I appreciate the weak hands providing such a buying opportunity.
Not much. There is plenty of room for multiple players in this space. I like the approach Factom is taking by employing an altcoin. It opens up a world of possibilities that aren't possible with Tierion.
In fact, this price drop allowed me to accumulate enough Factoids that I feel comfortable elaborating on why I'm so excited about Factom. In the past, many forms of currency were BACKED by something valuable such as gold or silver. Today, fiat currency isn't backed by anything. Factoids are backed by data.
Factoids are backed by something much more valuable than even gold. Information. And one could argue that it works both ways in that Factom also backs data. Factom is backed by data and backs data.
Remember, the creators of Factom want 1 Entry Credit to cost the same and back a specific amount of data.
What is the definition of Gold Standard? "A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold."
What could the Factom Standard be? "A Factom standard is a monetary system in which the standard economic unit of account (Entry Credit) is based on a fixed quantity of data."
Bitcoin is backed by an ever-decreasing number of mining operations. Factoids are backed by and back an ever-increasing amount of data looking to be verified, secured, and easily auditable.
What do you forsee the future global currency being backed by? Nothing? Gold? Silver? Electricity? Or information. We ARE in the Information Age after all. Maybe it's time for our currency to join the times.
