[ANN] FACTOM - Introducing Honesty to Record-Keeping

[Azael]

When you've given somebody money and they say they don't care about the price that's disrespectful period.

This is the key sentence! Think about it: there are company investors via bank of the future and factoid investors - which type of investor gave money to Factum Inc. and which one didn't?

And which ones gave money in the Factoids crowdfunding that made Factom INC a possibility in the first place? That's right, Factoid investors.

And those who invested after inception gave Factom a liquid market to sell their 30% of FCTs. Which someday might be used to fund development if they hold on to it, well whatever we don't know what they've done or plan to do with that.

[1714730328]

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[1714730328]

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[tempus]

When you've given somebody money and they say they don't care about the price that's disrespectful period.

This is the key sentence! Think about it: there are company investors via bank of the future and factoid investors - which type of investor gave money to Factum Inc. and which one didn't?

And which ones gave money in the Factoids crowdfunding that made Factom INC a possibility in the first place? That's right, Factoid investors.

And those who invested after inception gave Factom a liquid market to sell their 30% of FCTs. Which someday might be used to fund development if they hold on to it, well whatever we don't know what they've done or plan to do with that.

Wow, a new fact here? You claim that they've sold their Factoids? What happened that you turned from a supporter into somebody who posts accusations?

[BrianDeery]

hello brian,
If i start from cmd than it doesnt shut down so thats good.
So i start factomd and have to wait and than i see a lot of text.
The text end with
/home/brian/go/src/github.com/FactomProject/btcd/peer.go:1398 +0x2cf
om/FactomProject/btcd.(*peer).outHandler(0x131ee280)
/home/brian/go/src/github.com/FactomProject/btcd/peer.go:1892 +0x31d
by github.com/FactomProject/btcd.(*peer).Start
/home/brian/go/src/github.com/FactomProject/btcd/peer.go:2020 +0x2f8
Is it syncing now?
Thanks for your help

hmm, there should be more than this between "syncing to block height" and the error that you are showing.  I need the text just after "syncing to block height"

if it scrolls off the cmd window, you can change the screen buffer size from 300 to 3000 to see more.
http://www.chami.com/tips/windows/050298W.html

[Azael]

incoherent book

I only skimmed through that. As usual, you dance around the questions answering none trying to make me tired with a lot of text saying nothing. What an absolute waste of time and you completely miss the point. Which seems to be exactly your intention. Whatever, I am not gonna spend several hours trying to cure Dunning-Kruger.

Anybody wanting a long TLDR: if you're an investor in this project on the FCT side, you get the short end of the stick. You have no way of doing adequate diligence, and anybody telling you otherwise are confused. Any suggestion to improve investor protection is met by people telling you "how dare you demand anything!" and it is clear that these people work or collaborate with Factom in some shape or form. The end goal is to establish an atmosphere where the consensus is that Factom has already taken your money and done some stuff so now they owe you nothing so don't ask for any improvements whatsoever.

Here are the 5 biggest issues with Factom for investors:

Lack of transparency over entries making projections impossible
Lack of transparency over Factoms FCT holdings and future sales or previous sales making factoring in dilution impossible
Lack of transparency over how Factom INC and FCT work together
No user friendly wallet causing a systemic risk to FCTs since a lot is held on exchanges
No viable blockchain explorer nor rich lists

[Azael]

When you've given somebody money and they say they don't care about the price that's disrespectful period.

This is the key sentence! Think about it: there are company investors via bank of the future and factoid investors - which type of investor gave money to Factum Inc. and which one didn't?

And which ones gave money in the Factoids crowdfunding that made Factom INC a possibility in the first place? That's right, Factoid investors.

And those who invested after inception gave Factom a liquid market to sell their 30% of FCTs. Which someday might be used to fund development if they hold on to it, well whatever we don't know what they've done or plan to do with that.

Wow, a new fact here? You claim that they've sold their Factoids? What happened that you turned from a supporter into somebody who posts accusations?

Now you're just a full blown troll and you should finish reading the sentence. Which I know you did, but it was a nice way to derail when I point out a speculators worth.

[tempus]

incoherent book

I only skimmed through that. As usual, you dance around the questions answering none trying to make me tired with a lot of text saying nothing. What an absolute waste of time and you completely miss the point. Which seems to be exactly your intention. Whatever, I am not gonna spend several hours trying to cure Dunning-Kruger.

Anybody wanting a long TLDR: if you're an investor in this project on the FCT side, you get the short end of the stick. You have no way of doing adequate diligence, and anybody telling you otherwise are confused. Any suggestion to improve investor protection is met by people telling you "how dare you demand anything!" and it is clear that these people work or collaborate with Factom in some shape or form. The end goal is to establish an atmosphere where the consensus is that Factom has already taken your money and done some stuff so now they owe you nothing so don't ask for any improvements whatsoever.

