[ANN] FACTOM - Introducing Honesty to Record-Keeping

[Azael]

SMV: I think Factom is dumping on us. Straight into the buy support each time we get ready for break out. There is no blockchain explorer which seems intentional. I think they should disclose their market dealings to us.

Better read a few posts above bevor writing such nonsense. Blockexplorer is here: http://explorer.factom.org/

Where's the richlist? Where are FCT transactions? That is only entries. No sight of any 'money' being moved.

FCT transactions:

1) open http://explorer.factom.org
2) click on a block
3) scroll down
4) click on "Factoid Block" (http://explorer.factom.org/fblock/6231b2f1c0124c141043f47be3ebffe0e0cc7c5be9266b6cea1294de54b75691)

Richlist:

1) https://bittrex.com/Market/Index?MarketName=BTC-FCT
2) click on "Distribution" (even though that list looks wrong to me)

The "Richlist" is no richlist. It's the distribution of Factoids on the Bittrex-exchange.

That's what I thought, too. But honestly, a "real richlist" wouldn't tell you the truth eiter. Whales usually do split their funds into multiple wallets to obfuscate their balance.

Yes, true. Richlists are not that revealing. It can be interesting because at least it's possible to see if there are changes. But it's always possible that one person has 10 addresses with 10k each or something like that.

What I would be interested in: The distribution on Poloniex. And even more: I would like to see when huge amounts are deposited or withdrawn and who opens orders and when and buys and sells etc.

That would be advantages ;-)

I would like to see the team disclose their Factoid addresses and me being able to independently verify them.

I would like to see the team disclose when or how they sell their Factoids. Somebody is repeatedly dropping 100 BTCs on market for months like they don't care, any investor with that kind of money in a project wouldn't sell it like that. So that leaves founders who still hold a large amount of FCTs they're coincidentally very quiet about. It's all quite ironic for a project representing honesty and transparency to offer no transparency to FCT holders.

I am not asking for much. A decent blockchain explorer to track large addresses movements, and more transparency from the Factom team what they have done with their FCTs or what they will do with them in the future.

I'm not aware of any project that discloses private team members holdings. Does Dash do that? Does Ethereum do that? Does any other team of a major project do that?
It's like asking someone to show how much they hold in their bank accounts. That information should stay private and it is personal in my opinion.

There was a token sale and lots of people bought FCT at the time, what you see on Polo is simply normal speculation activity.
People buys low and sells high and if they hold many FCT of course they don't want to reck the market and get it below a certain point.
Also when FCT was first listed it was reeeeally cheap, so some people may have quite a good stock of them and are just playing the market to their advantage.

You seem to be obsessed by the fact that Factom is selling coins... Or you are just trolling for your own purposes. I don't think Factom Inc, the company, holds any Factoids. They also stated that if customers wanted to buy Entry Credits directly with FIAT or CC they can but in that event Factom Inc will go on the Open Market buy FCT at current market price and convert them to EC for customers.

The distribution of FCT as stated on this thread and during the token sale was 50% token sale, 20% early investors, 30% to people who contributed to the project.
There was a total of just over 8 million FCT. They are not many so it's very easy for a third party whale to stock up and make the good and bad weather on exchanges.

And the explorer can show you FCT transactions. Have a closer look. What you are looking for is something like blockscan.com does for XCP assets, but yes I don't know of many other explorers that allow you to do that.

Also a tool you are seeking or a way to see the top addresses like you are asking would allow you to predict the market somehow that's probably why you are so keen.
I have bought a few BTC worth of FCT during the token sale and I'm holding, I personally think FCT is undervalued but I don't do day trading I'm in it for the long run, wait to see what Factom comes up with in terms of partnerships, customers, and software releases. That's when the real value of FCT will come up. Right now it is purely driven by speculation and people that believes in the project who like me HODL!

Accusing Factom or their team members of selling FCT or rigging the market is silly, first everyone is free to do what they want with their money, second it is an open market and there are many players around with large pockets. See what's happening with ETC and ETH? The mother of all pumps?

