[ANN] FACTOM - Introducing Honesty to Record-Keeping

[Sjacmur]

What is "Milestone 2" ?
Today I bought some FCT but nothing know
And when price can rise more? its middle/long term or is possible short time ? When any important update or sosmething what I need know ??

[locohammerhead]

What is "Milestone 2" ?
Today I bought some FCT but nothing know
And when price can rise more? its middle/long term or is possible short time ? When any important update or sosmething what I need know ??

the second update to the wallet and probably more.  If I were you, I wouldn't worry too much about the price.  Get in now and ride the next wave up.  Can't give an exact timeframe but I'm also in FCT long term because the technology has a chance to revolutionize several different markets.

[locohammerhead]

Need some assistance.  

I had to reboot my PC and perform some system maintenance, now my FCT balance is showing 0 and no transactions are listed.  I had 60 FCT in my wallet before I shut the wallet down and rebooted my system.  This didn't happen to any other altcoins I have.  I made no changes to the FCT wallet before this system maintenance either.  Any suggestions?  
Factomd looks to be synching the chain block 38141 as of writing this but when I run the wallet app it shows 0.

*Update*

Fixed the issue, it was the Windows sync problem that happens from time to time.  Once it actually updated the chain it worked.

[tempus]

What is "Milestone 2" ?
Today I bought some FCT but nothing know
And when price can rise more? its middle/long term or is possible short time ? When any important update or sosmething what I need know ??

There are 3 Milestones:

M1: Launch/Release of the protocol (done)
M2: Entry-Credit-Store (done), Consensus-Algorithm for the protocol - the software supporting distributed processing of the Factom protocol.
M3: Election protocol - the last step to make Factom to a decentralized system with federated servers under independent control.

In general my advice to everybody in this market is to make deep research about Factom. I know that most of all Investors not really know what Factom is and will be about. So they don't understand the potential of this project. Kind of funny is really that it doesn't seem to be such an eye-catcher like some others. It's as if people focus so much on words that they never ask what is needed as base. And Factom is in the "base-business". Not selling novels but paper and even better: "connected paper" ---> network-effect (https://en.wikipedia.org/wiki/Network_effect).

Who doesn't understand what I'm trying to say with that: Do your research! ;-)  

[kame]

shapeshift hacked? then all alt coins dropping?

[bioly]

shapeshift hacked? then all alt coins dropping?

Link, proof or don't spam thread

[tempus]

shapeshift hacked? then all alt coins dropping?

Link, proof or don't spam thread

Seems to be true:

ShapeShift Update - April 7 Security Breach
https://www.reddit.com/r/shapeshiftio/comments/4dx6k4/shapeshift_update_april_7_security_breach/

Sunday Night Update - ShapeShift Outage
https://www.reddit.com/r/shapeshiftio/comments/4e93ms/sunday_night_update_shapeshift_outage/


Bitcoin/ cryptocurrency exchange ShapeShift offline following hack, company rebuilding platform
http://siliconangle.com/blog/2016/04/11/bitcoin-cryptocurrency-exchange-shapeshift-offline-following-hack-company-rebuilding-platform/

[kame]

shapeshift hacked? then all alt coins dropping?

Link, proof or don't spam thread

take a look at their web site. official statement there

[kahir]

100 k incoming ? or lower

[kame]

Hi

since FACTOM announcement, I have been watching and impressed their picture of election protocol and so on.
on the other side, as a ICO investor, I am little confusing what would be happen to my FACTOM in omniwallet when fed or such gov function utilize FACTOM.

my understanding is those function may purchase "Entry Credits" through FACTOM web site, not Factoids from alt coin markets.
so, technology stand point, we will see their success with happiness, but my FACTOM(Factoids) price in alt coin markets would be steady, I thought.

In short, poloniex or such alt coin markets are dealing Factoids. Commercial base, user can buy Factoids, but most likely, user would buy Entry Credits directly from FACTOM. Demand of FACTOM means demand of Entry Credits.

I am little confusing why they deal Factoids with the expectation of capital gain.

can anybody give me a hint on this?

thanks!
 

[tempus]

Hi

since FACTOM announcement, I have been watching and impressed their picture of election protocol and so on.
on the other side, as a ICO investor, I am little confusing what would be happen to my FACTOM in omniwallet when fed or such gov function utilize FACTOM.

my understanding is those function may purchase "Entry Credits" through FACTOM web site, not Factoids from alt coin markets.
so, technology stand point, we will see their success with happiness, but my FACTOM(Factoids) price in alt coin markets would be steady, I thought.

