[ANN] FACTOM - Introducing Honesty to Record-Keeping

[HardwarePal]

Hi guys

I have read just about everything I can find about Factom mostly reddit/news/blog and here. I was not part of the initial crowdsale and would like to get a few answers if possible.

1. How many coins were sold to early investors + in the crowdsale ?

2. What was the BTC value (or average value) during the crowdsale and the arithmetic mean of the BTC price during the sale in USD  ?

3. When entry credits are bought via Factom Inc (the foundation) or other means, where are the Factoids destroyed (are there public records) ?

4. Are entry credits logged on the same blockchain as Factoids or are they provided through a different blockchain? (Where can we see the creation of the entry credits or/and destruction of factoids vs creation of entry credits)

5. There is a mention of 73000 factoids produced per month, is this a fixed rate or rate dependant on destruction of Factoids from purchases of the entry credits ?

If transparently answered I will be willing to invest, if not good luck on trying to get your project of the ground.

[mishax1]

You must have read nothing if you are asking these questions, because most if not all of these have been discussed here and lots of the info is on their blog..

1. How many coins were sold to early investors + in the crowdsale ?
https://koinify.com/#/project/FACTOM  can you do the math? 4,379,973\2,278.7    Available Supply = 8,756,684 FCT (some have been reduced from the network since genesis)  and no one has to tell you how much was traded in a private sale.
2. What was the BTC value (or average value) during the crowdsale and the arithmetic mean of the BTC price during the sale in USD  ?
See previous answer.
3. When entry credits are bought via Factom Inc (the foundation) or other means, where are the Factoids destroyed (are there public records) ?
Here is your public record - http://explorer.factom.org/  click the latest block and see how much factoids are in circulation. (Amount goes down as there are no servers creating new factiods right now.
4. Are entry credits logged on the same blockchain as Factoids or are they provided through a different blockchain? (Where can we see the creation of the entry credits or/and destruction of factoids vs creation of entry credits)
That info also should be on the explorer, not sure where to look though..
5. There is a mention of 73000 factoids produced per month, is this a fixed rate or rate dependant on destruction of Factoids from purchases of the entry credits ?
It said to be a fixed rate. Though the amount created from each factoid is not.
If transparently answered I will be willing to invest, if not good luck on trying to get your project of the ground.

[marechoux]

On the blockchain explorer we can see there is already 10-20 entry credit used by block, I am wondering if it is just for some test or there is already some real use of it?

[BrianDeery]

That's an awesome Stegosaurus you guys have in the office.

Thanks Joerii.  I am really proud of this.  I used a CNC plasma cutter to cut out the pieces from plate steel.  I then MIG welded the pieces together.  This was a fun techshop project a few years back.


Larger: http://imgur.com/DiiA6Tq

[richwang01]

I notice a weird thing, there are 1,515 purchasers in IPO phase, but there are so less posts in this thread, so less trading in Polo, can someone explain this?

[mishax1]

I notice a weird thing, there are 1,515 purchasers in IPO phase, but there are so less posts in this thread, so less trading in Polo, can someone explain this?

Chinese dumpers, every single one of them. 

[tempus]

Very interesting:

https://www.reddit.com/r/Bitcoin/comments/3ot4ee/so_factom_is_using_your_crowdfund_money_as_its/cwtqcgk

[bitcoinrocks]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

[tempus]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used. But speculation will anticipate it, so the FCT-price will be volatile in the first time. It will rise with good news. New Applications, maybe because of news about a/every company who'll implement it, and if Factom should be really successful there could be a time with a stable rising price as long as there is an increase of Apps and Use and Users.

That's what I like about it. There are high chances that we'll see times with a lot of exciting news, a lot of Applications, a lot of news about companies that will implement it. It's very unlimited... So, the current price is okay for now, but in my eyes it should be much higher if we talk about potential.

[bitcoinrocks]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

[tempus]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.   

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

[bitcoinrocks]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.   

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

Right, there will be speculation, and the more of it there is, the higher both FCT/BTC and FCT/USD will go.  But what I'm wondering about here is how the price movements of BTC/USD will affect the price of FCT/BTC.  If FCT is coupled to BTC, price movements of BTC/USD won't affect the FCT/BTC price.  If FCT is coupled to USD, price movements of BTC/USD will inversely affect the FCT/BTC price.

[whiteorg72]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.  

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

Right, there will be speculation, and the more of it there is, the higher both FCT/BTC and FCT/USD will go.  But what I'm wondering about here is how the price movements of BTC/USD will affect the price of FCT/BTC.  If FCT is coupled to BTC, price movements of BTC/USD won't affect the FCT/BTC price.  If FCT is coupled to USD, price movements of BTC/USD will inversely affect the FCT/BTC price.

