They must convince the users they will do a good job in the future, and the best way is to do a good job in the present.  Unlike Bitcoin, excess profits are not dissipated in heat, but will be dissipated in satisfying active users, by making the network more reliable/resilient/available/marketed/who knows.  In the short term, it doesn't look like there will be excessive profits, where the marginal revenue is above the marginal cost, even after inflation starts.

I feel the following hasn't gotten enough exposure.  It might help shed some light on the economic system.

https://www.reddit.com/r/factom/comments/47nyx0/thoughts_of_the_economic_model_of_factom_and/d0gqwdz

The odd amount was because it was derived from the number of tokens purchased during the token sale.

https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6

http://factom.org/downloads/factomreview.pdf

This is another thing you seem to forget.  The cost for businesses to use Factom is irrespective of the token price.  They pay a constant amount per KiB of data.  This is the beauty of the system.  Multinational companies do not need to speculate on the token to use the system.  It can be used as pure fintech software for them.

Are Factoids launching on shapeshift not excitement enough for one day?

All this talk of price and pumps is odd.  You seem to forget that Factoids are not money.  They are a portable software license to prevent spam.

Being on shapeshift gives a low friction way for developers to get started on the live system, without setting up exchange accounts, etc.