In short, poloniex or such alt coin markets are dealing Factoids. Commercial base, user can buy Factoids, but most likely, user would buy Entry Credits directly from FACTOM. Demand of FACTOM means demand of Entry Credits.

I am little confusing why they deal Factoids with the expectation of capital gain.

can anybody give me a hint on this?

thanks!
  

Let's say I know the CEO of a company and he would like to buy Entry Credits directly from me. He gives me money and I transact...

....Factoids to his Entry-Credit-Address ---> those Factoids are "burned"/out of the system.

Every time and regardless where somebody purchases EC's, Factoids will be converted into EC's and out of the system.

Than lowers the total supply and increases the value of all remaining Factoids. On the other side, after Milestone 3, there will be an inflation rate of 10% per year (about 73k FCT's).


The current total supply you can see if you click on a Block:
http://explorer.factom.org

Currently: 8,752,865 FCT's

Started with: 8,759,968 FCT's


Edit: Here you can see that the use of the system is increasing:

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

[tempus]

shapeshift hacked? then all alt coins dropping?

Link, proof or don't spam thread

take a look at their web site. official statement there

Question is, which Coins the Hacker was able to steal and if he really was the one who dumped or if the dumping (not just Factom) was more out of panic. The thing is: If the Hacker had to make a new account on Poloniex he can't withdrawal large amounts from there:

Level 1 Verification
Daily withdrawal limit $2,000 USD equivalent

Level 2 Verification
Daily withdrawal limit $7,000 USD equivalent

Level 3 Verification
Daily withdrawal limit $25,000 USD equivalent


And if it's not a new account, it would be impossible to hide his identity.

[kame]

Hi

since FACTOM announcement, I have been watching and impressed their picture of election protocol and so on.
on the other side, as a ICO investor, I am little confusing what would be happen to my FACTOM in omniwallet when fed or such gov function utilize FACTOM.

my understanding is those function may purchase "Entry Credits" through FACTOM web site, not Factoids from alt coin markets.
so, technology stand point, we will see their success with happiness, but my FACTOM(Factoids) price in alt coin markets would be steady, I thought.

In short, poloniex or such alt coin markets are dealing Factoids. Commercial base, user can buy Factoids, but most likely, user would buy Entry Credits directly from FACTOM. Demand of FACTOM means demand of Entry Credits.

I am little confusing why they deal Factoids with the expectation of capital gain.

can anybody give me a hint on this?

thanks!
  

Let's say I know the CEO of a company and he would like to buy Entry Credits directly from me. He gives me money and I transact...

....Factoids to his Entry-Credit-Address ---> those Factoids are "burned"/out of the system.

Every time and regardless where somebody purchases EC's, Factoids will be converted into EC's and out of the system.

Than lowers the total supply and increases the value of all remaining Factoids. On the other side, after Milestone 3, there will be an inflation rate of 10% per year (about 73k FCT's).


The current total supply you can see if you click on a Block:
http://explorer.factom.org

Currently: 8,752,865 FCT's

Started with: 8,759,968 FCT's


Edit: Here you can see that the use of the system is increasing:

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

thank you very much!!

I think I am getting to catch up but tell me bit more.
what would be your story that the CEO would buy EC directory from Factom website of here ? https://www.factom.com/entry-credits/.

thanks for your time

[tempus]

Hi

since FACTOM announcement, I have been watching and impressed their picture of election protocol and so on.
on the other side, as a ICO investor, I am little confusing what would be happen to my FACTOM in omniwallet when fed or such gov function utilize FACTOM.

my understanding is those function may purchase "Entry Credits" through FACTOM web site, not Factoids from alt coin markets.
so, technology stand point, we will see their success with happiness, but my FACTOM(Factoids) price in alt coin markets would be steady, I thought.

In short, poloniex or such alt coin markets are dealing Factoids. Commercial base, user can buy Factoids, but most likely, user would buy Entry Credits directly from FACTOM. Demand of FACTOM means demand of Entry Credits.

I am little confusing why they deal Factoids with the expectation of capital gain.

can anybody give me a hint on this?

thanks!
  

Let's say I know the CEO of a company and he would like to buy Entry Credits directly from me. He gives me money and I transact...

....Factoids to his Entry-Credit-Address ---> those Factoids are "burned"/out of the system.

Every time and regardless where somebody purchases EC's, Factoids will be converted into EC's and out of the system.

Than lowers the total supply and increases the value of all remaining Factoids. On the other side, after Milestone 3, there will be an inflation rate of 10% per year (about 73k FCT's).


