[ANN] FACTOM - Introducing Honesty to Record-Keeping

[boestie]

registered to add to the fct discussions  

Lets say Factom itself is dumping company assets (fct) in return for fiat.

They clearly need money for daily operations, where is this money coming from? Not the grant they've received from the Dept of homeland security (200K). This is intended for research purposes only and spendings need to be justified somewhat.

Factom raised close to a million dollars from banktothefuture, over 1 year ago. This was at a time the company couldn't exist without funding. Its fairly easy to burn through 1 million in a year.

I think Factom may be forced to sell to cover costs, and this can only make FCT more valuable in the long run. They may be forced to buy back FCT at some point, for burning purposes as more entry credits are used.


Am i missing something?

[Freckleg]

registered to add to the fct discussions  

Lets say Factom itself is dumping company assets (fct) in return for fiat.

They clearly need money for daily operations, where is this money coming from? Not the grant they've received from the Dept of homeland security (200K). This is intended for research purposes only and spendings need to be justified somewhat.

Factom raised close to a million dollars from banktothefuture, over 1 year ago. This was at a time the company couldn't exist without funding. Its fairly easy to burn through 1 million in a year.

I think Factom may be forced to sell to cover costs, and this can only make FCT more valuable in the long run. They may be forced to buy back FCT at some point, for burning purposes as more entry credits are used.


Am i missing something?

Yes lol they just raised close to 5 Mln. Enough to keep hiring team members

[nowhere man]

It would be relatively simple and quite reassuring for factom to prove they aren't dumping their factoid holdings on the market. A lot of the long term hodlers like myself might even forgive them for this, as every business needs money. But this is never discussed. It starts to look like the factoid currency was invented as a means to fund business development, since having their own blockchain is not required for what they are trying to achieve.

If I'm wrong, please point out where. Look at my post history and you'll see I've been a loyal supporter.

[Cryptorials]

It would be relatively simple and quite reassuring for factom to prove they aren't dumping their factoid holdings on the market. A lot of the long term hodlers like myself might even forgive them for this, as every business needs money. But this is never discussed. It starts to look like the factoid currency was invented as a means to fund business development, since having their own blockchain is not required for what they are trying to achieve.

If I'm wrong, please point out where. Look at my post history and you'll see I've been a loyal supporter.

As long as they put it to good use I don't mind, but more transparency would obviously be good.

[tempus]

It would be relatively simple and quite reassuring for factom to prove they aren't dumping their factoid holdings on the market. A lot of the long term hodlers like myself might even forgive them for this, as every business needs money. But this is never discussed. It starts to look like the factoid currency was invented as a means to fund business development, since having their own blockchain is not required for what they are trying to achieve.

If I'm wrong, please point out where. Look at my post history and you'll see I've been a loyal supporter.

Having their own blockchain is required to build a decentralized system. Factoids are required to pay those who will run it - federated server.

[nowhere man]

It would be relatively simple and quite reassuring for factom to prove they aren't dumping their factoid holdings on the market. A lot of the long term hodlers like myself might even forgive them for this, as every business needs money. But this is never discussed. It starts to look like the factoid currency was invented as a means to fund business development, since having their own blockchain is not required for what they are trying to achieve.

If I'm wrong, please point out where. Look at my post history and you'll see I've been a loyal supporter.

Having their own blockchain is required to build a decentralized system. Factoids are required to pay those who will run it - federated server.

Couldn't they pay the federated servers with btc? Since factoids are consumed, they obviously play no role in guaranteeing the integrity of the data. That role is played by whichever blockchain they choose to anchor into.

[Josef27]

It would be relatively simple and quite reassuring for factom to prove they aren't dumping their factoid holdings on the market. A lot of the long term hodlers like myself might even forgive them for this, as every business needs money. But this is never discussed. It starts to look like the factoid currency was invented as a means to fund business development, since having their own blockchain is not required for what they are trying to achieve.

If I'm wrong, please point out where. Look at my post history and you'll see I've been a loyal supporter.

They must have their own block-chain, its the only way for them to get the speed and scale necessary to process massive amounts of data, while providing a verifiable decentralised chain of custody into BTC/ETC chain. BTC chain couldn't handle what they are doing.

