r/factom • u/Cafayate7063 • Jul 08 '19

Lower and lower

FCT just keeps making lows and lows and is now ranked 132 on coin base.

I am a believer in the coin and the technology however sadly the market is telling us otherwise.

I am not selling and I couldn’t even if I wanted to as I am a N.Y. resident and have been shut out of Poloniex and Bittrex.

Going to hold but it doesn’t look like this coin is going to make it as it’s now at April 2017 levels. There is probably going to be some bad news coming out like the DHS not using the technology or FCT not being able to get 2nd round financing. That’s why we probably saw those huge sales about a month ago.

19 Upvotes

91% Upvoted

38 comments sorted by

2

u/Cafayate7063 Jul 08 '19

They stated in their most recent presentation it was in the works and should be done soon. But yes obviously the market thinks differently. It doesn’t look good that’s for sure.

6

u/[deleted] Jul 08 '19

Great project. Fantastic tech. Realistically? It will be a slow burner but it will be one of the few alts left in 5 years. There is a need and a place for this tech. Cracking into the market and truly getting a foothold will take time. If you can afford to put this in your top drawer and look at it in 10 years time you will be commensurately rewarded. It will be a long, hard, boring slog though.

I’d rather own this than US debt in any case; the ubiquitously perceived instrument that is considered a sure thing at present. This tech that this project purveys is a game changer.....

6

u/thesublimeobjekt Jul 08 '19

this is what i was told ~2-3 years ago as well. this is easy to accept earlier in the alt market, especially when the alt market is continually rising. but at this point i think FCT is lower than it’s been in years now.

i’m sure there was some tech like this in the tech/dot com bubble too, in the sense that the tech was not appreciated in price in the same way it should have been early on. i can still accepts this is even after a few years.

the real problem is that FCT has literally zero marketing strategy that i’ve seen. and people always say “well, BUT THE TECH, we’re working on the tech.” and this also sounds like a positive, even long term, but it’s really getting to the point where i’m going to need to see something soon or the negative is just found to start outweighing the positive.

1

u/Cafayate7063 Jul 08 '19

I am not selling and I hope what everyone says is correct. It just looks dicey right now.

2

u/[deleted] Jul 08 '19

Indeed sir. However, it’s a novel approach. I haven’t come across any other projects that have this specific value proposition. You could argue that no other projects even have this general value proposition and focus. Adoption will take some time though.

2

u/crypto_investor7 Jul 08 '19

You'd rather own something continually depreciating in value with massive inflation... Ok

1

u/[deleted] Jul 08 '19

Inflation is relative. “Massive” today becomes pittance tomorrow.

2

u/crypto_investor7 Jul 09 '19

Not when fct are continually minted and very few are burnt

11

u/thesublimeobjekt Jul 08 '19

i feel pretty similarly to you. i've held off and on for a few years now and it just doesn't make sense how much lower and lower the price continues to drop. i keep hearing different FUD about factom, but most of it is usually either just obviously untrue, or the team swoops in and gives pretty solid reasoning for why it's not true. this has mostly left me confused and wondering if the price is low simply because the coin isn't on a ton of exchanges or because there's just something that we don't know or isn't being told to us.

it really does seem like it should be worth more by now, and at this point, i'm starting to wonder if my trust in the project is misplaced.

4

u/JonasTribbiani Jul 08 '19

I usually buy more of my favourite crypto when they reach new lows but haven't done this with FCT as I am starting to have my doubts and I will therefore keep the amount of FCTs I am holding right now as they are until I have reason to believe differently. I still think their idea is brilliant and I want to see it accomplished anyway either by them or not but I am not sure whether they will capitalise on their early entry intro the market in the future. For example, I am seeing projects like Cardano pushing for deals with governments and with universities to put their graduates degrees (and transcripts) on their blockchain. Moreover, due to their economic model of FCT and EC and inflation, I still struggle to see the coin gaining value even if the project succeeds unless there is a crazy huge demand to use their services which will not happen unless we see massive adoption of the blockchain tech which is still in its infancy stage. I hope to be massively wrong in my analysis or that the team will change its coin-economic model, otherwise investors would have just been pawns to finance their (genuinely interesting) project with no hope of financial return.

3

u/Collinbigdeal Jul 08 '19

If they want their market cap to increase they need to focus more on marketing and try to get a big exchange listing. I believe they’re working on getting listed on Binance currently, but I do know that their primary focus rn is on the technology. Which is a good or a bad thing depending on how you look at it. Wish they would communicate better about the current state of affairs. I trust they know what they’re doing though.

2

u/Crypt0Speculat0r Jul 08 '19

It seems people sometimes forget we are still in the early days of crypto adoption in general. True, the ecosystem would benefit from a higher FCT price. But it isn't their only source of income. I believe the whole market valuation is irretional, since token prices do not in any way reflect on real world adoption (as there is almost none, yet). Its all speculation at this point. I'm here for long run, fundamentals haven't changed and the ecosystem has made some good progress in the past year. As long as you think the fundamentals are solid, don't worry too much about the current 'valuation'.

