Quote from: johnyj on April 17, 2015, 04:06:21 PM

Many bitcoin startups are just speculators, they went to bitcoin for a quick fiat profit. When bitcoin exchange rate is going down, they will panic and cut their loss near the bottom Grin

Quote from: ashour on April 17, 2015, 12:13:54 PM

Quote from: gentlemand on April 17, 2015, 11:54:07 AM

They've got bills to pay and wages to keep knocking out. You can't really blame them for converting to a more stable currency when there's no shortage of real world costs to meet.

The why don't they just raise the funds with paypal if they are going to to dump the bitcoin amount to their bank accounts ? Either they should just the bitcoin as it is or use paypal so they don't have to dump the bitcoins and cause a price drop to the bitcoin price.

We are raising funds for a project. From the beginning we disclosed the fact that we would not be holding Bitcoin. This is because our expenses are nearly all paid in dollars (with the exception of most of our employees, whose salaries are none the less denominated in dollars, because they have the same issues with their expenses). That said, we don't have access to ANY of this money. Koinify holds the money until we meet predetermined and documented milestones. But the money is managed none the less.

The timing of the first sale was just a function of getting the banking in place. The fact that the first sale coincided with a drop in Bitcoin is just coincidence (but it really worked out poorly for us). The amount sold ~400K was done off market, and not enough to move the price on April 15 where 56 Million in bitcoin was bought and sold.

Factom is one of the most transparent projects in the space. At the same time, it is one with the most interest outside the cryptocurrency space. It is a mechanism to bring the honesty and immutability of blockchain transactions to create immutable audits in business processes.... WITHOUT having business change the way they do those practices, and without requiring them to hold our tokens (or any tokens).

Every single project has many detractors. And every project comes with enormous risk. That is why most startups fail. It isn't always or even common that the fault of failure is fraud. But this idea that all Bitcoin 2.0 projects are fraudulent because they found the problem they are working on to be harder than expected.... It gets old, and eventually it will be proven wrong by some of the companies as they make a new market that isn't dominated by corporate boardrooms.

Checkout http://Factom.org. Checkout http://github.com/factomproject Watch the videos. Read the whitepaper (can be found at the aforementioned links). Read the consensus algorithm (ditto about the links). Read the code. Read the issues. Connect with us on nearly all social media.

Basically spend the time to Audit what we do.