[ANN] FACTOM - Introducing Honesty to Record-Keeping

[flashbit]

Man no one is doubting Factom. The company will be a long term success, the price of Factoids will be more expensive then what they are now but that's in the future. Right now play the swings and know that it will most likely touch 150k before it goes back up

When pigs fly troll.

[Pap0u]

Man no one is doubting Factom. The company will be a long term success, the price of Factoids will be more expensive then what they are now but that's in the future. Right now play the swings and know that it will most likely touch 150k before it goes back up

When pigs fly troll.

Explain why? People want to invest but they want the best price possible and Factom has a precendce of dumping now that can not be broken by anything.

[Shiroslullaby]

150k seems a little low, but anything is possible, I guess.
Factom seems like a great long-term investment, so I'm not really concerned what the price is now, but in a year or two.
Anyone who has worked with developing software knows real companies aren't making a ton of announcements when they are still in Beta stages.

[flashbit]

Man no one is doubting Factom. The company will be a long term success, the price of Factoids will be more expensive then what they are now but that's in the future. Right now play the swings and know that it will most likely touch 150k before it goes back up

When pigs fly troll.

Explain why? People want to invest but they want the best price possible and Factom has a precendce of dumping now that can not be broken by anything.

Charts don't lie. M2 release is imminent. Enough said.

[GrossBit]

I do have a question about how this whole thing works in practise though. Do clients buy the FCT themselves? If so, are they supposed to go to exchanges? I assume that is not the case. I have never understood this completely. For example: I own a company and want Factom to help me storing data on the chain. What am I suppose to do as a non technical person? Is Factom helping me with this? I guess Factom is not sending me to some exchange with a troll box to buy FCT, are they?

Secondly, what is Factom's aim regarding the amount of unburned FCT out there at any point in time? Do they have a desired ratio for this? For example. with the current price you can get 17.5 billion EC's. Is that close to a desired status quo or not? Can they influence that and if so, how? Isn't it a problem that so many FCT are in the hands of people who never would use FCT for buying EC's?

I would like to see an answer from Factom on questions like these..

Not from Factom, but I can take a crack ...

Clients don't need to buy FCT directly. Given the price swings, this would be impractical for most big businesses/organizations/govts. Instead they can buy Entry Credits directly from Factom and soon, from other third-party EC stores. Clients can buy EC now (at a fixed price of 1/10th of a cent) from Factom here: https://shop.factom.com/

For the second question, this get more complicated, but basically the EC price is kept constant at 1/10th of a cent, for the sake of businesses/etc that need to plan for future usage. However the FCT price is dictated by the market. One token (EC) at a fixed price, and one (FCT) dictated by the market, means that the FCT -> EC exchange rate remains dynamic.

For your question about the FCT supply if investors don't want to sell ... This would push the FCT price up, so that fewer FCT would be required to generate the same number of EC. The supply is dynamically self-adjusting, so that the system can never run out of EC, and FCT has a base price that's a function of Factom's usage (beyond which it can't drop w/o risking a depletion of FCT supply). More about this is here:

https://www.reddit.com/r/factom/comments/4zxi6e/fct_ec_and_the_factom_financial_ecosystem/

You also ask about what the supply-equilibrium point is. I'm not sure, but ... FCT supply will be reduced until M3, after which 73K FCT will be generated each month. The new supply will help ensure the supply equilibrium (that FCT supply doesn't drop to 0), and b/c this will be coming out around M3, my guess is that that equilibrium level will be slightly lower than the current supply today—or basically, whatever it drops to before M3's release.

Hope this helps! And hopefully someone from Factom can weigh in more authoritatively about where they expect supply to stabilize ...

whats the point of FCT if one can buy EC from Factom directly ? or does it mean that Factom must hold FCT and burn it for EC and would be just a middleman in such a case ?

Because if it doesn't work like this, then FCT has no purpose and value at all

[oneyesoneno]

I do have a question about how this whole thing works in practise though. Do clients buy the FCT themselves? If so, are they supposed to go to exchanges? I assume that is not the case. I have never understood this completely. For example: I own a company and want Factom to help me storing data on the chain. What am I suppose to do as a non technical person? Is Factom helping me with this? I guess Factom is not sending me to some exchange with a troll box to buy FCT, are they?

Secondly, what is Factom's aim regarding the amount of unburned FCT out there at any point in time? Do they have a desired ratio for this? For example. with the current price you can get 17.5 billion EC's. Is that close to a desired status quo or not? Can they influence that and if so, how? Isn't it a problem that so many FCT are in the hands of people who never would use FCT for buying EC's?

I would like to see an answer from Factom on questions like these..

Not from Factom, but I can take a crack ...

Clients don't need to buy FCT directly. Given the price swings, this would be impractical for most big businesses/organizations/govts. Instead they can buy Entry Credits directly from Factom and soon, from other third-party EC stores. Clients can buy EC now (at a fixed price of 1/10th of a cent) from Factom here: https://shop.factom.com/

For the second question, this get more complicated, but basically the EC price is kept constant at 1/10th of a cent, for the sake of businesses/etc that need to plan for future usage. However the FCT price is dictated by the market. One token (EC) at a fixed price, and one (FCT) dictated by the market, means that the FCT -> EC exchange rate remains dynamic.

