[ANN] FACTOM - Introducing Honesty to Record-Keeping

[ELikesCrypto]

I well understand how it works for Factom, ensuring they and their clients will never reach a position where the Factoid are prohibitively expensive to buy off market.

What I don't understand is how the increased adoption benefits us the coin holders, as any temporary price increase will be always balanced downwards (the more EC's used and more Factoids are burnt / purchased, the more the increased EC/Factoid exchange rate will push the price back).

I love this project and have invested a little for the LONG haul, but the fact is, Factoids are horrendously overpriced at present.  How do I know this?  From Brian Deery's post here: https://www.reddit.com/r/factom/comments/47nyx0/thoughts_of_the_economic_model_of_factom_and/d0gqwdz

The Factoids also are a reward to the servers to pay for engineering time, server, and bandwidth costs. The current market price of ~1$ roughly corresponds to a steady state prediction of about 800 gigabytes/year being added to the system or about 27 TPS.

1 entry credit allows you to enter up to 1kb of data according to the store here: https://www.factom.com/entry-credits/

What that means, is that at a Factoid price of $1.00, 800 gigs a year allow for 800,000,000+ entry credits to be used.  If you look at the blockchain, on 10/05/2016 they entered Project Gutenberg into the chain which consisted of over 22,000 books. Not single documents, but BOOKS. By my rough count, 22,000 books used up around 20,000 entry credits.

If I'm correct, and I believe I am, this means Factoids are pretty darn overpriced right now.    At a current price of $1.70, that means we're looking at needing to use 1,360,000,000 entry credits.

I understand your concern, but i think the way you build your foundation for this conclusion is shaky - to say the least.
Could you explain how you get to the estimation of 20,000 entry credits for 22,000 books? And i assume you mean 10/05/2015, not 2016?
I don't think it's fair to say that Factoids are currently overpriced based on this one transaction into the chain.
The current price, like the price for all cryptocurrencies, is based on expectations. How else can we explain the current price of Ethers for example? Are the actual current transactions on the Ethereum blockchain supporting this price?
Also, we have no idea what the number of transactions/ amount of data will be that goes onto the blockchain once Factoids will actually be used in real life. Working for a large insurance company myself i am aware that 10,000's of gigs of contract related data are stored on servers/in the cloud for my company alone. 800 gig is nothing.
I think it's safe to say that we are all still early adopters here, investing in/hoping to make money on a new technology that has not proven itself yet. Making estimations on pricing before the technology even had a chance to prove itself, based on an analysis of 1 transaction,  is a questionable approach imho. If that is your approach, then you should maybe find other, safer investment opportunities.

[tempus]

Here come the trolls.. Wow. As soon as there is any good news you can count on them to show up in full force and bring their FUD. Definitely time to buy and hold folks. Enough said.

I'm not trolling, as I said, I'm invested for the long haul.  If I'm wrong about something, please point it out.  I'm presenting my theory based upon the statements of the lead developer.

Or I'd love a Factom employee to explain how I'm wrong.  I'd love to be very wrong and pick up some more Factom if it's actually underpriced.  But based upon my analysis, it's overpriced at present.

Haha invested, what a joke.. waste of time trying to respond to a paid troll. Your history convicts you my friend. Please go find another incredible coin to troll and maybe you'll have better luck. Likely not. Trolls are so easy to spot these days it's almost hilarious.  

http://imgur.com/kZq1yRu - A screenshot from Poloniex

I suspect you've invested more than you should in Factoids.  If you're getting that upset, you may want to evaluate how much you're investing into your various cryptocurrencies.  

And did you actually read my post history?

Wow you are good! I have invested in Factom and do believe in this team. IMO this is the best time to accumulate. Time will tell if I'm right.

Oh by the way if you think factoids are so 'under valued' because of your fantastic analysis why don't you sell now and buy back cheaper.

Because I'm an investor, not a trader.  I create an entry position and then continue to buy on the way up as fundamentals support increased prices.  If fundamentals don't support increased prices, I don't buy.  Right now, I don't see the fundamentals supporting the price.  Hiding that fact won't change much as the market always finds the fair price.

I understand your point, but I'm not sure I agree with your proposition that the fundamentals don't support the price. If your definition is totally based on the present time, you are correct. We could say: If Factom would stay how it is and where it is, with the current use to be stable but without increasing use, the current price would be too high. That would be correct. But the fundamentals are not just about the current use of the system that isn't even totally finished yet.


