[ANN] FACTOM - Introducing Honesty to Record-Keeping

[astmandu]

Yay, testnet is here!  Then if it proves out, M2.

To be sure there will be some "sell on the news."  As I recall though testnet is supposed to last roughly 2 weeks.  If that is the case anything can happen with BTC that can affect alts, but I'm hopeful that with M2 comes more announcements and indications about greater adoption.  Plus the exodus wallet!

The year-end has a lot of potential!

[P8trade]

Can someone explain how the FCT tokens are produced?  I have seen info on coinmarketcap.com that there are 8,753,219 FCT in existence but it is a non mineable token.

Thank you

[MyFarm]

Can someone explain how the FCT tokens are produced?  I have seen info on coinmarketcap.com that there are 8,753,219 FCT in existence but it is a non mineable token.

Thank you

They were created as an ICO.  Once M3 goes live, approximately 73,000 more FCT will be created per month.  However, the more entries are added into Factom, the more Factoids will be burned.  As such, the more Factom is used, the less net FCT will be created per month.  Until M3 goes live (M2 testnet just went live), FCT will be burned and not created.  As such, on a daily basis, and likely for at least a solid year, the total amount of FCT will go down.

[Byter88]

Can someone explain how the FCT tokens are produced?  I have seen info on coinmarketcap.com that there are 8,753,219 FCT in existence but it is a non mineable token.

Thank you

They were created as an ICO.  Once M3 goes live, approximately 73,000 more FCT will be created per month.  However, the more entries are added into Factom, the more Factoids will be burned.  As such, the more Factom is used, the less net FCT will be created per month.  Until M3 goes live (M2 testnet just went live), FCT will be burned and not created.  As such, on a daily basis, and likely for at least a solid year, the total amount of FCT will go down.

Thanks for the info! What about after the first year? Does the supply increase? So it would make sense to own FCT once M3 goes live since in theory it should be more valuable?

[lolikop]

noooooooooooo pleaseeee keep selling i want more!!!

[MyFarm]

Can someone explain how the FCT tokens are produced?  I have seen info on coinmarketcap.com that there are 8,753,219 FCT in existence but it is a non mineable token.

Thank you

They were created as an ICO.  Once M3 goes live, approximately 73,000 more FCT will be created per month.  However, the more entries are added into Factom, the more Factoids will be burned.  As such, the more Factom is used, the less net FCT will be created per month.  Until M3 goes live (M2 testnet just went live), FCT will be burned and not created.  As such, on a daily basis, and likely for at least a solid year, the total amount of FCT will go down.

Thanks for the info! What about after the first year? Does the supply increase? So it would make sense to own FCT once M3 goes live since in theory it should be more valuable?

When I said a year, that was me thinking it will be at least a year until we see M3 and the 73,000 new FCT per month.

In my opinion, FCT is a multi-year hold.  I feel it will be a billion dollar coin at some point.  The 73,000 new FCT once M3 goes live doesn't concern me in the least.

[siaubas]

NEM Apostille imo is not even comparable, simply because it's that much better. However I still have factoids and I think the market is big enough for both projects. But if I were a big company I'd 1000 times rather use Apostille than Factom, it's really that good. Also I feel that Factom doesn't really care about its factoid investors, there still isn't an easy wallet yet, imo there is a lack of transparancy and the whole set-up is kinda like Ethereum; too damn complicated and not well thought out. Just ideas and building for the sake of building. Also there is a lot of fog when it comes to deadlines and stuff. Wasn't milestone 2 supposed to be here already? As an investor I don't know what they are doing, they don't give us updates.

Now compare that with NEM Apostille; an easy, holistic, elegant, uniquely structured, well thought out and dynamic notarization service on the blockchain that is on par with the invention of the internet IMO. Factom is a nice bike but Apostille is like a lambo.

Re: NEM Apostille,
LOL "Holistic"? "Elegant"? "Uniquely structured"? "On par with the invention of the internet"? That's just a bunch of empty words.
Are you serious, or just trolling? Next time please provide some actual numbers, reasons, and comparisons.

[MyFarm]

From Paul Snow:

"Looking forward to talking about this implementation. We have quite a number of innovations blended into this code base!"

https://www.reddit.com/r/factom/comments/5bpihg/factom_launches_m2_testnet/d9qbnp9/

I do love me some innovations.  Can't wait to hear about them!