Here are the 5 biggest issues with Factom for investors:

Lack of transparency over entries making projections impossible
Lack of transparency over Factoms FCT holdings and future sales or previous sales making factoring in dilution impossible
Lack of transparency over how Factom INC and FCT work together
No user friendly wallet causing a systemic risk to FCTs since a lot is held on exchanges
No viable blockchain explorer nor rich lists

Lack of transparency over entries making projections impossible

You want something they can't give! They are in negotiations which are often under NDA's. How should it be possible to know how much demand there will be in future? They can't predict that themselves. Do you want them to publish guesses? I know what the reaction would be. They would called scammers who try to hype the price with promises.

Lack of transparency over Factoms FCT holdings and future sales or previous sales making factoring in dilution impossible

Man, they can do with that whatever they want to. What they can't do is run away and just stop development without getting a lot of problems. So, no reason to be scared here.

And to spread that they would dump is just stupid. Last time you spread that around was just hours before they published this:

https://www.factom.com/smartcontract-factom-announce-collaboration/

But of course. They don't only dump. They even do it right before they publish good news.



Lack of transparency over how Factom INC and FCT work together

What do you mean with "Factom INC and FCT"? FCT is here Factoids or Factom-open-source-project?

I'm not even able to guess where you see a lack of transparency.




No user friendly wallet causing a systemic risk to FCTs since a lot is held on exchanges


The wallet works. It's nothing for total newbies, yes. But nobody says that total newbies need to buy. And: It's about the combination of Papermill and wallet. If you use both you are fast and safe. And they've said that there will be an improved wallet in future. And just some minutes ago Brian Deery showed that he is there to help if somebody needs help.

No viable blockchain explorer nor rich lists

There is a Block Explorer: http://explorer.factom.org

And a richlist? Because it says so much? Do you really believe in rich lists? Even I don't use just one address.



Your problem is more that you're damn greedy and without patience. You bought into it and you was supportive. But just a little while later your nerves are shot. You even speak about investor-protection. In Crypto! If you want to be safe: Don't invest in Crypto. That's it. And if you want to be near to safe with Factom, sell for now and come back after M3 and when there are the first companies who use the system if it all goes well. If Factom should fail you won't lose. If successful, you can buy in again. But of course: The price will be higher. And that is your problem. You want it all now. You want a higher price - now. You want to feel safe - now. You want them to publish their own holdings and all their plans and expectations and so on, while you show nothing but destructive lines here. You spread baseless accusations as facts.

I tell you why I feel safe, more safe at least than in other projects or even in Bitcoin: I made research. And I wouldn't ever post accusations without any base and as if it's about facts.

[accripteau]

How intertwined do you guys think the Factom INC valuation is with FCT as a currency?

Not very... other crypto projects have very little business value yet their token value is quite inflated (compared to FCT anyway). Factoids have many things going for them from an economic standpoint like a very small supply, currently no inflation, they get burned when entries are made, and the technology piggybacks the security of other top blockchains. Overall, it's an excellent economic model.

How many entries per month is made by Factom themselves?
Do you think we are getting the short end of the stick as currency investors vs company investors?

Building up business use for Factom has extreme implications on Factoids. The more Factoids burned for business use, the more valuable other Factoids will be. Entry credits being a fixed price allows Factoids to freely fluctuate in value relative to demand. Imagine if some of these partnerships really take off and produce billions of entries per month into Factom, that will put huge demand into the Factoid price.

You got to remember, the system is still being built. It's officially only 1/3 complete. So why should the business put much focus on the token (taking away focus from development or business) when any value behind the token is still only speculative? Also, any business deals will only help propel further development. It gives them financial bandwidth without having to inflate the token market supply (like other projects do).

You know I don't like how Factom doesn't want to show their currency side their bnktothefuture for example.

There may be legal reasons behind this. If true, it only shows business smarts. The project is still at an early stage, it'd be crippling for it to be disrupted by a lawsuit.

[tempus]

When you've given somebody money and they say they don't care about the price that's disrespectful period.

This is the key sentence! Think about it: there are company investors via bank of the future and factoid investors - which type of investor gave money to Factum Inc. and which one didn't?

And which ones gave money in the Factoids crowdfunding that made Factom INC a possibility in the first place? That's right, Factoid investors.

And those who invested after inception gave Factom a liquid market to sell their 30% of FCTs. Which someday might be used to fund development if they hold on to it, well whatever we don't know what they've done or plan to do with that.

