[ANN] FACTOM - Introducing Honesty to Record-Keeping

[MisfiringNeuron]

Factom employees appear to have been trying to talk down the price of Factoids for quite some time now.  I've finally listened and sold most of my holdings.

From what I ascertain, a Factoid isn't meant to be worth $100.00.  It is meant to be a lot like Tether and fluctuate mildly around a certain price.  I believe that price is $1.00 per Factoid which is why Factom employees have been talking down the price.  They don't want anyone to get burnt too bad as milestones are reached.

I think when milestone 3 is released this may be the case as inflation begins and factoids will be burnt to control this.

Exactly.  When inflation begins the system self corrects on each end of the spectrum to maintain a near-constant price to make it easy for businesses to budget.  It would look very bad for Factom if the price of Factoids went up to $25.00 and when milestone 3 hits, they crater to $1.00.  This is why I believe they are talking down the price and aren't catering to speculators at all.  They are being proactive.

Remember, Factoids aren't how Factom makes its' money.  

[MisfiringNeuron]

Yes, Factoid price can fluctuate, but as they (Factom) say in multiple places, it will come back to equilibrium.  I believe that equilibrium price to be $1.00 based upon my analysis.

[whiteorg72]

crazyivan said : Brian, you might be really great at what you do but you know absolutely nothing about marketing.

Yeah, right, Brian Deery you need to invite in Factom team to the normal professional marketing specialist that adequately and with dignity represent Factom project at the international level. I hope you will be able to find such a professional marketing specialist.

[whiteorg72]

The more use the Factom project in the future and the more records to pass through, will be higher the cost factoids. The market value or cost factoids will not affect the operation on full project. Now the Factom project is almost never used, with the exception of tests that run, so we see the price of factoids at a minimum level which is close to $1 per FCT token. The Factom team never rendered artificial influence on the market value or cost factoids, it makes no difference how many will be the market value or cost factoids on project efficiency. The exchange rate between factoids and Entry credits (EC) will always be on a balanced level. In any case, with the active use Factom project in future price / cost factoids will rise.

[FACTOM]

One thing you need to understand, as Brian mentioned, is that Factoids are not something Factom will or ever will spend Marketing resources on.
We have always been clear what Factoids are, they give access to the protocol by being converted to Entry Credits.

When you buy Factoids on an exchange you are not investing in Factom, you are speculating out of your own judgement. It's a free market and everyone is also free to do what they want.
There seems to be a lot of this going on recently, possibly from people who is trying to hedge away from Bitcoin seen the current debate on block size.
But this trend may or may not last much longer so be very careful where you put your money.
If we wanted to promote (or as they say pump) Factoids we would have put this thread in altcoins/announcements. We didn't.
However we had an old thread there but we decided to take it down as it was a distraction and unnecessary.

What Factom has been doing and will continue to do is to attend as many Bitcoin/Blockchain/Fintech related conferences in the world to promote what Factom is trying to achieve.
We have a for profit organization, Factom Inc, apart from the Factom Foundation (non-profit) and we are raising funds through regular Venture Capital to fund our operations.
One of Factom Inc purposes is to promote the use of the protocol by initiating relationships with corporations. And we are doing pretty well on that end.
In some cases we can announce our partnerships in some others we cannot due to non-disclosure agreements in place.
Our potential customers are not bitcoiners but corporations, financial institutions, governments, insurance companies, registries, etc...

Also check out our media page and see for yourself how much we have been talked about in the press: http://factom.com/media.
Not many other projects have had that kind of coverage, so we are very happy with our current Marketing professionals and efforts.

Milestone #2 is being worked on and we will release it when we deem it ready for release. All we can say is that it won't be much longer, can't be more precise.
If we release an ETA and we don't meet that for any reason how would you feel about it?
We are also working on improving our current GUI wallet, again to be released when ready.

We are looking forward to Milestone #2 as much as you guys are, as it will be more functional (with a better and more comprehensive API) and allow for greater use of our system
which in turn will increase usage of Entry Credits thus drive value. The team is full on it and yes they are also working on the new GUI wallet in parallel.

Worry not, we hear your feedback, bear with us and stay tuned, we will make announcements in due course.
We appreciate your support and are thrilled to have you with us.