[Josef27]

It would be relatively simple and quite reassuring for factom to prove they aren't dumping their factoid holdings on the market. A lot of the long term hodlers like myself might even forgive them for this, as every business needs money. But this is never discussed. It starts to look like the factoid currency was invented as a means to fund business development, since having their own blockchain is not required for what they are trying to achieve.

If I'm wrong, please point out where. Look at my post history and you'll see I've been a loyal supporter.

Having their own blockchain is required to build a decentralized system. Factoids are required to pay those who will run it - federated server.

Couldn't they pay the federated servers with btc? Since factoids are consumed, they obviously play no role in guaranteeing the integrity of the data. That role is played by whichever blockchain they choose to anchor into.

Kind of confusing but i'll take a stab at it.
The problem isn't so much paying Federated in BTC, it's more about real world corporations or governments not being involved with handling cryptocurrencies. That opens up a much larger market.  Also creating a kind of payment system that's self-managing. Keeping entry credits pegged at a fixed price for the users, and at the same time letting the volume of those credits determine how much Federated servers get paid in Factoids. All of this while keeping an equilibrium of pegged entry credit's to factoids, and automatically burning a certain amount of inflationary factoids.

[nowhere man]

I appreciate the response Josef, not trolling just doing my due diligence. Like I said on the last page, I've been a long term hodler now since the price came down in like March. I sold this morning after coming to the conclusions that the comms were poor and I felt a bit like factoid investors are treated like third class ciitizens - the last to hear of any delays or important info. I should have got in on the bnk to the future crowdfund instead.

I can see the use case for factom, and I understand what you're getting at with the scaling creating the need for a separate blockchain, I guess my last question then is if the company would like to prove they aren't dumping regularly on hodlers to drum up cash. Or at least be a bit more transparent about it.

[Bagatell]

@nowhere man

What you are calling dumps are just normal market moves in a very illiquid market.

[nowhere man]

@nowhere man

What you are calling dumps are just normal market moves in a very illiquid market.

I don't mind what we call them. I'd just like to be reassured that the factom team isn't behind it. Or if they are, I think investors should be told.

[r.o.o.t]

Wow, nearly 1000 BTC exchanged yesterday.

[tempus]

I appreciate the response Josef, not trolling just doing my due diligence. Like I said on the last page, I've been a long term hodler now since the price came down in like March. I sold this morning after coming to the conclusions that the comms were poor and I felt a bit like factoid investors are treated like third class ciitizens - the last to hear of any delays or important info. I should have got in on the bnk to the future crowdfund instead.

I can see the use case for factom, and I understand what you're getting at with the scaling creating the need for a separate blockchain, I guess my last question then is if the company would like to prove they aren't dumping regularly on hodlers to drum up cash. Or at least be a bit more transparent about it.

The problem out of our perspective is more that they don't think much about the market at all. Why I don't believe that they play with it is simple:

1. They are so carefully in interviews. They don't even want to talk about Factoids. If you watch the interview with David Johnston, it's already said in the first minutes and even the SEC is mentioned.

2. They are well funded.


And the experience of everybody who is in Factom since some time is: They don't do anything for the market directly in terms of communications. If they would want to make money out of Factoids, they would have communicated in a way to get the price where they want it to be. That wouldn't be much of a problem. But: It would be illegally. Factom is not a little shitcoin nobody cares about. And something like that could fall on their feet much later.  


The published mail of Paul Snow: It has impact on the market. But it's a psychological overreaction because of all the controversy and "insider-info-theories". Of course, I'm also not happy about delays but that is not a new info in Factom. New and Insider-Info would be if a single person would know of an exact date - and I've never seen that they gave one. They used words like "around the corner" or "in some weeks" and so on but without hard date-specifications.


And just a little reminder: Some months ago there also were speculations about them dumping because the price went down and just some hours later they published news (I believe it was the smartcontract-partnership) which revealed all the shady theories prior as bullshit.

Plus: The price did not just react on all the speculations and theories but also because of the Bitcoin-price. That's why a lot of projects show a deep red today.

[Fuyuki_Wataru]

The hype is over. The price was pumped on promises that weren't met, and now it will decent to it's reality. The company hasn't generated any profitable amount of money on potential contracts with companies. They have however with selling their coins lol.

This isn't just a whale dumping. Look at the chart, it's been going down since 12 September. It's 1 October now.

I call 0.0022 the bottom.


Stay in, stay out, do whatever you want. Good luck though.