While we see that the higher price Bitcoin, the lower the ratio falls FCT/BTC
example: BTC price $230 = 0.00052 FCT/BTC, BTC price $380 = 0.00032 FCT/BTC
Perhaps even now such a fall, because that is simply no demand for factoid and the fact that some buyers ICO just get rid of their factoids now

[tempus]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.   

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

Right, there will be speculation, and the more of it there is, the higher both FCT/BTC and FCT/USD will go.  But what I'm wondering about here is how the price movements of BTC/USD will affect the price of FCT/BTC.  If FCT is coupled to BTC, price movements of BTC/USD won't affect the FCT/BTC price.  If FCT is coupled to USD, price movements of BTC/USD will inversely affect the FCT/BTC price.

I think that's hard to predict in the near future, because it's part of the speculation. I personally see that much potential in Factom that I won't sell because of a rising BTC. I believe a BTC-hype would be good PR for Factom and even if the FCT-price should drop first because of a hyping BTC I expect a "FCT-hype" with a little delay. That was the case with many Altcoins in Nov 2013. The last weeks we saw a decreasing prices in the Alt-market because of the rising BTC-price... in this early stage and for the near future it's unpredictable I believe. But there are some signs for releases, most likely a GUI, so there are some chances for a rising price in the near future.  

Later, let's say in a best-case scenario, if Factom runs stable and there will be a mostly stable rate of consumption of EC's, the price will be related to USD and if BTC should raise 100% while the EC-rate should be stable, FCT/BTC would go down. In future, and if Factom should be really successful I expect a really objective price related to USD.

But, the good thing about this project: If it should be successful, and for now I don't know any reason why it shouldn't, there should be a long time with an increasing user-growth. If that should be the case, speculation would drive the price additionally to a point with more stability and more objectivity. Risks will be mainly the tech or competitors. But it's base-simplicity is a strong quality. That's the reason why I see more potential for now in Factom than in Ethereum.

[whiteorg72]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.  

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

Right, there will be speculation, and the more of it there is, the higher both FCT/BTC and FCT/USD will go.  But what I'm wondering about here is how the price movements of BTC/USD will affect the price of FCT/BTC.  If FCT is coupled to BTC, price movements of BTC/USD won't affect the FCT/BTC price.  If FCT is coupled to USD, price movements of BTC/USD will inversely affect the FCT/BTC price.

I think that's hard to predict in the near future, because it's part of the speculation. I personally see that much potential in Factom that I won't sell because of a rising BTC. I believe a BTC-hype would be good PR for Factom and even if the FCT-price should drop first because of a hyping BTC I expect a "FCT-hype" with a little delay. That was the case with many Altcoins in Nov 2013. The last weeks we saw a decreasing prices in the Alt-market because of the rising BTC-price... in this early stage and for the near future it's unpredictable I believe. But there are some signs for releases, most likely a GUI, so there are some chances for a rising price in the near future.  

Later, let's say in a best-case scenario, if Factom runs stable and there will be a mostly stable rate of consumption of EC's, the price will be related to USD and if BTC should raise 100% while the EC-rate should be stable, FCT/BTC would go down. In future, and if Factom should be really successful I expect a really objective price related to USD.

But, the good thing about this project: If it should be successful, and for now I don't know any reason why it shouldn't, there should be a long time with an increasing user-growth. If that should be the case, speculation would drive the price additionally to a point with more stability and more objectivity. Risks will be mainly the tech or competitors. But it's base-simplicity is a strong quality. That's the reason why I see more potential for now in Factom than in Ethereum.

For example, if we compare Ethereum and Factoid, then we may well see price $9-$10 per 1 FCT in 2016.
Of course, provided that the project will be developed further and will be given due attention to the advertising promotion of the network and attract new investment.
At this time, factoid really underestimated, I think that in the near future, we should see capitalization $11 million and cost about $1- $1.3 per 1 FCT

[tempus]

Recent history aside, should we expect the FCT price to be coupled to BTC or USD long-term?  Perhaps the answer is USD since it wouldn't make sense for recording a hash to become 10x more expensive when the BTC price increases 10x, right?  That would mean we can expect the FCT/BTC price to decrease whenever the BTC/USD price increases.

If each entry costs 0.1 cent it won't make any difference if BTC is at $400 or $4,000. So, the price is coupled to USD and will depend on how much the system will be used.

I think you're referring to the price of an entry credit as opposed to the price of a Factoid.

What I mean is this: Entry credits will be coupled to USD, 0.1 cent as far as I know. Entry credits will be "bought" with FCT. The more Entry credits will be used, the higher the price. The objective price will be calculable because of the use against the inflation. But there will be also FCT-speculation. If there should be a rumor that a big company will implement Factom, the anticipated use would drive the price.  

