[ANN] FACTOM - Introducing Honesty to Record-Keeping

[tempus]

We've all been waiting - but even if big news occurs that some company or other plans on buying 100 million entry credits per month, that still doesn't justify the current price at 73k per month inflation rate. I'm sure there will be a mini rally when M2 is finally here (and if that doesn't happen before christmas - expect fct to halve in value from here), but I think we'll be waiting for quite some time before we see usage figures for entry credits justifying a value of say 5 dollars per factoid. Who knows though, maybe speculation will help out.

Let me quote what I said on Reddit about that to Grossbit:


"Kind of funny is, that because of Factom's economical design many seem to believe something like you say with "If those numbers don't grow quickly, FCT price will crater" while other Blockchain-projects without a burning-rate of the system-currency are much more open for high expectations - without any current real use at all.

Fact is: All of those projects are in it's early steps. Besides Bitcoin, I don't know of any blockchain-project that is ahead of Factom when it comes to real business. It's true that Factom needs more use in general (future), but to say "quickly" is nonsense. It's marketcap is at $22 M while something like Augur is near to $60 M. Ripple is at > $300 M while nobody seems to know for what XRP really is needed (besides the fact that Ripple is no real blockchain-project). Ethereum is even at $1bn - after all what came to light because of the DAO-disaster, including the bail-out and the new old Ethereum-classic-chain.

In my opinion Factom is at a fair valuation and because of it's real potential, there is also huge potential for the price. I believe people will look back in 1 year like they look back now to the first 3 months of 2015 after launch."

[mtnsaa]

This is about to moon so hard and I am laughing at all these fools dumping out. These prices is how you go from rags to riches. Thank you to whoever is bringing us so low.

I beg to differ. I was posting her last month about being patient and having confidence in holding strong. The result is I lost my ass. I'm not rich from it. Lucky for me I have been benefiting from all of the recent volatility and so my account is recovering.

I believe greatly in Factom and I'll be back in it someday. Today however is Bitcoin's time. You just can't ignore what's going on there. It wipes out anything else. Some people think it has just begun as well. Time will tell.

Safest bet is to sit out and preserve capital.

Please it's nothing more than a pump, people act as if Bitcoin can't be pumped, it can be pumped just the same. No real adoption, still no one cares about Bitcoin, same pump happened during the halvening and there down you go, Bitcoin won't be at 1k anytime soon unless there are some actual adoption from the mainstream, a major economic collapse or an amazing technical development (and even then I doubt that would move the price as much).

People know how unstable price still is, a hack to a unknown Honk Kong exchange could bring the price to its knees in a second. This happened in 2016 not 2013...

I don't hate Bitcoin, it's truly the king of crypto and a disruptive technology, there's no doubt about it but it's still far from making any impact in the real world, maybe in 3-5 more years (I'm still not sure how regular people would use it, we just hoard and hold it?). Right, that would make mainstream adoption a very easy sell...

[mtnsaa]

We've all been waiting - but even if big news occurs that some company or other plans on buying 100 million entry credits per month, that still doesn't justify the current price at 73k per month inflation rate. I'm sure there will be a mini rally when M2 is finally here (and if that doesn't happen before christmas - expect fct to halve in value from here), but I think we'll be waiting for quite some time before we see usage figures for entry credits justifying a value of say 5 dollars per factoid. Who knows though, maybe speculation will help out.

I don't understand the fear about that inflation rate, it's not even a million per year. In ten years after M3 there would be around 18M FCT, so what, that's nothing? Ethereum has inflation too and it reached $20.

I remind you that price per FCT is $2...

And that is without counting any burned entries which I'm sure there would a lot, maybe not to be deflationary but still.

[crazyivan]

Etherum s gotta an army of miners who mine, trade, gamble, use it. With Factom, it s all about waiting positive news from the team while the team gives us nothing. Big difference.

Still, waiting to that corner to come.

[Mrboot]

We've all been waiting - but even if big news occurs that some company or other plans on buying 100 million entry credits per month, that still doesn't justify the current price at 73k per month inflation rate. I'm sure there will be a mini rally when M2 is finally here (and if that doesn't happen before christmas - expect fct to halve in value from here), but I think we'll be waiting for quite some time before we see usage figures for entry credits justifying a value of say 5 dollars per factoid. Who knows though, maybe speculation will help out.

I don't understand the fear about that inflation rate, it's not even a million per year. In ten years after M3 there would be around 18M FCT, so what, that's nothing? Ethereum has inflation too and it reached $20.

I remind you that price per FCT is $2...

And that is without counting any burned entries which I'm sure there would a lot, maybe not to be deflationary but still.

The deflation will be as good as 73k as soon as the fct/entry will hit the right price. I dont expect there ever be more then 10 million coins.

The main thing that drives price now is speculation and the bitcoin price, cause eventually only the future will show the amount of entry beeing used.
But hey let bitcoin rise one more time i love cheaper coins.

