[ANN] FACTOM - Introducing Honesty to Record-Keeping

[bitcoinrocks]

Hello All,

I would like the thank the factom team for responding to my issue.  If anyone is having the syncing issue and is on Windows I wrote up a quick little batch script to kill the factomd process and restart it.  The wallet will download about 500 blocks and then stop.  I got tired of clicking x every 3 minutes so I decided to be lazy.  That being said, it's over 24 hours with the script running and the blockchian is nearly synced. 
I think the factom team REALLY needs to get a handle on this growing bug.  It's only been out for a few months and it already takes 24 hours+ to fully sync the chain because of that bug.  Imagine how bad it will be a year from now.

That alone will kill the price and make it nearly unusable.  Factom dev team I would suggest making that bug a priority to fix before it gets too out of hand.

@echo off
cls
:start
start factomd
TIMEOUT /T 240
TSKILL factomd
TIMEOUT /T 10
echo --------------------------
echo looping to start
echo --------------------------
goto start

Is it really taking 24 hours to sync now?  The last time I set up factom (which was recently) it took just a few minutes.

[whiteorg72]

Hello All,

I would like the thank the factom team for responding to my issue.  If anyone is having the syncing issue and is on Windows I wrote up a quick little batch script to kill the factomd process and restart it.  The wallet will download about 500 blocks and then stop.  I got tired of clicking x every 3 minutes so I decided to be lazy.  That being said, it's over 24 hours with the script running and the blockchian is nearly synced. 
I think the factom team REALLY needs to get a handle on this growing bug.  It's only been out for a few months and it already takes 24 hours+ to fully sync the chain because of that bug.  Imagine how bad it will be a year from now.

That alone will kill the price and make it nearly unusable.  Factom dev team I would suggest making that bug a priority to fix before it gets too out of hand.

@echo off
cls
:start
start factomd
TIMEOUT /T 240
TSKILL factomd
TIMEOUT /T 10
echo --------------------------
echo looping to start
echo --------------------------
goto start

Is it really taking 24 hours to sync now?  The last time I set up factom (which was recently) it took just a few minutes.

Full synchronization Factom database now stands at 2.5-3 hours. Verified personally.

[whiteorg72]

The delay in raising the rate Factoid (FCT) blame the Chinese.  In China, until now FCT rate below $1.

[BrianDeery]

Factoids are used to compensate Federated Servers for their work, are they not?  If so, they are MUCH more than portable software licenses to prevent spam.

The point is they fall short of being money, as being an alternative to bitcoin as a store of value.

The servers are rewarded with software licenses, which they can sell like any other software company sells licenses.  The only difference is it is a collective system, which they are operating collaboratively, while also being competitive in the long term.  They must convince the users they will do a good job in the future, and the best way is to do a good job in the present.  Unlike Bitcoin, excess profits are not dissipated in heat, but will be dissipated in satisfying active users, by making the network more reliable/resilient/available/marketed/who knows.  In the short term, it doesn't look like there will be excessive profits, where the marginal revenue is above the marginal cost, even after inflation starts.

I feel the following hasn't gotten enough exposure.  It might help shed some light on the economic system.

https://www.reddit.com/r/factom/comments/47nyx0/thoughts_of_the_economic_model_of_factom_and/d0gqwdz

[crazyivan]

Are there any plans to make more user friendly wallet? Something as close as BTC core?

[whiteorg72]

Are there any plans to make more user friendly wallet? Something as close as BTC core?

"BrianDeery 1 point 9 hours ago said:
walletapp is sort of web based, in that you interface to it through a browser. It requires installing factomd and getting the blockchain, so it's probably not what you are asking for.
Also it is not super user friendly.
Factom is not trying to be a payment network, so not too much emphasis was given to being a user friendly payment system. It is intended to be backend software for coordinating databases, etc.
We are not working on a web wallet now. it is not a high priority at this point."

https://www.reddit.com/r/factom/comments/48xh9y/factom_wallet/

[crazyivan]

Are there any plans to make more user friendly wallet? Something as close as BTC core?

