[ANN] FACTOM - Introducing Honesty to Record-Keeping

[zebulun]

Question, is factom usage expected to increase significantly after m2?

When you crunch the numbers as people have done before, 1 bil entries per day would push the price of factoids up 100x. But looking at the current figures of 4.5 mil entries in total, there isn't enough entries to even justify the current price of a factoid. I expect the entries to increase in the future obviously, but to what extent is realistic? How many entries would dept of homeland security bring in?

[MyFarm]

Question, is factom usage expected to increase significantly after m2?

When you crunch the numbers as people have done before, 1 bil entries per day would push the price of factoids up 100x. But looking at the current figures of 4.5 mil entries in total, there isn't enough entries to even justify the current price of a factoid. I expect the entries to increase in the future obviously, but to what extent is realistic? How many entries would dept of homeland security bring in?

A factom employee said they've held talks with companies that would need to input a billion entries per day.  Whether anything comes from those talks, who knows (I suspect they will in time).  But the discussions have been happening.

[D-Lux]

But looking at the current figures of 4.5 mil entries in total, there isn't enough entries to even justify the current price of a factoid.

This isn't how valuations work. According to this logic, very few cryptos could justify a market cap of $1, given that they're pre-profit. Even among established companies in public markets, valuations are often a dozen or more X their yearly earnings (see "P/E ratio").

The main thing to look at is trends, and for Factom, the trend is a slow exponential:

https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/edit?pref=2&pli=1#gid=445871101

Question, is factom usage expected to increase significantly after m2?

Great question! Anyone have thoughts on this?

[zebulun]

But looking at the current figures of 4.5 mil entries in total, there isn't enough entries to even justify the current price of a factoid.

This isn't how valuations work. According to this logic, very few cryptos could justify a market cap of $1, given that they're pre-profit. Even among established companies in public markets, valuations are often a dozen or more X their yearly earnings (see "P/E ratio").

The main thing to look at is trends, and for Factom, the trend is a slow exponential:

https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/edit?pref=2&pli=1#gid=445871101

Yep completely understand. And this is why I'm invested in Factom in the 1st place as I see potential that other cryptos don't have i.e Factom actually has paying customers and a real world use case.

As for shitcoins that do nothing and have a marketcap, they won't stand the test of time. They have value now because of speculation but in 10 years from now they won't be around.

I really think this "slow exponential" growth of Factom is incredibly slow though. On that basis it could take a few years to reach 1 million entries per day, and ALOT could happen in that time. That's why I'm wondering how much things will pick up after m2. Are there some massive organisations that will only jump on after m2 is released?

Wouldn't it be great if Factom just got 1 billion entries per day in 3 months time? A pipe dream perhaps but I doubt any of us investors would be complaining.

[D-Lux]

Wouldn't it be great if Factom just got 1 billion entries per day in 3 months time?

Yes, yes it would.

Also I agree about some of the other projects ... One thing that's somehow too-often lost in crypto valuation discussions is the fact that, one way or another, each project needs to become economically viable. As exciting as the DAO was, that was one of the reasons I could never invest. And conversely (like you, it sounds like) one of the reasons I've invested in Factom.

[GrossBit]

Yep completely understand. And this is why I'm invested in Factom in the 1st place as I see potential that other cryptos don't have i.e Factom actually has paying customers and a real world use case.

no they haven't any paying customer at all (in any amount that matters) yet.

paying customers is just a concept/part of a biz plan now.

Making this biz plan real is the challenge

[flashbit]

https://btcmanager.com/price-pages/weekly-report/weekly-cryptocurrency-market-outlook-oct-25/

FCT-BTC (Poloniex)
Factom’s cryptocurrency, Factoids (FCT), made gains against bitcoin last week and managed to close above the base line, which provides a bullish signal. Therefore, we expect bullish momentum to dominate again this week and we should see the market target resistance provided by the conversion line at 0.0050.



The chart below shows the daily price action for FCT-BTC and shows that the conversion line looks to be moving above the base line, which will give a weak bullish signal. Once the signal has materialized, we should see the market move higher and test the resistance zone provided by the Ichimoku cloud. Also, notice that the Awesome Oscillator is moving toward the zero threshold and the bars are green, suggesting bullish momentum is gaining strength. Further bullish confirmation will be given once the oscillator crosses above the zero threshold.

[Mimir]

no they haven't any paying customer at all (in any amount that matters) yet.

Well let's just ignore the Dept of Homeland Security grant for now, silly govts and their onerous requirements, what would they know.

I agree, there's hardly any entries currently. But why should there be? It's alpha software, there's no decentralisation yet. Any half decent CEO would wait and see M2 before committing to anything. Regardless, there is no other serious competitor for the real-world need that Factom satisfies. No one else can even handle the sheer volume of entries that enterprise requires.

Everyone in crypto has ideas, but ideas are worthless, implementation is what matters, and personally have no doubt these guys will make it there, there's very few others in the space capable, funded or willing.

I know you are an ETH guy, yet nearly $400,000 USD of ETH appears out of thin air daily, doesn't seem to bother you. Every 2 months that's Factom's entire marketcap being mined.