Wow, a new fact here? You claim that they've sold their Factoids? What happened that you turned from a supporter into somebody who posts accusations?

Now you're just a full blown troll and you should finish reading the sentence. Which I know you did, but it was a nice way to derail when I point out a speculators worth.

It is the sentence. I'm aware that you wrote more than that and I didn't delete it. But it's the same like you wrote about me. You know nothing about me but you wrote: "About the only thing I agree with crazyivan on is the fact that Tempus is obviously a Factom employee or one of the founders."

That's how you start. You don't ask. You believe to know, you call that "fact" and you blow it into the world. No logic, but that's not a problem for you. You don't care.

And that's the same when you say: "And those who invested after inception gave Factom a liquid market to sell their 30% of FCTs."


I don't say that because I believe it need to be avoided that anybody believes you. I don't think that's a problem. But it's revealing about you. You believe to be super smart and blow out your bullshit about me as Insider, and that they would dump just before good news plus all what you add to that. Maybe you just should stop with posting all what comes to your mind in real-time as if the world would need to know that. Because, a little hint: You could be wrong, even if you call something a fact or word it as would it be one.

[willowfoot]

When running factomd, how do we know the client has fully synced?

When I fire it up this is the last line, and never moves ..



And if I close it down and restart factomd, it always seems stuck at block 48053?

[matt608]

How intertwined do you guys think the Factom INC valuation is with FCT as a currency?

they get burned when entries are made

Are you sure this always happens?  What if someone purchases entry credits with a credit card from the website rather than with factoids, does the factoid supply still decrease?

[marechoux]

How intertwined do you guys think the Factom INC valuation is with FCT as a currency?

they get burned when entries are made

Are you sure this always happens?  What if someone purchases entry credits with a credit card from the website rather than with factoids, does the factoid supply still decrease?

Yes it decrease the same. If they buy with credit card, the merchant will sell over the real price to make a profit but factoids will be burnt exactly the same way.

[tempus]

How intertwined do you guys think the Factom INC valuation is with FCT as a currency?

they get burned when entries are made

Are you sure this always happens?  What if someone purchases entry credits with a credit card from the website rather than with factoids, does the factoid supply still decrease?

It's just a transaction. If you want Entry Credits and you give me cash, I send Factoids to your Entry-Credit-Adress and you have EC's. The Factoids are out of the system.

[accripteau]

How intertwined do you guys think the Factom INC valuation is with FCT as a currency?

they get burned when entries are made

Are you sure this always happens?  What if someone purchases entry credits with a credit card from the website rather than with factoids, does the factoid supply still decrease?

I've never purchased from the website. Do they fill an entry credit address that purchaser supplies? If so, a factoid needs have be burned to create entry credits. It seems like that if an address was to be filled with code, it'd require a fork. Then they couldn't claim immutability and would require all nodes to update.

[nowhere man]

When running factomd, how do we know the client has fully synced?

When I fire it up this is the last line, and never moves ..



And if I close it down and restart factomd, it always seems stuck at block 48053?

Yeah I get this far. But after that I get the following lines:

panic: error in storeBlocksFromMemPool. The update to this address would drive the balance negative.


Doesn't sound good. Could be my stupid fault but I'm finding the factom wallet tricky to get my head around. Quite keen to move my stash from the exchange though, for obvious reasons.

[Azael]

incoherent rambling

I'm putting you on ignore since you've gone full troll mode now by purposefully misunderstanding every single statement I made about the five issues for investors to waste my time. Basically you have 16 hours per day to write complete nonsense, I don't. I'll let you out in a couple weeks to see if your Dunning-Kruger has been cured.

[tempus]

incoherent rambling

I'm putting you on ignore since you've gone full troll mode now by purposefully misunderstanding every single statement I made about the five issues for investors to waste my time. Basically you have 16 hours per day to write complete nonsense, I don't. I'll let you out in a couple weeks to see if your Dunning-Kruger has been cured.

Oh boy, you're funny. As if I would care if somebody like you puts me on ignore.

And I'm the troll here? You are the one who spread lies about me and a lot of des-info in general.

[D-Lux]

Anybody wanting a long TLDR: if you're an investor in this project on the FCT side, you get the short end of the stick. You have no way of doing adequate diligence, and anybody telling you otherwise are confused.

If you think FCT investors have "no way of doing adequate due diligence," you should sell whatever FCT you own. Seriously. And stop posting on here. Your attempt to argue with tempus has gone from a sad joke to offensive. No one with an ounce of intelligence is buying the bs you're spinning ...

Any suggestion to improve investor protection is met by people telling you "how dare you demand anything!" and it is clear that these people work or collaborate with Factom in some shape or form.

