[ANN] FACTOM - Introducing Honesty to Record-Keeping

[Mimir]

Why would you assume anything other than one entry per EC, which is the current situation?

That's not how it works.

Every kB entered costs 1 EC, and it costs 10 EC to create a new chain.

The cost for a single entry depends on the amount of data.

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[Azael]

XMR went from $25M to close to roughly $60M market cap on a DNM announcement.
FCT has Department of Homeland Security and a Wall Street firm amongst their clients.

There's a mismatch with the demographic of crypto here and many investors put their idealism before money. The US government and Wall Street are easily in the top 5 of what most crypto people despise and for this reason it'll take some time to reach price discovery. The kind of revenue US government and Wall street can generate stomps any shady DNM.

[crazyivan]

XMR went from $25M to close to roughly $60M market cap on a DNM announcement.
FCT has Department of Homeland Security and a Wall Street firm amongst their clients.

There's a mismatch with the demographic of crypto here and many investors put their idealism before money. The US government and Wall Street are easily in the top 5 of what most crypto people despise and for this reason it'll take some time to reach price discovery. The kind of revenue US government and Wall street can generate stomps any shady DNM.

It all comes down to marketing, good marketing and GREAT marketing. With these news, people should be buying FLY like crazy, however, this is still not the case.
But things re improving recently. Much more news, Q&A and media presence.

[D-Lux]

XMR went from $25M to close to roughly $60M market cap on a DNM announcement.
FCT has Department of Homeland Security and a Wall Street firm amongst their clients.

There's a mismatch with the demographic of crypto here and many investors put their idealism before money. The US government and Wall Street are easily in the top 5 of what most crypto people despise and for this reason it'll take some time to reach price discovery. The kind of revenue US government and Wall street can generate stomps any shady DNM.

I think you nailed it. It's been a growing question of mine: Why isn't FCT worth ... 1b? 4b? 10b? I mean really, when you understand what they're doing, have a sense of the team, and a sense of the potential market—with no serious competitors—why not 10b? It would be speculative, but not unreasonable. ETH got up to 1.5b and ... not trying to disparage ETH, I was an early investor and vocal supporter, but right now FCT has a much stronger argument for a b+ market cap.

Which raises the question ... and I think you're exactly right, Azael. Tempus has pointed out in the past the influence of psychological factors, and for those (non-rational) factors, FCT strikes out. It's not sexy or explicitly subversive*, it just does the job—the foundational job—extremely well. Like Google or Microsoft, both of which its been compared to in the past.

IMO, anyone reading this stands a very good chance of making a hell of a lot of money.

*Factom is bland/vanilla only from the outside. If you're serious about change, you have to be serious in how you execute your efforts to make that change. IMO you have to detach image from substance. Paul Snow wrote in the epigraph to Factom's white paper: "Honesty is subversive." FCT is a guaranteer of honesty. In that it is massively subversive, massively important, and massively valuable.

[nowhere man]

Thanks to everyone here who has offered their two satoshi's worth of thoughts regarding the relationship between entry credit demand and factoid price. I'd like to reply quickly to a couple of people:

Firstly MalReynolds - yes I absolutely agree its 27 or 28 companies doing a quarter of a million entries per day which would burn up the inflationary factoids at a price of 2 dollars 80 ish. I think I just pulled the number 40 out of the air as a figure which would cause the value to rise. I think if the system started to 'gobble up' ICO factoids after burning the inflationary factoids, we would run out rather quickly and this would cause a sharp increase in the price at some point down the road.

Secondly Mimir, that's really interesting what you say - can you tell me where you can find the current info regarding entry credit factoid conversion rates? Because from what you tell me, it appears that EC's are currently two tenths of a cent not one. I'd be very interested to hear precisely how the conversion rate is decided upon. Edit: just found the info in the google docs spreadsheet. Not sure why it differs from one tenth of one cent.

Lastly to everyone else (D LUX tempus Ivan Azael accripteau and anyone else I've missed) I completely agree that the price will not just be based upon present usage but predicted future demand - but lets face it, future demand will at least partly be based upon current usage. I'm trying to figure out how much the current usage needs to rise in order to justify the current price - without wild speculation of future value - hope you catch my drift. Just like you I think this project has immense potential - but I like to be cautious with the precious few bitcoins from my stash that I use to trade and invest with. Regarding possible threats to the price, we do have other companies also trying to achieve the same thing that factom hopes to achieve. Here's an example of a competitor.

https://tierion.com/

Now I'm keen to better understand if factom is cheaper and better than these guys.

Any more thoughts~?

[myriadforce]

My thought on FCT not rising faster than it should because the crypto-community does not like Factom working with Wall Street and Homeland Security:

1.We need to appreciate that Factom is going to keep them honest - like a Mother keeping her rebellious child in line.
2. It's time to get rich off the Establishment.

This thread rocks, I look forward to it every morning like a kid on Christmas morning - and a few times during the day too.

[MyFarm]

The price hasn't risen considerably because Factom hasn't really been proven to work.  If M2 works, Factom works.  People like me purchase a speculative stake and then want to see improved fundamentals (proof they can make it work) before they invest more.

[flashbit]

Good news from our Japanese friends. Exchange in Japan.  Translation is a bit off.

In coincheck, August 26, 2016, Factom will begin handling of!
Services available are of factom buying and selling functions and the trade view function is.

Regarding the withdrawal function, it is scheduled for release in early September.

The occasion factom handling release, overview and mechanisms of factom, and put together with respect to the virtual currency to be used in factom "factoid".
 

https://coincheck.com/blog/2009

[tempus]

Good news from our Japanese friends. Exchange in Japan.  Translation is a bit off.