[D-Lux]

If anyone can read code, I (and I'm sure others) would appreciate hearing what you're seeing w/ the recent commits. Thanks in advance.

[caffeine93]

This is about to moon so hard and I am laughing at all these fools dumping out. These prices is how you go from rags to riches. Thank you to whoever is bringing us so low.

I beg to differ. I was posting her last month about being patient and having confidence in holding strong. The result is I lost my ass. I'm not rich from it. Lucky for me I have been benefiting from all of the recent volatility and so my account is recovering.

I believe greatly in Factom and I'll be back in it someday. Today however is Bitcoin's time. You just can't ignore what's going on there. It wipes out anything else. Some people think it has just begun as well. Time will tell.

Safest bet is to sit out and preserve capital.

Please it's nothing more than a pump, people act as if Bitcoin can't be pumped, it can be pumped just the same. No real adoption, still no one cares about Bitcoin, same pump happened during the halvening and there down you go, Bitcoin won't be at 1k anytime soon unless there are some actual adoption from the mainstream, a major economic collapse or an amazing technical development (and even then I doubt that would move the price as much).

People know how unstable price still is, a hack to a unknown Honk Kong exchange could bring the price to its knees in a second. This happened in 2016 not 2013...

I don't hate Bitcoin, it's truly the king of crypto and a disruptive technology, there's no doubt about it but it's still far from making any impact in the real world, maybe in 3-5 more years (I'm still not sure how regular people would use it, we just hoard and hold it?). Right, that would make mainstream adoption a very easy sell...

I agree, I mean, like every crypto enthusiast admits that Bitcoin is really a pioneer of a new era of blockchain technology and no doubt that people are optimistic about its future use. But indeed, using it in real life is far from near future in my opinion. I mean, at least in my country, you can still buy nothing with it, except on some international online stores and that's still pretty rare.

The only thing that has happened here is some group of ppl installing 2 or 3 Bitcoin ATMs which I suspect is nothing more than for their money laundering practices (I don't see a reason why anyone enough tech savvy to understand at least the basic Bitcoin principle would use these machines that have at least a 10% fee, if they can simply buy it over an exchange or other simpler online ways?). Also, these machines require at least a few confirms which takes like a minimum of half an hour of waiting for a transaction to pass so it's also very impractical.

Regarding the speed of the Bitcoin network, imagine going into a shop and paying for something with BTC while 20 people pile up in the queue behind you, lol. The block expansion vote will probably fail as 95% agreement seems impossible to reach, so yeah...this surge in price probably is nothing more than a pump..also partially caused by Chinese Yuan devaluation, which only stresses the point that Bitcoin is today pretty much used as an asset for preventing loss of money or hoping to get rich by waiting for price spikes, than an actual useful currency in the real world that I hope it might become one day.

[MyFarm]

A friend just completed a 20,000 FCT purchase.  He's a venture capitalist many people would know.

Smart people understand the value proposition of Factom.

[dranster]

FCT seems undervalued with recent news thats coming


I think we should pass over 0.003-0.005 soon

[CocoLibre]

A friend just completed a 20,000 FCT purchase.  He's a venture capitalist many people would know.

Smart people understand the value proposition of Factom.

Not surprised, there is a lot of opportunity at current market cap and doesn't take much to be one of the top 50 FCT wallets.

[siaubas]

If anyone can read code, I (and I'm sure others) would appreciate hearing what you're seeing w/ the recent commits. Thanks in advance.

I doubt you could see anything. It may come out tomorrow or in November or maybe December. Or even sometime next year. Just look at Monero, where they are not able to get their GUI out for months and months now, supposedly tinkering with small details. I hope the testnet comes before New Years, or FCT may half in price again. Time and again Factom has proved that phrases like "around the corner", "soon", "quickly approaching", "next week" don't mean a thing. It is a promising product, but all of these appalling communication failures do not look good on the whole team. So I'm not holding my breath, and I suggest you don't either. It still could be a long and bumpy ride.

[D-Lux]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

From Paul Snow today:

"A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that."

https://www.reddit.com/r/factom/comments/5allyf/factom_m2_long_delayed/

Great response IMO. Deadlines for projects like this are hard/impossible to predict. I appreciate the acknowledgment that previous estimates weren't met, the reticence to give another estimate, the honest-as-can-be evaluation of the situation ATM.

So I'm not holding my breath, and I suggest you don't either.

All credibility lost with this statement, noob. Nice try, though.

[siaubas]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

So I'm not holding my breath, and I suggest you don't either.

All credibility lost with this statement, noob. Nice try, though.

Thanks for the Snow quote, but... why the personal attack? Sheesh. The criticism was towards the Factom team, not you. They deserve it, and I hope they learned from their mistakes.

