[ANN] FACTOM - Introducing Honesty to Record-Keeping

[Nxtblg]

Wowie! Wotta change on the Lending market from last I checked! As I write this, I have an active 20-day loan that was borrowed at 0.5895% per day.

Lots of very hungry short sellers out there!

(I wonder why the folks who had clogged the Lending market with lowball loan offers finally skedaddled?...)

[crazyivan]

Yup, seems things re slowly heating up for Factom. However, still unsure whether this is going to be just another small pump and dump or something more serious.

[MyFarm]

I suggest you guys look at the latest commit comments here: https://github.com/FactomProject/factomd/compare/m2-wednesday-justin

[Azael]

I have a feeling this might be the top too. Lots of shorts are opening up in this region

It certainly looks toppy, as of today.

Na, looks like we still have gotten started yet. Buy orders continue to rise. Top still not even in sight.

Actually, you're right: I saw it edging up subsequent to my earlier post & snapped up ~1,500 @ ~0.002013. Live and learn...

Not sure how people are calling the top. The total FCTs on sell side has been decreasing for a week and the total BTC on the buy side has been increasing.. There was 120K FCTs from 0.0018 to 0.002 2 days ago..

Roughly 200K FCTs to 0.003

120K FCTs to 0.002.


Break-out after 0.0025 is surpassed will be as violent as May. I'm buying more.

...now there's 120K FCTs to 0.0035. What charts and numbers are you guys looking at? Even comparing FCTs to other markets like BTS and XEM you'll see it even looks healthy in comparison to them.

[Azael]

I suggest you guys look at the latest commit comments here: https://github.com/FactomProject/factomd/compare/m2-wednesday-justin

A lot of code and no time to sift this through today. Care to give a TLDR to me and the rest reading in this thread?

[Azael]

Dutch Central bank's third DNBcoin drops cryptocurrency to re-create Factom


http://bravenewcoin.com/news/dutch-central-banks-third-dnbcoin-prototype-delves-into-smart-contracts-and-trusted-ownership/

Total click-bait

How do you go from:
"The solution that they are investigating is being described as a 'permissioned blockchain', just like one of the many commercially available, private, blockchain data services. Blythe Masters’ Digital Asset Holdings, Factom, and Chain are all such services that are able to begin installation today. There are even enterprise-grade solutions available, including one by professional service firm Deloitte."

to: "Dutch Central bank's third DNBcoin drops cryptocurrency to re-create Factom "

if anything, it's a positive nod to Factom as the bank will concentrate on banking services and go with one of the listed solutions after their internal laboratory experiments concludes that.

I copy-pasted it from Twitter actually. I agree it's a positive "nod" to Factom technology. Maybe it's a bit click-baitish but I'm an optimist on Factom so I don't mind it and not in a deceptive way but rather thinking they might create similar technology. It's nice to be mentioned alongside Digital Asset Holdings as well who are valued at $100 milion http://www.bloomberg.com/news/articles/2016-01-21/blythe-masters-firm-raises-cash-wins-australian-exchange-deal

[Blazin8888]

I suggest you guys look at the latest commit comments here: https://github.com/FactomProject/factomd/compare/m2-wednesday-justin

Interesting. Thanks for that. I am sure they are hard at work thats what it looks like. If they were ready Im sure they would announce it. However it does look like a ton of progress has been made from scanning that over....could that last commit be a clue?...

[Azael]

I have a feeling this might be the top too. Lots of shorts are opening up in this region

It certainly looks toppy, as of today.

Na, looks like we still have gotten started yet. Buy orders continue to rise. Top still not even in sight.

Actually, you're right: I saw it edging up subsequent to my earlier post & snapped up ~1,500 @ ~0.002013. Live and learn...

Not sure how people are calling the top. The total FCTs on sell side has been decreasing for a week and the total BTC on the buy side has been increasing.. There was 120K FCTs from 0.0018 to 0.002 2 days ago..

