[ANN] FACTOM - Introducing Honesty to Record-Keeping

[tempus]

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.

Yes, me too. I make a little bit swing-trading, but just for fun with small amounts. 95% I will hold because what I expect is: It will go down a little bit in times without much news, but it will skyrocket when there are good news - depending of the news of course .

And Factom hast a lot of potential for good news and it won't be possible to see it coming. 7 hours of sleep can be enough to miss the train, so I would feel uncertain not to be invested.  

[whiteorg72]

tempus,
You are quite right,
this time to sell their FCT it can only make a stupid man who wants to be rich immediately.
Factom a product just for the long-term prospects and will go the way Bitcoins, I am absolutely sure. Bitcoin had to overcome four years until he was recognized by the world, but then he was a first crypto product, so the recognition came to him after such a long time. The Factom I think has to overcome this way for 1-2 years.
Someone thinks, how long it takes the Factom that it could be compared with Bitcoin?

[tempus]

tempus,
You are quite right,
this time to sell their FCT it can only make a stupid man who wants to be rich immediately.
Factom a product just for the long-term prospects and will go the way Bitcoins, I am absolutely sure. Bitcoin had to overcome four years until he was recognized by the world, but then he was a first crypto product, so the recognition came to him after such a long time. The Factom I think has to overcome this way for 1-2 years.
Someone thinks, how long it takes the Factom that it could be compared with Bitcoin?

I think we could, if Factom should be successful, compare it with Bitcoin regarding it's FCT-price-potential. With other words: It's possible that it will really skyrocket at one point and the latest ATH won't be even recognized any more - impossible to call a number. But in general it's also very different to Bitcoin and times have changed.

At one side: There are more competitors in general but also a lot more of attention - and it's all faster now. Bitcoin as a currency is intended to be something like a independent payment-system. Factom won't be that, but it could be, if successful, even bigger. Reason: The demand of systems to handle and secure all kinds of data is much bigger. And therefore it will be about a stable base-system. Milestones 1, 2, 3. And then it will be about the applications. In best case the Factom-team will offer applications for different use-cases but companies also could adopt Factom and build their own applications on top of it to use it. That's a lot of potential to "grow beyond itself". And it will be about that. All kinds of Companies could use the Factom-Api and build their own Applications. At the moment the market underestimates how important Milestone 2 will be. It's near but the price is dropping. We are in Crypto, so we had a nice peak because of the chinese exchange. But Milestone 2 is about the Api and the EC-Store. Milestone 2 will make Factom ready to be easily adopted if I understand it right.

And: If successful the Factoid-price would have some kind of backing. If people buy products with Bitcoin, the company sells those Bitcoin on the market. It's just a circle. The economic-system of Factom is different and in some ways more elegant. If it should be successful the price should be pretty stable at some point because of "demand vs. Inflation". It also could be that if successful there will be a long phase of an increasing price, just because the data-volume is doubling in short time-frames even in little companies. Speculation would anticipate all that and overdrive - good for traders and no problem for the system itself as long as the EC-price is fixed/stable.

But for some time the price will mostly be speculative and in some ways like an answer to the question how much potential the market will see in Factom regarding future EC-demand. If people believe it will be about millions of entrys, the price will fluctuate in a range where it already is. If people believe, it will be about billions or even trillions of entrys, there is no limit because it's open for all kinds of use-cases. Maybe the team itself doesn't even know all possibilities of use-cases. Could be unpredictable like the internet in it's early days.

If Factom should turn out as a system that gives the opportunity to reduce costs and to solve problems, a price is unpredictable but it would be a massive rise. And I don't have precise statistics but what I know: The costs and also the problems with all kinds of dynamic-data-processes are gigantic.

[whiteorg72]

By the way today drew attention started to use FACTOID ENTRIES. Block number (ID) 16346 - http://explorer.factom.org/
Total Factoids: 8753855.73938919

Now coinmarket need to constantly change the value total number of available factoids (Available Supply).
Now coinmarket - 8,753,873 FCT * http://coinmarketcap.com/

[chey]

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.

Make sure you got your ~/.factom/factomd.conf
Make sure factomd, fctwallet and walletapp binaries are running then you should be able to get to the GUI like this http://localhost:8093/

[akbtcnewb]

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.

