[ANN] FACTOM - Introducing Honesty to Record-Keeping

[astmandu]

The commit frequency has slowed quite a bit.  Anyone have an opinion as to whether this means anything regarding testnet/M2, or nothing at all?  

https://github.com/FactomProject/factomd/commits/testgenesis

My bad, I didn't explore enough of the selections to see that one. You guys sure are plugging away.

[flashbit]

the volatility has calmed a bit, and the price cannot recover over 0.00400

its clear the market is not here because of "manipulation" but because of lack of new buyers. everyone bullish is already in.
those who complain about low prices should just buy here and stop complaining. if everybody did the same the market would be higher...

unfortunately, if there is a new wave of selling, we could go down to 0.0025 or even 0.0015.

By the way, the current weakness is NOT just FCT - related. Other Alts (ETH, XMR,...) to name a couple ones are quite off their highs with a similar timing, and its also got to do with BTC strength, and fear of a BTC squeeze.

Learn to read the chart gross troll. We are consolidating. Factoid sells are thining out. Testnet M2 news is imminent. Great time for new comers to buy.

Haha - Go back to your troll hole.

[flashbit]

I think Grossbit is getting nervous with the good news... LMAO!!!

oh yeh, you get nervous when you're in profit ? why should i be nervous ? got out everything at 0.005 on average, made extra money on this dip.
I think you're the nervous one, especially if you were a late August buyer...

LMAO, now going to enjoy life and treat myself with my profits  

did you read all my posts ?

i've been contributing abundantly on reddit with the same nickname since Dec2015.
mainly on reddit/ethtrader, but also on reddit/factom or other subs. you can check my whole history. I was bullish Factom from July when they closed their series A funding

follow my posts there, because i won't post as often here than over there.

Grossbit - Stop with the lies dude. You have been a member on reddit for 6 months and only started posting on the factom subreddit a month ago.

A month ago.. nothing before this..
https://www.reddit.com/r/factom/comments/4zsmci/httpftalphavilleftcom201608262173476blockchainswhe/?

You only started posted on ethtrader 3 months ago..
https://www.reddit.com/r/ethtrader/comments/4ozzjc/smart_contracts_are_dumb/?

Stop the lies.. it's not working... you're not very good at it..

Keep it up and I'll keep posting this..

Troll alert!

Mr. Troll is at it again.

Mr. Troll Gross is at it once again. Like seeing you here actually.. this means Factom has a bright future when the trolls show up. Hahaha

[crazyivan]

Trolls re getting more and more desperate. I m sure he dumped and is now short. What s gonna happen if he does not re-buy, which he will not be able to, and Factoids skyrocket.

Man, he must be scared of that.

I know I would be.

 

[D-Lux]

Mr. Troll Gross is at it once again. Like seeing you here actually.. this means Factom has a bright future when the trolls show up. Hahaha

Yep, the FCT to .0015 suggestion made me literally laugh out loud.

IMO one of the things that speaks best about FCT is how little our trolls have to go on. Competitors? Not really. Quality of team? World-class. Market? Massive: the world's data. Plus serious traction, clients, partnerships ...

Though I have to say the one honest moment GrossBit's shown is in choosing his name.

One other thing, in regards to TrollBit's (laughable) claim of no manipulation ... The past day or so there's been a sell bot at the top of the order book repeatedly selling 3.5 BTC. I bought it twice yesterday, and each time, a second later, the same order appeared. I was wondering why this strategy ... Why not just create a sell wall and scare down the price? The only thing I could come up with is that not having the sell wall creates the illusion that the market is "naturally" staying down. And then, the very next day, TrollBit posts: "its clear the market is not here because of 'manipulation' but because of lack of new buyers." Deduce from that what you will ...

[tempus]

Mr. Troll Gross is at it once again. Like seeing you here actually.. this means Factom has a bright future when the trolls show up. Hahaha

Yep, the FCT to .0015 suggestion made me literally laugh out loud.

