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Interesting project, but the 400% inflation in the first year is really bad for ICO investors.
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No news on FCT for ages now. It's getting hard to carry these bags ofor factom. I don't see it growing
So sell, who s stopping you. All you having doubts about Factom, just sell and move on. Don't ask for support here on the forum. If you don't believe in it, you don't believe in it. One word if advice, as long as this BTC fork does not get settled, I m not sure how smart it is to stay in BTC. Unless you noticed this forum is for open discussion of different aspects of cryptocurrencies both negative and positive. I have no doubt that factom could be a successfull project what I doubt is that this success will be reflected in price increase of factoids. I doesnt matter to me that you "belive" if you have no logical explainations for your belives. The value of Factoids has to rise by exponential usage. Otherwise all Factoids will be burned. The inflation will be 73,000 per month when M3 launches, so you can calculate which value a Factoid should have at what usage per month to neither have inflation nor deflation. This works this way, because the higher the value of one Factoid is, the more entry credits you get from one Factoid. If the value is $ 1.00, you will get 1000 ($ 1.00 / $ 0.001) entry credits. If the value is $ 5.00, you will get 5000 ($ 5.00 / $ 0.001) entry credits. Examples: 50 million entry credits x $ 0.001= $ 50,000 50,000 / 73,000 = $ 0.68 1 billion entry credits x $ 0.001 = $ 1,000,000 1,000,000 / 73,000 = $ 13.70 And so on... If the price is too low, too many Factoids will be burned. And that's when M3 starts. Right now, there is no inflation. Only Factoids being burned slowly. |
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If I belive in Factom why should I not buy Factom stocks instead of factoids?
So go buy stocks, what s the problem there? I really do not understand troll mentality here. If you do not like some coin/token/service and you like some other coin/token/service, why you waste time and energy on the thread of coind/token/service you dislike? Sell you stuff and move to that side where you feel comfortable, right? There s big difference between stock and token, in terms of potential reward but also in terms of actual investment. Most of people here come and cry how come Factom has not duplicated Dash price rise. Let me go back to these people and ask them, why didnt u buy Dash or Ether or Zcash or whatever when it was $1? Exactly due to the same reason you do not buy Factom now, u probably spent time on their forums saying how those coins re shit. That kind of mentality makes you start appreciating something once it has skyrocked in price. At that point, it s too late, my friends. You need to seize the opportunity BEFORE it has started to grow and expand. That s the whole point of investing. I try to understand why I should buy FCT and I have not got any good answer yet. As I understand it factoids are totally superficial and the Factom project could very well get rid of them without impairing any functionality. Please consider answering my question: How many Factom Entry Credids (EC) will you get for one Factoid (FCT) and how is that related to the FCT price? The answer will be very surprising to you I think. It's not that hard to understand man, Entry Credits are pulled straight from Factoids AFAIK, they are not created from thin air. If there's enough demand for them this will burn a lot of the supply. So it depends on how succesful Factom will be, and the same applies with buying company shares. If there's not enough clients or interest both Factom price and company shares will plummet. No one has addressed the fact that the price of FCT can be manipulated by Factom changing the ratio of FCT to EC. And they can control the desirability of purchasing FCT by altering the price of EC at their shop. Because the conversion rate can not be changed just like that. The conversion rate is 0.1 cent per entry credit. Only time when this could change is during the transition to Milestone 3. And then not even Factom gets to choose the conversion rate, but the people who will run the servers do. The price of an entry credit can be higher in the shop, because Factom will do the conversion for you. Still 0.1 cent of Factoids are burned per entry credit, some companies just overpay to avoid the hassle. Don't state facts when you don't know shit. |
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If someone buys entry credits with dollars where are those burned factoids taken from?
How much dollars does it cost to buy storage? A factoid could not be considered to be worth more than the equivalent dollar value that it costs to buy entry tokens for factom blockchain storage right?
Do you even read? |
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Why do factoids have a value and what is a plausible value for a factoid?
In various circumstances I constantly see people calling the crypro currecy with the abreviation FCT for "Factom" when the correct name for the currency associated to the Factom project is Factoid.
Why do the cryptocurrency factoid have a value? It is possible to buy storeage space on the factom blockchan with it but I can also use dollars to do the same thing. The supply is not limited and the inflation in the future will be 73000 new factoids a month which is about 1% a month.