So, the price will be a mix of the objective economy which is transparent (everybody can see how much EC's are used per day/month/year and the inflation is fix) and speculation. But it's all about USD.

Right, there will be speculation, and the more of it there is, the higher both FCT/BTC and FCT/USD will go.  But what I'm wondering about here is how the price movements of BTC/USD will affect the price of FCT/BTC.  If FCT is coupled to BTC, price movements of BTC/USD won't affect the FCT/BTC price.  If FCT is coupled to USD, price movements of BTC/USD will inversely affect the FCT/BTC price.

I think that's hard to predict in the near future, because it's part of the speculation. I personally see that much potential in Factom that I won't sell because of a rising BTC. I believe a BTC-hype would be good PR for Factom and even if the FCT-price should drop first because of a hyping BTC I expect a "FCT-hype" with a little delay. That was the case with many Altcoins in Nov 2013. The last weeks we saw a decreasing prices in the Alt-market because of the rising BTC-price... in this early stage and for the near future it's unpredictable I believe. But there are some signs for releases, most likely a GUI, so there are some chances for a rising price in the near future.  

Later, let's say in a best-case scenario, if Factom runs stable and there will be a mostly stable rate of consumption of EC's, the price will be related to USD and if BTC should raise 100% while the EC-rate should be stable, FCT/BTC would go down. In future, and if Factom should be really successful I expect a really objective price related to USD.

But, the good thing about this project: If it should be successful, and for now I don't know any reason why it shouldn't, there should be a long time with an increasing user-growth. If that should be the case, speculation would drive the price additionally to a point with more stability and more objectivity. Risks will be mainly the tech or competitors. But it's base-simplicity is a strong quality. That's the reason why I see more potential for now in Factom than in Ethereum.

For example, if we compare Ethereum and Factoid, then we may well see price $9-10 per 1 FCT in 2016.
Of course, provided that the project will be developed further and will be given due attention to the advertising promotion of the network and attract new investment

It's absolutely possible but hard to predict. My impression about ETH is, that it's a hype. I don't mean that in negative way because it's a great idea with big potential, but it'll need some time and in my eyes and for now it's overpriced. They have a huge inflation and there may be a lot of risks on it's way because of it's technical complexity. But: It's very known. Everybody in the "Crypto-world" knows ETH and the volume is incredible.

Factom: It seems as if the team doesn't focus on the Crypto-Speculators and speculation in general. Factom is known, but as a Blockchain-project. Many don't know that it involves it's own "currency" and maybe (most likely), the majority doesn't see the potential right now. I mean, the idea doesn't sound that "sexy", right? ;-) You have to think about it to see the potential. It can be used nearly everywhere. It makes sense for nearly every company. Medical records for example would be really big. It would also make sense for mail-providers, cloud-services also individuals in many ways.

The speculative part is: Will it get the attention it deserves in the near future?
The objective part is: How quick will it be ready to be used? And will bigger companies implement it? Will there be nice applications, maybe also for individuals that would gain some attention...

And it's highly related to one another. But I really see only good signs. There is a lack of attention in the crypto-community but... that's most likely more a problem of the crypto-community and can change very quick. But most important will be use... and that's what the team obviously focusses on.

[marechoux]

I ask again about the Entry credits which are already used (10-20 per block) are they used only because of test purposes or some people / company actually use it for real purpose already?

[bitcoinrocks]

I believe a BTC-hype would be good PR for Factom and even if the FCT-price should drop first because of a hyping BTC I expect a "FCT-hype" with a little delay. That was the case with many Altcoins in Nov 2013.

That's what I was hoping for but it doesn't seem to be playing out that way.  When BTC ran way up in 2013, LTC ran up even harder.

[tempus]

I ask again about the Entry credits which are already used (10-20 per block) are they used only because of test purposes or some people / company actually use it for real purpose already?

Most of it is testing I think. There is already a photo-app which can be used, but there were some tests, like this one:
https://www.facebook.com/FactomProject/posts/278806202243728

[tempus]

I believe a BTC-hype would be good PR for Factom and even if the FCT-price should drop first because of a hyping BTC I expect a "FCT-hype" with a little delay. That was the case with many Altcoins in Nov 2013.

That's what I was hoping for but it doesn't seem to be playing out that way.  When BTC ran way up in 2013, LTC ran up even harder.

Yes. But there was a big delay. BTC started to rise in early October while the LTC-price in BTC decreased. LTC spiked in mid-November.

Bestcase: BTC hypes, good news for Factom at the same time or even before - a GUI, hopefully more exchanges etc. ;-)