[ANN] FACTOM - Introducing Honesty to Record-Keeping

[D-Lux]

Definite signs of whales shifting to buy side. I detest manipulation in all forms but have to say, mind it less when manipulation is on the side of the tech ...

[GrossBit]

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

GrossBit amuck on Reddit again. Voting link above ...

I don't particularly like his attitude, but I don't think your "discussion" could get any lower: "go downvote a poster I don't like on another website."
It's a shame, I'd say this is worse than his FUD posts...

His posts constantly derail discussion and cause misinformation to be spread among people looking to actually learn something about Factom. It's not about "not liking him." But you're right, probably shouldn't have voiced my frustration in that way ...

So your counterargument is to stoop below his level?
1. There is an ignore button.
2. I thought you hated a straw man argument that you are employing yourself right now.
3. I don't know if this board is moderated at all, but such posts deserve immediate deletion. You are asking people to downvote his posts someplace else. How old are you? 5?

I'd probably feel worse if every one of your comments on this post, except 1, weren't lashing out at someone ... Anyone who's read this thread knows how far counterarguments with him get. But as I said, I probably shouldn't have voiced my frustration by pointing to another user's post. I'm not going to have a draw-out discussion with you about this, much as I'm starting to think you'd like that ...

Also, you don't understand what a "straw man" is.

The last thing I want is flame wars. Hence my posts.
One thing is seeing a basher/troll/shorter fighting a few fanboys with arguments, however absurd. Another is seeing all of you enticing personal attacks and spillover to other sources of information. And this is supposedly the best news source for all the new people coming to Factom? Please keep calm and civilized, however annoying sometimes it may be.

You're not seeing well. I'm not a shorter (i NEVER short crypto) and actually i'm long FCT.

Yet, I'm not removing any of my word,

If you read the whole discussion you will find evidence that bnkofthefuture misrepresented to the 158 investors in Factom A-shares equity sale the amount of funds raised, overstating it by 1 million USD (5M instead of 4M, we're talking 25% of the offer)

I posted screenshots of that. If you are interested you will find it by yourself. Those 158 investors (and I'm one of those) had the big surprise of learning the sad truth through the press , with a dubious timing on top of that.

There has been no apologies from either bnktothefuture nor from Factom at all, despite that misrepresentation is a CRIMINAL offense.

After that episode, my trust into Factom's team has gone down several levels. However given the relative cheap valuations and the economic outlook, I'm long FCT again (sold over 500 my stash bought at 250) but i'm nowhere willing to risk as much as i used to, and i will stay vigilant.

I don't want to shoot myself in the foot, as an investor, thats not my interest. but if i wasn't invested anymore in Factom, maybe i would file a complaint to the SEC. Maybe those involved would take things more seriously from there, they act as if nothing happened... its a major fuckup to me.

[crazyivan]

Well, as it seems right now, your attempts to crush the market have failed and your shorting tactics will not present results.

I m not a really good trader but as it seems neither you re. Still, I wish you best of luck and lots of profits in and out of Factom.

[D-Lux]

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

GrossBit amuck on Reddit again. Voting link above ...

I don't particularly like his attitude, but I don't think your "discussion" could get any lower: "go downvote a poster I don't like on another website."
It's a shame, I'd say this is worse than his FUD posts...

His posts constantly derail discussion and cause misinformation to be spread among people looking to actually learn something about Factom. It's not about "not liking him." But you're right, probably shouldn't have voiced my frustration in that way ...

So your counterargument is to stoop below his level?
1. There is an ignore button.
2. I thought you hated a straw man argument that you are employing yourself right now.
3. I don't know if this board is moderated at all, but such posts deserve immediate deletion. You are asking people to downvote his posts someplace else. How old are you? 5?

I'd probably feel worse if every one of your comments on this post, except 1, weren't lashing out at someone ... Anyone who's read this thread knows how far counterarguments with him get. But as I said, I probably shouldn't have voiced my frustration by pointing to another user's post. I'm not going to have a draw-out discussion with you about this, much as I'm starting to think you'd like that ...

Also, you don't understand what a "straw man" is.

The last thing I want is flame wars. Hence my posts.
One thing is seeing a basher/troll/shorter fighting a few fanboys with arguments, however absurd. Another is seeing all of you enticing personal attacks and spillover to other sources of information. And this is supposedly the best news source for all the new people coming to Factom? Please keep calm and civilized, however annoying sometimes it may be.

You're not seeing well. I'm not a shorter (i NEVER short crypto) and actually i'm long FCT.