The current total supply you can see if you click on a Block:
http://explorer.factom.org

Currently: 8,752,865 FCT's

Started with: 8,759,968 FCT's


Edit: Here you can see that the use of the system is increasing:

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

thank you very much!!

I think I am getting to catch up but tell me bit more.
what would be your story that the CEO would buy EC directory from Factom website of here ? https://www.factom.com/entry-credits/.

thanks for your time

No problem!

What is really great about Factom is this: They have found a way to eliminate the need of any Cryptocurrency (including Factoids) for potential customers, which makes Factom a lot more attractive - before all for bigger companies like banks.

Potentially there are two ways to get Entry Credits:

1. A user can buy Factoids on an exchange and convert them into Entry-Credits himself.
2. A user can buy Entry Credits directly and pay with a Credit-Card or another common way, like bank-transaction.

The advantage of buying Entry Credits directly is:

- no regulatory issues
- more practicable/elegant/direct --> no need to make an account on an exchange, buying Bitcoin before to buy Factoids to convert it etc.)


But it doesn't need to be Factom-inc. they buy from. Potentially you could open a Store and offer EC's. Every time somebody buys Entry Credits, you (or your bot-system) would transact Factoids on the Customers EC-Adress and those Factoids would be out of the system. That's always the same, regardless if the user does it himself or Factom-inc. or you or whoever.

The customer doesn't even need to know about Factoids or any Cryptocurrency to use Factom. Factoids are more like a system-currency to pay those who will run the federated servers, which is also a great incentive that they will do their best to promote Factom to increase volume (use) and value.

That economical concept is what initially got my attention because it's nearly perfect or maybe it is perfect - I don't see any weak points. The base idea about how Factom can be used, for how many purposes, is already great. But it's the economical design which is genius in my opinion, because they've found a way to lower all possible barriers and to keep the system flexible and ready to grow into all kinds of potential use cases at the same time.

With other words: Pretty elegant. If they are able to develop it like it's planned I don't know of any reason why Factom should not become a great success. And I personally have no doubt that they will deliver.

[kame]

many thanks to your explanation! FACTOM team are genius and so you are. Unless good understanding of FACTOM, you can not tell me - Newbie.

It comes to mi mind that Factoids helping FACTOM scheme for initial cost of devs and running cost of the servers. Their main business of EC sell uplift value of Factoids because as much as sold, Factoids will burn that supply will be decreased unless inflation supply.

something like... this?

I invested AMP Synereo at croudsale too. innovation of utilizing block chain is so rapid that I want to see actual product as much as I can.

again, thank you very much you made me so happy now

Cheers.

[tempus]

Selling Entry Credits is not the big business yet and I doubt that they sell their own FCT's. But Factom is funded. There was the ICO and seed-fundings and Factom-inc gets also paid for coding solutions for customers. Not sure if that's already a money machine but I believe they already make some money.   

[crazyivan]

Sad to see Factom lose it's top 10 place in marketcap. Also surprising to see it drop much more than other cryptos. Strange given it's huge potential. Perhaps when milestone 2 is released the market will feel more confident with Factom. Hard to read to be honest but hey this is crypto.

Nothing special, these re just crypto speculations. Look at ether, it s has dropped big time as well and it has been the hottest crypto in the last few months.

BTC went a bit up, April 15 and paying taxes in the US also influenced this and more importantly, it takes a lot of time for a currency/token to grow to a point where it s not volatile and faces less speculation.

Be patient and grow your stash. Real investors are INCREDIBLY patient. The rest are just weak hands or speculators.

[CocoLibre]

Exactly, any dip that has been bought since December has resulted in outsized profits and this recent dip will be no different. Ideally stage your buys on the bid at various prices to get a equalized price; seems like most of the dread about price are from people who bough their entire position all at once. FCT is still in beta and hasn't been live for more than 6 months, take advantage of price discovery while the market is despondent.

[Freckleg]

how do you obtain/download Paper Mill? Github states for the binaries that the file is too big to show.

So now what if I want to cold store FCT?

thanks for your help

[tempus]

how do you obtain/download Paper Mill? Github states for the binaries that the file is too big to show.

So now what if I want to cold store FCT?

thanks for your help

It's not a big file. Just click on the Hyperlink in the text for your OS:
https://www.factom.com/howto/factoidpapermill/

And if you should be on Windows it could be that it just opens and closes immediately. You can prevent that by opening the terminal first and dragging the papermill into it --> enter.