As far as value goes that's ridiculous.

[flashbit]

Let's not forget folks the endless annoucements of agreements and partnerships already this year. Many agreements haven't even been disclosed because of NDAs. I believe this will grow exponentially once M2 is released. The trolls (cough cough grossbit) will lead you to believe otherwise in a crappy attempt to buy lower. Just a trap. Don't fall for it.

[GrossBit]

Let's not forget folks the endless annoucements of agreements and partnerships already this year. Many agreements haven't even been disclosed because of NDAs. I believe this will grow exponentially once M2 is released. The trolls (cough cough grossbit) will lead you to believe otherwise in a crappy attempt to buy lower. Just a trap. Don't fall for it.

not a troll. i provide balanced analysis

i am long A-shares, and also FCT (in a modest size, less than 25% of what i used to have). doesn't mean I think the price HAS to go up 365 days a year, 24/24 in an exponential/vertical way.
Actually if this stuff goes up to the moon, there must be quite a few -50% or more selloff on the way up.

[Jjtjjt]

Let's not forget folks the endless annoucements of agreements and partnerships already this year. Many agreements haven't even been disclosed because of NDAs. I believe this will grow exponentially once M2 is released. The trolls (cough cough grossbit) will lead you to believe otherwise in a crappy attempt to buy lower. Just a trap. Don't fall for it.

not a troll. i provide balanced analysis

i am long A-shares, and also FCT (in a modest size, less than 25% of what i used to have). doesn't mean I think the price HAS to go up 365 days a year, 24/24 in an exponential/vertical way.
Actually if this stuff goes up to the moon, there must be quite a few -50% or more selloff on the way up.

My diet is "balanced"  Mostly beer and Pizza.

[D-Lux]

https://btcmanager.com/price-pages/weekly-report/weekly-cryptocurrency-market-outlook-oct-25/

...

 Also, notice that the Awesome Oscillator is moving toward the zero threshold ...

Jesus I love TA ...

[Jack Russell]

Paul Snow on Reddit:

"We will be posting an update soon. Compiling under go 1.7 seems to fix this issue, but the factomd code doesn't allow it (checks the version and panics when you try to run). Many in the community have been testing this approach, and have reported success."
https://www.reddit.com/r/factom/comments/594hyx/factomd_breaks_on_restart/d97bcmc/

A note, have seen some people download the new binaries but not delete the old ones. If you are still getting errors but in the first few lines it says

Code:

Go compiler version: go1.6.2

you are still running the older version factomd and need to delete that first.

My wallet is non functional. Does anyone have a link to the latest binary? At https://github.com/FactomProject/distribution it says The latest version of Factom is Version 0.3.7.0, released 27 April 2016

[Freckleg]

Github looks promising. Small fixes and less big changes, looks like the corner is indeed quickly approaching

[Mimir]

My wallet is non functional. Does anyone have a link to the latest binary? At https://github.com/FactomProject/distribution it says The latest version of Factom is Version 0.3.7.0, released 27 April 2016

https://github.com/FactomProject/factomd/issues/23

Right down the bottom is the binaries for all OS's

[CocoLibre]

The Top100CryptoCoins entries are growing pretty fast, almost 100k after 10 days. I would expect from now on with most of the new usage additions we will be seeing much higher rampup vs earlier usage cases.

[Jjtjjt]

Let's not forget folks the endless annoucements of agreements and partnerships already this year. Many agreements haven't even been disclosed because of NDAs. I believe this will grow exponentially once M2 is released. The trolls (cough cough grossbit) will lead you to believe otherwise in a crappy attempt to buy lower. Just a trap. Don't fall for it.

When btc goes up, all other cryptos tank.  It seems like after the Chinese push btc up, other alt coin holders sell off their holdings and chase btc returns.  I might be wrong but it seems to happen more often than not.

[Kingn56]

Let's not forget folks the endless annoucements of agreements and partnerships already this year. Many agreements haven't even been disclosed because of NDAs. I believe this will grow exponentially once M2 is released. The trolls (cough cough grossbit) will lead you to believe otherwise in a crappy attempt to buy lower. Just a trap. Don't fall for it.

When btc goes up, all other cryptos tank.  It seems like after the Chinese push btc up, other alt coin holders sell off their holdings and chase btc returns.  I might be wrong but it seems to happen more often than not.

You are correct, i've seen this happen many times, many cryptos although traded via btc are more pegged to the dollar then to btc, meaning when btc price fluctuates in fiat value so do alt coins.

[Jack Russell]

My wallet is non functional. Does anyone have a link to the latest binary? At https://github.com/FactomProject/distribution it says The latest version of Factom is Version 0.3.7.0, released 27 April 2016

https://github.com/FactomProject/factomd/issues/23

Right down the bottom is the binaries for all OS's

Thank you! Linux64 version works great.

[jeffthebaker]

Can anyone give me a TL;DR rundown of the current state of Factom? Wrote some articles on it back around launch time, but haven't seen too much about it since. Did the whole land registry thing fall through?