[lolikop]

From Paul Snow:

"Looking forward to talking about this implementation. We have quite a number of innovations blended into this code base!"

https://www.reddit.com/r/factom/comments/5bpihg/factom_launches_m2_testnet/d9qbnp9/

I do love me some innovations.  Can't wait to hear about them!

keep it coming...

[BlackPrapor]

I wonder if its possible to have a step by step installation guide for dummies in linux? Is it compatible with raspberry pi? I have a few machines I can test it on. Windows7, Ubuntu, and Raspbian Jessie, and ofc I can use VirtualBox to try something else. I've got one pretty strong computer with 24Gb RAM, Core i7 and SSD drives if its possible to stress test the app.

[lolikop]

I wonder if its possible to have a step by step installation guide for dummies in linux? Is it compatible with raspberry pi? I have a few machines I can test it on. Windows7, Ubuntu, and Raspbian Jessie, and ofc I can use VirtualBox to try something else. I've got one pretty strong computer with 24Gb RAM, Core i7 and SSD drives if its possible to stress test the app.

Im sure there is do your research i have used it once now im just occupied buying cheap sorry

[GrossBit]

So at last we have this long awaited M2 bounce.

FCT today's best performer up +18% as I write (more than 30% at one stage). Earlier intraday high at 0.00396 is more than 50% above the low hit during the panic.
It is safe now to say we have seen the worst. Even if it didn't hold, 0.00396 was well through the 0.0037 pre-flash crash level. This level could still act as a short term resistance but has much less significance now.

What cannot go down must go up, so FCT will probably go up from here. After all, 2 USD and below was really too cheap. Given the speed of the bounce , around 0.00335-0.0034 is a good zone to buy (right now 0.00342 so ok to FOMO if impatient), on the upside after the 0.0037 i see 0.0041-0.00425 the resistance levels, thats the weekly MA10, and still on a downtrend on this weekly chart. I think we will see these levels rather quickly with the current momentum. From there, i'm a bit more neutral.

https://dwq4do82y8xi7.cloudfront.net/x/jD9OX7TL/


Those who say i'm a troll are idiots, and not reading my posts.
yes i missed this move from 0.003 to 0.0034
but if you read everything i wrote, i'm still out from 0.005 and now the bottom is in , its safe to buy , in between i gave specific recommendations to buy, including the last one from 0.0025 to 0.003

Trading is not about buying at the bottom and selling at the top. I prefer to buy at a slightly higher price and not stress when the price is in a downtrend....If something is cheap but in a downtrend, i use buy the dip strategy and slowly accumulate.

However one would be an idiot to think its a one-way bet, and a sure bet, and mortgage his house. Those who were on margin during the downtrend are out of the market, with no money and only their eyes to cry.

As for investing, i've disclosed I'm long the A-shares, of course i hope 1billion market cap stock one day, even better if its 5bn or 10bn. However I'm not putting all my eggs in the same basket, FCT is not my only investment, and in volatile times, if i have a losing streak (which i did, not on FCT), i prefer to reduce temporarily positions to increase them again when it gets better. Don't double when you're in trouble. Thats how you get REKT.

Still think there are much better tech than FCT available. Tech is not the reason why i invested in FCT. Its because its a business, because A-shares are a different proposition. Because Factom have salesmen. Because there is a potential market where they have a first mover advantage. So its a kind of unique play in the space, and if its unique, you must own it, if only as a diversification play. I see shares as a leveraged play on FCT token value (because they get consumed, and produced again, but sold by Factom, so there is a multiplier effect here), and an option on IPO stock bubble where you can see x50 or x100 multipliers sometimes....

Also when a company reaches critical size, you have mergers etc... it can make the company grow bigger, there is also the option that a big player buys out the smaller one at a (huge) premium.

Thats why shares is different play than the tokens.

We had this bear market in Alts, and now they're bouncing together, its correlated, and thought the timing is little asynchronous, there is less extra diversifaction with the tokens.

[Jack Russell]

https://www.factom.com/blog/factom-launches-federated-testnet

You the man Brian!

[CocoLibre]

So at last we have this long awaited M2 bounce.

FCT today's best performer up +18% as I write (more than 30% at one stage). Earlier intraday high at 0.00396 is more than 50% above the low hit during the panic.
It is safe now to say we have seen the worst. Even if it didn't hold, 0.00396 was well through the 0.0037 pre-flash crash level. This level could still act as a short term resistance but has much less significance now.

