[ANN] FACTOM - Introducing Honesty to Record-Keeping

[bubbletea789]

In my opinion FACTOM will be the first killer app of crypto currency since it has a good business mode and team, let us wait and see.

then i really wonder why only $500k+ were thrown at the crowdsale..and augur has already raised almost $5M and growing :|

[nakaone]

In my opinion FACTOM will be the first killer app of crypto currency since it has a good business mode and team, let us wait and see.

then i really wonder why only $500k+ were thrown at the crowdsale..and augur has already raised almost $5M and growing :|

I have to admit that I was also wondering about that. The team was vocal and the project has a very interesting use case, but compared to the other crowdsales it is relatively small. I am also really really excited on augur, but the chances that it succeeds are in my opinion much lower than the ones of factom.

Well, the relatively small crowdsale is good for the guys who invested during the crowdsale.

[dcxtx]

In my opinion FACTOM will be the first killer app of crypto currency since it has a good business mode and team, let us wait and see.

then i really wonder why only $500k+ were thrown at the crowdsale..and augur has already raised almost $5M and growing :|

Factom is not going to be the killer app.  It is a platform/data layer.  My grandmother would have no use for it.  What she would have use for is an app that utilizes it.  It would not surprise me if the killer app that brings blockchain to my grandmother uses Factom as part of their process.  Blockchain technology is going to be in widespread use in the next few years, but most people will not even know they are using it.  Do you care how your microwave works as long as your food is hot?  Bitcoin automated trust.  Factom can verify it.


As to a small crowdsale , my opinion, Factom isn't sexy.  It is useful.  A year from now Auger will be doing well.  Prediction markets really are sexy.  To those that use them.  Factom is going to be a little part of all of the big systems created out there.  So, not sexy.  just ubiquitous.

[bitcoinrocks]

In my opinion FACTOM will be the first killer app of crypto currency since it has a good business mode and team, let us wait and see.

then i really wonder why only $500k+ were thrown at the crowdsale..and augur has already raised almost $5M and growing :|

I think it was a timing thing.  I remember being really suspicious of crowdsales at the time that Factom was running their's.  I can't remember why.  Something shady/disappointing must have happened around that time.  But with the raging success/ROI of the Ethereum launch, crowdsales are red hot again and Augur is benefiting.  Sometimes timing is everything.

[WhoCaresCoins]

I not follow Factom for long time. I need to know can I sell this token now?

[BitcoinSanDiego]

In my opinion FACTOM will be the first killer app of crypto currency since it has a good business mode and team, let us wait and see.

then i really wonder why only $500k+ were thrown at the crowdsale..and augur has already raised almost $5M and growing :|

Factom is not going to be the killer app.  It is a platform/data layer.  My grandmother would have no use for it.  What she would have use for is an app that utilizes it.  It would not surprise me if the killer app that brings blockchain to my grandmother uses Factom as part of their process.  Blockchain technology is going to be in widespread use in the next few years, but most people will not even know they are using it.  Do you care how your microwave works as long as your food is hot?  Bitcoin automated trust.  Factom can verify it.


As to a small crowdsale , my opinion, Factom isn't sexy.  It is useful.  A year from now Auger will be doing well.  Prediction markets really are sexy.  To those that use them.  Factom is going to be a little part of all of the big systems created out there.  So, not sexy.  just ubiquitous.

I guess I was thinking it is a platform that can allow killer apps to be developed.  It's clear now that decentralized applications are going to change the world.  It will probably take decades for this industry and these networks to scale and build-out enough support that decentralized applications will pose a threat to corporations and their pseudo-monopolies.

[fartbags]

This coin is too centralized for me. I don't see it becoming a success because of the centralized mining structure.

This is because you are biased from the results of all the near pointless altcoins.

In the real world, with actual projects that need ongoing maintenance and improvement, giving developers a longterm stake is actually more aligned incentive wise. The developers get paid in proportion to the value they bring to the project. Once the people who run the project have salaries not paid in stake, that is when you have nothing but altruism to rely on or a need to maintain one's credibility.

However all these weirdo POW miner types have this weird sense of entitlement. Their logic is this - Since the first blockchain relies on POW every other blockchain should rely on POW ... just because.

How annoying.

I don't think you understand what factom is. It's mining (PoW or PoS doesn't matter)... but only 8 centralized miners are allowed to mine. These centralized miners will obtain 50% of all factoids created.

This centralization will allow Factom to modify blockchains and create forks easily. This is why I don't understand what this project is. If I wanted my data backed up 8 times redundant I could hash my data myself and host it on Google who would probably offer better redundancy to my data.

Nothing on Factom can be trusted because it's centralized.



For the next project, I would rather the public raise funds for salaries as the project goes a long. No need to hand out golden parachutes to obtain developers. Raise funds every year and create more XCP tokens to give investors.



This will probably go down as the dumbest crypto idea that the public got tricked into buying yet. Amazingly, the public will only be receiving 25% of all Factoids.

[fartbags]

Introducing Honesty to Record-Keeping

So where are the records of what every single Satoshi was spent on?

[richwang01]

This coin is too centralized for me. I don't see it becoming a success because of the centralized mining structure.

This is because you are biased from the results of all the near pointless altcoins.

In the real world, with actual projects that need ongoing maintenance and improvement, giving developers a longterm stake is actually more aligned incentive wise. The developers get paid in proportion to the value they bring to the project. Once the people who run the project have salaries not paid in stake, that is when you have nothing but altruism to rely on or a need to maintain one's credibility.

However all these weirdo POW miner types have this weird sense of entitlement. Their logic is this - Since the first blockchain relies on POW every other blockchain should rely on POW ... just because.

