[ANN] FACTOM - Introducing Honesty to Record-Keeping

[CocoLibre]

Nice letter to Series A investors:

https://www.reddit.com/r/factom/comments/50a4cl/factom_letter/

I especially like this part:

Business Result - Signed major new customers (DHS). Development Result - Factom Federation testnet is live.

So it's now official that DHS not did just fund Factom, they also signed a contract.

And this one:

Goals For August / September 2016:
Development Goal: Promote Factom public Testnet release candidate to production.

That material information is definitely what people have been pricing in, I would expect bidders to maintain price control until most of this information is publicly released.

[Freckleg]

Nice letter to Series A investors:

https://www.reddit.com/r/factom/comments/50a4cl/factom_letter/

I especially like this part:

Business Result - Signed major new customers (DHS). Development Result - Factom Federation testnet is live.

So it's now official that DHS not did just fund Factom, they also signed a contract.

And this one:

Goals For August / September 2016:
Development Goal: Promote Factom public Testnet release candidate to production.

That material information is definitely what people have been pricing in, I would expect bidders to maintain price control until most of this information is publicly released.

Just wow, DHS as a customer, making strides regards to large financial institutions and M2 release candidate somewhere coming month. Better than expected.

[MalReynolds]

Question: What's the upside potential of Factom?

So let's speculate 1 billion entries per month...

i = monthly inflation, 73k FCT
r = FCT to EC conversion rate, $0.001
e = new entries needed per month, 1 billion

(e*r)/i = $13.70 per Factoid...

After M3, at 1 billion new entries per month, factoids need to be priced at least at $13.70 to prevent deflation. Of course people speculating on future use will hodl and add to deflationary pressure.

The main-factor will be the demand of Entry Credits. And besides an increasing attention that already happens and will continue, the market will react on all signs for a high demand in the future. And there are already some indications for that. More between the line, but still... David Johnston said in the interview that potential customers ask if Factom could handle   a billion entries per day. And his intention was to explain Factom. I doubt that his intention was to hype the market, otherwise he would use a megaphone. But why should they (potential Customers) ask that?

At a billion per day instead of per month, we get 30 * $ 13.70 = $411.00 per Factoid...

Think that's unrealistic?  Meet The CAT.  

https://www.sec.gov/news/statement/stein-statement-open-meeting-cat-042716.html

http://www.pwc.com/us/en/financial-services/regulatory-services/publications/assets/sec-consolidated-audit-trail-2016.pdf

http://www.debevoise.com/~/media/files/insights/publications/2016/05/20160517b_the_sec_propose_%20the_cat_plan_but_at_what_cost.pdf

"The CAT Plan may become the most robust and complicated financial database in the world."

"CAT Reporters will be burdened for at least two-and-a-half years with both their existing $1.6 billion annual reporting costs and the $1.7 billion annual costs of reporting to the CAT, according to initial estimates by the SEC. The CAT will also carry a one-time implementation cost estimated at $2.4 billion."

Note that Factom M3 inflation is right at 2400 Factoids per day.  If $411 per factoid will support a billion entries per day, the daily Factoid hashing and data storage costs for a billion entries are 2400*411 = $986K per day or $360M per year - only 20% of the estimated CAT annual reporting costs.

SEC Consolidated Audit Trail (CAT) needs Factom.

CAT+Factom = $ per Factom...

[flashbit]

https://medium.com/@abhidobhal/keeping-humans-and-autobots-honest-35a14ba7354f#.kchtndyz5
Co-Founder, VP of Business Development at Factom

In the case of Tesla accidents, imagine that data generated by the car was being “hashed” in real time. We wouldn’t need to publish all the sensor data into a blockchain but only time-stamped proofs or certain pertinent metadata (such as the autopilot mode being on/off). Here is a simple example of how vehicle data can be secured using Factom, an open-source, scalable blockchain for enterprise data: Using Carvoyant APIs, a few lines of code (written by our whiz intern, Steven Masley) could be used to secure information on the Factom network. In a similar fashion, manufacturers could build audit trails of data and metadata that could be shared securely with external parties.
It’s not hard to imagine a future where the National Highway Traffic Safety Administration (NHTSA) will mandate blockchain audit trails for all autonomous car data. Technology is only as good as the service it provides. Currently, we prefer to store information on paper, as atoms are harder to change than digital bits in a database. However, in an immutable, digital world, blockchains can keep humans and machines honest while allowing us to scale the way we manage and consume digital data.

[D-Lux]

At a billion per day instead of per month, we get 30 * $ 13.70 = $411.00 per Factoid...

Really nice analysis ... and this is of course excluding the "bonus"/premium of speculation.

[lockepi]

i see this going alot higher

[crazyivan]

i see this going alot higher

I d be quite happy with 40 to 50$. LTC reached this heights long time ago and it does not have anything even close to Factom practical usage.

[Azael]

Nice letter to Series A investors:

https://www.reddit.com/r/factom/comments/50a4cl/factom_letter/

I especially like this part:

Business Result - Signed major new customers (DHS). Development Result - Factom Federation testnet is live.

So it's now official that DHS not did just fund Factom, they also signed a contract.

And this one:

Goals For August / September 2016:
Development Goal: Promote Factom public Testnet release candidate to production.

That reminds me I read Peter Kirby say that the FCT they received in the IPO is already "mostly" sold. Somebody asked in the bnktothefuture comments.