We all know that factom project is backed by Microsoft etc. But if I like to buy on factom blockchain storage I dont even need factoids. Factom project could very well be very suceessfull in the future, but that doesnt imply that the crypto currency factoid will have much higher value than it has right now.
What is your argument for that a factoid should have a much higher value in dollars than it has now. What is a fair value for a factoid according to you?
Factoids can be converted to entry credits. If you buy entry credits directly from the store with dollars, Factom will do the conversion for you. Either way, if you store data on the Factom blockchain, Factoids will be burned. An entry credit costs 0.1 cent and for the same value a Factoid will be burned. Would one Factoid be $ 1.00, 1000 entry credits would burn one whole Factoid. So there will be inflation, but Factoids will also be burned. You could base the future value of one Factoid by your estimated usage. Let's say one billion entry credits would be used in one month: 1 billion x 0.1 cent = $ 1 million = value of Factoids being burned To neither have inflation or deflation, the value of one Factoid should be $ 1 million / 73,000 = $ 13,70 So the question is more what usage of entry credits you would be expecting, and calculate your own fair value of one Factiod |
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a question that came up: is there a complete total amount of FCT? will the process of burning/creating always be going on, or are the burned FCT somehow "reused"? if it goes on "forever", how so? are they being mined? even premined? thin air?  thanks 73k coins will be created each month. |
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I hope the great work by FACTOM shall draw the attention of IBM,they are putting in a lot of resources to build their own blockchain technology,Factom can provide them with particularly valuable help.  Or sell a little bit of shares to Chinese companies,We Chinese lamentable companies are short of everything but money  I think they are already in contact with IBM, since Factom joined the Hyperledget project recently. IBM is also part of Hyperledger. |
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Thanks for this quick reply  I'd like to warn you to the volatility that cryptocurrencires endure in general. Factom might be a good long term investment, but in the short term your investment might double or halve fairly quickly. Don't panick if you're in it for the long haul. Good luck! |
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A few questions I hope someone can answer.
The reason Factom works with a token (Factoid) is to prevent it from SPAM. With Factoids you can buy (EC) Entry Credits.
1. What is the price of an EC (as I heard this always stays the same, regardless of the Factoid price)?
2. Are the costs of 1 entry equal to 1 EC?
3. If the Factoids are meant for preventing SPAM, why are they tradable at all? i.o.w: Why not just buying EC's directly for a fixed price and that's it.
1. Price is $0.001 2. yes 3. Factoids are also meant as payment for those who run the federated server (about 73k FCT in total per month). That's why they are an important aspect for a decentralized system. And the value of Factoids will reflect the use of the system, because every time when Entry Credits are bought, Factoids are converted into EC's and "burned" and the total supply decreases. Price for an EC is $0.001, but in the future who will set the price for an EC? Factom? Federated servers? As far as my knowledge goes the price for one entry credit is fixed at a rate of $0.001 till M3 is launched. During the launch of M3 a new price could be set by Factom. After that point the price can't be changed anymore. |
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https://www.smartrac-group.com/pr/smartrac-launches-dloc.html" The solution can be applied to almost any document, using a printed barcode representing a number, as well as linking personalized data to the document itself. A dLoc sticker is applied to the document. That sticker contains a Smartrac Bullseye NFC inlay, within which is integrated a security chip chosen from a range of different chip platforms with storage capacities between 1kB and 64kB. In addition, dLoc stickers support all the security features, like guilloches, UV print, micro text or latent image normally found in high-security documents.
