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Alternate cryptocurrencies / Altcoin Discussion / Why I'm a Factom Skeptic "Marty jones" @reddit
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on: November 30, 2016, 10:38:04 PM
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Not me but a guy named "Marty jones" @reddit posted this,
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I'm open to a change of opinion, but have yet to find convincing evidence that Factom offers features that can't be accomplished solely with the Bitcoin blockchain, for only the cost of a Bitcoin transaction. This subreddit has a number of true believers who follow the company closely, so maybe one of you could show me what, if anything, I'm missing about Factom and why exactly the company demanded a +$20m valuation in it's most recent funding round.
Issues with Factom:
Stuffing a bunch of hashes of data into a merkle tree and outputting it on the Bitcoin blockchain is already possible today using OP_RETURN. Solutions such as Open Timestamps and Tierion already exist to this end; one of which is free.
32 federated servers and 32 audit servers using Proof of Authority to secure data entries will offer materially less security than the Bitcoin blockchain. Factom "chains" will be secured against tampering by no more than a few dozen servers at any time. Tamper prevention and reliably timestamped data entries are presumably the main goals of Factom's targeted customers; yet Factom adds nothing to those ends over what you get from using the Bitcoin blockchain.
The business model has no "moat" against competition. If it costs a customer 1/10th of a penny to make an entry using Factom, and the product is useful for some reason I've failed to see, a competitor will bring to the market a solution that costs 1/11th of a penny. A fierce competitor will elect not 32, but 33 servers to the federation, thereby "decentralizing" the product even further.
EDIT: I'm impressed with how quickly those in this thread stopped responding to my actual arguments in order to accuse me of trolling and market manipulation. Confirmation bias is strong in this community.
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I wont copy and paste what all people replyed, ill leave that to them.
A good project will have haters/doubters but this topic should bring more clarification about FCT.
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Economy / Speculation / BTC halving effect started @ October 2015
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on: October 27, 2015, 01:58:54 AM
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Litecoin`s halving effect started 1 month before the actual halving.
Bitcoin is 100x more popular and used.
We are witnessing a big increase in value.
Prepare for a minimum of 2.000$ a btc before halving.
I`m gonna hibernate till 2K.
Out!
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Economy / Speculation / 600$ = 1BTC New steady price before new year!
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on: October 16, 2015, 08:24:52 PM
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Just give up all the FUD on bitcoin.
Year 2015 is the time bitcoin will show the world that technolgy will take over.
I will not say to buy now before its too late, just watch and see.
BTC @ 200$ range is history very soon.
Cheers to all who got in before its too late.
Out.
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