Factom Will Sell Up To 100% Of Its Bitcoin Reserves

[tokeweed]

Factom, a Bitcoin 2.0 Non-Profit Organization, is going to sell 85-100% of its bitcoin reserved raised in its crowdsale.

Factom is a project that aims to build on top of the bitcoin blockchain to provide a ‘permanent, time-stamped record of your data in the blockchain’. This means that a user can store a permanent record of a document on the blockchain by using Factom, which will charge you a small fee. This can be used for many purposes, such as reducing the costs and complexities of conducting audits, managing records, complying with government regulations, and storing a copy of a written contract. Their crowdsale consists of selling Factoids (the Factom currency), which will be converted into ‘entry credits’ that allow users to use their service.

There also have been other similar Bitcoin 2.0 projects, which all aim to build a new service on top of the bitcoin blockchain. Other examples include storj.io, which aims to provide a decentralized cloud storage, and Ethereum, a service that aims to allow smart contracts, which can be used to build currencies, financial derivatives, voting systems, decentralized organizations, data feeds, title registries and thousands of other applications.

Both of these examples started by launching a CrowdSale, however, Ethereum’s CrowdSale came under heavy criticism, because at first, it had only planned to sell a maximum of 5000 BTC that they raised. However, they sold approximately 30,000 of its BTC, which caused a fierce debate, discussing if future crowdsales from Bitcoin 2.0 companies should be trusted. Months later after Ethereum, Factom seems to be doing the same thing.

More here...  http://www.coinbuzz.com/2015/04/16/factom-a-bitcoin-2-0-project-will-sell-85-100-of-its-bitcoin-reserves/

[Jeremycoin]

Bitcoin 2.0? So, it's a real project

[p2pbucks]

yet another bitcoin2.0 shitcoin

[bitcool]

It's a indicator of vision and confidence in their parent project for those so-called bitcoin2.0 participants. Sad, really.

[Hazir]

yet another bitcoin2.0 shitcoin

Because the financial technology industry is so lucrative (you won a lottery jackpot if you are lucky in that business), a number of startups are trying to create bitcoin-like alternatives that might be more appealing for the traditional banking industry - and that is nothing new. So of course people are working on bitcoin 2.0 but that have little to do with our 'bitcoin'.

[NUFCrichard]

Factom, a Bitcoin 2.0 Non-Profit Organization, is going to sell 85-100% of its bitcoin reserved raised in its crowdsale.

Factom is a project that aims to build on top of the bitcoin blockchain to provide a ‘permanent, time-stamped record of your data in the blockchain’. This means that a user can store a permanent record of a document on the blockchain by using Factom, which will charge you a small fee. This can be used for many purposes, such as reducing the costs and complexities of conducting audits, managing records, complying with government regulations, and storing a copy of a written contract. Their crowdsale consists of selling Factoids (the Factom currency), which will be converted into ‘entry credits’ that allow users to use their service.

There also have been other similar Bitcoin 2.0 projects, which all aim to build a new service on top of the bitcoin blockchain. Other examples include storj.io, which aims to provide a decentralized cloud storage, and Ethereum, a service that aims to allow smart contracts, which can be used to build currencies, financial derivatives, voting systems, decentralized organizations, data feeds, title registries and thousands of other applications.

Both of these examples started by launching a CrowdSale, however, Ethereum’s CrowdSale came under heavy criticism, because at first, it had only planned to sell a maximum of 5000 BTC that they raised. However, they sold approximately 30,000 of its BTC, which caused a fierce debate, discussing if future crowdsales from Bitcoin 2.0 companies should be trusted. Months later after Ethereum, Factom seems to be doing the same thing.

More here...  http://www.coinbuzz.com/2015/04/16/factom-a-bitcoin-2-0-project-will-sell-85-100-of-its-bitcoin-reserves/

So by investing in these Bitcoin 2.0 ideas, we are whale dumping the price of bitcoin down!

That kind of sucks! Would it not be in their interest to have a higher bitcoin price and better network strength, or do they not care now that they have their money?!

[chennan]

Factom, a Bitcoin 2.0 Non-Profit Organization, is going to sell 85-100% of its bitcoin reserved raised in its crowdsale.

Factom is a project that aims to build on top of the bitcoin blockchain to provide a ‘permanent, time-stamped record of your data in the blockchain’. This means that a user can store a permanent record of a document on the blockchain by using Factom, which will charge you a small fee. This can be used for many purposes, such as reducing the costs and complexities of conducting audits, managing records, complying with government regulations, and storing a copy of a written contract. Their crowdsale consists of selling Factoids (the Factom currency), which will be converted into ‘entry credits’ that allow users to use their service.

There also have been other similar Bitcoin 2.0 projects, which all aim to build a new service on top of the bitcoin blockchain. Other examples include storj.io, which aims to provide a decentralized cloud storage, and Ethereum, a service that aims to allow smart contracts, which can be used to build currencies, financial derivatives, voting systems, decentralized organizations, data feeds, title registries and thousands of other applications.

Both of these examples started by launching a CrowdSale, however, Ethereum’s CrowdSale came under heavy criticism, because at first, it had only planned to sell a maximum of 5000 BTC that they raised. However, they sold approximately 30,000 of its BTC, which caused a fierce debate, discussing if future crowdsales from Bitcoin 2.0 companies should be trusted. Months later after Ethereum, Factom seems to be doing the same thing.

