[ANN] FACTOM - Introducing Honesty to Record-Keeping

[husky1971]

Why because of problems with the Ethereum and theDAO, down goes the FCT. It can be seen from the fact that all the coins are now associated with smart contracts go down. Waiting 0,001 FCT/BTC.

Waiting for 0,01

Just around the corner, do you have a half year more ?

This im waiting till 70k

Is the smart contracts on blockchain save? is the hack also possible same as ethereum (dao)?

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[flashbit]

Why because of problems with the Ethereum and theDAO, down goes the FCT. It can be seen from the fact that all the coins are now associated with smart contracts go down. Waiting 0,001 FCT/BTC.

Waiting for 0,01

Just around the corner, do you have a half year more ?

This im waiting till 70k

Is the smart contracts on blockchain save? is the hack also possible same as ethereum (dao)?

NO NOT THE SAME DUDE. read up on factom. waiting for 700k

[crazyivan]

Hm, Factom going down should not be related to DAO and Ether. It s not related in any way at all.

This must be something else.

[Cryptorials]

Hm, Factom going down should not be related to DAO and Ether. It s not related in any way at all.

This must be something else.

Do not underestimate the ignorance of the markets.

[crazyivan]

I dont care anymore, here just to follow development of the situation.

Do not own Factom anymore.

[bitowl]

is there a light wallet (ie electrum) for factom yet?

otherwise how big is the blockchain? I'm running low on memory.

[Kartaba]

Who gives a flying fuck about the prices we have Tiana If i were a billionaire i would give her all my money lol, brains and beauty like that is more rare than any crypto

[whiteorg72]

Hm, Factom going down should not be related to DAO and Ether. It s not related in any way at all.

This must be something else.

Now almost all the coins on the market are having problems and are in the red, it is a normal reaction to yesterday's events, burglary and theft of $60 million. Due to yesterday's events the credibility of the smart contracts and all that is connected with them are now dropped, and dropped credibility of the entire crypto market. It always has been, can remember as soon as the markets reacted when there were problems with the theft Bitcoins (Mt.Gox and others) on the exchanges. Now we need 27 days while all the markets normalize, unless V. Buterin and his team will be able to make the right decision.

[crazyivan]

Hm, Factom going down should not be related to DAO and Ether. It s not related in any way at all.

This must be something else.

Now almost all the coins on the market are having problems and are in the red, it is a normal reaction to yesterday's events, burglary and theft of $60 million. Due to yesterday's events the credibility of the smart contracts and all that is connected with them are now dropped, and dropped credibility of the entire crypto market. It always has been, can remember as soon as the markets reacted when there were problems with the theft Bitcoins (Mt.Gox and others) on the exchanges. Now we need 27 days while all the markets normalize, unless V. Buterin and his team will be able to make the right decision.

I dont buy that. We ve had theft and dumps even before and only the affected coin would be suffering. Having people dumping everything just cause someone stole something is not logical. Still, I do think things re going to get back to normal soon. DAO s probably dead but ETH has already started recovering and FCT should face the same.

[tempus]

Hm, Factom going down should not be related to DAO and Ether. It s not related in any way at all.

This must be something else.

Now almost all the coins on the market are having problems and are in the red, it is a normal reaction to yesterday's events, burglary and theft of $60 million. Due to yesterday's events the credibility of the smart contracts and all that is connected with them are now dropped, and dropped credibility of the entire crypto market. It always has been, can remember as soon as the markets reacted when there were problems with the theft Bitcoins (Mt.Gox and others) on the exchanges. Now we need 27 days while all the markets normalize, unless V. Buterin and his team will be able to make the right decision.

I don't believe there is a right decision. It seems as if there are only choices between bad and worse and it also seems as if they are willing to risk Ethereums credibility to get the money back (a rollback is on the table).

But even if they would find a most elegant/perfect solution to not hurt Ethereums credibility and to get the money back: All those ETH's will reach the market in a short period of time. And that will also be anticipated. I don't see a positive scenario for Ethereum (and the price) in mid-term.

Other projects will benefit in my opinion. That may seem cold but that's the "game". Besides the learning effect (which can also help Ethereum in longterm) a lot of money which would be focused on Ethereum won't go into Ethereum the next time but find it's way into other projects.