[crazyivan]

One thing you need to understand, as Brian mentioned, is that Factoids are not something Factom will or ever will spend Marketing resources on.
We have always been clear what Factoids are, they give access to the protocol by being converted to Entry Credits.

When you buy Factoids on an exchange you are not investing in Factom, you are speculating out of your own judgement. It's a free market and everyone is also free to do what they want.
There seems to be a lot of this going on recently, possibly from people who is trying to hedge away from Bitcoin seen the current debate on block size.
But this trend may or may not last much longer so be very careful where you put your money.
If we wanted to promote (or as they say pump) Factoids we would have put this thread in altcoins/announcements. We didn't.
However we had an old thread there but we decided to take it down as it was a distraction and unnecessary.

What Factom has been doing and will continue to do is to attend as many Bitcoin/Blockchain/Fintech related conferences in the world to promote what Factom is trying to achieve.
We have a for profit organization, Factom Inc, apart from the Factom Foundation (non-profit) and we are raising funds through regular Venture Capital to fund our operations.
One of Factom Inc purposes is to promote the use of the protocol and we are doing pretty well on that end.
In some cases we can announce our partnerships in some others we cannot due to non-disclosure agreements in place.
Our potential customers are not bitcoiners but corporations, financial institutions, governments, insurance companies, registries, etc...

Also check out our media page and see for yourself how much we have been talked about in the press: http://factom.com/media.
Not many other projects have had that kind of coverage, so we are very happy with our current Marketing professionals and efforts.

Milestone #2 is being worked on and we will release it when we deem it ready for release. All we can say is that it won't be much longer, can't be more precise.
If we release an ETA and we don't meet that for any reason how would you feel about it?
We are also working on improving our current GUI wallet, again to be released when ready.

We are looking forward to Milestone #2 as much as you guys are, as it will be more functional (with a better and more comprehensive API) and allow for greater use of our system
which in turn will increase usage of Entry Credits thus drive value. The team is full on it and yes they are also working on the new GUI wallet in parallel.

Worry not, we hear your feedback, bear with us and stay tuned, we will make announcements in due course.
We appreciate your support and are thrilled to have you with us.

Much better reply then the previous ones. Thank you.

[tempus]

The recent discussion seems to be a little bit "heated up" and first I decided to say nothing but it could be that there are some misunderstandings and maybe I'm able to clarify some things, at least out of my personal view.

First let me say, I don't see much reason to complain about the direction the Factom-team is going. And I disagree with the way some express their criticism. It's not helpful and it's not even really rational to (try to) make time-pressure regarding the next release (Milestone 2). It will come and the most important is that it's stable. There is no doubt that the team is working hard and there is no reason to be impatient about that, even less reason to complain regarding the price.

But, regarding the wallet situation I understand the perspective of those who are critical, even if I'm not totally in line with the way it's sometimes expressed and the reason is very simple: It's not because I believe it would need a fancy wallet with whatever features to hype the price. But Factoids have value and Factoids are transferable, it's needed to store and to transact this value and it would be good to feel more certain with it.  

My own situation is: My Factoids are still on Poloniex because the wallet doesn't work for me and also the paperwallet doesn't work for me (Mac) It shows a lot of weird signs and all my efforts to solve the problem were unsuccessful. The reason might be that I'm not a tech guy, doing something wrong, but usually I'm able to do things like explained and I've tried it on different machines and I've tried all kinds of settings and different browsers to download and so on. And even if I would get my paperwallet-problems solved I wouldn't use it with larger amounts if I don't get the wallet-problems solved, because even if I really believe in Factoms quality (I'm in for longterm and not daytrading) I don't want to be in a situation that something happens without having a way back I feel certain with. Out of the perspective of coders those problems may seem trivial. Out of my perspective it's about the question how to handle that kind of risk. So I take the risk to have it on Poloniex (and some on Bittrex to diversify the risk) and I believe Polo is the best multi-coin exchange out there. If an exchange should get hacked or go down for whatever reason I won't say somebody else is responsible than me, but: I would lose a lot. Why? Because I believe in the potential of Factom. That's my risk as an Investor. But at the same time it's kind of frustrating because under the line I know that the Factom-team would be able to solve those problems and while I don't know if anybody else has the problem with the papermill I know that some others have problems with the wallet.