IMO one of the things that speaks best about FCT is how little our trolls have to go on. Competitors? Not really. Quality of team? World-class. Market? Massive: the world's data. Plus serious traction, clients, partnerships ...

Though I have to say the one honest moment GrossBit's shown is in choosing his name.

One other thing, in regards to TrollBit's (laughable) claim of no manipulation ... The past day or so there's been a sell bot at the top of the order book repeatedly selling 3.5 BTC. I bought it twice yesterday, and each time, a second later, the same order appeared. I was wondering why this strategy ... Why not just create a sell wall and scare down the price? The only thing I could come up with is that not having the sell wall creates the illusion that the market is "naturally" staying down. And then, the very next day, TrollBit posts: "its clear the market is not here because of 'manipulation' but because of lack of new buyers." Deduce from that what you will ...

"They" (manipulators) worked a lot with huge sell-walls in the past (already months ago I've seen that), but: The lower the price, the more dangerous it is to use sell-walls.

It's just a theory, but even if it shouldn't be true it makes clear the principle:

1) Dumping to get the price down 
2) Keeping it down - to be able to accumulate more than was dumped before

If sell-walls would be used, the risk would be that they would lose it. Somebody with enough BTC and a clear mind could just say "Cheap, thank you!" ;-)

[MyFarm]

I had to chuckle at the no new buyers statement.  A friend of mine recently finished acquiring 50,000 FCT on the open market after educating himself about Factom at my behest.  He's simply smart enough to do it in a manner that doesn't cause an unwanted increase in price.

I've finally acquired my ultimate goal of Factoids I wanted to hold for the long term so have no problem speaking about this now.  But for a long time, I didn't want the price to go up.  I suspect there's a couple other such players out there and that's fine as I'm a patient investor.  We'll see how long they're able to suppress the price for their own benefit.  I suspect it won't be very long now but I've certainly been wrong before.

[Jjtjjt]

The commit frequency has slowed quite a bit.  Anyone have an opinion as to whether this means anything regarding testnet/M2, or nothing at all?  

https://github.com/FactomProject/factomd/commits/testgenesis

Why do you think that?  https://github.com/FactomProject/factomd/commits/m2-sunday

Right now there are 8 million factoids give or take.  Will that number increase or decrease over time?  There is supposed to be 10% emission but at the same factoids are burned when converted to entry credits.  Or will it all be a wash in the end, i.e in 10 years after all the emission and burning there will be the same number in existence?

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

From the way I understand it, factom inserts a hash stating that a record exists but the actual record is kept off the blockchain?  I might have this wrong.  I read the whitepaper.  Are the actual documents, i.e. videos, files, etc kept on Factom servers?  Thanks.  

While storing things on the factom blockchain is expensive, and not really even guaranteed, it works much better as a publishing platform pointing you where to find the bulk data, and if you find it, is it correct (by whatever definition of "correct" your application might use).  Bitcoin with pruning used widely in the future has similar properties.

As the Turkey censorship detailed above, storage is not the real problem.  The real problem is the indexing, collation, publishing and advertising of the data, coupled with making sure you have the right data.  Storing of the data is not the hard part.  Once you know what data you are looking for (and in some cases how to find it), it does not matter who produces the data, if you can check its hash and verify the signature.
Here is Julian Assange talking about this technology.

https://www.youtube.com/watch?t=290&v=MaB3Zw5_p9c

This resonated pretty strongly with me.  George Orwell predicted a pretty bleak future.  The antagonist in the book 1984 has a saying:

Code:

Who controls the past controls the future: 
Who controls the present controls the past

Securing records in a public witness (a blockchain) with >$1,000,000 of electricity per day being burned to advance the ledger, means that bureaucrats with admin rights cannot change history undetectably.  Even when the local databases are wiped, individual citizens can produce copies of the digital documents that match the hashes signed earlier by the bureaucrat's predecessors.

There is also a pet theory of mine which flips the rationale for Bitcoin's existence.

https://medium.com/@BrianDeery/hashpower-is-the-ends-bitcoin-is-the-means-4de61c559bc0

Thank you Brian, once again, for answering all of my questions!

