[ANN] FACTOM - Introducing Honesty to Record-Keeping

[achow101]

Hi everyone
It's less than hour to end sale and I need to know what will happen after the sale ended?

[Voidcrafter]

Is there a roadmap ?

[compmaster]

How do we know there isn't corruption in this crowdfunding? Did the factom team/insiders invest BTC only to take back their BTC along with the bought factom tokens??

Please provide full transparency of funds otherwise I will report you to the Police, FBI, IRS and the state Senator.

[Fargo]

How do we know there isn't corruption in this crowdfunding? Did the factom team/insiders invest BTC only to take back their BTC along with the bought factom tokens??

Please provide full transparency of funds otherwise I will report you to the Police, FBI, IRS and the state Senator.

Check their blog, it has the BTC address all the btc is stored. I'm pretty sure koinify is actually holding it all to prevent those types of cases. Do a little research before jumping to crazy conclusions.

[compmaster]

How do we know there isn't corruption in this crowdfunding? Did the factom team/insiders invest BTC only to take back their BTC along with the bought factom tokens??

Please provide full transparency of funds otherwise I will report you to the Police, FBI, IRS and the state Senator.

Check their blog, it has the BTC address all the btc is stored. I'm pretty sure koinify is actually holding it all to prevent those types of cases. Do a little research before jumping to crazy conclusions.

Can you provide links to this information?

I found this link:
https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6

It says "Final Balance 486.62317989 BTC". Does that mean over 1800 BTC volume was self sale?

Is this a list of all the scammed BTC?
https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6?filter=1

[compmaster]

How do we know there isn't corruption in this crowdfunding? Did the factom team/insiders invest BTC only to take back their BTC along with the bought factom tokens??

Please provide full transparency of funds otherwise I will report you to the Police, FBI, IRS and the state Senator.

Check their blog, it has the BTC address all the btc is stored. I'm pretty sure koinify is actually holding it all to prevent those types of cases. Do a little research before jumping to crazy conclusions.

Can you provide links to this information?

I found this link:
https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6

It says "Final Balance 486.62317989 BTC". Does that mean over 1800 BTC volume was self sale?

Is this a list of all the scammed BTC?
https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6?filter=1

Factom ran a scam?

Why don't they go into details about what they're doing?

What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU

[FACTOM]

We completed our software sale this morning with over 4.3 million Factoids sold.

Paul Snow CEO of the Factom Foundation said this morning:
“It has been incredibly humbling to receive such an enthusiastic welcome from the bitcoin community.
The Factom Foundation wants to thank each of you for helping to secure the future of the Factom Project
and allow us to bring our dream of more honest systems to fruition. Over the next few months we will continue
to improve the Factom API and educate developers on how to incorporate Factom into their software”.

For details on what's next please read our Blog

And the Koinify Blog

[FACTOM]

Hi everyone
It's less than hour to end sale and I need to know what will happen after the sale ended?

There was a blog posts released by us and one by Koinify, soon after the sale end. See 1 post above for details.

Is there a roadmap ?

We have a roadmap based on our Milestones as per the Koinify project page, more details will follow.

How do we know there isn't corruption in this crowdfunding? Did the factom team/insiders invest BTC only to take back their BTC along with the bought factom tokens??

Please provide full transparency of funds otherwise I will report you to the Police, FBI, IRS and the state Senator.

We have set milestones to complete before any of the raised funds are released to us.

Can you provide links to this information?

I found this link:
https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6

It says "Final Balance 486.62317989 BTC". Does that mean over 1800 BTC volume was self sale?

Is this a list of all the scammed BTC?
https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6?filter=1

All details about hedging the BTC contributed to the sale are in Koinify's blog and Factom's blog. We suggest to have a read through before coming to conclusions.

Factom ran a scam?

Why don't they go into details about what they're doing?

What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU

Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.

[gagalady]

when does trading starts?

[achow101]

Can you tell us when will https://shapeshift.io/ let us to swap Factoids? or we must stay tuned for more info? I need some fund back  

[supersix]

Factom ran a scam?

Why don't they go into details about what they're doing?

What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU

Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.

Please provide an anchor reference link to the location of such information.

[mishax1]

When will Koinify enable Factoids withdrawals ?  I would like to buy some more..

[bubbletea789]

so this is one of the criteria for milestone 2 ( Q3 2015) "[A]. Storefront for selling Factoids and/or converting them into Entry Credits for users."
 
I want to ask who will be behind the Storefront "selling Factiods" then? (because all initial factoid supply was created after the public sale)

[bitcoinrocks]

so this is one of the criteria for milestone 2 ( Q3 2015) "[A]. Storefront for selling Factoids and/or converting them into Entry Credits for users."
 
I want to ask who will be behind the Storefront "selling Factiods" then? (because all initial factoid supply was created after the public sale)

Excellent question.

[FACTOM]

Factom ran a scam?

Why don't they go into details about what they're doing?