"BrianDeery 1 point 9 hours ago said:
walletapp is sort of web based, in that you interface to it through a browser. It requires installing factomd and getting the blockchain, so it's probably not what you are asking for.
Also it is not super user friendly.
Factom is not trying to be a payment network, so not too much emphasis was given to being a user friendly payment system. It is intended to be backend software for coordinating databases, etc.
We are not working on a web wallet now. it is not a high priority at this point."

https://www.reddit.com/r/factom/comments/48xh9y/factom_wallet/

It s not so hard to use it, that s not my point but some newbies might have issues with it.

Regardless of whether Factom is payment network or not, one need to have an option to STORE Factoids somewhere. So, I would not dismiss new wallet as something not required at all.

[whiteorg72]

Are there any plans to make more user friendly wallet? Something as close as BTC core?

"BrianDeery 1 point 9 hours ago said:
walletapp is sort of web based, in that you interface to it through a browser. It requires installing factomd and getting the blockchain, so it's probably not what you are asking for.
Also it is not super user friendly.
Factom is not trying to be a payment network, so not too much emphasis was given to being a user friendly payment system. It is intended to be backend software for coordinating databases, etc.
We are not working on a web wallet now. it is not a high priority at this point."

https://www.reddit.com/r/factom/comments/48xh9y/factom_wallet/

It s not so hard to use it, that s not my point but some newbies might have issues with it.

Regardless of whether Factom is payment network or not, one need to have an option to STORE Factoids somewhere. So, I would not dismiss new wallet as something not required at all.

For comfortable and safe storage of factoids need to choose a paper wallet (factoidpapermill), VERY safely and comfortably.

[taxmanmt5]

I guess there is some movement in FCT prices off late

The price has rose by 50% in a week

With many an updates getting posted and some sort of development is in progress i am sure FCT will soon rock the Crypto currency

[crazyivan]

I guess there is some movement in FCT prices off late

The price has rose by 50% in a week

With many an updates getting posted and some sort of development is in progress i am sure FCT will soon rock the Crypto currency

Well, if they manage to hit Milestone 2, this price ll double, easily.

[CocoLibre]

I hope everyone in the thread took the opportunity to buy up cheap FCT under 250k sats  

[MaGNeT]

Hi, how is Factom vulnerable to Bitcoin ? let's say BTC price drop to $100 and Core developper leave the project, what would be reaction of Factom native asset ?

I think it would make the price of Factom rise ($ value for one FCT will stay the same) so doesn't make much of a difference.

[locohammerhead]

Hello All,

I would like the thank the factom team for responding to my issue.  If anyone is having the syncing issue and is on Windows I wrote up a quick little batch script to kill the factomd process and restart it.  The wallet will download about 500 blocks and then stop.  I got tired of clicking x every 3 minutes so I decided to be lazy.  That being said, it's over 24 hours with the script running and the blockchian is nearly synced.  
I think the factom team REALLY needs to get a handle on this growing bug.  It's only been out for a few months and it already takes 24 hours+ to fully sync the chain because of that bug.  Imagine how bad it will be a year from now.

That alone will kill the price and make it nearly unusable.  Factom dev team I would suggest making that bug a priority to fix before it gets too out of hand.

@echo off
cls
:start
start factomd
TIMEOUT /T 240
TSKILL factomd
TIMEOUT /T 10
echo --------------------------
echo looping to start
echo --------------------------
goto start

Is it really taking 24 hours to sync now?  The last time I set up factom (which was recently) it took just a few minutes.

Full synchronization Factom database now stands at 2.5-3 hours. Verified personally.

Right, that's if everything goes properly.

After I made that post I was still trying to sync the chain.  Last night I got frustrated, nuked the install with revo-uninstaller and removed all reg files with it.  Did a clean install today and its already synced 12k+ blocks in less than 5 minutes.  Since before when I ran the factom-cli get height I would just get a blank line with nothing in it.  That command is working now.
There was clearly something wrong with my install.

But if someone is experiencing the syncing glitch those batch file commands are a nice automated way to handle it.

