Factoid [FCT] on Poloniex - Let the games begin!

[nickhiggins123]

Let the speculation begin!

For those who don't know what Factom is:

"Factom is a simple extension of the Bitcoin blockchain that lets you build faster, cost effective applications. Factom takes lots of hashes and turns them into a single periodic hash on the blockchain – this fixes the bloat problem."


You can learn more about it here.

http://factom.org/


Thoughts?

[r0ach]

Thoughts?

I read the high level description, which told me absolutely nothing, so I just started to read the low level description, and it's not explained very well at all.   After a few minutes of reading, this is what it appears to me so far:


r0ach: Whoever wrote this factcom consensus whitepaper was not good at explaining things, they shoveled in as much ambiguous, proprietary nomenclature as possible
r0ach: like "entry credits" and "factoids" and then don't really even properly define what those are without moving on
r0ach: Blurb, from what I gather so far from reading for 5 minutes, it sounds like factcom is DPoS, but then stores it's records on the BTC chain after something like
r0ach: 24 hours of DPoS consensus
r0ach: which is kind of pointless having 2 points of failure
r0ach: their system is a complete mess from reading so far, I'm trying to figure out the economic and security model right now
r0ach: seems like they ripped off Larimer DPoS without giving him any credit and just replaced words like "backup delegate" with "audit server"

[tokeweed]

I was following this project and it looks like a really good idea.  But that doesn't really mean that FCT will go straight to the moon.  We've seen it again and again.  The latest with Ethereum.

Bottom line, this is all trading.  Coins/tokens go up and down.