[ANN] FACTOM - Introducing Honesty to Record-Keeping

[schnib]

How can i do something similiar to cold storage with factom ?

The site which someone on reddit referred to : http://factom.org/howto is not found ?

[1714738612]

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[tempus]

How can i do something similiar to cold storage with factom ?

The site which someone on reddit referred to : http://factom.org/howto is not found ?

They use the "com-domain" now:

https://www.factom.com/howto/

Cold-storage: Papermill

[flashbit]

Brian Deery just posted the slides from his blockchain training.

https://blockchaintraining.org/wp-content/uploads/2016/06/Deery-SystemsOfRecordVsSystemsOfAuthority.compressed.pdf

[schnib]

How can i do something similiar to cold storage with factom ?

The site which someone on reddit referred to : http://factom.org/howto is not found ?

They use the "com-domain" now:

https://www.factom.com/howto/

Cold-storage: Papermill

thanks.

it says  : "This is early beta software you should use this guide at your own risk, we suggest not to use large amount of factoids in case there may be issues and/or bugs."

so is there any secure way to store factom on an offline computer yet ?

[MyFarm]

thanks.

it says  : "This is early beta software you should use this guide at your own risk, we suggest not to use large amount of factoids in case there may be issues and/or bugs."

so is there any secure way to store factom on an offline computer yet ?

It's secure and works fine.  Plenty of us have used it with no problem.

[Nxtblg]

Factom Series A closing tomorrow https://bnktothefuture.com/pitches/factom-series-a their seed round was covered widely so I expect Factom to be on top of this some time next week.

Thanks for mentioning it. Funny: the short sellers have pulled in their horns right now. After a frenzy when Factom bottoned at ~0.0035, a lot of shorts liquidated as the selling was met with a lot of buying. Some of them, I'm sure, liquidated at a small loss. "Ouch."

Now, when Factom climbs up, far fewer shorts are fighting the trend than yesterday and the day before. Other than that big fight at around 0.0035, the volume has dwindled too. It's as if both the punters and the shorters have stepped back to see what will happen. Maybe because of the Series A closing?


(Alternate explanation: the pumpers are now chasing MAID, DASH, VOX and NEM instead of FCT...but that doesn't explain the shorters' reticence.)

[willowfoot]

For people asking for a richlist, isn't it pretty straightforward to program with the explorer & given client?

(note: Im not a developer )

[flashbit]

For people asking for a richlist, isn't it pretty straightforward to program with the explorer & given client?

(note: Im not a developer )

No one asking dude. Most not interested. I would rather factom team continue to focus on getting M2 out the door.

[neo1947]

For people asking for a richlist, isn't it pretty straightforward to program with the explorer & given client?

(note: Im not a developer )

No one asking dude. Most not interested. I would rather factom team continue to focus on getting M2 out the door.

hello flashbit,
do you reckon  M2 is coming with a user friendly wallet?
thanks

[flashbit]

For people asking for a richlist, isn't it pretty straightforward to program with the explorer & given client?

(note: Im not a developer )

No one asking dude. Most not interested. I would rather factom team continue to focus on getting M2 out the door.

hello flashbit,
do you reckon  M2 is coming with a user friendly wallet?
thanks

Yes I believe so. Check out their github and you can see them working on it.

https://github.com/FactomProject

[MalReynolds]

Snow: “The token supply can grow (if speculators drive up the price) until the price stabilizes. And the token supply can fall (if speculators drive the price down) until the price stabilizes. But in both cases, the stable price is when the value of the token matches the money real applications are spending to buy Entry Credits in order to put data into the protocol. That is because the 73K factoids generated each year naturally trends to the value of the factoids drained from the supply to write into the protocol. If people are spending 1 million dollars to put data into factom per year, then 73K factoids should be worth 1 million dollars.”

Can you link to where this quote is please?

It's from an AMA:

https://forum.bitcoin.com/ama-ask-me-anything/i-am-paul-snow-the-architect-of-factom-and-chair-of-the-texas-bitcoin-conference-ask-me-anything-t4026.html

Actually this is an interesting quote to zero in on. We've been discussing off-and-on what a "natural" or fair price for FCT would be in the future, and this quote seems to provide a strong clue. Given the price-stabilization that Paul Snow mentions, it should, I believe, be possible to deduce a FCT price based on various level of system-use. Fsr I'm having a tough time wrapping my mind around how exactly to do this ... but if someone could provide test examples of moderate/reasonable Factom use in the future—based on current usage trends, etc.—it should be possible to reverse-engineer what the prices of FCT would be in order to maintain the price stability Snow mentions. So with light / medium / heavy use over the next, say 5-10 years, FCT should be worth X / Y / or Z. Thanks to anyone able to give this calculation a crack.

I just see that P. Snow made a mistake there: "73K factoids generated each year" - it's per month. Or I'm wrong and that would be very good news. ;-)

Indeed, the FCT inflation is set at 73K per month or 876K per year.  

From Brian Deery ( https://www.reddit.com/r/factom/comments/436cj9/entry_credits_and_factoids/ ) :

"In contrast to many other projects, Factoids are not trying to be money. We already have internet money, and that is bitcoin. Factoids are a tool to pay the servers in a scalable decentralized way, coupled with a way to provably show that value was destroyed.