Roughly 200K FCTs to 0.003

120K FCTs to 0.002.


Break-out after 0.0025 is surpassed will be as violent as May. I'm buying more.

...now there's 120K FCTs to 0.0035. What charts and numbers are you guys looking at? Even comparing FCTs to other markets like BTS and XEM you'll see it even looks healthy in comparison to them.

Now there's 120K FCTs to 0.0045, and 110K FCT to 0.0035. Buy walls have increased as well to 440 up from 300~ today. Assuming this pace holds we'll see 0.003 sometime this weekend.

[Soul_eater_123]

Now there's 120K FCTs to 0.0045, and 110K FCT to 0.0035. Buy walls have increased as well to 440 up from 300~ today. Assuming this pace holds we'll see 0.003 sometime this weekend.

I hope so.  It has been a long time coming.

[Blazin8888]

Now there's 120K FCTs to 0.0045, and 110K FCT to 0.0035. Buy walls have increased as well to 440 up from 300~ today. Assuming this pace holds we'll see 0.003 sometime this weekend.

I hope so.  It has been a long time coming.

Based on my studied. Theoretically Im not sure if it is possible for the price to go back to previous ATH...it is not clear how the price of FCT works. Will the use of FCT drive the price higher? https://www.factom.com/more-on-factoids-factom-foundation-factom-inc/

[crazyivan]

Now there's 120K FCTs to 0.0045, and 110K FCT to 0.0035. Buy walls have increased as well to 440 up from 300~ today. Assuming this pace holds we'll see 0.003 sometime this weekend.

I hope so.  It has been a long time coming.

Based on my studied. Theoretically Im not sure if it is possible for the price to go back to previous ATH...it is not clear how the price of FCT works. Will the use of FCT drive the price higher? https://www.factom.com/more-on-factoids-factom-foundation-factom-inc/

What? After all that argument, u ve got some doubt about FCT price growth potential? Cant believe my eyes.

[tempus]

(...) Will the use of FCT drive the price higher?  (...)

Of course. Just one example, without saying that it's a realistic scenario for the next months:

If there would be 1 billion Entries per month, it would cost:

1,000,000,000 * $  0.001 (costs per entry) = $ 1,000,000  

That means: It would need Factoids for $ 1 Mio  per month to convert into Entry Credits. At the current price that would be 909,090 Factoids which would be burned each month while there are only 73,000 new created Factoids each month.

That means: With 1 bn entries per month it would need a much higher price, otherwise more Factoids would be burned than new created and the price would rise naturally because of the decreasing supply.


The balanced-price would be where:

.... the costs of Entries per month are = the value of the new created Factoids.

73,000 FCT's = $ 1 Mio
1 FCT = $ 13.7


What would happen if not speculation would lead to an increasing price? The supply would decrease and the price would increase naturally.

Btw: If Factom would have so many entries like Dropbox has uploads the price would go above $300 per FCT. But again, not saying it's realistic to expect that high demand. To be honest: I have no clue what we can expect. But if we think about the smart-city-partnership etc., at least I believe it will be more about billions than about millions per month. Provided that Factom will be realized as planned of course.

What I really would like to see are the scenario-calculations of the team, what they believe is realistic. But until now there was no Factom-Whistleblower

[Azael]

Now there's 120K FCTs to 0.0045, and 110K FCT to 0.0035. Buy walls have increased as well to 440 up from 300~ today. Assuming this pace holds we'll see 0.003 sometime this weekend.

I hope so.  It has been a long time coming.

Based on my studied. Theoretically Im not sure if it is possible for the price to go back to previous ATH...it is not clear how the price of FCT works. Will the use of FCT drive the price higher? https://www.factom.com/more-on-factoids-factom-foundation-factom-inc/

It's not clear how the price of ETH BTC etc works either. What I can say is this quote: "The value of Factoids will reflect the value of the protocol, and is resistant to speculation over the long term."