Yet, I'm not removing any of my word,

If you read the whole discussion you will find evidence that bnkofthefuture misrepresented to the 158 investors in Factom A-shares equity sale the amount of funds raised, overstating it by 1 million USD (5M instead of 4M, we're talking 25% of the offer)

I posted screenshots of that. If you are interested you will find it by yourself. Those 158 investors (and I'm one of those) had the big surprise of learning the sad truth through the press , with a dubious timing on top of that.

There has been no apologies from either bnktothefuture nor from Factom at all, despite that misrepresentation is a CRIMINAL offense.

After that episode, my trust into Factom's team has gone down several levels. However given the relative cheap valuations and the economic outlook, I'm long FCT again (sold over 500 my stash bought at 250) but i'm nowhere willing to risk as much as i used to, and i will stay vigilant.

I don't want to shoot myself in the foot, as an investor, thats not my interest. but if i wasn't invested anymore in Factom, maybe i would file a complaint to the SEC. Maybe those involved would take things more seriously from there, they act as if nothing happened... its a major fuckup to me.

At this point I've gone from disliking you to having compassion for you. You've zeroed in on a discrepancy of no potential meaningful value. I already posted about this on Reddit. If you actually want to accuse BNK or Factom of illicit behaviour, make your case. Otherwise your presence in these discussions is 100% meaningless and detracts from the progression of thought. It's an interesting conversation. Factom is an amazing technology. Responding to you wastes time and energy and bandwidth. You've already derailed too many conversations. GTFA. Seriously.

[GrossBit]

Well, as it seems right now, your attempts to crush the market have failed and your shorting tactics will not present results.

I m not a really good trader but as it seems neither you re. Still, I wish you best of luck and lots of profits in and out of Factom.

I never BS, my last 2 trades are FCT long,  still long from 0.00386 as posted previously.
i never short any crypto, be it FCT or anything else. Nor do i use leverage. (btw shorting involves margin and leverage).

I present facts, you guys only make imaginary statements about what I'm doing. LOL, you live in your own fantasy world.

yes. my post have meaningful value. Those who realized their mistake in time when i posted had a chance to sell over 0.0045
and buy back at 0.0037 again. They may be silent here but i received thank you emails for that, and did profit myself :-)

very short term, i see FCT going to 0.0044 in the next few hours. We have a bullish MACD cross, might be bullish for a at least 10 Days. but i think its not a straight line and there will be opportunities to sell on strength / rebuy the dips... well if it goes up straight up i don't mind as well.

resistance levels: 0.0044, then 0.0047 should be strong resistance (pre-flash crash level), support level 0.00400. When/ IF 0.0047 taken out 0.0052 next strong level, above is uncharted territory as we would make higher highs. sticking to my main scenario of a re-dump after M2, but ready to change my stance...

[schnib]

@grossbit :

haven't u received any answer from factom team or bnktothefuture yet ?

If so, i think it is really disappointing, because you are definitely not trying to fud and rather want a real conversation.
If they didn't do anything wrong, they can at least give you some answer.

[daburone]

Grossbit - I am willing to take your (criminalish) Factom shares off your hands for the price you paid. Let me know the details and we can hook it up!

[schnib]

I never BS

I truly enjoy Grossbit's thoughts, even though don't delve into trading personally. It's a real shame how much he gets downvoted on reddit, honestly. Do hope y'all leave him alone.
Downvotes are for spam and obscene shit. Not things you don't agree with. It's basic reddiquette.

That said, it's amazing how many times he's mentioned 'I don't BS' and 'I've been an insto trader for decades'.
Someone who truly believes in themself doesn't need to say that. From personal experience, arguments from authority are usually made by people who actually have no authority at all. You may be different, but I don't really care, why even mention the fact? And why mention it so frequently?

A decent argument carries itself.

Stand your ground, make your point, and be happy with that mate. That's my advice.
Well keen to hear your thoughts and I hope you stick around.

#2

well said

[GrossBit]

Grossbit - I am willing to take your (criminalish) Factom shares off your hands for the price you paid. Let me know the details and we can hook it up!

listen, i don't want to sell them, and even if i wanted i cannot, the custodian is bnktothefuture, and actually all i have to prove i'm the proud owner of those shares is a screenshot from their site and a vague email.

its not a matter of price. Factom has a story the valuation is cheap, and at least you know these guys actually exist and you can meet and talk with them. Better than so many other projects around in crypto which are overpriced unicorns.

Its a matter of principles. "At Factom, we make the world’s systems honest."

The word honest is everywhere on their HP. I had hoped their actions were in line with their words.

[MyFarm]

Its a matter of principles. "At Factom, we make the world’s systems honest."

