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Congratulations to you all.
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Can someone explain how the FCT tokens are produced? I have seen info on coinmarketcap.com that there are 8,753,219 FCT in existence but it is a non mineable token.
Thank you
They were created as an ICO. Once M3 goes live, approximately 73,000 more FCT will be created per month. However, the more entries are added into Factom, the more Factoids will be burned. As such, the more Factom is used, the less net FCT will be created per month. Until M3 goes live (M2 testnet just went live), FCT will be burned and not created. As such, on a daily basis, and likely for at least a solid year, the total amount of FCT will go down. Thanks for the info! What about after the first year? Does the supply increase? So it would make sense to own FCT once M3 goes live since in theory it should be more valuable? When I said a year, that was me thinking it will be at least a year until we see M3 and the 73,000 new FCT per month. In my opinion, FCT is a multi-year hold. I feel it will be a billion dollar coin at some point. The 73,000 new FCT once M3 goes live doesn't concern me in the least. |
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Can someone explain how the FCT tokens are produced? I have seen info on coinmarketcap.com that there are 8,753,219 FCT in existence but it is a non mineable token.
Thank you
They were created as an ICO. Once M3 goes live, approximately 73,000 more FCT will be created per month. However, the more entries are added into Factom, the more Factoids will be burned. As such, the more Factom is used, the less net FCT will be created per month. Until M3 goes live (M2 testnet just went live), FCT will be burned and not created. As such, on a daily basis, and likely for at least a solid year, the total amount of FCT will go down. |
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A friend just completed a 20,000 FCT purchase. He's a venture capitalist many people would know.
Smart people understand the value proposition of Factom.
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Man that was a painful lesson. I got blown out of my account at the very bottom. I mean as soon as my account was called the damn thing turned around. It's almost funny, unreal. I kept adding adding adding until i was broke. Back to square one. Now, I realize how dangerous margin is. That cured me. Geesh
Tip: Never post what percentage you are from being liquidated. I cringed when I saw that. Never underestimate how ruthless a small minority will be when it comes to money. |
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Did anyone happen to notice the jump in entries from Brave New Coin the last couple of days?
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When we release the public testnet, how many people here will actually download and test it? No one took me up on my offer to run the simulator.
Don't be so arrogant. You want us to be merrily doing free bug testing and feedback, yet we're totally in the dark about the roadmap and can't mamage our positions accordingly - unlike the privileged few from Factom. Factom is making some PR mistakes here and there, no doubt about it. But that's what happens with a young company. They'll get better. In the meantime, I'll happily do free bug testing and provide feedback because I believe in what they're doing. And because I want a vacation home on Maui. |
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When we release the public testnet, how many people here will actually download and test it? No one took me up on my offer to run the simulator.
*wave* |
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"separation of public and staging testnets." - Can someone explain what that means? Someone can correct me if I'm wrong as I'm not a programmer, but I believe when you have a public testnet, you still want a second testnet the programmers and QA people can work on. That way, as the public testnet finds bugs, they can be fixed on the staging net and QA folks can test those fixes before that version is pushed to the public testnet for further testing |
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Question, is factom usage expected to increase significantly after m2?
When you crunch the numbers as people have done before, 1 bil entries per day would push the price of factoids up 100x. But looking at the current figures of 4.5 mil entries in total, there isn't enough entries to even justify the current price of a factoid. I expect the entries to increase in the future obviously, but to what extent is realistic? How many entries would dept of homeland security bring in?
A factom employee said they've held talks with companies that would need to input a billion entries per day. Whether anything comes from those talks, who knows (I suspect they will in time). But the discussions have been happening. |
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FCTBTC @ 0.00367 last as i write.
this is a very important support level which worked in the 3rd week of August, and at the beginning of the month...
normally it should hold at least one more time.
the problem is 4H or 1H chart are not oversold yet, daily not at all...
and its vacuum below that level, the only graphical supports 0.00306 the intraday lows from stop-hunting day, and 0.0025 next
So the risk/reward seems pretty low, i recently played twice a bounce for a trade, but i prefer to sit out this time.