In coincheck, August 26, 2016, Factom will begin handling of!
Services available are of factom buying and selling functions and the trade view function is.

Regarding the withdrawal function, it is scheduled for release in early September.

The occasion factom handling release, overview and mechanisms of factom, and put together with respect to the virtual currency to be used in factom "factoid".
 

https://coincheck.com/blog/2009

Oh, that's nice. Coincheck is a Bitcoin-exchange and wallet-provider if I'm right. The only other currency as far as I know is Ethereum:

Japanese Bitcoin Exchange Coincheck Enables Ether Trading
http://www.econotimes.com/Japanese-Bitcoin-Exchange-Coincheck-Enables-Ether-Trading-178704


So, it's a nice step into Japan for Factom when they add Factoids.


Edit: Just found this: https://coincheck.com/en/contents/coincheck-factom-exchange

Edit 2: Tweet from coincheck: https://twitter.com/coincheck_en/status/769099967143239680

[haggis]

Love this coincheck visualization:

[haggis]

Looks like they are expanding more to Japan. I just found out they have a jp version of their website: http://www.factom.jp/

Did they ever mention Japan in any interview? I'm a bit surprised at the moment.

[tempus]

Looks like they are expanding more to Japan. I just found out they have a jp version of their website: http://www.factom.jp/

Did they ever mention Japan in any interview? I'm a bit surprised at the moment.

They also have a japanese Twitter-Account: https://twitter.com/factom_jp?

But no, I'm not aware that japan was a big focus until now. But maybe that will change.

[Mimir]

Secondly Mimir, that's really interesting what you say - can you tell me where you can find the current info regarding entry credit factoid conversion rates?

Besides the spreadsheet, you can also get the current conversion rate with factom-cli, open a command terminal:

Code:

factom-cli getfee

As for why it doesn't match the stated 1/10th of a cent, I've always assumed that in early development the servers are run by Factom themselves and the FCT/EC rate is pegged to 0.00085 FCT until further on in the milestones. Have never seen it vary from this number.

Once implemented the rate is intended to fluctuate in line with FCT to maintain a stable price for Entry Credits.

[MalReynolds]

It all comes down to marketing, good marketing and GREAT marketing. With these news, people should be buying FLY like crazy, however, this is still not the case.
But things re improving recently. Much more news, Q&A and media presence.

If you say so.  There's a lot more room for improvement....

[MalReynolds]

To completely change the subject, here's some interesting articles that anybody interest in Factom should read. 

Why Factom is needed:

http://www.dailymail.co.uk/news/article-3753013/Missing-FBI-files-linking-Hillary-Clinton-suicide-White-House-counsel-Vince-Foster-vanished-National-Archives.html

Where Factom is needed:

http://www.zerohedge.com/news/2015-08-16/hft-treasure-map-presenting-rigged-stock-markets-full-latency-abritrage-one-chart

http://www.zerohedge.com/news/2015-08-25/cutting-through-hft-lies-what-really-happened-during-flash-crash-august-24-2015

http://www.zerohedge.com/news/2016-03-01/congratulations-prominent-anti-hft-critic-eric-hunsader-winning-750000-whisteblower-

http://www.zerohedge.com/news/2016-03-01/eric-hunsader-explains-cnbc-markets-are-always-rigged-and-what-he-may-spend-his-7500

http://www.zerohedge.com/news/2016-04-19/eric-hunsader-financial-system-absolutely-positively-rigged

Factom needs to be talking to Eric Hunsader.  I wonder if they are.

[crazyivan]

It all comes down to marketing, good marketing and GREAT marketing. With these news, people should be buying FLY like crazy, however, this is still not the case.
But things re improving recently. Much more news, Q&A and media presence.

If you say so.  There's a lot more room for improvement....

Damn, this disproves my previous statement. WTF? Lisk??

Factom staff, I hope you read this and whoever s responsible for marketing should do something about it. FFS, hire some professionals if you dont know how to set up a marketing strategy. Popularity and reputations is everything.

[haggis]

I'm not wondering about this numbers lisk.io vs factom.com since Lisk is a 100% community oriented project, while Factom aims at the enterprise market. Moreover, lisk.io is hosting a webwallet which brings a lot of visitors to their site. You're comparing apples to oranges

[MyFarm]

Damn, this disproves my previous statement. WTF? Lisk??

Factom staff, I hope you read this and whoever s responsible for marketing should do something about it. FFS, hire some professionals if you dont know how to set up a marketing strategy. Popularity and reputations is everything.

Did you know for the first few years of its' existence, Google didn't spend a dime on advertising?

[crazyivan]

Damn, this disproves my previous statement. WTF? Lisk??

Factom staff, I hope you read this and whoever s responsible for marketing should do something about it. FFS, hire some professionals if you dont know how to set up a marketing strategy. Popularity and reputations is everything.

Did you know for the first few years of its' existence, Google didn't spend a dime on advertising?

Pls let s cut the crap. Factom s nice but dont compare it to Google, Microsoft and similar. It s been around long enough to see it s got potential but also serious deficiencies. Let s stay within real world framework.

[accripteau]

I'm not wondering about this numbers lisk.io vs factom.com since Lisk is a 100% community oriented project, while Factom aims at the enterprise market. Moreover, lisk.io is hosting a webwallet which brings a lot of visitors to their site. You're comparing apples to oranges

Yeah, a project that might be more comparable is Maidsafe, which ranks at 255,813. Half as much better rank and twice the market cap.

Also keep in mind that Factom has two web presences, a .com and .org (360,601).