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Author Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping  (Read 2115887 times)
tempus
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December 23, 2015, 07:16:45 AM
 #1341

i sell all FCT
price down, probably below 0.0008

Thank you, I bought your FCT. Excellent buy for the long term. Smiley

I bought, too. Didn't believe I would get it that cheap again. Funny is: It was so obvious that a whale tried to bring the price down but he wasn't  very subtle. First the dumping and than sell-walls about more than 80BTC. But he was scared that somebody could buy it. Cheesy

I doubt that it was good business. And it was a great risk. There are people with huge money in and I wouldn't be surprised if anybody would buy him out if he tries it again. With other words: Congrats to the whale that you have that many FCT, but if you want to manipulate the market it could end in a way you don't want it. ;-)

In general it's great to have the chines-exchange in, because it's not that easy any more to manipulate the market. The chinese were not impressed. And it's good if somebody who acts that extreme, this "impulsive whale", distributes his own supply. Better now than later when the price is even higher.
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December 23, 2015, 07:19:53 AM
Last edit: December 23, 2015, 07:38:17 AM by tempus
 #1342

i sell all FCT
price down, probably below 0.0008

Interesting... No posts without intention if you know what I mean. ;-)
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December 23, 2015, 07:34:20 AM
 #1343

By the way, just an example how stupid some guys try to manipulate.

A few days ago somebody bang the drum on twitter for FCT. First (all on Dec. 19th) he tweeted:


#factom on chinese exchange very soon!
#eth #bts
https://twitter.com/William42111948/status/678124770815287297


#fct mooning
#eth #bts
https://twitter.com/William42111948/status/678275423906721793


FActom is the next #eth  BULL RUN BUY IT
https://twitter.com/William42111948/status/678488365637988352



But just seven hours later, after he obviously sold way too early:



#factom HIDDEN BLOCK DETECTED! IT IS A SCAMCOIN!
COIN SUPPLY IS FAKE
#eth #bts
https://twitter.com/William42111948/status/678590741342511104



I laughed so hard and showed it to some friends. That guy is an entertainer!

One advice: Don't play against the market. Especially not against china.


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December 23, 2015, 09:02:18 AM
 #1344

What are you guys using as a wallet outside exchanges? Is it possible to create one without a Koinify account?
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December 23, 2015, 02:12:51 PM
 #1345

By the way, just an example how stupid some guys try to manipulate.

A few days ago somebody bang the drum on twitter for FCT. First (all on Dec. 19th) he tweeted:


#factom on chinese exchange very soon!
#eth #bts
https://twitter.com/William42111948/status/678124770815287297


#fct mooning
#eth #bts
https://twitter.com/William42111948/status/678275423906721793


FActom is the next #eth  BULL RUN BUY IT
https://twitter.com/William42111948/status/678488365637988352



But just seven hours later, after he obviously sold way too early:



#factom HIDDEN BLOCK DETECTED! IT IS A SCAMCOIN!
COIN SUPPLY IS FAKE
#eth #bts
https://twitter.com/William42111948/status/678590741342511104



I laughed so hard and showed it to some friends. That guy is an entertainer!

One advice: Don't play against the market. Especially not against china.




I don't think a serious project will position the incompetence or play with hard sides, so if the image to make it clear to the Chinese partners of the signal of the next cryptoexperiment, but it deserves attention, though, but there is a risk of without the need not appropriate, I think, there was a need in this case, manipulatie, though, but with the other hand
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December 23, 2015, 02:24:11 PM
 #1346

What are you guys using as a wallet outside exchanges? Is it possible to create one without a Koinify account?

I was just looking through their resources and I think everything you'll need is right here...
http://factom.org/howto

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December 23, 2015, 02:36:04 PM
 #1347

FCT is getting beaten up across exchanges !

Is Development Team having an eye on the Price?
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December 23, 2015, 02:46:46 PM
 #1348

Bought some 3k FCT at around 124k and sitting watching prices whole day  Grin

Guess people will get in as soon as they realize its Potential

FCT is now below 100k. Looks like whales are cashing out after the huge rise. Does anyone think that selling will stop now or will Factom price keep dropping?