I used to think you were just confused, childish, and bad-tempered, but accusing supporters of FCT of being in bed with Factom is ridiculous. And actually it's beyond ridiculous ... it's the oldest trick in the book: accuse others of what you're doing. tempus I believe already suggested you might be on someone's payroll, and your latest posts -- again, assuming you aren't really as small and ignorant as you pretend to be -- lend a lot of credibility to that. Given the market suppression the past few months, and the amount of money in play, it's looking more and more to me like you're compromised. Again, assuming you aren't as ridiculous as you appear.

If you are in the pocket of someone: take a look in the mirror.

If you aren't in the pocket of someone: sell whatever FCT you own and eff off. I'm all for constructive criticism, but not for listening to people whose only intention is to pollute an otherwise great discussion.

Edit: fixed typos.

[tempus]

  tempus I believe already suggested you might be on someone's payroll, (...)

No, I don't believe that and don't believe I said that. I believe his nerves are just shot. This was him not even 1 month back:

https://bitcointalk.org/index.php?topic=850070.msg15618582#msg15618582

And he even tried to make some PR for Factom in other threads like Monero. Not sure why he believes a Coin with focus on anonymity should use Factom.

But no, he is not paid. He just desperately wants a higher price - yesterday, now, soon.

[palawan]

When running factomd, how do we know the client has fully synced?

When I fire it up this is the last line, and never moves ..



And if I close it down and restart factomd, it always seems stuck at block 48053?

Yeah I get this far. But after that I get the following lines:

panic: error in storeBlocksFromMemPool. The update to this address would drive the balance negative.


Doesn't sound good. Could be my stupid fault but I'm finding the factom wallet tricky to get my head around. Quite keen to move my stash from the exchange though, for obvious reasons.

Factom has a nice Web Wallet, but for security reasons (no passphrase to secure the wallet/transactions); it's best to run on a VM not accessible from anywhere.  I think Ubuntu VM may work, but I use Arch Linux as it's my preferred distro.

https://www.factom.com/howto/factoid-wallet-gui-guide/

I have most of my Factoids on my wallet and just a little bit on the exchange.  I've tested sending to the exchange and works quite well.

Linux: ~/.factom/factoid_wallet_bolt.db     https://www.factom.com/howto/how-to-use-your-factoids/

Make sure you backup the Factoid wallet file (at least 3 copies on 3 different media storage) and highly suggest encrypted containers.  Do not forget password on the encryption.

After installing the linux binaries on the VM guest, start 4 terminal windows (CTRL-shift-T after first one).
Terminal 1:   factomd                                 (most important)
Terminal 2:   tail -f .factom/factom-d.log    (optional, status messages)
Terminal 3:   walletapp                              (The web/gui  wallet daemon/server)
Terminal 4:   factom-cli get height             (periodically to see if your wallet is fully synced)

Open a web browser and  access   http://127.0.0.1:8096    (create some addresses and stuff and send receive, like any crypto wallet)

I access the http://vmguestIP-address:8096  from the host, but I'm running arch linux on both the guest and host.  I don't really recommend the host to be Windows due to security concerns, but ymmv.

Good luck.

[Azael]

Anybody wanting a long TLDR: if you're an investor in this project on the FCT side, you get the short end of the stick. You have no way of doing adequate diligence, and anybody telling you otherwise are confused.

If you think FCT investors have "no way of doing adequate due diligence," you should sell whatever FCT you own. Seriously. And stop posting on here. Your attempt to argue with tempus has gone from a sad joke to offensive. No one with an ounce of intelligence is buying the bs you're spinning ...

Any suggestion to improve investor protection is met by people telling you "how dare you demand anything!" and it is clear that these people work or collaborate with Factom in some shape or form.

I used to think you were just confused, childish, and bad-tempered, but accusing supporters of FCT of being in bed with Factom is ridiculous. And actually it's beyond ridiculous ... it's the oldest trick in the book: accuse others of what you're doing. tempus I believe already suggested you might be on someone's payroll, and your latest posts -- again, assuming you aren't really as small and ignorant as you pretend to be -- lend a lot of credibility to that. Given the market suppression the past few months, and the amount of money in play, it's looking more and more to me like you're compromised. Again, assuming you aren't as ridiculous as you appear.

If you are in the pocket of someone: take a look in the mirror.

If you aren't in the pocket of someone: sell whatever FCT you own and eff off. I'm all for constructive criticism, but not for listening to people whose only intention is to pollute an otherwise great discussion.

Edit: fixed typos.

Seems like you found a way around the ignore Tempus. I'm ignoring this one too so that I can enjoy Factom discussion without having to read things from people with Dunning-Kruger.