[Azael]

They probably want to call it software licenses for legal reasons since that's what they sold FCTs as in the IPO but it's a cryptocurrency.

They issued currency and as part of the deal let us use it at their special store.

https://en.wikipedia.org/wiki/Duck_test

[tempus]

Nice letter to Series A investors:

https://www.reddit.com/r/factom/comments/50a4cl/factom_letter/

I especially like this part:

Business Result - Signed major new customers (DHS). Development Result - Factom Federation testnet is live.

So it's now official that DHS not did just fund Factom, they also signed a contract.

And this one:

Goals For August / September 2016:
Development Goal: Promote Factom public Testnet release candidate to production.

That reminds me I read Peter Kirby say that the FCT they received in the IPO is already "mostly" sold. Somebody asked in the bnktothefuture comments.

Any quote you could share?

They probably want to call it software licenses for legal reasons since that's what they sold FCTs as in the IPO but it's a cryptocurrency.

They issued currency and as part of the deal let us use it at their special store.

https://en.wikipedia.org/wiki/Duck_test

No. Sometimes they call it Token or software license or cryptocurrency. Whitepaper:

"Once the system is set up, including issuance of Factoids (i.e., the cryptocurrency of Factom) (...)" 

[nowhere man]

Alright, time to fess up. Who keeps dumping 500btc worth of factom with scant regard for the order book?

[Fuyuki_Wataru]

Alright, time to fess up. Who keeps dumping 500btc worth of factom with scant regard for the order book?

Someone who wants to crash the price so he try and cause panic and buy more coins at a lower price.
It looks like he's running out of money though, as this dump was smaller than the previous one.

Keep the price at this level and he'll be forced to buy back in again.

[nowhere man]

That theory doesn't make much sense, as if you buy back 500 bitcoin now it will take the price well beyond where he/she sold it for. I think its just someone who bought a lot in the 20's and now is taking profit. The 700btc dump took place at a similar level. Anyway, I'm hoping for some news on factom's birthday tomorrow....

[nowhere man]

One hell of a recovery if we can get back up to 0.006

[MyFarm]

That theory doesn't make much sense, as if you buy back 500 bitcoin now it will take the price well beyond where he/she sold it for. I think its just someone who bought a lot in the 20's and now is taking profit. The 700btc dump took place at a similar level. Anyway, I'm hoping for some news on factom's birthday tomorrow....

They are selling a tremendous amount of coins to themselves on the way down.

It's pretty simple really.  Well, it's more complicated than this, but this is the basics of it.

1.  How many coins (X) to dump the price to (Y).
2.  How many of those buy orders are mine.
3.  Difference between price to dump to (Y) and how many of those coins are mine is how many coins you expect to lose by dumping (A).
4.  How many coins will be sold via stop order or panic that you can gobble up (Z).

If Z > A dump away.

[anderson silva 1]

Hello gentlemen, could someone tell me where it says that September 1 is the birthday of factom?

[D-Lux]

Hello gentlemen, could someone tell me where it says that September 1 is the birthday of factom?

http://www.coindesk.com/press-releases/factom-celebrates-genesis/

[crazyivan]

That theory doesn't make much sense, as if you buy back 500 bitcoin now it will take the price well beyond where he/she sold it for. I think its just someone who bought a lot in the 20's and now is taking profit. The 700btc dump took place at a similar level. Anyway, I'm hoping for some news on factom's birthday tomorrow....

They are selling a tremendous amount of coins to themselves on the way down.

It's pretty simple really.  Well, it's more complicated than this, but this is the basics of it.

1.  How many coins (X) to dump the price to (Y).
2.  How many of those buy orders are mine.
3.  Difference between price to dump to (Y) and how many of those coins are mine is how many coins you expect to lose by dumping (A).
4.  How many coins will be sold via stop order or panic that you can gobble up (Z).

If Z > A dump away.

This is all fine in theory but the last part, number 4, does not work anymore. No panic for him to capitalize this dump by buying more coins then he had prior to the dump. This tell us a lot what the market expects. We ll go over 6 and stay there by the end of this week. Maybe even 7.

[anderson silva 1]

Hello gentlemen, could someone tell me where it says that September 1 is the birthday of factom?

http://www.coindesk.com/press-releases/factom-celebrates-genesis/

OK thank you.

[MyFarm]

That theory doesn't make much sense, as if you buy back 500 bitcoin now it will take the price well beyond where he/she sold it for. I think its just someone who bought a lot in the 20's and now is taking profit. The 700btc dump took place at a similar level. Anyway, I'm hoping for some news on factom's birthday tomorrow....

They are selling a tremendous amount of coins to themselves on the way down.

It's pretty simple really.  Well, it's more complicated than this, but this is the basics of it.

1.  How many coins (X) to dump the price to (Y).
2.  How many of those buy orders are mine.
3.  Difference between price to dump to (Y) and how many of those coins are mine is how many coins you expect to lose by dumping (A).
4.  How many coins will be sold via stop order or panic that you can gobble up (Z).

If Z > A dump away.

This is all fine in theory but the last part, number 4, does not work anymore. No panic for him to capitalize this dump by buying more coins then he had prior to the dump. This tell us a lot what the market expects. We ll go over 6 and stay there by the end of this week. Maybe even 7.

I think you'd be surprised how many people set stops or over-extend themselves on margin.