Thanks for the buy signal. |
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Its a matter of principles. "At Factom, we make the world’s systems honest."
The word honest is everywhere on their HP. I had hoped their actions were in line with their words.
As I've mentioned previously, I'm of the opinion that the share sale discrepancy is a non-issue. I would however like to comment on what you're missing here. The, "World's systems" are dishonest because humans are dishonest. At present, we have the ability to alter the past and present, creating distrust. And it happens every single day. Constantly. Sometimes purposely, other times, accidentally. What Factom is doing is working to remove the human element. I guarantee you the founders of Factom know they are fallible. Nobody is infallible. As much as I try to be a good, ethical person, I know I can be corrupted or can make serious mistakes. But if we remove that human element, that ability to change the past, the ability to corrupt data that it is imperative we trust, then something special happens. You are fallible. I am fallible. The people at Factom are fallible. We are all corruptible. But if Factom is successful with what they're attempting to do... for the first time in human history, our fallibility and corruptibility won't matter. Because the, "World's systems" will be honest. And that's why Tim Draper stated, "I believe that the Factom team has the opportunity and the potential to build a company greater than Oracle and Palantir and IBM combined.” |
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Some new quotes include one this from Draper: "I believe that the Factom team has the opportunity and the potential to build a company greater than Oracle and Palantir and IBM combined.” Of course he does. This is why I said Draper investing in Factom is such a big deal. Draper doesn't go for singles. He goes for grand slams. And make no mistake, he has hit plenty and thinks Factom is the next one. I don't go for singles either. If I don't think I can make 7+ figures on a coin, I don't invest. I'll trade shit coins for fun, but my investments in Bitcoin, Darkcoin (Dash), and Factom are for grand slams. |
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I had to chuckle at the no new buyers statement. A friend of mine recently finished acquiring 50,000 FCT on the open market after educating himself about Factom at my behest. He's simply smart enough to do it in a manner that doesn't cause an unwanted increase in price.
I've finally acquired my ultimate goal of Factoids I wanted to hold for the long term so have no problem speaking about this now. But for a long time, I didn't want the price to go up. I suspect there's a couple other such players out there and that's fine as I'm a patient investor. We'll see how long they're able to suppress the price for their own benefit. I suspect it won't be very long now but I've certainly been wrong before.
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It's pretty simple what happened. Bnktothefuture is still an imperfect system and there were fraudulent purchases and/or investors who weren't legally able to invest and that was determined after the fact.
I have zero doubt Factom is 100% in the clear and this is a non-event.
I have exposed the facts. Of course the primary culprit is bnktothefuture. But if you have company A making a share sale through bank B and bank B is acting illegally to sell the shares, or even breaking (without maliciousness) some rules, shouldn't you expect at least apologies, BOTH from B AND A  From Factom? No. We have a different view about corporate responsability. In Japan you would see the CEO make a press conference, apologize and bow down deeply in front of TV and cameras, and offer compensation to investors one such compensation may include the option to opt out. I understand. You'll never see that in the USA. Very different cultures. For the record, I like your contributions to this thread. We differ in opinion in some areas, including this one, but that's ok. If you'd like to opt out of the Factom share sale, I'll purchase your shares at what you paid for them. If I knew Draper was buying in, I would have got off my ass and purchased some as well. I've retired from that arena but I would still follow Draper or Sequioa Capital just about anywhere. |
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It's pretty simple what happened. Bnktothefuture is still an imperfect system and there were fraudulent purchases and/or investors who weren't legally able to invest and that was determined after the fact.
I have zero doubt Factom is 100% in the clear and this is a non-event.
I have exposed the facts. Of course the primary culprit is bnktothefuture. But if you have company A making a share sale through bank B and bank B is acting illegally to sell the shares, or even breaking (without maliciousness) some rules, shouldn't you expect at least apologies, BOTH from B AND A From Factom? No. |
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