For your question about the FCT supply if investors don't want to sell ... This would push the FCT price up, so that fewer FCT would be required to generate the same number of EC. The supply is dynamically self-adjusting, so that the system can never run out of EC, and FCT has a base price that's a function of Factom's usage (beyond which it can't drop w/o risking a depletion of FCT supply). More about this is here:

https://www.reddit.com/r/factom/comments/4zxi6e/fct_ec_and_the_factom_financial_ecosystem/

You also ask about what the supply-equilibrium point is. I'm not sure, but ... FCT supply will be reduced until M3, after which 73K FCT will be generated each month. The new supply will help ensure the supply equilibrium (that FCT supply doesn't drop to 0), and b/c this will be coming out around M3, my guess is that that equilibrium level will be slightly lower than the current supply today—or basically, whatever it drops to before M3's release.

Hope this helps! And hopefully someone from Factom can weigh in more authoritatively about where they expect supply to stabilize ...

whats the point of FCT if one can buy EC from Factom directly ? or does it mean that Factom must hold FCT and burn it for EC and would be just a middleman in such a case ?

Because if it doesn't work like this, then FCT has no purpose and value at all

Just as u said, Factom must hold FCT to burn it for EC. Since the whole technology is still new, Factom offer help for newcomers, so don't get the wrong idea that EC will pop up out of thin air. FCT is required along the process.

Here is one of example, u can see how FCT is converted into EC
http://explorer.factom.org/tx/d4f48f1307f9d142005e5eeaeaa89b205978da92d2cb02c882c451576f0d19dd

[D-Lux]

M2 release is imminent. Enough said.

+1. Everything else is pretty much chatter at this point.

[fezington]

I do have a question about how this whole thing works in practise though. Do clients buy the FCT themselves? If so, are they supposed to go to exchanges? I assume that is not the case. I have never understood this completely. For example: I own a company and want Factom to help me storing data on the chain. What am I suppose to do as a non technical person? Is Factom helping me with this? I guess Factom is not sending me to some exchange with a troll box to buy FCT, are they?

Secondly, what is Factom's aim regarding the amount of unburned FCT out there at any point in time? Do they have a desired ratio for this? For example. with the current price you can get 17.5 billion EC's. Is that close to a desired status quo or not? Can they influence that and if so, how? Isn't it a problem that so many FCT are in the hands of people who never would use FCT for buying EC's?

I would like to see an answer from Factom on questions like these..

Not from Factom, but I can take a crack ...

Clients don't need to buy FCT directly. Given the price swings, this would be impractical for most big businesses/organizations/govts. Instead they can buy Entry Credits directly from Factom and soon, from other third-party EC stores. Clients can buy EC now (at a fixed price of 1/10th of a cent) from Factom here: https://shop.factom.com/

For the second question, this get more complicated, but basically the EC price is kept constant at 1/10th of a cent, for the sake of businesses/etc that need to plan for future usage. However the FCT price is dictated by the market. One token (EC) at a fixed price, and one (FCT) dictated by the market, means that the FCT -> EC exchange rate remains dynamic.

For your question about the FCT supply if investors don't want to sell ... This would push the FCT price up, so that fewer FCT would be required to generate the same number of EC. The supply is dynamically self-adjusting, so that the system can never run out of EC, and FCT has a base price that's a function of Factom's usage (beyond which it can't drop w/o risking a depletion of FCT supply). More about this is here:

https://www.reddit.com/r/factom/comments/4zxi6e/fct_ec_and_the_factom_financial_ecosystem/

You also ask about what the supply-equilibrium point is. I'm not sure, but ... FCT supply will be reduced until M3, after which 73K FCT will be generated each month. The new supply will help ensure the supply equilibrium (that FCT supply doesn't drop to 0), and b/c this will be coming out around M3, my guess is that that equilibrium level will be slightly lower than the current supply today—or basically, whatever it drops to before M3's release.

Hope this helps! And hopefully someone from Factom can weigh in more authoritatively about where they expect supply to stabilize ...

whats the point of FCT if one can buy EC from Factom directly ? or does it mean that Factom must hold FCT and burn it for EC and would be just a middleman in such a case ?

Because if it doesn't work like this, then FCT has no purpose and value at all

nice fud though. could have worked.

[Pap0u]

So -10% dump for no reason? We hit 248k as I write this with m2 and pump imminent?

[D-Lux]

A lot of GitHub activity in the past day. Not a developer, but my favorite commit:

"redo with even higher valuation"

https://github.com/FactomProject/factomd/commit/c28a97a3e2f9b9ea8a4db11fada248d3f6939f20

Indeed. I support that commit.

[Elpadrinho]

I do have a question about how this whole thing works in practise though. Do clients buy the FCT themselves? If so, are they supposed to go to exchanges? I assume that is not the case. I have never understood this completely. For example: I own a company and want Factom to help me storing data on the chain. What am I suppose to do as a non technical person? Is Factom helping me with this? I guess Factom is not sending me to some exchange with a troll box to buy FCT, are they?