To enable document authentication in the course of the issuance process, document data is married with the unique ID of the NFC tag to create a 32-bit hash value, which is only recognizable by the issuing agency using a private key. The hash value is stored in Smart Cosmos and backed up in a public blockchain. Once that has happened, the document with the dLoc sticker can be verified using a desktop reader, or more likely, a mobile app on an NFC-enabled phone." Does one entry credit only allow one hash up to 1kb or can it contain multiple hashes up to 1kb? If multiple hashes can be put into one entry credit, Smartrac could put 250 (8000 / 32 bit) tags into one entry credit. A yearly production of 2.6 billion RFID transponders would account for a usage of 10.4 million (2.6 billion / 250) entry credits, assuming every tag is stored on the Factom blockchain. I got the yearly production from: https://www.smartrac-group.com/files/content/About%20us/SMARTRAC_Company_Presentation.pdfPlease correct me if I'm wrong. As far as i know only one kb can be stored for every kb, so they prob need max 64 entry credits for a document, you might think thats insane expansive, but thats only 6 dollar cent for the bigest ones. Not whole documents/data will be stored on the blockchain, but just hashes of documents/data: http://media.coindesk.com/uploads/2014/11/Factom.jpgSmartrac states they will create a 32-bit hash value per tag, so the previous calculations made a few pages back might be too ambitious, unfortunately. Edit: data won't be hashed as the link will show |
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https://www.smartrac-group.com/pr/smartrac-launches-dloc.html" The solution can be applied to almost any document, using a printed barcode representing a number, as well as linking personalized data to the document itself. A dLoc sticker is applied to the document. That sticker contains a Smartrac Bullseye NFC inlay, within which is integrated a security chip chosen from a range of different chip platforms with storage capacities between 1kB and 64kB. In addition, dLoc stickers support all the security features, like guilloches, UV print, micro text or latent image normally found in high-security documents.
To enable document authentication in the course of the issuance process, document data is married with the unique ID of the NFC tag to create a 32-bit hash value, which is only recognizable by the issuing agency using a private key. The hash value is stored in Smart Cosmos and backed up in a public blockchain. Once that has happened, the document with the dLoc sticker can be verified using a desktop reader, or more likely, a mobile app on an NFC-enabled phone." Does one entry credit only allow one hash up to 1kb or can it contain multiple hashes up to 1kb? If multiple hashes can be put into one entry credit, Smartrac could put 250 (8000 / 32 bit) tags into one entry credit. A yearly production of 2.6 billion RFID transponders would account for a usage of 10.4 million (2.6 billion / 250) entry credits, assuming every tag is stored on the Factom blockchain. I got the yearly production from: https://www.smartrac-group.com/files/content/About%20us/SMARTRAC_Company_Presentation.pdfPlease correct me if I'm wrong.
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$400?  My friend, I ve been into crypto long time. I ve been invested into at least dozen coins. Do you how many of these coins s had people on their forums expecting similar price. Every single one. Do you know how many reached this number? Not a SINGLE ONE. I know you re going to say this figure s based on fundamentals and calculations. Still, Statistics s against this one. Statistics are always against us holders since 80% of businesses fail within the first 18 months. True but actually factom already survived that . And they soaring and i dont agree with crazyivan. Factom already shown that there is a need for the tech. and people accepting it even in bigger business there now evolving. The price for factom is based on usage and i believe it can easly explode. Lets hope the servers can handle unlimited entry's . I know. The underlying statement of my comment was #@%* the statistics of other coins/businesses.  |
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$400? My friend, I ve been into crypto long time. I ve been invested into at least dozen coins. Do you how many of these coins s had people on their forums expecting similar price. Every single one. Do you know how many reached this number? Not a SINGLE ONE. I know you re going to say this figure s based on fundamentals and calculations. Still, Statistics s against this one. Statistics are always against us holders since 80% of businesses fail within the first 18 months. |
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How do you go from 2.6 billion transponders to 140 million - 8.9 billion entries per year? I am curious on what basis you are trying to calculate how many transponders can be hashed through one entry credit. |
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look at this news https://www.bourse.lu/blockchain-press-release"Ethereum is a decentralised platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. By introducing Etheruem’s blockchain technology into the certification process, LuxSE is providing a "digital signature" that will ensure authenticity and proof of existence of all documents filed in the OAM." if we have this on Ethereum directly, what do we need Factom for, if I may ask A good question and I actually appreciate your insights. These guys are giving you a hard time LOL. But storing data on Ethereum is much more expensive than storing data on Factom. The reason is that in Ethereum every node processes every call and store every piece of data. Factom has a quite efficient federated mechanism that makes storage cheaper without any validation possibility. Factom also creates software that harmonizes the auditing/review process within industries (well, one service they provide). This makes it much easier for regulatory agencies to do their jobs. And companies/cliënts don't have to buy any cryptocurrency - so not carrying any currency risk - by using Factom. And so on... |
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