[dranster]

The hype is over. The price was pumped on promises that weren't met, and now it will decent to it's reality. The company hasn't generated any profitable amount of money on potential contracts with companies. They have however with selling their coins lol.

This isn't just a whale dumping. Look at the chart, it's been going down since 12 September. It's 1 October now.

I call 0.0022 the bottom.


Stay in, stay out, do whatever you want. Good luck though.

NO, this is just the beggining

Whales got out of FCT above 0.005

BTC is going to pump hard this month

This is the final warning

There is no bottom for ALTS

This might go below 0.001

Poor bagholders trying to dump on each other

RIP FCT 

[Bagatell]

I call 0.0022 the bottom.

You'll be lucky, with the 3D lower BB @0.0030   and the 1D sma100 @ 0.00336

[nowhere man]

I hope none of you associate me with these idiots.

[tempus]

The hype is over. The price was pumped on promises that weren't met, and now it will decent to it's reality. The company hasn't generated any profitable amount of money on potential contracts with companies. They have however with selling their coins lol.

This isn't just a whale dumping. Look at the chart, it's been going down since 12 September. It's 1 October now.

I call 0.0022 the bottom.


Stay in, stay out, do whatever you want. Good luck though.

Don't be naive. Startups first invest money and a lot of work to build something that hopefully will be successful. And I don't know of any other project that is so far ahead like Factom in this space. And even with the M2-delay, they are still pretty fast. It's a big project and they have a lot to do and they are hard working. I mean, take a look at this:



They are not on holiday, they don't even make free on weekends. And that is just one of multiple Github-repositories.


And: The market is all about speculating. The price went up since June. It was at 130k and it is at 410k now.

Take a look at the Bitcoin-price: Bitcoin is not stable. It is not mainstream and even Bitcoin is not finished in it's development. It still needs a lot of improvements. The price is highly volatile and it has impact on all markets. But you want to talk about a one year old project as if they already should make a lot of money before the system is totally finished and the price should reflect something else than pure speculation on it's potential?

There is NO project you can buy with that approach. But you can speculate on potential and you can do that with a focus on long- or short-term and with all risks involved.

And just btw: The markets (all markets) would be much more rational without all the emotional communications, the rumors and all the hyping. I personally like that in Crypto because it is part of this game.

[tempus]

The hype is over. The price was pumped on promises that weren't met, and now it will decent to it's reality. The company hasn't generated any profitable amount of money on potential contracts with companies. They have however with selling their coins lol.

This isn't just a whale dumping. Look at the chart, it's been going down since 12 September. It's 1 October now.

I call 0.0022 the bottom.


Stay in, stay out, do whatever you want. Good luck though.

NO, this is just the beggining

Whales got out of FCT above 0.005

BTC is going to pump hard this month

This is the final warning

There is no bottom for ALTS

This might go below 0.001

Poor bagholders trying to dump on each other

RIP FCT 

Don't be so boring. This was you one month ago - pretty much the same stupidity:

Dump it noobs

BTC uptrend has started

Rally to 1000 bucks has begun

Dont be bagholding to rekt coins

As BTC pumps hard to 650, 750 and more, you can get FCT at 0.001

Just do some research and try no to get caught with the FOMO

Good luck buyers and bagholders

[dranster]

The hype is over. The price was pumped on promises that weren't met, and now it will decent to it's reality. The company hasn't generated any profitable amount of money on potential contracts with companies. They have however with selling their coins lol.

This isn't just a whale dumping. Look at the chart, it's been going down since 12 September. It's 1 October now.

I call 0.0022 the bottom.


Stay in, stay out, do whatever you want. Good luck though.

NO, this is just the beggining

Whales got out of FCT above 0.005

BTC is going to pump hard this month

This is the final warning

There is no bottom for ALTS

This might go below 0.001

Poor bagholders trying to dump on each other

RIP FCT 

Don't be so boring. This was you one month ago - pretty much the same stupidity:

Dump it noobs

BTC uptrend has started

Rally to 1000 bucks has begun

Dont be bagholding to rekt coins

As BTC pumps hard to 650, 750 and more, you can get FCT at 0.001

Just do some research and try no to get caught with the FOMO

Good luck buyers and bagholders

It was a fake rally, dont get caught

Well, good luck

Cant waste my precious time on noobs