Finally you seem to have come out late to the game, you got to accept that and make your own judgement before deciding where you put your money.

I'm going to disregard your bait post and simply say: a blockchain explorer is common sense in crypto and it gives investors protection and being able to independently verify movements and the blockchain and things like total amount of coins and distribution without downloading the client. I shouldn't need to trust anybody when we have blockchain technology. We as investors need a blockchain explorer and you can't convince me otherwise. And there is no FCT transactions in the "explorer" it is entries. FCT transactions and a normal blockchain explorer was removed months ago for a reason like selling coins. I don't care about your agenda, it is horrible for investors that there is no blockchain explorer period.

[haggis]

I'm going to disregard your bait post and simply say: a blockchain explorer is common sense in crypto and it gives investors protection and being able to independently verify movements and the blockchain and things like total amount of coins and distribution without downloading the client. Your post is ridiculous as it is like the 2nd or 3rd thing you look at as an investor in crypto. I shouldn't need to trust anybody when we have blockchain technology. We as investors need a blockchain explorer and you can't convince me otherwise. This is ridiculous. And there is no FCT transactions in the "explorer" it is simply entries. That was removed months ago for a reason like selling coins. I don't care about your silly agenda, it is simply ridiculous that there is no blockchain explorer period. Bad for investors.

All you do is trolling now. I explained to you how to use the block explorer and how to see factoids movements. I won't repeat myself.

[Azael]

They just raised over $5 million, why would they be dumping coins at lows for 5 figure lots while simultaneously raising capital that is 1/3 of the entire token's marketcap. Use some basic logic, this isn't a standard shitcoin run by some anon devs looking to dump into any liquidity that enters the market.

Factom INC as a company raised 5 mil, that's the company and will be used for things like salaries. FCT as a currency can be sold for personal hard cash.

And you tell me to use basic logic. Are you saying we should recommend every crypto to remove their blockchain explorer and make their client as hard as possible to use and simply trust any developer and team when they hold over 30% of the supply? Let me remind you one reason Bitcoin was implemented in the first place was so we don't have to rely on the old trust model.


And let me reiterate I am not asking for much. A blockchain explorer for every investor to be able to independently verify the movements of FCTs.

[Azael]

I'm going to disregard your bait post and simply say: a blockchain explorer is common sense in crypto and it gives investors protection and being able to independently verify movements and the blockchain and things like total amount of coins and distribution without downloading the client. Your post is ridiculous as it is like the 2nd or 3rd thing you look at as an investor in crypto. I shouldn't need to trust anybody when we have blockchain technology. We as investors need a blockchain explorer and you can't convince me otherwise. This is ridiculous. And there is no FCT transactions in the "explorer" it is simply entries. That was removed months ago for a reason like selling coins. I don't care about your silly agenda, it is simply ridiculous that there is no blockchain explorer period. Bad for investors.

I explained to you how to use the block explorer and how to see factoids movements.

Right, so show me a screenshot where you see FCT transactions back and fourth.

FCT transactions:

1) open http://explorer.factom.org
2) click on a block
3) scroll down
4) click on "Factoid Block" (http://explorer.factom.org/fblock/6231b2f1c0124c141043f47be3ebffe0e0cc7c5be9266b6cea1294de54b75691)

Richlist:

1) https://bittrex.com/Market/Index?MarketName=BTC-FCT
2) click on "Distribution" (even though that list looks wrong to me)

That is only entries. And you want me to use Bittrex distribution as the richlist, when they represent less than 5% of the daily volume of FCTs. That is simply not good enough. There should be a blockchain explorer for every investor be able to independently verify the movements of FCTs. I'm asking for a blockchain explorer and it is ridiculous that you are making a big deal out of it.

We as investors need a blockchain explorer for FCTs. It is for protection, prediction and allows for everybody to enjoy blockchain technology in a simple way.