Make sure you got your ~/.factom/factomd.conf
Make sure factomd, fctwallet and walletapp binaries are running then you should be able to get to the GUI like this http://localhost:8093/

i'm not sure i understand....  how can i know if i have ~/.factom/factomd.conf.  i searched for it in Finder but couldn't locate it.  i have the binaries folder in Applications but it looks like I'm missing a piece.  advice?  thx so much.

[tempus]

In Paul's reddit AMA he indicated that "We are working to have the first release candidate of the consensus algorithm by the end of the year" - Anyone know if they are on target to deliver on this commitment? This would be amazing.

The AMA is just one week ago, so my conclusion would be: at least it shows some confidence. If there should be a delay I don't expect a big one.

And in the github:

factomd
Milestone2 work
Updated 16 hours ago
https://github.com/FactomProject/

So, it seems they're hard-working on it.

[Emericana]

In Paul's reddit AMA he indicated that "We are working to have the first release candidate of the consensus algorithm by the end of the year" - Anyone know if they are on target to deliver on this commitment? This would be amazing.

The AMA is just one week ago, so my conclusion would be: at least it shows some confidence. If there should be a delay I don't expect a big one.

And in the github:

factomd
Milestone2 work
Updated 16 hours ago
https://github.com/FactomProject/

So, it seems they're hard-working on it.

What milestone 2 gonna include for factom ?

[tempus]

In Paul's reddit AMA he indicated that "We are working to have the first release candidate of the consensus algorithm by the end of the year" - Anyone know if they are on target to deliver on this commitment? This would be amazing.

The AMA is just one week ago, so my conclusion would be: at least it shows some confidence. If there should be a delay I don't expect a big one.

And in the github:

factomd
Milestone2 work
Updated 16 hours ago
https://github.com/FactomProject/

So, it seems they're hard-working on it.

What milestone 2 gonna include for factom ?

In the AMA Paul Snow said:

"Milestone 2 will have a couple of major components. First will be the deployment of a Entry Credit store, where users can buy Entry Credits (basically access to the protocol) without touching any sort of tradable token. The second will be the release of the consensus algorithm, the software supporting distributed processing of the Factom protocol. We are working to have the first release candidate of the consensus algorithm by the end of the year. We fully expect to release a few release candidates prior to going into production with the consensus algorithm early in 2016."

And about Milestone 3:

"Milestone 3 is the last milestone. It will release the election protocol, which places the control of the federated servers in the hands of those purchasing Entry Credits. We intend to reach this milestone in the first half of 2016. In addition to implementation, it also relies on having enough diversity of use of the protocol to make the election process meaningful."

https://forum.bitcoin.com/ama-ask-me-anything/i-am-paul-snow-the-architect-of-factom-and-chair-of-the-texas-bitcoin-conference-ask-me-anything-t4026.html

[BMOO]

In Paul's reddit AMA he indicated that "We are working to have the first release candidate of the consensus algorithm by the end of the year" - Anyone know if they are on target to deliver on this commitment? This would be amazing.

The AMA is just one week ago, so my conclusion would be: at least it shows some confidence. If there should be a delay I don't expect a big one.

And in the github:

factomd
Milestone2 work
Updated 16 hours ago
https://github.com/FactomProject/

So, it seems they're hard-working on it.

What milestone 2 gonna include for factom ?

In the AMA Paul Snow said:

"Milestone 2 will have a couple of major components. First will be the deployment of a Entry Credit store, where users can buy Entry Credits (basically access to the protocol) without touching any sort of tradable token. The second will be the release of the consensus algorithm, the software supporting distributed processing of the Factom protocol. We are working to have the first release candidate of the consensus algorithm by the end of the year. We fully expect to release a few release candidates prior to going into production with the consensus algorithm early in 2016."