I don't believe that this disaster will have much impact on others besides the panic that was in the market yesterday. It's not a Factom-problem or a *whateverprojectsname*-problem.

This is worth reading about Ethereum and DAO:


Thoughts on The DAO Hack

(...)

Is Ethereum/Solidity Suitable for Secure Smart Contracts?
It's clear that writing a robust, secure smart contract requires extreme amounts of diligence. It's more similar to writing code for a nuclear power reactor, than to writing loose web code.

Yet the current Solidity language and underlying EVM seems designed more for the latter. Some misfeatures are:

A good language for writing state machines would ensure that there are no states from which it is impossible to recover.
A good language for writing state machines would make it painfully clear when state transitions can and cannot happen.
A good language for maintaining state machines would provide features for upgrading the security of a live contract.
A good language for writing secure code would make it clear that there are no implicit actions, that code executes plainly, as read.
The current language does not fulfill any of these commandments, and in fact, the last one, involving implicit recursive calls, is what did The Dao in.

The SlockIt team even had the designer and implementor of Solidity perform a review of their code. If he cannot get something like The DAO to be secure, no one can.

A re-think seems called for.

(...)

http://hackingdistributed.com/2016/06/17/thoughts-on-the-dao-hack/



 



(...)

The only reason the proposal exists at all is because the Ethereum developers have personally invested in the DAO, multiple posters have argued.

The conflict threatens to bring down the credibility of the entire currency. Not only was it possible to hack the system and move millions of dollars worth out of one of the currency's main backers – raising questions of its technical competence – but the developers have proposed intervening potentially for their own financial gain in the inner workings of the entire system – raising political questions over how it is run.

http://m.theregister.co.uk/2016/06/17/digital_currency_ethereum/

[tempus]

Hm, Factom going down should not be related to DAO and Ether. It s not related in any way at all.

This must be something else.

Now almost all the coins on the market are having problems and are in the red, it is a normal reaction to yesterday's events, burglary and theft of $60 million. Due to yesterday's events the credibility of the smart contracts and all that is connected with them are now dropped, and dropped credibility of the entire crypto market. It always has been, can remember as soon as the markets reacted when there were problems with the theft Bitcoins (Mt.Gox and others) on the exchanges. Now we need 27 days while all the markets normalize, unless V. Buterin and his team will be able to make the right decision.

I dont buy that. We ve had theft and dumps even before and only the affected coin would be suffering. Having people dumping everything just cause someone stole something is not logical. Still, I do think things re going to get back to normal soon. DAO s probably dead but ETH has already started recovering and FCT should face the same.

DAO is not "probably" dead. They will shut it down and try to get back as many funds as possible. Maybe that will be 100% but if, it will most likely be because of a rollback. There are also other potential solutions on the table but what I believe is: Priority will be the money, not credibility. DAO was a flawed idea right from the start. Even if the code would have been perfect the social and economical implications always were a risk for Ethereum and just a few didn't underrate that but warned.

And I don't believe that Ethereum is recovering. I believe that it's manipulated with a lot of money to prevent even more panic and that the majority underrates what will come. Even if there would be a perfect solution to get the money back without a damaging intervention the collected ETH will reach the market and bring pressure on the price. But it's not only that. It's in combination with bad press, a bad collective mood, decreasing trust in Ethereum as a platform for smart contracts, rising Bitcoin, and competitors that maybe are not even recognized yet.

Regarding the market-situation in general and the question if something is "not logical": The market is never totally rational. It's more the opposite because it's driven by greed and fear, not totally rational analysis (which is also impossible). At the same time rational moves of individuals can seem irrational for those who just see the chart. If a whale had to cut his losses because of a personal situation in combination with the DAO-disaster - it's rational out of his perspective. But the chart could be recognized as if it would be an irrational move.

I believe we see a turning point of the whole crypto-market, at least in mid-term. Bitcoin is rising while it's biggest competitor loses trust and most likely it also will lose marketcap. Ethereum will survive this but over the next days (maybe even weeks) there will also be a lot of hurting discussions how to solve this problem. And I believe (but I'm absolutely not an expert) that this is not just about the DAO-code. It's most likely also about the platform, about Ethereums design. If I'm right with that it's also an underrated issue and if that is correct, Ethereum was and still is totally overvalued.