How annoying.

I don't think you understand what factom is. It's mining (PoW or PoS doesn't matter)... but only 8 centralized miners are allowed to mine. These centralized miners will obtain 50% of all factoids created.

This centralization will allow Factom to modify blockchains and create forks easily. This is why I don't understand what this project is. If I wanted my data backed up 8 times redundant I could hash my data myself and host it on Google who would probably offer better redundancy to my data.

Nothing on Factom can be trusted because it's centralized.



For the next project, I would rather the public raise funds for salaries as the project goes a long. No need to hand out golden parachutes to obtain developers. Raise funds every year and create more XCP tokens to give investors.



This will probably go down as the dumbest crypto idea that the public got tricked into buying yet. Amazingly, the public will only be receiving 25% of all Factoids.

Sir
Please read FACTOM whitepaper again. You don't really know how FACTOM works.

[FACTOM]

This coin is too centralized for me. I don't see it becoming a success because of the centralized mining structure.

This is because you are biased from the results of all the near pointless altcoins.

In the real world, with actual projects that need ongoing maintenance and improvement, giving developers a longterm stake is actually more aligned incentive wise. The developers get paid in proportion to the value they bring to the project. Once the people who run the project have salaries not paid in stake, that is when you have nothing but altruism to rely on or a need to maintain one's credibility.

However all these weirdo POW miner types have this weird sense of entitlement. Their logic is this - Since the first blockchain relies on POW every other blockchain should rely on POW ... just because.

How annoying.

I don't think you understand what factom is. It's mining (PoW or PoS doesn't matter)... but only 8 centralized miners are allowed to mine. These centralized miners will obtain 50% of all factoids created.

This centralization will allow Factom to modify blockchains and create forks easily. This is why I don't understand what this project is. If I wanted my data backed up 8 times redundant I could hash my data myself and host it on Google who would probably offer better redundancy to my data.

Nothing on Factom can be trusted because it's centralized.



For the next project, I would rather the public raise funds for salaries as the project goes a long. No need to hand out golden parachutes to obtain developers. Raise funds every year and create more XCP tokens to give investors.



This will probably go down as the dumbest crypto idea that the public got tricked into buying yet. Amazingly, the public will only be receiving 25% of all Factoids.

We don't think you understand how Factom works either
There will be 32 Factom Federated Servers when the network goes live and none will be managed by Factom but elected by users of the platform not by us.

Apart from the whitepaper you should read our consensus paper also available on our GitHub.

[FACTOM]

Our latest Technical Update is out, we'll be integrating Docker next week to make it easier to run Factom Software and we are over 1200 blocks so far!
Read more about it on our blog: 

http://blog.factom.org/post/128846593304/technical-update-beta-progress

[Jiggy0001]

Let's go factom

[bitcoinrocks]

Still no exchanges?

[Fargo]

Our latest Technical Update is out, we'll be integrating Docker next week to make it easier to run Factom Software and we are over 1200 blocks so far!
Read more about it on our blog: 

http://blog.factom.org/post/128846593304/technical-update-beta-progress

Does that mean the wallet will be ready next week? If not, is there an ETA?

[Jiggy0001]

Still no exchanges?

it depends on the exchanges not on factom

[bitcoinrocks]

Still no exchanges?

it depends on the exchanges not on factom

Yeah but this is a good place to ask about it.

[gagalady]

How can i get my token?

[dcxtx]

Still no exchanges?

it depends on the exchanges not on factom

Yeah but this is a good place to ask about it.

We still have them available in an automated fashion.

Our pricing has started to slowly decrease.  We have also changed the price calculation from a piece of code that looks at our inventory to a straight forward order book.  Since we operate as a two party trade, we are the only ones that can put an order in the book, but our price and spread are plain.   When the exchanges go live, we will have the market to look to for a price.  for now, we have our order book.  The price will keep slipping until we find support.  At that time our buy price can start to rise.


https://www.dcxtx.com/PriceList.aspx.


We are not an exchange, but we are a place to buy and sell factoids or create entry credits.  The pricelist page also has a link to a slightly delayed copy of our order book so you can see the actual price we would charge for a buy or sell.

[FACTOM]

Our latest Technical Update is out, we'll be integrating Docker next week to make it easier to run Factom Software and we are over 1200 blocks so far!
Read more about it on our blog:  

http://blog.factom.org/post/128846593304/technical-update-beta-progress

Does that mean the wallet will be ready next week? If not, is there an ETA?

The wallet is ready since the genesis block went live, even before that. It's on GitHub: https://github.com/FactomProject.
You need to run various pieces like factomd, fctwallet and factom-cli to use your Factoids.
It is command line for the moment. What we are releasing next week is an easier way to run the three apps I mentioned above but still in command line.
A GUI wallet will be available in the near future. Our devs are working as hard as they can to deliver.

[Fargo]

Our latest Technical Update is out, we'll be integrating Docker next week to make it easier to run Factom Software and we are over 1200 blocks so far!
Read more about it on our blog:  

http://blog.factom.org/post/128846593304/technical-update-beta-progress

Does that mean the wallet will be ready next week? If not, is there an ETA?

The wallet is ready since the genesis block went live, even before that. It's on GitHub: https://github.com/FactomProject.
You need to run various pieces like factomd, fctwallet and factom-cli to use your Factoids.
It is command line for the moment. What we are releasing next week is an easier way to run the three apps I mentioned above but still in command line.
A GUI wallet will be available in the near future. Our devs are working as hard as they can to deliver.

Sweet, can't wait to see the GUI.