[haggis]

I'm going to disregard your bait post and simply say: a blockchain explorer is common sense in crypto and it gives investors protection and being able to independently verify movements and the blockchain and things like total amount of coins and distribution without downloading the client. Your post is ridiculous as it is like the 2nd or 3rd thing you look at as an investor in crypto. I shouldn't need to trust anybody when we have blockchain technology. We as investors need a blockchain explorer and you can't convince me otherwise. This is ridiculous. And there is no FCT transactions in the "explorer" it is simply entries. That was removed months ago for a reason like selling coins. I don't care about your silly agenda, it is simply ridiculous that there is no blockchain explorer period. Bad for investors.

I explained to you how to use the block explorer and how to see factoids movements.

Right, so show me a screenshot where you see FCT transactions back and fourth.

FCT transactions:

1) open http://explorer.factom.org
2) click on a block
3) scroll down
4) click on "Factoid Block" (http://explorer.factom.org/fblock/6231b2f1c0124c141043f47be3ebffe0e0cc7c5be9266b6cea1294de54b75691)

Richlist:

1) https://bittrex.com/Market/Index?MarketName=BTC-FCT
2) click on "Distribution" (even though that list looks wrong to me)

That is only entries. And you want me to use Bittrex distribution as the richlist, when they represent less than 5% of the daily volume of FCTs. That is simply not good enough. There should be a blockchain explorer for every investor be able to independently verify the movements of FCTs. I'm asking for a blockchain explorer and it is ridiculous that you are making a big deal out of it.

We as investors need a blockchain explorer for FCTs. It is for protection, prediction and allows for everybody to enjoy blockchain technology in a simple way.

Yes, forget the Bittrex richlist.

Factoid Transaction: http://explorer.factom.org/tx/1314d888316970f0c6262ba62d1a404f1f34c33ac0c8d92ac625d02ac6e8552a

Although, I highly doubt any Factom founder or early team member would dump any coins right now. That would only make sense if that person has urgent financial problems (what is unlikely since Factom Inc. has enough funds to pay the employees appropriately) or if they lost trust in their own idea - which is also unlikely if you look at the processes made in code, partnerships, funding and media attention.
Every big holder, especially when directly involved in the project, would not dump at these low prices at this volume level. That's just plain logic. Other accusations are just FUD without basis.

[Azael]

I'm going to disregard your bait post and simply say: a blockchain explorer is common sense in crypto and it gives investors protection and being able to independently verify movements and the blockchain and things like total amount of coins and distribution without downloading the client. Your post is ridiculous as it is like the 2nd or 3rd thing you look at as an investor in crypto. I shouldn't need to trust anybody when we have blockchain technology. We as investors need a blockchain explorer and you can't convince me otherwise. This is ridiculous. And there is no FCT transactions in the "explorer" it is simply entries. That was removed months ago for a reason like selling coins. I don't care about your silly agenda, it is simply ridiculous that there is no blockchain explorer period. Bad for investors.

I explained to you how to use the block explorer and how to see factoids movements.

Right, so show me a screenshot where you see FCT transactions back and fourth.

FCT transactions:

1) open http://explorer.factom.org
2) click on a block
3) scroll down
4) click on "Factoid Block" (http://explorer.factom.org/fblock/6231b2f1c0124c141043f47be3ebffe0e0cc7c5be9266b6cea1294de54b75691)

Richlist:

1) https://bittrex.com/Market/Index?MarketName=BTC-FCT
2) click on "Distribution" (even though that list looks wrong to me)

That is only entries. And you want me to use Bittrex distribution as the richlist, when they represent less than 5% of the daily volume of FCTs. That is simply not good enough. There should be a blockchain explorer for every investor be able to independently verify the movements of FCTs. I'm asking for a blockchain explorer and it is ridiculous that you are making a big deal out of it.

We as investors need a blockchain explorer for FCTs. It is for protection, prediction and allows for everybody to enjoy blockchain technology in a simple way.

Yes, forget the Bittrex richlist.

