[ANN] FACTOM - Introducing Honesty to Record-Keeping

[Bagatell]

BTFD 

[Josef27]

beside a new website and some bla bla i dont think u can expect anything to be delivered in september
the market reaction is clear and we will see sub 500 maybe even sub 400 again

dont get me wrong i think FCT have a high potential

but the time to raise and stay high is not here now

coins who have lending added at poloniex

are way more vulnerable to massive sells

think my words when it happens

and it happend

Good Call BTW!
I'm buying with both fist! Hoping its stays low long enough for my transfers

[ardia]

It only happened because of XMR...

[.m.]

I am sorry, I did not get what revolution factom brings, if the data is not guaranteed to be stored ?
And for storing hashes only, Bitcoin can serve quite well and cheap.
Or am I wrong ?

[HomoHenning]

beside a new website and some bla bla i dont think u can expect anything to be delivered in september
the market reaction is clear and we will see sub 500 maybe even sub 400 again

dont get me wrong i think FCT have a high potential

but the time to raise and stay high is not here now

coins who have lending added at poloniex

are way more vulnerable to massive sells

think my words when it happens

You realize they are actually making money and have a growing corporate customer base ? Based on that comparison alone vs other alts Factom is undervalued.  If you factor in the real possibility 1 billion entries thats has been discussed with a potential client in the banking industry. At that level, it was explained to me that a FCT would be worth around $400/US. Not trying to hype here, I'm just trying to show the actual potential. Factom is a sleeper because it's so different/business model is a little hard to grasp, and maybe not as sexy.  I think most people haven't made that paradigm shift/realization into its real use potential. Consider its first to market advantage and the small 8 mil float also when others awake. I wouldn't want to not be holding my position trying to catch it on the way up. From all my research this is as solid a crypto as they come. If I've missed something or dead wrong please chime in and let me know, I'm here to get it right.

How much would be the cost for a client when FCT=$400? Did you make this calculation?

[haggis]

I am sorry, I did not get what revolution factom brings, if the data is not guaranteed to be stored ?
And for storing hashes only, Bitcoin can serve quite well and cheap.
Or am I wrong ?

Yes.

• Adding entries to Bitcoin blockchain directly is very expensive
• Prices for Bitcoin transactions are not stable. Cost for adding 1kb data to factom is.
• You can't create custom chains on Bitcoin
• To store data on Bitcoin blockchain you need to own Bitcoin and handle all the bookkeeping and legal stuff involved with having cryptos, which is a nogo for many companies. At Factom you buy EntryCredits which can't be traded and in the background Factoids get burned. That's a perfect abstraction layer to allow companies using a blockchain without dealing with cryptos.

[haggis]

beside a new website and some bla bla i dont think u can expect anything to be delivered in september
the market reaction is clear and we will see sub 500 maybe even sub 400 again

dont get me wrong i think FCT have a high potential

but the time to raise and stay high is not here now

coins who have lending added at poloniex

are way more vulnerable to massive sells

think my words when it happens

You realize they are actually making money and have a growing corporate customer base ? Based on that comparison alone vs other alts Factom is undervalued.  If you factor in the real possibility 1 billion entries thats has been discussed with a potential client in the banking industry. At that level, it was explained to me that a FCT would be worth around $400/US. Not trying to hype here, I'm just trying to show the actual potential. Factom is a sleeper because it's so different/business model is a little hard to grasp, and maybe not as sexy.  I think most people haven't made that paradigm shift/realization into its real use potential. Consider its first to market advantage and the small 8 mil float also when others awake. I wouldn't want to not be holding my position trying to catch it on the way up. From all my research this is as solid a crypto as they come. If I've missed something or dead wrong please chime in and let me know, I'm here to get it right.

How much would be the cost for a client when FCT=$400? Did you make this calculation?

It would be exactly the same, as the conversion rate fct <-> ec is dynamically adjusted by the federated servers so that it always costs the same to store up to 1kb of data.

[.m.]

I am sorry, I did not get what revolution factom brings, if the data is not guaranteed to be stored ?
And for storing hashes only, Bitcoin can serve quite well and cheap.
Or am I wrong ?

Yes.

• Adding entries to Bitcoin blockchain directly is very expensive
• Prices for Bitcoin transactions are not stable. Cost for adding 1kb data to factom is.
• You can't create custom chains on Bitcoin
• To store data on Bitcoin blockchain you need to own Bitcoin and handle all the bookkeeping and legal stuff involved with having cryptos, which is a nogo for many companies. At Factom you buy EntryCredits which can't be traded and in the background Factoids get burned. That's a perfect abstraction layer to allow companies using a blockchain without dealing with cryptos.