The word honest is everywhere on their HP. I had hoped their actions were in line with their words.

As I've mentioned previously, I'm of the opinion that the share sale discrepancy is a non-issue.  I would however like to comment on what you're missing here.

The, "World's systems" are dishonest because humans are dishonest.  At present, we have the ability to alter the past and present, creating distrust.  And it happens every single day.  Constantly.  Sometimes purposely, other times, accidentally.

What Factom is doing is working to remove the human element.  I guarantee you the founders of Factom know they are fallible.  Nobody is infallible.  As much as I try to be a good, ethical person, I know I can be corrupted or can make serious mistakes.  But if we remove that human element, that ability to change the past, the ability to corrupt data that it is imperative we trust, then something special happens.

You are fallible.  I am fallible.  The people at Factom are fallible. We are all corruptible.  But if Factom is successful with what they're attempting to do... for the first time in human history, our fallibility and corruptibility won't matter.  Because the, "World's systems" will be honest.

And that's why Tim Draper stated, "I believe that the Factom team has the opportunity and the potential to build a company greater than Oracle and Palantir and IBM combined.”

[daburone]

Grossbit - I am willing to take your (criminalish) Factom shares off your hands for the price you paid. Let me know the details and we can hook it up!

listen, i don't want to sell them, and even if i wanted i cannot, the custodian is bnktothefuture, and actually all i have to prove i'm the proud owner of those shares is a screenshot from their site and a vague email.

its not a matter of price. Factom has a story the valuation is cheap, and at least you know these guys actually exist and you can meet and talk with them. Better than so many other projects around in crypto which are overpriced unicorns.

Its a matter of principles. "At Factom, we make the world’s systems honest."

The word honest is everywhere on their HP. I had hoped their actions were in line with their words.

I didn't look in detail but it appears they can facilitate transfer of shares but will charge 5% (I would be happy to pay this). https://bnktothefuture.com/terms-conditions

Why wouldn't you want to let go of these shares? Why invest in a company with a track record of lying/engaging in criminal acts (or something)?

Let me know if you change your mind.

[D-Lux]

Its a matter of principles. "At Factom, we make the world’s systems honest."

The word honest is everywhere on their HP. I had hoped their actions were in line with their words.

As I've mentioned previously, I'm of the opinion that the share sale discrepancy is a non-issue.  I would however like to comment on what you're missing here.

The, "World's systems" are dishonest because humans are dishonest.  At present, we have the ability to alter the past and present, creating distrust.  And it happens every single day.  Constantly.  Sometimes purposely, other times, accidentally.

What Factom is doing is working to remove the human element.  I guarantee you the founders of Factom know they are fallible.  Nobody is infallible.  As much as I try to be a good, ethical person, I know I can be corrupted or can make serious mistakes.  But if we remove that human element, that ability to change the past, the ability to corrupt data that it is imperative we trust, then something special happens.

You are fallible.  I am fallible.  The people at Factom are fallible. We are all corruptible.  But if Factom is successful with what they're attempting to do... for the first time in human history, our fallibility and corruptibility won't matter.  Because the, "World's systems" will be honest.

And that's why Tim Draper stated, "I believe that the Factom team has the opportunity and the potential to build a company greater than Oracle and Palantir and IBM combined.”

Damn, nicely said. It's amazing how many of the issues, real or not, that have cropped up in this thread could be solved by ... Factom.

[bitcoinrocks]

Has there been an update on M2 in the last couple months?

[naushi555]

Its a matter of principles. "At Factom, we make the world’s systems honest."

The word honest is everywhere on their HP. I had hoped their actions were in line with their words.

As I've mentioned previously, I'm of the opinion that the share sale discrepancy is a non-issue.  I would however like to comment on what you're missing here.

The, "World's systems" are dishonest because humans are dishonest.  At present, we have the ability to alter the past and present, creating distrust.  And it happens every single day.  Constantly.  Sometimes purposely, other times, accidentally.

What Factom is doing is working to remove the human element.  I guarantee you the founders of Factom know they are fallible.  Nobody is infallible.  As much as I try to be a good, ethical person, I know I can be corrupted or can make serious mistakes.  But if we remove that human element, that ability to change the past, the ability to corrupt data that it is imperative we trust, then something special happens.

You are fallible.  I am fallible.  The people at Factom are fallible. We are all corruptible.  But if Factom is successful with what they're attempting to do... for the first time in human history, our fallibility and corruptibility won't matter.  Because the, "World's systems" will be honest.