Factoid Transaction: http://explorer.factom.org/tx/1314d888316970f0c6262ba62d1a404f1f34c33ac0c8d92ac625d02ac6e8552a

Although, I highly doubt any Factom founder or early team member would dump any coins right now. That would only make sense if that person has urgent financial problems (what is unlikely since Factom Inc. has enough funds to pay the employees appropriately) or if they lost trust in their own idea - which is also unlikely if you look at the processes made in code, partnerships, funding and media attention.
Every big holder, especially when directly involved in the project, would not dump at these low prices at this volume level. That's just plain logic. Other accusations are just FUD without basis.

Neat! But they should split up the explorer in two pieces: one for entries and one for transactions. I have no idea how to navigate here. How did you come to that tx and how can I follow the flow of transactions? Both ongoing and prior. Anyway now I got some sleuthing to do and thanks. Is it correct to assume you need a FCT adress first to search here? Would appreciate a quick guide on how to use this.

And you are wrong as Bill Gates has sold shares of Microsoft but he still believes in Microsoft so that argument is useless but let's not get into why people are selling something as it could be for many reasons. And sure they get salaries but they also have FCTs as bonus which has appreciated in value more than 1000% in less than a year. As a working stiff with a sound risk appetite surely this is enough to bank. I find it odd that you find it highly unlikely this has occurred but well who cares. It's a bit icing on the cake you speak about 'plain logic' but I guess plain logic to everybody is holding 'magic internet money' at 1000%+.

And if you knew a few things about trading you'd know this is not 'without basis'. And it's not 'FUD'. For me it's about investor protection since I am indeed a investor. A blockchain explorer that is easy for everybody to use and a user friendly wallet as well as a statement from Factom what they will do with their FCT in the future is not only protection for us but will attract other investors and contributors as well.

[haggis]

Neat! But they should split up the explorer in two pieces: one for entries and one for transactions. I have no idea how to navigate here. How did you come to that tx and how can I follow the flow of transactions? Both ongoing and prior. Anyway now I got some sleuthing to do and thanks. Is it correct to assume you need a FCT adress first to search here? Would appreciate a quick guide on how to use this.

FCT transactions:

1) open http://explorer.factom.org
2) click on a block
3) scroll down
4) click on "Factoid Block" (http://explorer.factom.org/fblock/6231b2f1c0124c141043f47be3ebffe0e0cc7c5be9266b6cea1294de54b75691)
5) scroll down again
6) click on an entry row
7) click on an address to see its transactions

From there it just behaves like any other explorer.

And you are wrong as Bill Gates has sold shares of Microsoft but he still believes in Microsoft so that argument is useless but let's not get into why people are selling something as it could be for many reasons. And sure they get salaries but they also have FCTs as bonus which has appreciated in value more than 1000% in less than a year. As a working stiff with a sound risk appetite surely this is enough to bank. I find it odd that you find it highly unlikely this has occurred but well who cares. It's a bit icing on the cake you speak about 'plain logic' but I guess plain logic to everybody is holding 'magic internet money' at 1000%+.

And if you knew a few things about trading you'd know this is not 'without basis'. And it's not 'FUD'. For me it's about investor protection since I am indeed a investor. A blockchain explorer that is easy for everybody to use and a user friendly wallet as well as a statement from Factom what they will do with their FCT in the future is not only protection for us but will attract other investors and contributors as well.

It's just because right now the whole Factom thing is gaining more and more traction. Why on earth should someone sell now if it's clear the value will be x-fold in a couple of months. Except...well if there are insider information available that nothing will happen for the near future. Cryptocurrencies are a bit of a legal grey zone because owning coins doesn't mean you own a share of a company. On a regular stock market big holders/founders/managers are forced to announce their trades to the public afaik. At least in germany. Is there anything comparable in the US? Nevertheless, I'd be highly surprised if crypto assets would be affected by these laws. Otherwhise nearly 100% of blockchain developers would have to code in jail

[haggis]

Btw: this is the genesis factoids block. You can start your research there and report your findings here:

http://explorer.factom.org/fblock/a164ccbb77a21904edc4f2bb753aa60635fb2b60279c06ae01aa211f37541736

[dranster]

Wow great news 
Factom is getting SMART CONTRACTS 
HOOOORAY 
https://www.factom.com/smartcontract-factom-announce-collaboration/

[greentea]

Wow great news 
Factom is getting SMART CONTRACTS 
HOOOORAY 
https://www.factom.com/smartcontract-factom-announce-collaboration/

great news, seems like the market likes this one ...