Factom: ...could benefit. Reason is: In combination with Bitcoin and other projects around Bitcoin, the Bitcoin-ecosystem will grow and in best case it will grow into something that is superior to Ethereum in all areas, also regarding decentralization. I never believed that highly complex systems have much chance. I always believed that complexity should be a result of a natural growth of simple systems combined with simple systems - like Bitcoin plus Factom plus (....otherprojects...).

Why did the price for FCT went down the last time? I still believe it's 90% because of Bitcoin. And important is always: The (any) price doesn't say much about the real value of a project. I believe Factom is worth more than Ethereum. I don't want to say Factom should have a billion-marketcap (like I've said: I consider Ethereum as overvalued) but I believe Factom is really useful or at least it's near to be, while Ethereum may be more like an experiment to find out how to do smart contracts and how not to do it. That also has value but more like science has value: learning... Crypto is so young. I have no doubt that there will be other projects in future that will do what Ethereum wants to do but with the advantage to learn out of Ethereums mistakes.

That's also the reason why I don't see delays as a problem. Because it's not just about finding a possible solution, code it and release it. It's very important not to make steps that could be right for now but turn out as a weak point later. That's why it's about thinking about all possible consequences and scenarios, tests and improvements and so on.

If I compare my own view on Ethereum and DAO with Factom, my opinion is: DAO is a clear proof of a lack of professionalism (and I mean it's existence now, not just the flawed code). And I'm not speaking just about DAO-Devs. They are from the Ethereum-team. Ethereum = DAO = slock.it.

Factom on the other side: Maybe the Factom-team doesn't have a superstar like Vitalik Buterin, but they are professionals. They have a history in developing products for real use, are much more experienced and most likely they have a better overview about all important aspects. I always prefer elegant simplicity and perfectionism instead of rushed out dreams  that start as a hype but end as a horror-trip just two weeks after launch. But finding the best possible way and to do it as perfect as possible takes time. Better a delay now, instead of a hype that ends in a crash because of impatience and a development with focus on the market/price.

[crazyivan]

I don't know what your real affiliation to Factom is, whether you re just an investors or anything else, but I think you re seriously biased towards Factom. However, I ve said I m not going to talk shit about any coin I do not personally own anymore cause I m a nice guy and would really to see hard cord crypto enthusiast and investors make money on this.

Still, the fact remains M2 s still not here.

[whiteorg72]

I think that now it is not necessary to wait for the rapid appearance of M2 due to the recent events Factom team many times will recheck M2 and do not rush to give him, perhaps out of fear to fail. So it passes away M2 wait for a long time.

p.s. theDao dead and Ethereum drop to $5-$7 per coin until the final decision on the situation yesterday.
Poor against the background of yesterday's events FCT may fall to 0.001. Yesterday we have seen to break through to the Polo exchange 0.00102171 .

[tempus]

I don't know what your real affiliation to Factom is, whether you re just an investors or anything else, but I think you re seriously biased towards Factom.

1. I'm a normal Investor, nothing special, without relations to Factom.
2. I believe it's impossible not to be biased in some ways
3. But I have reasons for my view on Factom and other projects etc. I think about all that, instead of just reacting emotional on price-changes.

4. I'm not just cheerleading Factom. There were points I criticized (wallet) and I never said they do it all perfect in all aspects. I also believe that more communication would be good, but if I try to think out of their perspective I can understand that they don't have much motivation to discuss with "Price-Complainers" while they have to do real work.

5. In comparison to other projects I do research about, it's the best project in my opinion, also and especially regarding the price potential. I just don't think in short-term because real value in short-term is a "Crypto-Illusion" - and DAO is just a good example.

6. If I should write posts against Factom I could do that. But I would need a lot more of speculations to give a negative impression while I just need to express my honest opinion to write about it how I do it.

However, I ve said I m not going to talk shit about any coin I do not personally own anymore cause I m a nice guy and would really to see hard cord crypto enthusiast and investors make money on this.