The current use looks this way:



Source: Usage Statistics
https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/edit#gid=445871101


What it shows is an increasing number of users and if you focus on Poloniex for example, it's also rational to assume an increasing number of EC's being used per user/company. That is what it shows.

To evaluate the current value it's rational in my eyes to think about it all, also about obviously ongoing negotiations behind the curtain we don't know much about yet. Because it's more rational to assume that Factom will grow, that the use will continue to increase and that they will deliver more and that there will be more deals in the future, as it's probably that it will stay where it is.

If you think about it all, it's still hard or even impossible to calculate a fair price for now, but I personal wouldn't say it's overvalued because under the line it's about potential and I don't know of any other project in which I would see that much potential as in Factom.

[SyRenity]

Increasing the EC/FCT exchange rate drives the price up, not down. Factoids will be worth more Entry Credits, each of which is worth $0.001

What additional value Factoid provide beyond being burnt for EC's?

Not trolling at all, just trying to understand what actually will support the Factoid price, if EC supply per burnt Factoid increases together with the price.

[bitwarrior]

Will history repeat itself?

https://mobile.twitter.com/altcoinsking/status/715553354370387968

This is one confirmation of some rumor that I received that FCT will go sky high again this april.

[kampretkabur]

hope so, has been in the same range of price for quite sometimes now

[crazyivan]

Will history repeat itself?

https://mobile.twitter.com/altcoinsking/status/715553354370387968

Who is this and why would we trust anything he says?

[Predicter One]

Hi,

I just want to say one thing to this. I followed it here, and I really had to laugh, because the only thing I see here is, that are many dump/pump peolple abusing this forum to manipulate people!

Analizing all facts, real big investors can come only to the conclusion that when they want to invest in Factom, they do it now, because the price will never be as cheap as now. And I'm talking about real big Investors ;-)

When there is a believe in one thing, we believe in it not only for a second, or a minute, we are now absolutely convinced of it to believe in it for ever !

Let's see guys 

[tempus]

Saw this on reddit

https://www.reddit.com/r/uᴉoɔʇᴉq/comments/4ctrlh/someone_posted_what_looks_like_the_missing_185/

http://beta.explorer.factom.org/chain/5249434bdb51c875564719199a21360d85005c76ac2673a4da9eef6022219529?page=4

I don't believe it until I hear it. Today is April 1......  ;-)


Edit: The first post was deleted. Here are two new threads:

In uᴉoɔʇᴉq: https://www.reddit.com/r/uᴉoɔʇᴉq/comments/4ctrlh/someone_posted_what_looks_like_the_missing_185/

In Factom: https://www.reddit.com/r/factom/comments/4ctzce/someone_posted_what_looks_like_the_missing_185/

[seok436]

Saw this on reddit

https://www.reddit.com/r/uᴉoɔʇᴉq/comments/4ctrlh/someone_posted_what_looks_like_the_missing_185/

http://beta.explorer.factom.org/chain/5249434bdb51c875564719199a21360d85005c76ac2673a4da9eef6022219529?page=4

I don't believe it until I hear it. Today is April 1......  ;-)


Edit: The first post was deleted. Here are two new threads:

In uᴉoɔʇᴉq: https://www.reddit.com/r/uᴉoɔʇᴉq/comments/4ctrlh/someone_posted_what_looks_like_the_missing_185/

In Factom: https://www.reddit.com/r/factom/comments/4ctzce/someone_posted_what_looks_like_the_missing_185/

I don't know That is bad things for factom or not.
Could you let me know?

[bioly]

@seok436
Don't worry   "There is no such thing as bad publicity. "

EDIT How are things with Milestone 2?

[crazyivan]

It seems to be a slow crypto weekend.

[Odsejen]

Does anyone know, if it is possible to set a password in the gui-client? I can't find it.

[x13]

I need a little help with Factom wallet.
I installed the deb package on my Linux (Ubuntu) machine. I run factomd and fctwallet as described here https://www.factom.com/howto/binaries-install-guide/
The terminal of fctwallet shows "2016/04/02 16:10:52 web.go serving localhost:8089". When I access localhost:8089 via my browser then I get a website saying "Page not found".
What did I do wrong? Thanks for help!

[BrianDeery]

Does anyone know, if it is possible to set a password in the gui-client? I can't find it.

There are 2 ways to protect your wallet.