[dranster]

Wow great news 
Factom is getting SMART CONTRACTS 
HOOOORAY 
https://www.factom.com/smartcontract-factom-announce-collaboration/

Was shocked to see no one posted this news, despite it came out an hour before I posted this here

Until then cheap FCT for me 

[crazyivan]

Time for FCT to fly and take position number 1 again. M2 would be a really great element to complement this news.

[anderson silva 1]

Time for FCT to fly and take position number 1 again. M2 would be a really great element to complement this news.

I fully agree with you.

[tempus]

I really like this:


You also might have been wondering why Factom has been so busy Factomizing data. This week we will have exceeded over 3 million entries into the Factom Blockchain. This is an exciting milestone in Factom history and includes data streams for the Russell 3000, land registries, and notarization services. This does a few important things. It gives the world data that can’t be backdated and changed and also demonstrates that one can create digital data that can’t be unwritten.
https://www.factom.com/smartcontract-factom-announce-collaboration/


I'm not able to anticipate what exactly this will be about, but basically I understand it this way:

Factomizing data won't be just beneficial for companies and their data but also for data that is important for anyone.


Not sure how to say it and also not totally sure if I'm right, but my own thoughts about Factom basically were:
Companies and private User can use Factom to record their data and for their own purposes.

But this seems to me as if they add another direction: All kinds of important data could be factomized to make it accessible via Factom.

And that can be everything. Doesn't even make sense to make a list with potential data. All kinds of. From weather-data to stock prices, all kinds of statistics, (...)

If I'm right with that it can be about a lot (!) of Entries.

[tempus]

Found a way to say it in short words:

1) Factom won't be just a recording-system for data but also a provider of data!

2) Before it can be provided it needs to be factomized = Entries.

[husky1971]

Its time to step in the train

[greentea]

Found a way to say it in short words:

1) Factom won't be just a recording-system for data but also a provider of data!

2) Before it can be provided it needs to be factomized = Entries.

yes it seems it will function like a data feed for smart contracts knowing they can 'trust' the data

[crazyivan]

Where Factoid re going to be position regarding these smart contracts project? How re entry credits, that is Factoids being used to fuel this? In other worlds, why should I buy more?

[Freckleg]

Smartcontracts interesting, could move FCT in the neighborhood of ETH price

[tempus]

Where Factoid re going to be position regarding these smart contracts project? How re entry credits, that is Factoids being used to fuel this? In other worlds, why should I buy more?

The basic logic is always:

1) Whoever wants to record data into Factom has to purchase Entry Credits before.

2) Whenever Entry Credits are purchased Factoids get burned (always! no matter if somebody buys EC's with Dollar or if he buys Factoids)

3) Conclusion: The more data will be factomized the more Entry Credits will be bought and... --> the more Factoids will be burned

4) The more Factoids will be burned the higher the price needs to be - otherwise more Factoids would be burned than new created (73k per month)




With this announcement Factom can be used to provide data to use it for Smart Contracts.


Example:

Ethereum Smart Oracles
Give your Ethereum smart contracts access to external resources like data feeds, your internal systems, additional blockchains and traditional banks/payment networks.
https://smartcontract.com


Focus on "like data feeds". And now imagine what that would mean for the number of Entries if all kinds of Data-Feeds will be recorded and audited:


Why should anybody want this?

Another benefit of using Factom data feeds for your smart contract via an oracle will be the inherent auditability of data from the Factom blockchain, making it difficult to obfuscate the terms of the contract later. The benefit is if you ever need to look back on the terms for why a contract executed it will be very clear because the Factom blockchain will have permanently recorded the contractual parameters, and that performance has occurred. This will be a perfect digital audit trail that does not require you to call up your lawyer or dig through your paper files to prove it.
https://www.factom.com/smartcontract-factom-announce-collaboration/