[bitcoinrocks]

I've set up and used the Factom GUI on Linux about 5 or 6 times, but nothing seems to be running at localhost:8093 this time with the latest factom.deb.  factomd output looks good and this is all of my walletapp output:

$ walletapp
2016/03/05 11:03:07 read factom config file:  /home/user/.factom/factomd.conf
2016/03/05 11:03:07 ERROR Reading config file!
Server starting with default settings...
 open /home/user/.factom/factomd.conf: no such file or directory
===============>

I deleted everything and started over a couple times with the same result.

[MyFarm]

Factoids are used to compensate Federated Servers for their work, are they not?  If so, they are MUCH more than portable software licenses to prevent spam.

The point is they fall short of being money, as being an alternative to bitcoin as a store of value.

The servers are rewarded with software licenses, which they can sell like any other software company sells licenses.  The only difference is it is a collective system, which they are operating collaboratively, while also being competitive in the long term.  They must convince the users they will do a good job in the future, and the best way is to do a good job in the present.  Unlike Bitcoin, excess profits are not dissipated in heat, but will be dissipated in satisfying active users, by making the network more reliable/resilient/available/marketed/who knows.  In the short term, it doesn't look like there will be excessive profits, where the marginal revenue is above the marginal cost, even after inflation starts.

I feel the following hasn't gotten enough exposure.  It might help shed some light on the economic system.

https://www.reddit.com/r/factom/comments/47nyx0/thoughts_of_the_economic_model_of_factom_and/d0gqwdz

Thank you for your response.

I'm going to plant a seed.  Something I have told many startups over the years is, "Don't dictate what your product will be used for."  My point is, I love what Factom is doing and so do many others.  How you envision Factoids being used may be EXACTLY how they are utilized and that's great; I see the company and token being very successful.  But whether you want it or not, some people, and maybe even many people, in time, may want to utilize Factoids as a form of money.  Should that arise, don't try to stifle it.  If you do, due to the nature of open source software, someone will see the opportunity and seize it.

Fiat?  No thanks.

Gold backed currency?  There are pros and cons.

Computing power based currency?  An interesting concept, let's see where it goes.

Currency backed by the world's data it secures?  The VC in me gets very excited.

[Nxtblg]

I'm going to plant a seed.  Something I have told many startups over the years is, "Don't dictate what your product will be used for."  My point is, I love what Factom is doing and so do many others.  How you envision Factoids being used may be EXACTLY how they are utilized and that's great; I see the company and token being very successful.  But whether you want it or not, some people, and maybe even many people, in time, may want to utilize Factoids as a form of money.

It could happen! Have you heard of Canadian Tire "Money"? Technically, it's a "Cash Bonus Certificate" that acts like a non-expiring gift card. But it was used as money when it was physical - most notably, for donation drives.

[crazyivan]

Factoids finally start to fly. Imagine what ll happen when China picks up again cause most of the trade s still on Polo.

I think people re going to start asking Ether what very soon.

[Nxtblg]

Factoids finally start to fly. Imagine what ll happen when China picks up again cause most of the trade s still on Polo.

I think people re going to start asking Ether what very soon.

That's what I saw: FCT at ~0.0044. Kinda bittersweet...

[truerue]

Why is there so big difference between price on Yuanbaohui(0.0027) and Poloniex(0.0043) ?

[whiteorg72]

Why is there so big difference between price on Yuanbaohui(0.0027) and Poloniex(0.0043) ?

Because the Chinese are bad buy FCT, therefore the difference. Probably even the Chinese still can not move away from their East New Year.

But seriously, the Chinese yuan yesterday officially became the third reserve world currency (third place, after the US dollar and euro), so the Chinese are now kept his money in yuan and stopped actively buy digital currencies, as it did earlier this year. Plus, China is now very much took up the outflow of capital from China through the purchase of digital currency and smuggled money from China for example in the US and it is very much changed the Chinese laws and many Chinese people are now afraid to buy a digital currency.
Plus ravaged many Chinese, digital pyramid which has selected more than 6 billion dollars from ordinary Chinese, too, is not conducive to purchase digital currencies today in China.

All this shows why at this time, the Chinese are bad buying FCT.

I think that in the near future Polo exchange and Chinese exchange will be equal when the foreign buyers transfer their money to the Chinese exchange and will be there to actively buy FCT at a lower price, as it will increase in cost and is equal to the Polo exchange.