And again: In general I agree with the direction the team is going and that's the reason why I'm cautious, also because I'm not sure if I'm the problem, or my machines or the software. But I disagree with argumentations that Factoids are not intended as altcoin or that buying now is not investing in Factom or that speculation is not needed. It's all correct. But at the same time it's not totally right. It was started with an ICO and FCT's always had value and it's needed to store and transact this value. It was intended to be on exchanges and it was intended that people buy it. Maybe it's not needed any more and I agree that we shouldn't speak about the wallet as a factor to push the price. But under the line those argumentations could give the impression as if Factom now is only focused on the big goals and big deals while those who supported it since beginning are not needed any more. And kind of paradox: It's one of Factoms strengths that it's in fact correct. Factoids are out there and Factom's potential is not dependent on speculation, not even really on a wide distribution or the price and it doesn't make any difference if new people buy in or dump it. I see that as strengths and that are some of many reasons why Factom is a good investment. But it's also kind of paradox to see a project like Factom without any reasons to complain about, many reasons to be excited about, but to feel that uncertain at the same time and since some time.

Because that's a fact as well: For those who can't use the wallet, maybe because they are not skilled enough, maybe because the wallet is just not stable enough for their OS, the situation involves a lot of risks. If they send their FCT's to the paperwallet (if it works, and it doesn't work for me) it's a one-way-transaction if the wallet doesn't work stable. And to keep it on the exchange... we all know how that could end - MtGox, Vircurex, Mintpal, Cryptsy (...).

I personally say: I play in a high risk market with my money and with early software - high chances and high risks and my own responsibility. And I never complained about anything here and I understand the focus on priorities. But it also can be kind of frustrating to be patient and cautious, hoping for months that there may be updates to make the wallet more stable but the reactions seem as if it's not needed. I know that those reactions may be partially results out of the impression that some criticism may sound inappropriate and with focus on hype and bubbles. But at least for me it's a question of more certainty vs. uncertainty and in worst case about having a chance or losing a lot.

[whiteorg72]

Tempus normally well said. And if say a few words, then again, I say that now a easy and stable wallet is a must for those who store or buys factoids. To just do not keep their factoids on the exchanges which are exposed to hacking, bankruptcies dishonest owners and other negative influences, or for someone who is going for a long time to no keep their factoids on paper wallet, or as in my last case, just for a quick withdrawal factoids from a cold to a paper wallet and send factoids on Polo exchange or any other exchange. Or even elementary to be able to transmit with each to other owner factoids from one address to another address, without any risk. And I think when there will be make easy, stable and secure Factom web wallet that people who want to buy and store their factoids on it will be much more immediately. This is an urgent matter and it should be resolved in any way. Thank if Factom team understands this.

[MisfiringNeuron]

Yes, Factoid price can fluctuate, but as they (Factom) say in multiple places, it will come back to equilibrium.  I believe that equilibrium price to be $1.00 based upon my analysis.

Oh really, please share your analysis. I can't wait.

I just reread everything to provide you with detailed analysis and realized I am wrong.  Based upon what Factom has said, FCT can go much higher than $1.00.  I feel like an idiot.

[tempus]

Tempus normally well said. And if say a few words, then again, I say that now a simple and stable wallet is a must for those who store or buys factoids. To just do not keep their factoids on the exchanges which are exposed to hacking, bankruptcies dishonest owners and other negative influences, or for someone who is going for a long time to no keep their factoids on paper wallet, or as in my last case, just for a quick withdrawal factoids from a cold to a paper wallet and send factoids on Polo exchange or any other exchange. Or even elementary to be able to transmit with each to other owner factoids from one address to another address, without any risk. And I think when there will be make easy, stable and secure Factom web wallet that people who want to buy and store their factoids on it will be much more immediately. This is an urgent matter and it should be resolved in any way. Thank if Factom team understands this.

I agree. But the wallet-discussion really should be focused on this base-aspects: A safe way to store and transact Factoids and possible for the normal user. Some reactions of team-members are most likely out of the impression that criticism about the wallet is expressed with focus on marketing and price and some of the criticism is in fact expressed with that intention (clearly said). And they are right that the value of Factoids should be based on the value of the system for those who will use it and I also agree with them that it wouldn't be too smart to give dates for releases and rush things out.

My own criticism is based on the fact that there was not much reaction on those who expressed their problems with the wallet and my own experience that I'm not able to get the wallet running and without knowing what I'm doing wrong while I tried a lot without complaining about it - same with the papermill. I believe it's some kind of OS-conflict.