[D-Lux]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

From Paul Snow today:

"A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that."

https://www.reddit.com/r/factom/comments/5allyf/factom_m2_long_delayed/

Great response IMO. Deadlines for projects like this are hard/impossible to predict. I appreciate the acknowledgment that previous estimates weren't met, the reticence to give another estimate, the honest-as-can-be evaluation of the situation ATM.

All credibility lost with this statement, noob. Nice try, though.

So I'm not holding my breath, and I suggest you don't either.

Thanks for the Snow quote, but... why the personal attack? Sheesh. The criticism was towards the Factom team, not you. They deserve it, and I hope they learned from their mistakes.

Not a personal attack, just pointing out that you have an agenda by suggesting people sell FCT. As I've already pointed out in the past, referring readers to your history.

[crazyivan]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

From Paul Snow today:

"A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that."

https://www.reddit.com/r/factom/comments/5allyf/factom_m2_long_delayed/

Great response IMO. Deadlines for projects like this are hard/impossible to predict. I appreciate the acknowledgment that previous estimates weren't met, the reticence to give another estimate, the honest-as-can-be evaluation of the situation ATM.

So I'm not holding my breath, and I suggest you don't either.

All credibility lost with this statement, noob. Nice try, though.

Good stuff. So no way of M2 going into 2017 which means soon. That s all I wanted to hear. Once testnet becomes public Factom will face rally. Which means, buy more.

[D-Lux]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

From Paul Snow today:

"A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that."

https://www.reddit.com/r/factom/comments/5allyf/factom_m2_long_delayed/

Great response IMO. Deadlines for projects like this are hard/impossible to predict. I appreciate the acknowledgment that previous estimates weren't met, the reticence to give another estimate, the honest-as-can-be evaluation of the situation ATM.

So I'm not holding my breath, and I suggest you don't either.

All credibility lost with this statement, noob. Nice try, though.

Good stuff. So no way of M2 going into 2017 which means soon. That s all I wanted to hear. Once testnet becomes public Factom will face rally. Which means, buy more.

Yeah, this is good. My guess is that they honestly don't know when they'll release it. I think in an interview awhile ago Paul said they'd test until there was nothing left to test, and my guess is that for projects like this—not knowing which tests will bring which results / need more work to be done—it's impossible to give an exact date on the release. But github activity seems to be winding down, so despite recent history I think "any day now" is actually a reasonable estimate.

[siaubas]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

From Paul Snow today:

"A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that."

https://www.reddit.com/r/factom/comments/5allyf/factom_m2_long_delayed/

Great response IMO. Deadlines for projects like this are hard/impossible to predict. I appreciate the acknowledgment that previous estimates weren't met, the reticence to give another estimate, the honest-as-can-be evaluation of the situation ATM.

All credibility lost with this statement, noob. Nice try, though.

So I'm not holding my breath, and I suggest you don't either.

Thanks for the Snow quote, but... why the personal attack? Sheesh. The criticism was towards the Factom team, not you. They deserve it, and I hope they learned from their mistakes.

Not a personal attack, just pointing out that you have an agenda by suggesting people sell FCT. As I've already pointed out in the past, referring readers to your history.

Never suggested or implied that people should sell FCT. IMHO, it has a very bright future. I said it more than once. You have either a comprehension problem, or an 'ignorance is a bliss' problem. Are you saying that the team are saints and shouldn't be criticized so they continue making the same stupid mistakes? I'm not going to pretend that everything is great and not raise any questions. That would be a childish behavior that is also detrimental to the overall long-term health of Factom.
Have a good night.

[siaubas]

It may come out tomorrow or in November or maybe December. Or even sometime next year.

From Paul Snow today:

"A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that."

https://www.reddit.com/r/factom/comments/5allyf/factom_m2_long_delayed/

Great response IMO. Deadlines for projects like this are hard/impossible to predict. I appreciate the acknowledgment that previous estimates weren't met, the reticence to give another estimate, the honest-as-can-be evaluation of the situation ATM.

So I'm not holding my breath, and I suggest you don't either.

All credibility lost with this statement, noob. Nice try, though.

Good stuff. So no way of M2 going into 2017 which means soon. That s all I wanted to hear. Once testnet becomes public Factom will face rally. Which means, buy more.

"Not ready to delay out to 2017 " is not exactly "no way".
I am too, hoping it will happen in 2016 though. Just one way to find out...

[GrossBit]

A friend just completed a 20,000 FCT purchase.  He's a venture capitalist many people would know.

Smart people understand the value proposition of Factom.

and some people sold him... there is no conclusion to make of it

[D-Lux]

So I'm not holding my breath, and I suggest you don't either. ... Never suggested or implied that people should sell FCT. ... a comprehension problem

Are you saying that the team are saints and shouldn't be criticized so they continue making the same stupid mistakes?

No, and in fact your FUD detracts from, among other things, the important discussion of Factom's actual problems.