Still, the fact remains M2 s still not here.

I don't say that there is anything wrong about it to criticize the delay. But it should be more than just the expression of "please, do something for the price!". I mean, what is the critique exactly about? That they don't work on but having a good time on vacations? Or that they are not able to finish it? Because if I should be right with my view on it, there is nothing to be critical about. Maybe just that they were themselves overoptimistic regarding the time-frame. But delays are normal. And we are not the ones who do the work. We just read posts and articles and twitter and check charts and trade or whatever. More precise: We try to make money out of the work others do.

And kind of interesting is: The complaining about M2-delay is always related to the market-situation. If the price goes up - everybody is happy, no one cares about a delay. If the price goes down some try to blame the team while there are thousands of aspects with effect on the price they can't control (and shouldn't care about).  

Just by the way: It could turn out as an illusion that M2 will do much for the price. If they release it while Bitcoin rises even more, the FCT-price won't most likely react much more than it did because of the Rongdu-partnership-news. A little up plus dumping on release.

What I count on regarding the price is:

1. If Bitcoin should reach a new ATH, form a new "bubble" like it did in 2013, there will be a time when money flows into other projects/alts. First Alt's lose if Bitcoin goes up. Then they win at least in marketcap. After that they shoot up because a lot of BTC-profit-taking won't be just between Bitcoin and fiat but into other Crypto-projects. And that will most likely happen even without any news or releases.

2. Real success of Factom. If they realize it how it's planned I see no reason why it shouldn't be used and grow and grow and grow.  

[whiteorg72]

When the launch M2 will not be substantial price rise factoids. Price FCT can rise only after the launch M3 and when the factom project is fully operational. To do this, you need to have to wait at least a 1 year. So wait. The Factom project only for the long term.

[crazyivan]

I don't know what your real affiliation to Factom is, whether you re just an investors or anything else, but I think you re seriously biased towards Factom.

1. I'm a normal Investor, nothing special, without relations to Factom.
2. I believe it's impossible not to be biased in some ways
3. But I have reasons for my view on Factom and other projects etc. I think about all that, instead of just reacting emotional on price-changes.

4. I'm not just cheerleading Factom. There were points I criticized (wallet) and I never said they do it all perfect in all aspects. I also believe that more communication would be good, but if I try to think out of their perspective I can understand that they don't have much motivation to discuss with "Price-Complainers" while they have to do real work.

5. In comparison to other projects I do research about, it's the best project in my opinion, also and especially regarding the price potential. I just don't think in short-term because real value in short-term is a "Crypto-Illusion" - and DAO is just a good example.

6. If I should write posts against Factom I could do that. But I would need a lot more of speculations to give a negative impression while I just need to express my honest opinion to write about it how I do it.

However, I ve said I m not going to talk shit about any coin I do not personally own anymore cause I m a nice guy and would really to see hard cord crypto enthusiast and investors make money on this.

Still, the fact remains M2 s still not here.

I don't say that there is anything wrong about it to criticize the delay. But it should be more than just the expression of "please, do something for the price!". I mean, what is the critique exactly about? That they don't work on but having a good time on vacations? Or that they are not able to finish it? Because if I should be right with my view on it, there is nothing to be critical about. Maybe just that they were themselves overoptimistic regarding the time-frame. But delays are normal. And we are not the ones who do the work. We just read posts and articles and twitter and check charts and trade or whatever. More precise: We try to make money out of the work others do.

And kind of interesting is: The complaining about M2-delay is always related to the market-situation. If the price goes up - everybody is happy, no one cares about a delay. If the price goes down some try to blame the team while there are thousands of aspects with effect on the price they can't control (and shouldn't care about).  

Just by the way: It could turn out as an illusion that M2 will do much for the price. If they release it while Bitcoin rises even more, the FCT-price won't most likely react much more than it did because of the Rongdu-partnership-news. A little up plus dumping on release.

What I count on regarding the price is:

1. If Bitcoin should reach a new ATH, form a new "bubble" like it did in 2013, there will be a time when money flows into other projects/alts. First Alt's lose if Bitcoin goes up. Then they win at least in marketcap. After that they shoot up because a lot of BTC-profit-taking won't be just between Bitcoin and fiat but into other Crypto-projects. And that will most likely happen even without any news or releases.