And about Milestone 3:

"Milestone 3 is the last milestone. It will release the election protocol, which places the control of the federated servers in the hands of those purchasing Entry Credits. We intend to reach this milestone in the first half of 2016. In addition to implementation, it also relies on having enough diversity of use of the protocol to make the election process meaningful."

https://forum.bitcoin.com/ama-ask-me-anything/i-am-paul-snow-the-architect-of-factom-and-chair-of-the-texas-bitcoin-conference-ask-me-anything-t4026.html

Thank you, sounds good

[CocoLibre]

It is distinctly obvious that Factom is one of the few crypto-currency projects that has a professional development team setting realistic goals, meeting expectations, and identifying gaps in a wide range of industries that can be solved with blockchain solutions. The current dip in prices is a gift to average up or take initial entry. The supply is extremely limited, less than 5 million tokens sold to investors and a portion of that trading on two exchanges. Typical altcoin speculators used to pump then FUD meme-coins and pre-mine dumpfests are clueless on the potential price extension that can occur if adoption takes place over the next few years.

[ElitistCA]

So how many tokens are in circulation realistically right now?

[whiteorg72]

So how many tokens are in circulation realistically right now?

Total Factoids: 8753855.17766919
Available Factoids for circulation (50%): 4376927
For sale at Poloniex exchange is available: 191863 (at this time)
For sale at Yuanbaohui exchange (China) is available: unknown

[whiteorg72]

Who can explain that this message is meant.
Here is a link about factoids on the Chinese exchange posted today - https://yuanbaohui.com/news/detail/?id=751
Unfortunately I do not know the Chinese language, and translated via Google Translate unclear.
I understood only that the Chinese exchange is going to be removed from trading factoids!
Do I understand correctly?

[whiteorg72]

Yuanbaohui 64.80% vs Poloniex 35.20% . China is the leader in sale FCT. Next Chinese will lead the course FCT in the future?

[mishax1]

Who can explain that this message is meant.
Here is a link about factoids on the Chinese exchange posted today - https://yuanbaohui.com/news/detail/?id=751
Unfortunately I do not know the Chinese language, and translated via Google Translate unclear.
I understood only that the Chinese exchange is going to be removed from trading factoids!
Do I understand correctly?

No, I don't think so.

Yuanbaohui 55.96% vs Poloniex 44.04 % . China is the leader in sale FCT. Next Chinese will lead the course FCT in the future?

Probably yes, if it hits btc38.

[ontopicplease]

Who can explain that this message is meant.
Here is a link about factoids on the Chinese exchange posted today - https://yuanbaohui.com/news/detail/?id=751
Unfortunately I do not know the Chinese language, and translated via Google Translate unclear.
I understood only that the Chinese exchange is going to be removed from trading factoids!
Do I understand correctly?

Yes, strange message. Looks like they stop trading and people can transfer to poloniex. Probably I got it wrong. Being an exchange, why should you stop the trade in a big volume coin, doesn't make sense to me.

[whiteorg72]

Who can explain that this message is meant.
Here is a link about factoids on the Chinese exchange posted today - https://yuanbaohui.com/news/detail/?id=751
Unfortunately I do not know the Chinese language, and translated via Google Translate unclear.
I understood only that the Chinese exchange is going to be removed from trading factoids!
Do I understand correctly?

Yes, strange message. Looks like they stop trading and people can transfer to poloniex. Probably I got it wrong. Being an exchange, why should you stop the trade in a big volume coin, doesn't make sense to me.

Now all became clear. Moderator trollbox Poloniex exchange said the following:

"SweetJohnDee: They simply say we also trade FCT here"
"SweetJohnDee: It says about us what it say. That we both trade FCT"

The Chinese administrator just wanted to tell its customers that in addition to their exchange, they can also buy FCT on Poloniex exchange.
All is very simple.

[rtrtcrypto]

Jesus fucking christ... what a horrible bunch of hosts on this thing. My god. 1 hour 47 minutes with about 15 minutes of content and over an hour of endless interruptions and stupid jokes. Almost every time a little bit of interesting information was starting to form, the hosts just VOMIT all over the guest and derail everything. One of the most painful podcasts I've ever heard.

Anyone listen to this talk? Paul is quite articulate and well spoken. The more I research Factom, the more impressed I am. This is really big guys! Huge number of applications and use cases galore in many different industries. Factom is like the Oracle of blockchain.

https://letstalkbitcoin.com/blog/post/the-crypto-show-paul-snow-of-factom-and-eijah-of-demonsaw-and-gta5

[Conqueror]

Interesting project.