What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU

Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.

Please provide an anchor reference link to the location of such information.

That address is not our sale address not sure why is it even mentioned.

[TomKoinify]

Let's clear some of this up.

------------------------------------------

Factom will be publishing a development update addressing the timeline; but rest assured no money is released (33%) until the beta and chain goes live. We did not avoid publishing any of this information, it is all on the milestone guidelines on the project page.



Also, the Factoids you see in your Koinify wallet are not real Factoids, they are a "proof-of-purchase". When the chain goes live, you will enter your master passphrase you received when purchasing Factoids into the Factom wallet, in which you will then be credited your real Factoids. There will be no sending of Factoids out of your Koinify wallet. You can read more about this process here: https://koinify.com/blog/thank-you-for-supporting-factom-and-the-decentralized-movement/ - Factoids will be issued on the FACTOM chain.

------------------------------------------

For anybody else wondering, this is the sale exodus address: https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6?offset=50&filter=0

There was appx ~$400,000 that was withdrawn and liquidated mid-sale, which is fully disclosed here: https://koinify.com/blog/factom-executes-planned-hedging-strategy-stage-one/

The itBit USD funds require the same multi-signature approval of withdrawal that the BTC address does for funds to be removed.

------------------------------------------

Finally, if anybody has any further questions regarding Koinify or the software sales end, you can always reach out to me or shoot us an email at hello@koinify.com

[compmaster]

Factom ran a scam?

Why don't they go into details about what they're doing?

What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU

Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.

Please provide an anchor reference link to the location of such information.

That address is not our sale address not sure why is it even mentioned.

How much transparency will factom/koinify go into about the funds raised? I would like to know why every BTC transaction happens. ICOs are highly susceptible to fraud & corruption. Did factom/koinify buy their own coins in a self sale and take back the BTC? I found this post that explains a dirty little secret that koinify uses. https://bitcointalk.org/index.php?topic=963493.0

Is factom going for full transparency? Is factom going to hide behind some generic overview of what the funds are used for? I would think factom now has enough funds to hire an administrator for public book keeping of their BTC transactions.


Factom is "creating a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail". Yet, Factom can't even make their own ICO transparent in near real-time.

[djohnston]

Factom ran a scam?

Why don't they go into details about what they're doing?

What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU

Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.

Please provide an anchor reference link to the location of such information.

That address is not our sale address not sure why is it even mentioned.

How much transparency will factom/koinify go into about the funds raised? I would like to know why every BTC transaction happens. ICOs are highly susceptible to fraud & corruption. Did factom/koinify buy their own coins in a self sale and take back the BTC? I found this post that explains a dirty little secret that koinify uses. https://bitcointalk.org/index.php?topic=963493.0

Is factom going for full transparency? Is factom going to hide behind some generic overview of what the funds are used for? I would think factom now has enough funds to hire an administrator for public book keeping of their BTC transactions.


Factom is "creating a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail". Yet, Factom can't even make their own ICO transparent in near real-time.

Thanks for the questions.

1. I agree transparency is important and Factom will certainly be open about how BTC / USD is spent.

2. I think it is reasonable for the Factom Foundation to report its expenses in detail, you can count on this.

3. Koinify did not place any BTC into the sale to my knowledge and they certainly didn't get it back. You can see the address for the Factom sale is a 3 key multi signature address which is not in the control of either the Factom Foundation or Koinify but two of the three keys are held by the independent evaluator and BitGo. The same goes for the ItBit account it requires the authorization of the independent technical evaluators.

4. The Factom Foundation is certainly committed to full transparency and you can expect us to be using our own time stamping to improve that audit ability.

5. The Factom Foundation is going to be very open about this whole process as we have been with writing the whitepaper, development of the code, and so forth.

6. The Factom Foundation does have a CPA and will be doing accurate book keeping. Of course none of this will be begin until the Factom Foundation is released the first 33% of the token sale revenue which happens after the 1st milestone is delivered and approved by the technical evaluator.

In essence what the community has done is place a few thousand BTC in escrow and it only gets released when the code is complete and milestones are met. That is a best practice I hope to see replicated in the ecosystem to prevent bad actors from taking token purchasers money.

[djohnston]

when does trading starts?

Trading of the Factoids will start after the genesis block is released. Which is part of the first milestone that must be delivered. You can see the code coming along here on Github: https://github.com/FactomProject/

In short the code is getting close. Paul Snow will be providing a developer update next week on the Factom blog. Testing will be key for the core developers to feel confident to release the Factoid chain live. For those will the dev skills assistance with testing is very welcome.

[djohnston]

Can you tell us when will https://shapeshift.io/ let us to swap Factoids? or we must stay tuned for more info? I need some fund back  

Best to stay tuned. Regular updates are posted on http://blog.factom.org/ As you mention Shape Shift has announced it will be among the first integrators of Factoids. But first the genesis block needs to go live as part of the milestone 1.