     

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December 23, 2015, 03:29:12 PM
 #1349

can't seem to get the GUI wallet installed on my mac.  anyone else have problems?  i got the binaries downloaded and installed (i think) but when i go to run the wallet, it says "could not find page".  any magic tricks out there?  anything to report re: importing straight to poloniex from koinify?  thx all.
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December 23, 2015, 03:34:14 PM
Last edit: December 24, 2015, 08:21:40 AM by tempus
 #1350

Bought some 3k FCT at around 124k and sitting watching prices whole day  Grin

Guess people will get in as soon as they realize its Potential

FCT is now below 100k. Looks like whales are cashing out after the huge rise. Does anyone think that selling will stop now or will Factom price keep dropping?

My impression is that there is somebody or maybe more than just one whale who wants to push it down. It started yesterday with a huge dump and than there showed up a big sellwall. But he didn't really want to sell. Always when it came near the sell-wall was taken away. Today it's the same game. First dumping, than sell-walls "on/off".

So, I don't believe it's really the will to cash out and leave, maybe more to buy low. But I'm not sure if it can be successful. The market-depth looks very good.

Another scenario would be that somebody who bought a lot during the ICO really cashed out because it's at about 100% profit, plus the BTC-price is higher. Maybe I would believe that if there wouldn't be these manipulative games with sell-walls.

But anyway, it's good when wales distribute their massive amounts.

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December 23, 2015, 04:14:08 PM
 #1351

Can't wait for it to get on some other exchanges..  btc38 soon ?  Tongue
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December 23, 2015, 04:42:21 PM
 #1352

FCT is getting beaten up across exchanges !

Is Development Team having an eye on the Price?

"Annnnd...it's gone!"

And here I was trying to use Polo's import function to sell into the pump. (sigh)

Well, them's the breaks. The Address Generator & the blockchain explorer show that I've still got mine. Given that the pump is turning into post-pump, or so it looks to me, I should look into buying more & socking them away until Merry Christmas 2020 or so. I don't need the Import Function for that; all I need is my address to withdraw.

P.S.: If buying Factom now is like buying Bitcoin in its earlier years, a better analogy would be buying Bitcoin in 2011. Factom's current market cap is almost four million bucks, a cap that Bitcoin didn't reach until '11.






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December 23, 2015, 05:57:31 PM
 #1353

anyone knows a good source for learning theory of post-pump price behhaviour?

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December 23, 2015, 05:59:47 PM
 #1354

Where i can see the current supply of FACTOIDS?

And how much is the annual inflation of FACTOIDS?

You can see the current supply on the latest block at http://explorer.factom.org.
Click on the last block then read "Total Factoids".

No new factoids will be generated until milestone #3 is complete, after that about 75K Factoids a year will be distributed to federated servers for their help running the network.
Also to note that once Factoids are converted to Entry Credits they will be used and taken out of the system.

Are you sure about 75K a year? I think it is 73.000 a month !

This is a quote from Paul snow on reddit :

[–]PaulSnow
The only thing you are missing is that if the protocol gains traction, then the demand for Entry Credits does in fact drive up the value of the factoids. So suppose we were writing 10 million entries into factom per month. This would be 10,000 dollars worth of Entry Credits. Since about 73,000 Entry Credits are generated a month, then it makes sense to equate the value of the in flow of factoids to the outflow. This would make each factoid would be worth roughly 14 cents. If the volume went up to 100 million entries per month, then each factoid would be worth roughly 1.4 dollars.

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December 23, 2015, 06:21:26 PM
 #1355

You are right, its ~73K per month.
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December 23, 2015, 07:20:55 PM
 #1356

anyone knows a good source for learning theory of post-pump price behhaviour?

Sorry, no; I don't know of any. All I know is what I've observed "in the raw."






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December 23, 2015, 07:27:25 PM
 #1357

This is a quote from Paul snow on reddit :

[–]PaulSnow
The only thing you are missing is that if the protocol gains traction, then the demand for Entry Credits does in fact drive up the value of the factoids. So suppose we were writing 10 million entries into factom per month. This would be 10,000 dollars worth of Entry Credits. Since about 73,000 Entry Credits are generated a month, then it makes sense to equate the value of the in flow of factoids to the outflow. This would make each factoid would be worth roughly 14 cents. If the volume went up to 100 million entries per month, then each factoid would be worth roughly 1.4 dollars.

So...using this model as a guide, the current 40 cents per Factom (from Coinmarketcap) implies a fair-value corresponding to ~28.5 million entries per month.