Entry Credits are the embodiment of that sacrificed value. They cannot be traded, so I would not call them a token per se. All they can do is pay for data to go into factom.

The two stage (Factoid / Entry Credit) system is to allow for a predictable cost of adding data into the system while the market price of the factoid fluctuate.

To pay for the server+engineering time, new factoids would be created at a rate of 20%/year of the token sale amount. 4379795.611338 factoids were sold, which corresponds to 875959.1222676 per year or 72996.5935223 per month.

On the other had to purchase entry credits, factoids are removed from circulation. These factoids are not recaptured by the servers, and are gone forever. This rate depends entirely on how many people are adding data into factom.

The federated servers goal is to make each unit they are granted become more valuable. The best way they have of doing this is to increase the amount of value people are sacrificing to place data into the blockchain. The more people are using the system, the more demand there is for the tokens, and the higher the market price.

The closed loop feedback nature of the system means in the long term (absent speculation), the dollar amount of the factoid inflation will match the dollar amount of entry credits being purchased. Speculation thrown into this will drive the dollar price up or down from this equilibrium. Now when we have this mismatch between the source (inflation) and the sink (entry credit purchases) then the increased or decreased supply will tend to correct the price towards equilibrium.

There is no way to tell how many factoids there will be in the future, since it depends on usage of the system. There is a ceiling, though, which is the existing amount + inflation."

[D-Lux]

Indeed, the FCT inflation is set at 73K per month or 876K per year.  

Thanks for this! And great to see you joining the discussion. Interesting times ahead ... 

[crazyivan]

Bank to the future Factom bid almost closed. Factom team, PLEASE promote this the way it should be promoted.

[MalReynolds]

Indeed, the FCT inflation is set at 73K per month or 876K per year.  

Thanks for this! And great to see you joining the discussion. Interesting times ahead ... 

In Brian's discussion, there's one part I don't understand.  He says, "To pay for the server+engineering time, new factoids would be created at a rate of 20%/year of the token sale amount. 4379795.611338 factoids were sold, which corresponds to 875959.1222676 per year or 72996.5935223 per month."  If 4.38M Factoids were sold (when?) then why are there 8.7M Factoids in circulation now?  If the same production level of new coins (876K per year) is held, that implies an inflation rate of 10%.

[tempus]

Indeed, the FCT inflation is set at 73K per month or 876K per year.  

Thanks for this! And great to see you joining the discussion. Interesting times ahead ...  

In Brian's discussion, there's one part I don't understand.  He says, "To pay for the server+engineering time, new factoids would be created at a rate of 20%/year of the token sale amount. 4379795.611338 factoids were sold, which corresponds to 875959.1222676 per year or 72996.5935223 per month."  If 4.38M Factoids were sold (when?) then why are there 8.7M Factoids in circulation now?  If the same production level of new coins (876K per year) is held, that implies an inflation rate of 10%.

It's 20% of the token sale amount but 10% of initial supply (genesis block). The initial supply is x2 of what was sold in the ICO because 50% is held by the team and, if I recall correctly, private Investors.

I wasn't around during the ICO-phase but read a lot back after launch, and I'm not sure where that info was but I believe somewhere Paul Snow said that those Investors paid even a little bit more than ICO-Investors. But, not sure where he said that.

[schnib]

i have problems with the factiod Wallet GUI:

i finally synced the factomd after several restarts and some hours of syncing and now when it finally is sycned it shuts down all the time.
the walletapp opens fine, but it doesnt show my testbalance of FA3PjF9jmNjWwKSTjuMM3bT5r1BHpzicqUzSdrRsUg3DicVtA8co

maybe because the factomd is shut down.

any help ?

[willowfoot]

i have problems with the factiod Wallet GUI:

i finally synced the factomd after several restarts and some hours of syncing and now when it finally is sycned it shuts down all the time.
the walletapp opens fine, but it doesnt show my testbalance of FA3PjF9jmNjWwKSTjuMM3bT5r1BHpzicqUzSdrRsUg3DicVtA8co

maybe because the factomd is shut down.

any help ?

Yes, you need factomd running so the GUI wallet can interface with the client.

Your balance is shown here:
http://explorer.factom.org/address/FA3PjF9jmNjWwKSTjuMM3bT5r1BHpzicqUzSdrRsUg3DicVtA8co

Once fully synced, you should be able to 'import' into your GUI wallet, or you can just view balance.

[wannarahaa]

Decent price, actually people wanna buy more when price dips, so let us re-enter again. 

[crazyivan]

Still waiting for Bank to the future news.

[schnib]

i have problems with the factiod Wallet GUI:

i finally synced the factomd after several restarts and some hours of syncing and now when it finally is sycned it shuts down all the time.
the walletapp opens fine, but it doesnt show my testbalance of FA3PjF9jmNjWwKSTjuMM3bT5r1BHpzicqUzSdrRsUg3DicVtA8co

maybe because the factomd is shut down.

any help ?

Yes, you need factomd running so the GUI wallet can interface with the client.

Once fully synced, you should be able to 'import' into your GUI wallet, or you can just view balance.

yeah but thats the point , factomd is not running anymore, everything i start it , when it connects then shuts down automatically.