1) use file encryption for the factoid_wallet_bolt.db file.  Here are some successors to the defunct truecrypt, which would have been a good option: https://www.maketecheasier.com/truecrypt-alternatives/

wallet passwords and file encryption will only protect against casual attackers.  If a hacker really wants your private keys, they will wait until you type in your password, then will get it.

2) To store for the long term with the best security use a paper wallet.  https://www.factom.com/howto/factoidpapermill/

[BrianDeery]

I need a little help with Factom wallet.
I installed the deb package on my Linux (Ubuntu) machine. I run factomd and fctwallet as described here https://www.factom.com/howto/binaries-install-guide/
The terminal of fctwallet shows "2016/04/02 16:10:52 web.go serving localhost:8089". When I access localhost:8089 via my browser then I get a website saying "Page not found".
What did I do wrong? Thanks for help!

fctwallet is for API access.  You would use it for programmatic access to the wallet.  if you want to have GUI access, run walletapp instead.  fctwallet and walletapp cannot be run at the same time.

see these directions too: https://www.factom.com/howto/factoid-wallet-gui-guide/

[tempus]

Saw this on reddit

https://www.reddit.com/r/uᴉoɔʇᴉq/comments/4ctrlh/someone_posted_what_looks_like_the_missing_185/

http://beta.explorer.factom.org/chain/5249434bdb51c875564719199a21360d85005c76ac2673a4da9eef6022219529?page=4

I don't believe it until I hear it. Today is April 1......  ;-)


Edit: The first post was deleted. Here are two new threads:

In uᴉoɔʇᴉq: https://www.reddit.com/r/uᴉoɔʇᴉq/comments/4ctrlh/someone_posted_what_looks_like_the_missing_185/

In Factom: https://www.reddit.com/r/factom/comments/4ctzce/someone_posted_what_looks_like_the_missing_185/

I don't know That is bad things for factom or not.
Could you let me know?

If it would be true that somebody would have factomized the missing minutes of the Nixon-records and if it would be possible to decode it into a soundformat, it would be a HUGE story. In some days everybody with access to a newspaper would know about it and Factom, and everybody would like to know who did it.

The 18½ minute gap
https://en.wikipedia.org/wiki/Nixon_White_House_tapes#The_18.C2.BD_minute_gap

So, I think it would be good. Factom would be in the news like a new kind of Wikileaks.

But I don't believe that this record even exists. I believe it was deleted without a back up and as I said: Yesterday was April 1. ;-)

[Nxtblg]

Hey Everyone: Have a look at this, and please look at the embedded videos:

"Distributed Ledger Visible To All? Ready for Blockchain?" It's posted in HuffPo Business.

Okay, Factom was not mentioned. But articles like these clearly show that "blockchain" is making the long march through the business media.    Items like the one above are paving the way for Factom to get some mainstream press of it own in the good-demographic business press.

If you're a little depressed about FCT's price, just read the above and think of the long game!

[MyFarm]

Have you guys heard about the, "Panama Papers" yet?  Well, once the world begins to digest this, it will be HUGE for Factom.  Why?

"The leaked files show the firm regularly offered to backdate documents to help its clients gain advantage in their financial affairs. It was so common that in 2007 an email exchange shows firm employees talking about establishing a price structure - clients would pay $8.75 for each month farther back in time that a corporate document would be backdated."

Source: http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/

The world is going to begin to demand that documents not be able to be backdated.  And they will turn to Factom.

This is going to be HUGE for Factom.

[BrianDeery]

The leaked files show the firm regularly offered to backdate documents to help its clients gain advantage in their financial affairs

Thanks!  I hadn't noticed this.  I am also working on a blogpost about trusted timestamping as a possible motivator for Bitcoin.  I will use this as an example of the failures of trusted timestamping.

[MyFarm]

The leaked files show the firm regularly offered to backdate documents to help its clients gain advantage in their financial affairs

Thanks!  I hadn't noticed this.  I am also working on a blogpost about trusted timestamping as a possible motivator for Bitcoin.  I will use this as an example of the failures of trusted timestamping.

You're welcome.  I doubled my position in Factom after reading that.  I believe as the magnitude of the fraud and corruption are shown via the Panama Papers, people will come to understand the importance of having auditable, verifiable documents and Factom will lead the way in that regard.  I hope your marketing team seizes upon this opportunity.  At the very least, a video would be useful.

I look forward to your blog post.