Thanks for posting that quote: it helps explain why Factom's price sunk so much before the pump.

tl;dr: using Paul Snow's model, Factom's price now is assuming close to 30 million entries a month. That's an awful lot...






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December 23, 2015, 09:33:26 PM
 #1358

So basically 1 million of entries each day seems a lot indeed.

Actually I think it will take few years to reach this level but when it will reach it as the grow should  be exponential then the value will grow exponentially.

From now to this point it is all about speculation and if it will reach this point, but if it reaches it then the value of factoid can be easily few thousands of dollars in my mind.

Furthermore the speculation side will always be in advance compare to the real value of Factoid, if you check disruptive start up their valuation correspond at 80 years of current profits, people speculate that their profits will grow exponentially...
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December 23, 2015, 11:09:17 PM
 #1359

So basically 1 million of entries each day seems a lot indeed.

Actually I think it will take few years to reach this level but when it will reach it as the grow should  be exponential then the value will grow exponentially.

From now to this point it is all about speculation and if it will reach this point, but if it reaches it then the value of factoid can be easily few thousands of dollars in my mind.

Furthermore the speculation side will always be in advance compare to the real value of Factoid, if you check disruptive start up their valuation correspond at 80 years of current profits, people speculate that their profits will grow exponentially...



It's not that much. Just some examples about data and files:



Mastercard transactions:

 
MasterCard processes an average of 51 million authorizations of financial transactions a day, enabling consumers to make purchases instantly, anytime, almost anywhere, in both the virtual and real worlds.
https://www.mastercard.com/us/company/en/docs/092408MasterCardFAQ.pdf

 

VISA:

Process 300 million transactions a day without going crazy
http://www.techrepublic.com/blog/decision-central/process-300-million-transactions-a-day-without-going-crazy/

 

Trading:

TheTabb Group, a consultancy based in Westborough, MA, estimates that high-frequency automated trading now accounts for 61 percent of the more than 10 billion shares traded daily across the numerous exchanges that make up the U.S. market.
http://www.technologyreview.com/featuredstory/416805/trading-shares-in-milliseconds/



Just one trader:

By the end of the day, his computers will have bought and sold about 60 million to 80 million shares, with the heaviest activity in the last hour of trading, from three to four in the afternoon.
http://www.technologyreview.com/featuredstory/416805/trading-shares-in-milliseconds/



Health/Medical-Records:

Government agency handles billions of files containing private health information
The Challenge Improve security and data exchange across a complex partner network
https://pkware.cachefly.net/webdocs/casestudies/CMS.pdf




IBM says Elastic Storage is capable of scanning 10 billion files in 43 minutes and can move billions of files in microseconds. It can also automatically transfer less frequently used data across the whole capacity pool into less expensive storage options, leaving faster storage resources, such as Flash for more important data. IBM claims this can cut down storage costs by as much as 90%.

(...) IBM started receiving calls from members of the healthcare industry who said they were interested in using Elastic Storage to store and process complex and voluminous medical data.
http://www.techtimes.com/articles/6884/20140513/ibm-launches-elastic-storage-scan-10-billion-files-no-sweat.htm



Everybody can do some research about it to find some statistics of different sectors and industries and businesses and "big data" etc. Just think about data of patients, banks, data in science, laboratories, offices for statistics, etc., and just for fun:

Maybe this wouldn't have been happened with Factom:

Report Reveals $8.5 Trillion Missing From Pentagon Budget
http://www.globalresearch.ca/report-reveals-8-5-trillion-missing-from-pentagon-budget-2/5453618

And no, I don't believe the Pentagon will use Factom. ;-)


But, to be serious again: I believe Factom is extreme. There is just "do it or die". If it's just about some millions of files I don't believe that could be seen as success. If Factom will be what it is intended to be, it will be about billions of Entrys. It won't be about little girls who hash their diary everyday. ;-)
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December 23, 2015, 11:39:29 PM
 #1360

But, to be serious again: I believe Factom is extreme. There is just "do it or die". If it's just about some millions of files I don't believe that could be seen as success. If Factom will be what it is intended to be, it will be about billions of Entrys. It won't be about little girls who hash their diary everyday. ;-)

Yep, that's why I'm HODLing. Even if it means going down that same familiar path of watching the thing get buffeted up and down by the pushme-pullyou of excitement and disillusionment. Wink






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