2. Real success of Factom. If they realize it how it's planned I see no reason why it shouldn't be used and grow and grow and grow.  

I m not that naive to believe M2 will do something spectacular for the price. On the other hand, it would differentiate Factom from a lot of other coins which present ambitious plans and whitepapers and then get stuck.

Personally, what I hate the most is the policy of Factom we dont community with the community, we think this is the best way to do it, we dont care what you think, we dont care about the price of Factoids, all we care is to work on our service and sell entry coins. I feld a bit used by them when I owned Factom and this is why I sold.

There, I said I wont talk shit and you made take shit. Ups, to criticize. The fact remains, Factom team couldn't care less about Factoid holders anymore. They have other priorities. This is a normal business behavious of a tech startup, I agree with that. Still, doesn't change the fact I felt used.

[Arzack]

I wonder what's the % of institutions/corporations who would rather keep the ability to falsify their data over avoiding their workers from stealing?

[flashbit]

Its quite possible we get a little surprise and M2 and M3 are released at the same given they are invariably linked. Also I think an audit is needed.

[flashbit]

Holy crap this is big!!

DHS S&T Awards $199K to Austin Based Factom Inc. for Internet of Things Systems Security

https://www.dhs.gov/science-and-technology/news/2016/06/17/st-awards-199k-austin-based-factom-inc-iot-systems-security

[tempus]

Holy crap this is big!!

DHS S&T Awards $199K to Austin Based Factom Inc. for Internet of Things Systems Security

https://www.dhs.gov/science-and-technology/news/2016/06/17/st-awards-199k-austin-based-factom-inc-iot-systems-security

I just found that, too and wanted to post it! It's really great!

Full text:

DHS S&T Awards $199K to Austin Based Factom Inc. for Internet of Things Systems Security

For Immediate Release
DHS Science & Technology Press Office
Contact: John Verrico, (202) 254-2385

WASHINGTON – The Department of Homeland Security (DHS) Science and Technology Directorate (S&T) today awarded $199,000 to Factom Inc. based in Austin, Texas, to advance the security of digital identity for Internet of Things (IoT) devices.  The project titled “Blockchain Software to Prove Integrity of Captured Data From Border Devices” was awarded through Securing the Internet of Things (IoT), Solicitation Number: HSHQDC-16-R-00035, the first call for proposals under the Silicon Valley Innovation Program (SVIP)  Other Transaction Solicitation (OTS) which launched in December 2015 to encourage non-traditional performers to offer solutions to some of the toughest threats facing DHS and the homeland security mission.

“IoT devices are embedded within our daily lives – from the vehicle we drive to devices we wear – it’s critical to safeguard these devices from adversaries, said DHS Under Secretary for Science and Technology Dr. Reginald Brothers. “S&T is excited to engage our nation’s innovators, helping us to develop novel solutions for the Homeland Security Enterprise.”

The Internet of Things is a convergence of mobile devices, information technology networks, connected sensors and devices. The DHS OTS call for security solutions seeks novel ideas and technologies to improve situational awareness and security for protecting these domains, including the 16 critical infrastructure sectors monitored by DHS.

“The start-up community is already developing innovative commercial solutions for IoT, so why not take advantage of that?” said Melissa Ho, Managing Director, S&T’s Silicon Valley Innovation Program. “DHS is engaging this community to gain access to products that will have a large impact to our enterprise, and we’re excited by the diversity of solutions this solicitation is able to bring to the Department.”   

The Factom Inc. Team proposes to authenticate devices to prevent spoofing and ensure data integrity by leveraging one of the most secure networks – the blockchain. Factom will create an identity log that captures the identification of a device, who manufactured it, lists of available updates, known security issues and granted authorities while adding the dimension of time for added security. The goal is to limit would-be hackers’ abilities to corrupt the past records for a device, making it more difficult to spoof.

For more information on future OTS solicitations visit http://scitech.dhs.gov/hsip or contact dhs-silicon-valley@hq.dhs.gov.