1/ with BTC - is 0.005 USD per hash (my guess) expensive ? How much is it with FCT ?
2/ prices may vary, but for both I'd say
3/ custom blockchains probably not with BTC, but there are other solutions, and what is the reason to try with FCT if the data is not guaranteed to be stored ?
4/ ?? you "buy" xxx ?? What is the difference ?

I am sorry I still do not understand

[haggis]

1/ with BTC - is 0.005 USD per hash (my guess) expensive ? How much is it with FCT ?

See https://shop.factom.com/
You get 1000 Entry Credits for $10 = $0.01 per EC. One EC can hold up to 1kb of data. A SHA256 hash has a size of 32 bytes. So ~30 hashes fit into one entry.
30 hashes on the Bitcoin blockchain would cost 15x as much = $0.15 (when I use your numbers).

However, transaction fees vary on bitcoin and tend to raise over time. You also don't want to bloat the bitcoin blockchain with billions of hashes.

2/ prices may vary, but for both I'd say

Yes, probably for both. Not sure on Factom. However, Factoms masterstroke is, that this doesn't affect the price if you want to store data. The price is fixed at $0.01 per EC. In the moment someone buys EC, a federated server calculates how much factoids are worth $0.01 and burns them. If a Factoid is worth $0.01, 1 Factoid is burned. Is it worth $1 than only 0.01 Factoids get burned. The customer who wants to store data doesn't have to care about this.

3/ custom blockchains probably not with BTC, but there are other solutions, and what is the reason to try with FCT if the data is not guaranteed to be stored ?

I guess I don't understand what you mean.

4/ ?? you "buy" xxx ?? What is the difference ?

From step 2: when someone buys EC (which are needed to store data), then he would need Factoids which get burned for these ECs. However, Factom Inc. handles this for its clients. They just say "give me 1k EC please". Factom says "ok, here it is" while they are automatically creating a wallet, sending factoids to it and convert them into ECs. Since EC are not tradeable but just a token to store data and because it's value is fixed at $0.01, the customer technically doesn't own cryptocurrency and never needs to have a complicated bookkeeping to record the current exchange rate at the moment the data is stored. Not to mention the regulations involved when you buy/own/use a real cryptocurrency.

[tempus]

1/ with BTC - is 0.005 USD per hash (my guess) expensive ? How much is it with FCT ?

See https://shop.factom.com/
You get 1000 Entry Credits for $10 = $0.01 per EC. One EC can hold up to 1kb of data. A SHA256 hash has a size of 32 bytes. So ~30 hashes fit into one entry.
30 hashes on the Bitcoin blockchain would cost 15x as much = $0.15 (when I use your numbers).
 
(...)

They make profit with that. Actually 1 EC = max. 1kb of data = $ 0.001

[haggis]

1/ with BTC - is 0.005 USD per hash (my guess) expensive ? How much is it with FCT ?

See https://shop.factom.com/
You get 1000 Entry Credits for $10 = $0.01 per EC. One EC can hold up to 1kb of data. A SHA256 hash has a size of 32 bytes. So ~30 hashes fit into one entry.
30 hashes on the Bitcoin blockchain would cost 15x as much = $0.15 (when I use your numbers).
 
(...)

They make profit with that. Actually 1 EC = max. 1kb of data = $ 0.001

If you change them by yourself? Good to know

[tempus]

1/ with BTC - is 0.005 USD per hash (my guess) expensive ? How much is it with FCT ?

See https://shop.factom.com/
You get 1000 Entry Credits for $10 = $0.01 per EC. One EC can hold up to 1kb of data. A SHA256 hash has a size of 32 bytes. So ~30 hashes fit into one entry.
30 hashes on the Bitcoin blockchain would cost 15x as much = $0.15 (when I use your numbers).
 
(...)

They make profit with that. Actually 1 EC = max. 1kb of data = $ 0.001

If you change them by yourself? Good to know

Yes. Also Factom-Inc. sells it cheaper for larger amounts.

And: (Theoretically) everybody could open an EC-Store. Most likely there would be some regulatory issues, dependent on the country, but it can be expected that there will be more EC-Stores in future.

[heaven]

I see FCT is up to something on Poloniex. Some hype in the trollbox.

Volume is high, mainly thanks to the recent dump...which doesn't make sense.