With other words: The discussion about the wallet should be focused on that aspect. If it seems as if it's about a nice design and price-hyping they don't care and they would be right with that. So I hope that they understand that it's at least for some not a price-question but a question of "how to store and transfer value in a safe way". At the moment it seems as if that's only possible with some luck regarding the own system or a question of technical skills. As a result some of us are in the paradox situation to believe in Factom's quality in longterm but with more trust in an exchange at least in short-term but since some months.

[husky1971]

Last time i lost with crypty High price buy XRP and sold for low Because it was not posible to transfer the coins (only BTC was working). I was waiting for more than six months before I sold.

There is an exclusive opportunity That any exchange closed.
If it is not posible to transfer the factoids to your wallet there's an extra risc for long term.

Still the total concept i like.

Eth wallet is looking good include contracts options etc.

What happen after milestone 2 released where can we store the factoids for long term safely?

[whiteorg72]

I worked a long time with wallet for the Bitcoin from a company Electrum (https://electrum.org/#home), it is very easy, stable, secure (with 2-FA) and easy recovered wallet. It would be nice if Factom team was able to make a similar wallet for factoids. I do not think that this is extremely complicated task. In future, it would be good to see additional factoids wallet for Android to this wallet can be used with any smartphone from anywhere. Wallet for Android is a very good help for those people who travel frequently and do not sit in one place. It would be great.

[bandofgypsys]

Paul,

This could be a viable market to approach.

This company does city wide surveillance. Basically 1 picture per second from two miles up.

They have trouble getting contracts due to the public not trusting how the data would be used. Block chain solves the trust issue.

When any request for the data is made it could be recorded on the block chain. Also recording each image would be viable.

There is a whole Radiolab podcast about the company. Very interesting.

http://www.pss-1.com/ That is the company website.

[MaGNeT]

Paul,

This could be a viable market to approach.

This company does city wide surveillance. Basically 1 picture per second from two miles up.

They have trouble getting contracts due to the public not trusting how the data would be used. Block chain solves the trust issue.

When any request for the data is made it could be recorded on the block chain. Also recording each image would be viable.

There is a whole Radiolab podcast about the company. Very interesting.

http://www.pss-1.com/ That is the company website.

IOT Dashcams could be the future proof that video was not altered.

[bandofgypsys]

Paul,

This could be a viable market to approach.

This company does city wide surveillance. Basically 1 picture per second from two miles up.

They have trouble getting contracts due to the public not trusting how the data would be used. Block chain solves the trust issue.

When any request for the data is made it could be recorded on the block chain. Also recording each image would be viable.

There is a whole Radiolab podcast about the company. Very interesting.

http://www.pss-1.com/ That is the company website.

IOT Dashcams could be the future proof that video was not altered.

Good one!

[whiteorg72]

Factom For Investors #1 - What Is Factom? - By Tai Zen.
https://www.youtube.com/watch?v=Zi4O3ZOTPg4&feature=youtu.be&a

Tai Zen (@HeyTaiZen)
Dallas, TX
https://twitter.com/HeyTaiZen

[crazyivan]

Recent positive Factom news!

https://btcmanager.com/news/business/the-blockchain-of-cities-two-experts-share-emerging-trends/

http://themerkle.com/factom-technical-analysis-for-03212016/

I ve never had any luck following tech analysis recommendations. Let s see what happens this time. I highly doubt in the ability to predict crypto markets.

[mikenz]

Its not so hard..Reversal is at the doorstep now, Retrace Target Fib Level 50% at 0.0060 or at 61.8 % at 0.0066. After that possible 2nd Blow off phase, then return to mean.

[crazyivan]

Its not so hard..Reversal is at the doorstep now, Retrace Target Fib Level 50% at 0.0060 or at 61.8 % at 0.0066. After that possible 2nd Blow off phase, then return to mean.

Well, let s see how good you are at your prognosis. Waiting for that 0.006.

[bandofgypsys]

Its not so hard..Reversal is at the doorstep now, Retrace Target Fib Level 50% at 0.0060 or at 61.8 % at 0.0066. After that possible 2nd Blow off phase, then return to mean.

What is your time scale for 'the mean'?  The long term scale was declining.