Secondly, what is Factom's aim regarding the amount of unburned FCT out there at any point in time? Do they have a desired ratio for this? For example. with the current price you can get 17.5 billion EC's. Is that close to a desired status quo or not? Can they influence that and if so, how? Isn't it a problem that so many FCT are in the hands of people who never would use FCT for buying EC's?

I would like to see an answer from Factom on questions like these..

Not from Factom, but I can take a crack ...

Clients don't need to buy FCT directly. Given the price swings, this would be impractical for most big businesses/organizations/govts. Instead they can buy Entry Credits directly from Factom and soon, from other third-party EC stores. Clients can buy EC now (at a fixed price of 1/10th of a cent) from Factom here: https://shop.factom.com/

For the second question, this get more complicated, but basically the EC price is kept constant at 1/10th of a cent, for the sake of businesses/etc that need to plan for future usage. However the FCT price is dictated by the market. One token (EC) at a fixed price, and one (FCT) dictated by the market, means that the FCT -> EC exchange rate remains dynamic.

For your question about the FCT supply if investors don't want to sell ... This would push the FCT price up, so that fewer FCT would be required to generate the same number of EC. The supply is dynamically self-adjusting, so that the system can never run out of EC, and FCT has a base price that's a function of Factom's usage (beyond which it can't drop w/o risking a depletion of FCT supply). More about this is here:

https://www.reddit.com/r/factom/comments/4zxi6e/fct_ec_and_the_factom_financial_ecosystem/

You also ask about what the supply-equilibrium point is. I'm not sure, but ... FCT supply will be reduced until M3, after which 73K FCT will be generated each month. The new supply will help ensure the supply equilibrium (that FCT supply doesn't drop to 0), and b/c this will be coming out around M3, my guess is that that equilibrium level will be slightly lower than the current supply today—or basically, whatever it drops to before M3's release.

Hope this helps! And hopefully someone from Factom can weigh in more authoritatively about where they expect supply to stabilize ...

whats the point of FCT if one can buy EC from Factom directly ? or does it mean that Factom must hold FCT and burn it for EC and would be just a middleman in such a case ?

Because if it doesn't work like this, then FCT has no purpose and value at all

Douchebag Grossbit adds his shitty comments only when FCT is low.You're such a piece of shit!

[Elpadrinho]

Fuck you FCT i'm done with your shit manipulations along with all the Grossbit moron's out there.I'm done with Alts garbage.Sold every alt i owned and i don,t regret it one bit.My weed stocks grew 10 fold in 2 months not like these garbage manipulators.Simply the worst market i'v seen in years.Hopefully people will realize that this market is heavily manipulated by whales and crooked poloniex and there will never be an organic growth as long as Fct is margin trading on the most crooked exchange known to man by the name of poloniex.At the end of it all,piece of shit whales will battle each other because people will lose total confidence in this barbaric market.Stick with BTC and fuck all the rest!

[Pap0u]

The price is saying he's right you know. I'm gonna walk away even from buying and holding since I took a short at 320k lol

[fezington]

factom is annoying as fuck

anybody seen that ETH manipulation. crypto is shady as fuck.

[oneyesoneno]

factom is annoying as fuck

anybody seen that ETH manipulation. crypto is shady as fuck.

stick to the plan... stay committed... time will reward you 

[Pap0u]

Why is anyone even buying at this point...just wait

[flashbit]

A lot of GitHub activity in the past day. Not a developer, but my favorite commit:

"redo with even higher valuation"

https://github.com/FactomProject/factomd/commit/c28a97a3e2f9b9ea8a4db11fada248d3f6939f20

Indeed. I support that commit.

You're right dude. The team is still working and almost midnight in Austin. Last update 16min ago. Coming down to the wire

https://github.com/FactomProject/factomd/commit/0daced5def0cd71a936a56aac9dbcd3af5e7c6de

[GrossBit]

my question on FCT was a genuine one. I cannot expect anything else than a positive answer (= yes Factom would be a middle man if/when people buys EC directly from them) so FCT are indeed burnt in the process, and everything is alright

else we've been lied from the beginning.

[BrianDeery]

A lot of GitHub activity in the past day. Not a developer, but my favorite commit:

"redo with even higher valuation"

https://github.com/FactomProject/factomd/commit/c28a97a3e2f9b9ea8a4db11fada248d3f6939f20

Indeed. I support that commit.

I figured that if you are running a local network, then you should have a $100/FCT rate.  That'll make your 20,000 FCT go farther.

[Pap0u]

A lot of GitHub activity in the past day. Not a developer, but my favorite commit:

"redo with even higher valuation"

https://github.com/FactomProject/factomd/commit/c28a97a3e2f9b9ea8a4db11fada248d3f6939f20

Indeed. I support that commit.

I figured that if you are running a local network, then you should have a $100/FCT rate.  That'll make your 20,000 FCT go farther.

$100 a FCT?