4,182 BTC in volume last 24 hours. 792,686 FCT

Who in their right mind is dumping that much. I always assumed Polo is shady in inflated volume on some coins.

Price has been creeping up for a month now.

Just now reading up on this coin as it's one of the cheaper coins and price is close to an ATH.

2 year old coin. 9 months ago there were 8,753,873 FCT. Today 8,753,219 FCT

So some were actual burned looks like this year.

If there is a reason for this to go up then the accumulation period should be done. Just waiting for the markup. If the large holders hold and all the BTC on Polo come pouring into FCT then this can go up, way up, very quickly and stay up if there is a reason for large holders to hold.

I'm glad I found this coin. Got a FCT alarm set on my phone so I don't miss the break out when it happens.

And I just found the FCT speculation thread and Reddit trading thread. Sorry for the off topic post. Will head over there and see what people are saying.

[UgOs]

I see FCT is up to something on Poloniex. Some hype in the trollbox.

Volume is high, mainly thanks to the recent dump...which doesn't make sense.

4,182 BTC in volume last 24 hours. 792,686 FCT

Who in their right mind is dumping that much. I always assumed Polo is shady in inflated volume on some coins.

Price has been creeping up for a month now.

Just now reading up on this coin as it's one of the cheaper coins and price is close to an ATH.

2 year old coin. 9 months ago there were 8,753,873 FCT. Today 8,753,219 FCT

So some were actual burned looks like this year.

If there is a reason for this to go up then the accumulation period should be done. Just waiting for the markup. If the large holders hold and all the BTC on Polo come pouring into FCT then this can go up, way up, very quickly and stay up if there is a reason for large holders to hold.

I'm glad I found this coin. Got a FCT alarm set on my phone so I don't miss the break out when it happens.

And I just found the FCT speculation thread and Reddit trading thread. Sorry for the off topic post. Will head over there and see what people are saying.

where is the speculation thread?

[tempus]

(...)
2 year old coin. 9 months ago there were 8,753,873 FCT. Today 8,753,219 FCT
(...)

There were much more:

Quoting Paul Snow: "We started out with 8759968.58633800 factoids in block 0."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/cw1va2k

[oneyesoneno]

I see FCT is up to something on Poloniex. Some hype in the trollbox.

Volume is high, mainly thanks to the recent dump...which doesn't make sense.

4,182 BTC in volume last 24 hours. 792,686 FCT

Who in their right mind is dumping that much. I always assumed Polo is shady in inflated volume on some coins.

Price has been creeping up for a month now.

Just now reading up on this coin as it's one of the cheaper coins and price is close to an ATH.

2 year old coin. 9 months ago there were 8,753,873 FCT. Today 8,753,219 FCT

So some were actual burned looks like this year.

If there is a reason for this to go up then the accumulation period should be done. Just waiting for the markup. If the large holders hold and all the BTC on Polo come pouring into FCT then this can go up, way up, very quickly and stay up if there is a reason for large holders to hold.

I'm glad I found this coin. Got a FCT alarm set on my phone so I don't miss the break out when it happens.

And I just found the FCT speculation thread and Reddit trading thread. Sorry for the off topic post. Will head over there and see what people are saying.

u have very good eyes. salute 

[matt608]

where is the speculation thread?

https://bitcointalk.org/index.php?topic=1521895.0

[JanDzban]

I just installed Factoid Wallet GUI but no idea how to send my FCT from exchange to it. Where is my address or how to generate it? Can i find somewhere turtorial, how to use this wallet?

[tempus]

I just installed Factoid Wallet GUI but no idea how to send my FCT from exchange to it. Where is my address or how to generate it? Can i find somewhere turtorial, how to use this wallet?

Here is the how-to with screenshots for the GUI: https://www.factom.com/devs/docs/howto/factoid-wallet-gui-guide

[JanDzban]

I just installed Factoid Wallet GUI but no idea how to send my FCT from exchange to it. Where is my address or how to generate it? Can i find somewhere turtorial, how to use this wallet?

Here is the how-to with screenshots for the GUI: https://www.factom.com/devs/docs/howto/factoid-wallet-gui-guide

Thank you. So i sent from polo to my wallet small amount of FCT and  explorer shows correct balance ( http://explorer.factom.org/address/FA2aGhbJHAp4sp228vsmJiNdZrRhk6twFf7dNqidsKBjtPWt6Ctw ), but in my GUI wallet after about 1 hour still 0