[schnötzel]

[

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

What min/ max price can we expect for the future (for daily usage)?

[tempus]

[

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

What min/ max price can we expect for the future (for daily usage)?

Since I've never seen that they speculate about prices: If he should answer on that question I'll consider his account as hacked ;-)



 

[astmandu]

the volatility has calmed a bit, and the price cannot recover over 0.00400

its clear the market is not here because of "manipulation" but because of lack of new buyers. everyone bullish is already in.
those who complain about low prices should just buy here and stop complaining. if everybody did the same the market would be higher...

unfortunately, if there is a new wave of selling, we could go down to 0.0025 or even 0.0015.

By the way, the current weakness is NOT just FCT - related. Other Alts (ETH, XMR,...) to name a couple ones are quite off their highs with a similar timing, and its also got to do with BTC strength, and fear of a BTC squeeze.

GrossBit, did you change your mind and go long, buying everything up over .004? You silly goose!  lol

[D-Lux]

GrossBit, did you change your mind and go long, buying everything up over .004? You silly goose!  lol

LOL 

Looks like some new buy walls are cropping up. No idea how long the recent price surge will last but could possibly be at least one whale changing sides.

[spacezx]

GrossBit lovers can show him support by up voting his posts >> https://www.reddit.com/user/GrossBit 

[astmandu]

GrossBit, did you change your mind and go long, buying everything up over .004? You silly goose!  lol

LOL 

Looks like some new buy walls are cropping up. No idea how long the recent price surge will last but could possibly be at least one whale changing sides.

I don't know, but the sell book hasn't been at the 370k level since the .0050s. Sellers might be pretty exhausted and so there is less resistance too?

[neo1947]

[

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

What min/ max price can we expect for the future (for daily usage)?

are you stoned mate?

[D-Lux]

Yep, FCT buy wall definitely growing ... Just hope it's not a pre-M2 PnD.

Actually that would be way too risky, so probably not.

[Mimir]

[

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

What min/ max price can we expect for the future (for daily usage)?

are you stoned mate?

This thread is gold.

[Jjtjjt]

[

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

What min/ max price can we expect for the future (for daily usage)?

25,000 per Factoid, that's USD LOL.  If it does skyrocket, I'll be long gone.  The wife or neices, nephews can cash out

[schnötzel]

[

Maybe more than what you were looking for:
https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

What min/ max price can we expect for the future (for daily usage)?

are you stoned mate?

Indeed   

But anyway, i´m still confused. And btw. i meant Entry Credits (EC) .


Yesterday i referred to this:

https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

"...Let’s postulate that the market drives the Factoid price to a low level. The Federated servers will match this internally and raise the Factoid/EC exchange rate. If the price drops to 1/10th of the earlier price, then 10x more Factoids will be needed for the same number of ECs...."


Sorry if that´s a dumb or already answered question!

[Mimir]

Indeed  

But anyway, i´m still confused. And btw. i meant Entry Credits (EC) .


Yesterday i referred to this:

https://medium.com/@BrianDeery/i-love-negative-feedback-632f8ee780ff

"...Let’s postulate that the market drives the Factoid price to a low level. The Federated servers will match this internally and raise the Factoid/EC exchange rate. If the price drops to 1/10th of the earlier price, then 10x more Factoids will be needed for the same number of ECs...."


Sorry if that´s a dumb or already answered question!

Oh, that's definitely not a dumb question, though there's 264 pages of forum comments, so yes probably an already answered one.

I think most people (myself included) thought you were asking Factom's Chief Scientist what he thinks is a good trading range for factoids. With the resulting hilarity.

So you mean projected EC usage? Theres a google docs daily summary here: https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/htmlview?pli=1#gid=445871101

The network seems to average about 15K entries a day, less on weekends, understand this is still alpha stage software though, when v2 arrives it will be in a condition that is much more appealing to enterprise customers. Eventually v3 will mean voting and full decentralisation. After that factoids will start being minted and paid to the Federated Servers for their services.