What cannot go down must go up, so FCT will probably go up from here. After all, 2 USD and below was really too cheap. Given the speed of the bounce , around 0.00335-0.0034 is a good zone to buy (right now 0.00342 so ok to FOMO if impatient), on the upside after the 0.0037 i see 0.0041-0.00425 the resistance levels, thats the weekly MA10, and still on a downtrend on this weekly chart. I think we will see these levels rather quickly with the current momentum. From there, i'm a bit more neutral.

https://dwq4do82y8xi7.cloudfront.net/x/jD9OX7TL/


Those who say i'm a troll are idiots, and not reading my posts.
yes i missed this move from 0.003 to 0.0034
but if you read everything i wrote, i'm still out from 0.005 and now the bottom is in , its safe to buy , in between i gave specific recommendations to buy, including the last one from 0.0025 to 0.003

Trading is not about buying at the bottom and selling at the top. I prefer to buy at a slightly higher price and not stress when the price is in a downtrend....If something is cheap but in a downtrend, i use buy the dip strategy and slowly accumulate.

However one would be an idiot to think its a one-way bet, and a sure bet, and mortgage his house. Those who were on margin during the downtrend are out of the market, with no money and only their eyes to cry.

As for investing, i've disclosed I'm long the A-shares, of course i hope 1billion market cap stock one day, even better if its 5bn or 10bn. However I'm not putting all my eggs in the same basket, FCT is not my only investment, and in volatile times, if i have a losing streak (which i did, not on FCT), i prefer to reduce temporarily positions to increase them again when it gets better. Don't double when you're in trouble. Thats how you get REKT.

Still think there are much better tech than FCT available. Tech is not the reason why i invested in FCT. Its because its a business, because A-shares are a different proposition. Because Factom have salesmen. Because there is a potential market where they have a first mover advantage. So its a kind of unique play in the space, and if its unique, you must own it, if only as a diversification play. I see shares as a leveraged play on FCT token value (because they get consumed, and produced again, but sold by Factom, so there is a multiplier effect here), and an option on IPO stock bubble where you can see x50 or x100 multipliers sometimes....

Also when a company reaches critical size, you have mergers etc... it can make the company grow bigger, there is also the option that a big player buys out the smaller one at a (huge) premium.

Thats why shares is different play than the tokens.

We had this bear market in Alts, and now they're bouncing together, its correlated, and thought the timing is little asynchronous, there is less extra diversifaction with the tokens.

When can I buy at .0015 again?

[GrossBit]

at 0.0015 i said it might go there if the weekly divergence plays out fully. Its on a weekly time scale, so it still has time to play out. BTW, i called it when the market was around 0.005, still almost 50% up from here, despite the huge bounce we've seen.

but i did also say 0.0025 was a decent level to buy (support from Jan-Feb , and also July), and that to go to 0.0015 we would need some help of BTC (= BTC going up more)

if BTC rises to 1000$+, FCTBTC could go down hard again. However, i doubt now we will see sub 2 usd price in a big big while (unless there is a big black swan / project failure)

I also wrote that the latest leg of the downtrend (when we broke 0.0033 to trade below 0.0025 in the panic) wasn't a specific FCT move, but part of the bigger picture with all alts hit and leveraged margin traders forced out.

Now thats behind us, FCT is in stronger hands, the strong support levels has been seen. Short term the way is up. However, to reverse the weekly trend, and going back to ATH, we will need more news than just M2, (or else a global Alt rally where all boats are lifted)

A lot of perma-bulls here. What you lack buddies, is a flexible mind. Anyone not being a perma-bull is stamped a FUD-der or a troll.

[n3lz0n]

awesome update..yay

[crazyivan]

Wheres IVAN,

Still here my friend, glad to see things have started moving. Now we need Exodus to do their part and the community to take its part in testing. I still do not believe 0.03 s possible before Xmas but I am willing to send a pack of my best local beer to the YoyodyneSystems if we get there by that time.

EDIT: here is what Exodus says, they officially confirm Factom as being the first one on the list to be added (since Monero s been already added now) as soon as M2 goes live. Since Paul said testing will last a couple weeks, I think we ll see a real Factom wallet by early next month.

http://woobull.com/exodus-wallet-roadmap-a-list-of-upcoming-asset-support/

[Embat]

During all these moves I am buying and buying. Factoids trading must starts from 0.01 even at this early stage

[crazyivan]

During all these moves I am buying and buying. Factoids trading must starts from 0.01 even at this early stage

Well, Ether did jump to 0.035 on news similar to this but the difference is that Ether s mine-able. Lots of small holders/miners included in the game.

[Embat]

Factoids are kind of a fuel too. And more hard to obtained. FCT can make it.