VCs valued the network at +$11 mil when FCT were trading below $1 mil. What are they valuing the network at this time during the A round? Is it reasonable that the network is hovering around the same valuation it was given in October 2015?

They say it's resistant to speculation but if you believe the Factom network will be worth a lot more in the future as a result of increased EC usage then why would you wait to accumulate? Mass adoption would mean a lot of FCTs would be burned thus a higher price and FCTs becoming more scarce. Buying FCTs now makes sense if you plan to make a lot of EC entries in the future and assuming the price is higher at that point then you get a lot more ECs for your FCTs.

From Factom's end what they need to do is get users to the network. As you can see from EC usage https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/edit#gid=445871101 they are doing just that.

Another thing to note is if you're trying to valuate any tech project based on their current numbers and never pay a premium to that you will miss out on every single one at least in early stages.

[Blazin8888]

(...) Will the use of FCT drive the price higher?  (...)

Of course. Just one example, without saying that it's a realistic scenario for the next months:

If there would be 1 billion Entries per month, it would cost:

1,000,000,000 * $  0.001 (costs per entry) = $ 1,000,000  

That means: It would need Factoids for $ 1 Mio  per month to convert into Entry Credits. At the current price that would be 909,090 Factoids which would be burned each month while there are only 73,000 new created Factoids each month.

That means: With 1 bn entries per month it would need a much higher price, otherwise more Factoids would be burned than new created and the price would rise naturally because of the decreasing supply.


The balanced-price would be where:

.... the costs of Entries per month are = the value of the new created Factoids.

73,000 FCT's = $ 1 Mio
1 FCT = $ 13.7


What would happen if not speculation would lead to an increasing price? The supply would decrease and the price would increase naturally.

Btw: If Factom would have so many entries like Dropbox has uploads the price would go above $300 per FCT. But again, not saying it's realistic to expect that high demand. To be honest: I have no clue what we can expect. But if we think about the smart-city-partnership etc., at least I believe it will be more about billions than about millions per month. Provided that Factom will be realized as planned of course.

What I really would like to see are the scenario-calculations of the team, what they believe is realistic. But until now there was no Factom-Whistleblower

So another way of looking at this is....


400 Entries; Cost 10 Entry Credits to start a Factom Chain; 1 entry credit is up to 1 kb of data.  

So....


1GB = 1000000 KB


$ 0.001 * 1000000 KB = $1000/per GB


So for ex if a company wants to upload 1000GB per month it will cost $1,000,000


That is more than 73k per month so value will go up as long as people are uploading more than 80-100GB per month?

Also, based on this link https://www.factom.com/entry-credits/     an EC costs 0.005 ....not 0.001 so you were being conservative I think...so the end result could be higher than what I said above in the calculation...


what are your thoughts?

[laurelled]

So for ex if a company wants to upload 1000GB per month it will cost $1,000,000

Don't forget that Factom will not be used to store data, but to store hashes of data. 1000 GB is a lot of hashes.

[bandofgypsys]

All the simple math goes out the window if they can 'package' the information and use a single entry credit.

[Blazin8888]

So for ex if a company wants to upload 1000GB per month it will cost $1,000,000

Don't forget that Factom will not be used to store data, but to store hashes of data. 1000 GB is a lot of hashes.

What can you store in a hash? How many hashes = 1 EC?

[laurelled]

All the simple math goes out the window if they can 'package' the information and use a single entry credit.

The purpose of Factom is not to store information, it is proof of existence, and proof of integrity.

[tempus]

All the simple math goes out the window if they can 'package' the information and use a single entry credit.

That is possible, but I doubt it's useful for a lot of use cases --> proof of process.

[kyma]

All the simple math goes out the window if they can 'package' the information and use a single entry credit.

The purpose of Factom is not to store information, it is proof of existence, and proof of integrity.

If anyone pays attention to anything on this page it should be this post. Thank you for sharing @laurelled.