And that's why Tim Draper stated, "I believe that the Factom team has the opportunity and the potential to build a company greater than Oracle and Palantir and IBM combined.”

Damn, nicely said. It's amazing how many of the issues, real or not, that have cropped up in this thread could be solved by ... Factom.

Well Said !!! couldn't agree more.

[D-Lux]

"Factom Woos Mortgage Industry Experts to Blockchain Technology Startup"​:

https://factom.com/blog/factom-woos-mortgage-industry-experts-to-blockchain-technology-startup

[tempus]

"Factom Woos Mortgage Industry Experts to Blockchain Technology Startup"​:

https://factom.com/blog/factom-woos-mortgage-industry-experts-to-blockchain-technology-startup

Nice!

Factom really seems to target the mortgage-industry which isn't surprising but obviously they see reasons to accelerate.

[tempus]

Btw: What I consider more and more is the possibility that M2 is not late because it's hard to develop. It surely is not easy, but I believe it's possible that they already do a lot business-stuff. DHS for example and now they hire mortgage-experts. I wouldn't be surprised if they have much more in the pipeline than "just" the next milestone.

[D-Lux]

"Factom Woos Mortgage Industry Experts to Blockchain Technology Startup"​:

https://factom.com/blog/factom-woos-mortgage-industry-experts-to-blockchain-technology-startup

Nice!

Factom really seems to target the mortgage-industry which isn't surprising but obviously they see reasons to accelerate.

Do you actually know why they'd target the mortgage industry? It seems intuitive to me, but on second thought I'm not actually sure what problems they'd be addressing. It's obvisouly a data-dominated space, but ... does anyone know if they've had problems with data integrity? Or is Factom taking another approach with them? Drawing a blank fsr ...

[tempus]

"Factom Woos Mortgage Industry Experts to Blockchain Technology Startup"​:

https://factom.com/blog/factom-woos-mortgage-industry-experts-to-blockchain-technology-startup

Nice!

Factom really seems to target the mortgage-industry which isn't surprising but obviously they see reasons to accelerate.

Do you actually know why they'd target the mortgage industry? It seems intuitive to me, but on second thought I'm not actually sure what problems they'd be addressing. It's obvisouly a data-dominated space, but ... does anyone know if they've had problems with data integrity? Or is Factom taking another approach with them? Drawing a blank fsr ...

It's a massive market with huge problems. Just google "mortgage + fraud" or " + scandal" or "mortgage crisis" etc. It could even be called a "natural market" for a system like Factom.


The Mortgage Fraud Scandal Is The Biggest In Human History
http://www.businessinsider.com/mortgage-fraud-scandal-2010-10?IR=T




And what we're speaking about here is "big data":

Mortgage Market & Big Data Analytics

About this Viewpoint

The financial crisis and the prevailing economic downturn have put the mortgage market in turmoil in the recent past. The malfunctions of the market can be attributed to multiple factors. Most important ones are recklessness and lack of scientific intelligence about market behavior and upcoming trends. More importantly, an unconnected approach to decision making has often led to the downfall of the system resulting in bankruptcy of various enterprises. Analyzing available data to gain insights that help in decision making is the call of the era. While the availability of data is not often a challenge, the right usage of data has often faced road blocks in terms of limitations of systems, lack of processing power, slowness of processing and/or a lack of application of scientific analytics to business. This paper aims to analyze some of the possibilities that have emerged due to path breaking technology and combination of business and scientific analysis. This paper will look at better decision making capabilities and business opportunities that could emerge through the use of Big Data analytics in the mortgage sector.

(...)
http://www.tcs.com/sitecollectiondocuments/white-papers/bfs-whitepaper-big-data-mortgage-market-0313-1.pdf



"Ever since the first lending automation systems hit the market in the 1980s, mortgage technology budgets have steadily expanded. Today, mortgage lenders spend more on technology than ever before. It’s therefore ironic that with all the money allocated for loan origination platforms and ancillary systems, little if any budget is directed toward data integrity. It would be easy to classify this as a shortcoming on the part of each individual company, but when cases of substandard data are evenly spread throughout a given industry, clearly something else is at play.

Those of us who have spent more than a few years in this industry can understand how this syndrome developed. For decades, mortgage firms have been focused on near term profits and seizing market share wherever possible to survive. This short term focus has eclipsed the ability of most to do effective long range strategic planning. The resulting negative effects on data quality are incontrovertible. Many lenders across the country now have bloated databases full of loan files that are incomplete, lack consistency, or both.

(...) "
https://motivitysolutions.com/data-integrity-and-mbi/

[Lisieux]

with this news, people have to understand: Factom will make multi billion business.