More here...  http://www.coinbuzz.com/2015/04/16/factom-a-bitcoin-2-0-project-will-sell-85-100-of-its-bitcoin-reserves/

So by investing in these Bitcoin 2.0 ideas, we are whale dumping the price of bitcoin down!

That kind of sucks! Would it not be in their interest to have a higher bitcoin price and better network strength, or do they not care now that they have their money?!

They are doing nothing good to bitcoin, just try to take advantage of existing bitcoin technology, collect as much bitcion as possioble, and dump them all to collect fiat money.

[Amph]

yet another bitcoin2.0 shitcoin

Because the financial technology industry is so lucrative (you won a lottery jackpot if you are lucky in that business), a number of startups are trying to create bitcoin-like alternatives that might be more appealing for the traditional banking industry - and that is nothing new. So of course people are working on bitcoin 2.0 but that have little to do with our 'bitcoin'.

it seems that everything new, related to bitcoin(this shit bitcoin 2.0, altcoin, market adoption ecc yes they are a big dumpers too), it's only aiming to dump it for fiat, they see bitcoin as a rich quick scheme and nothing else, this is why the price can't rise

[ashour]

yet another bitcoin2.0 shitcoin

Because the financial technology industry is so lucrative (you won a lottery jackpot if you are lucky in that business), a number of startups are trying to create bitcoin-like alternatives that might be more appealing for the traditional banking industry - and that is nothing new. So of course people are working on bitcoin 2.0 but that have little to do with our 'bitcoin'.

it seems that everything new, related to bitcoin(this shit bitcoin 2.0, altcoin, market adoption ecc yes they are a big dumpers too), it's only aiming to dump it for fiat, they see bitcoin as a rich quick scheme and nothing else, this is why the price can't rise

Just like ethereum, factom will dump their coins and build a huge sell wall and cause a price drop. They should just accept fiat and not bitcoin if they are ending up to dump it anyway for fiat.

[Jybrael]

Well we can't really do anything about it..all these guys that are trying to come up with a Bitcoin2.0...is only in it for themselves..they want to try and make as much money as possible and if it screws over Bitcoin in the process I hardly doubt they would care...but eventually Bitcoin will triumph...

[bryant.coleman]

Just like ethereum, factom will dump their coins and build a huge sell wall and cause a price drop. They should just accept fiat and not bitcoin if they are ending up to dump it anyway for fiat.

I think they have already dumped most of their coins. And I believe that was why the exchange rate crashed from $290 to $215 all of a sudden. Now the prices should be stabilizing around $215-225.

[Cruxer]

Just like ethereum, factom will dump their coins and build a huge sell wall and cause a price drop. They should just accept fiat and not bitcoin if they are ending up to dump it anyway for fiat.

Agree, its very suspicious stuff to begin with.
So many great investments turned to scam thats unbelievable.

[gentlemand]

They've got bills to pay and wages to keep knocking out. You can't really blame them for converting to a more stable currency when there's no shortage of real world costs to meet.

[Snail2]

Selling up their stack showing great confidence in bitcoin .

[ashour]

They've got bills to pay and wages to keep knocking out. You can't really blame them for converting to a more stable currency when there's no shortage of real world costs to meet.

The why don't they just raise the funds with paypal if they are going to to dump the bitcoin amount to their bank accounts ? Either they should just the bitcoin as it is or use paypal so they don't have to dump the bitcoins and cause a price drop to the bitcoin price.

[Amph]

They've got bills to pay and wages to keep knocking out. You can't really blame them for converting to a more stable currency when there's no shortage of real world costs to meet.

what they should really do is using those bitcoin to pay bills directly, there must be something that let you do this, instead of dumping for fiat all the time

bitcoin should be sent from one entity to another without any conversion, it would remove the dumping altogether, it should also rise the price substantially

[yayayo]

I really don't understand why factom needs so much funding at all. From what I understand they just store some data in the blockchain. Almost anybody can do that today: Choose an encoding scheme, convert data to transaction values based on the encoding scheme, make a (multisend) transaction, done.

I don't see why you need millions to develop some software to automatize this.

ya.ya.yo!

[R2D221]

Bitcoin is currently at version 0.10.0. There's still a long way before version 1.0, let alone 2.0.

[Adam_Allcock]

yet another bitcoin2.0 shitcoin

Because the financial technology industry is so lucrative (you won a lottery jackpot if you are lucky in that business), a number of startups are trying to create bitcoin-like alternatives that might be more appealing for the traditional banking industry - and that is nothing new. So of course people are working on bitcoin 2.0 but that have little to do with our 'bitcoin'.

it seems that everything new, related to bitcoin(this shit bitcoin 2.0, altcoin, market adoption ecc yes they are a big dumpers too), it's only aiming to dump it for fiat, they see bitcoin as a rich quick scheme and nothing else, this is why the price can't rise

Just like ethereum, factom will dump their coins and build a huge sell wall and cause a price drop. They should just accept fiat and not bitcoin if they are ending up to dump it anyway for fiat.

Dude they accept btc so later on they can say "oops our plan did not work out, chao"

Accepting Fiat would have SEC and FinCen on their asses

[TeamButtcoin]

I really don't understand why factom needs so much funding at all. From what I understand they just store some data in the blockchain. Almost anybody can do that today: Choose an encoding scheme, convert data to transaction values based on the encoding scheme, make a (multisend) transaction, done.

I don't see why you need millions to develop some software to automatize this.

ya.ya.yo!

this is exactly spot on, its mostly just a scheme to defraud crowdfunders