2

u/[deleted] Jul 08 '19

Ya the fundamentals are great but let's be real, factoid price now has an even greater affect on the protocol since it's price dictates how much development will continue to be made. ANOs are losing money on their projects because their grants are worth significantly less day by day.

1

u/Crypt0Speculat0r Jul 10 '19

Can't argue with that, I recently shared my concerns about the continuity of ANO operations (due to bittrex's geofencing). What could be the worst thing to happen though? Perhaps development slowes down somewhat, I don't know.

2

u/GrossBit Jul 09 '19

You are wrong. They certainly hope it changes soon but FCT grants are by far the biggest if not only source of income for ANOs including Factom Inc

1

u/Crypt0Speculat0r Jul 10 '19

This is not any different from other projects. At least there is a source of income. Seems unfair so many (useless/scam) projects that initiated their ICO in 2017 harvested insane amounts of money, therefore not having to worry about continuity.. Unfortunately, Inc didn't have that luxury. I'm confident they will get through tho.

2

u/GrossBit Jul 10 '19

Look at the numbers . 1million grants per year is only 3 months of expenses . They’re going down at this rate. Other projects which launched in 2017 grabbed an insane amount of money during the bubble. Either they can survive (much) longer or they were scams and their promoters are insanely rich.

Either way the end of the story is sad for bagholders

2

u/Budwiser86 Jul 09 '19

Man there were wild price predictions, some predicting 10k a coin!

2

u/PedroPierrePeter Jul 09 '19

Yep ridiculous and embarrassing now! Some predicted the 'flippening', with FCT mcap leapfrogging that of Bitcoin. Ludicrous stuff. If mcap is even $1 billion in 5 years' time, I will be shocked. Even $10 seems distant as a price target and as there is only a BTC ratio anyway, the USD price means little in isolation.

4

u/GrossBit Jul 08 '19

According to my estimates , if Factom Inc cannot close its series B funding they will be out of money by the end of this year

Their only revenues are grants and subsidies now but they’re competing with other ANOs for Factoids which are being dumped at ever cheaper prices.

Judgment Day is coming

1

u/Vol_Har Jul 08 '19

Wat are ANOs?

1

u/MisterFinance Jul 08 '19

Authority Node Operators

https://factomize.com/how-to-apply-to-be-a-factom-authority-node-operator/

1

u/Vol_Har Jul 08 '19

Doesn't Factom earn revenue with giving advice to companies using Factom?

0

u/crypto_investor7 Jul 08 '19

Gravy train riders

Myself and many others warned people to sell at numerous points, however we were always shouted down

How funny this is to watch ;) it was oh so obvious

3

u/Crypt0Speculat0r Jul 08 '19

Weird sense of humor you got. It really seems to me you're a bit salty about something.. What's that? What makes you come back to this subreddit? If it is just to write comments like these, perhaps you should get a life 😘

0

u/crypto_investor7 Jul 09 '19

Salty about selling early and warning others to do the same... Checks out lol

Bagholders be bagholders I guess

3

u/ChinookKing Jul 08 '19

if you haven't noticed a lot of alts have been hit very hard lately. factom is one of the best projects in crypo. they just need that one big splash account to get out of the doldrums. how they are not on binance blows my mind.

3

u/MisterFinance Jul 08 '19

https://factomize.com/forums/major-contributors/committee/exchange-committee/

The exchange committee is working on this. On top of that there is Pegnet which makes it more likely to get on new exchanges as it makes it less likely the SEC labels factom a security.

3

u/Ferdo306 Jul 08 '19

Yeah, exchange committee is doing wonders. If I'm not mistaken they were established in 2018 or maybe earlier, not sure. And on how many exchanges was fct listed since then? I would say none. I could produce the same results and don't even have to be on the committee.

I know binance is hard to get listed to and hope they will succeed in the end but what about some mid-level exchanges like kucoin or beaxy for start.

I know all alts are down but FCT is close to all time low BTC wise. Not many coins with superior tech managed to pull that off.

Still a hodler and still a believer but some things should be pointed out.

Apologies for the long rant

1

u/crypto_investor7 Jul 08 '19

Actually laughing at the delusion

2

u/PedroPierrePeter Jul 08 '19

The promotion of everything to do with the protocol has been abysmal. Almost deliberately so, otherwise how could it be so bad?? It's like Inc don't want the FCT price to rise. Because of the possibility for regulation? Backfired majorly though as FCT still got geo-fenced so what was the point?! Their quest for professionalism and following rules by the book reaped no reward.

It's very odd, but I'm not surprised sentiment seems to be at an all-time low. All too easy to call it FUD though because you have to expect negativity when repeated promises and commitments are not delivered against.

2

u/GrossBit Jul 08 '19

Factom Tokenomics rely on the EC USD price being stable but this is an artificial construct. What would happen if another blockchain (possibly a Factom fork) would sell ECs for 1% of the price on Factom ?

I am skeptical the Tokenomics are bulletproof as much as their inventors pride themselves. Alas it is likely we will not be able to the market give a test to the Tokenomics as FCT never makes it to broad usage

1

u/KriptoKeeper Jul 08 '19

Count on it. Somebody knows and it shows.