Re: [SOFTWARE SALE LIVE] FACTOM - Introducing Honesty to Record-Keeping
Factom ran a scam?
Why don't they go into details about what they're doing?
What was this bitcoin address used for?
https://blockchain.info/address/19ptpEcMdc2iaVasULu3DYxchUAtyNyXcU
Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.
Please provide an anchor reference link to the location of such information.
That address is not our sale address not sure why is it even mentioned.
How much transparency will factom/koinify go into about the funds raised? I would like to know why every BTC transaction happens. ICOs are highly susceptible to fraud & corruption. Did factom/koinify buy their own coins in a self sale and take back the BTC? I found this post that explains a dirty little secret that koinify uses. https://bitcointalk.org/index.php?topic=963493.0
Is factom going for full transparency? Is factom going to hide behind some generic overview of what the funds are used for? I would think factom now has enough funds to hire an administrator for public book keeping of their BTC transactions.
Factom is "creating a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail". Yet, Factom can't even make their own ICO transparent in near real-time.
Thanks for the questions.
1. I agree transparency is important and Factom will certainly be open about how BTC / USD is spent.
2. I think it is reasonable for the Factom Foundation to report its expenses in detail, you can count on this.
3. Koinify did not place any BTC into the sale to my knowledge and they certainly didn't get it back. You can see the address for the Factom sale is a 3 key multi signature address which is not in the control of either the Factom Foundation or Koinify but two of the three keys are held by the independent evaluator and BitGo. The same goes for the ItBit account it requires the authorization of the independent technical evaluators.
4. The Factom Foundation is certainly committed to full transparency and you can expect us to be using our own time stamping to improve that audit ability.
5. The Factom Foundation is going to be very open about this whole process as we have been with writing the whitepaper, development of the code, and so forth.
6. The Factom Foundation does have a CPA and will be doing accurate book keeping. Of course none of this will be begin until the Factom Foundation is released the first 33% of the token sale revenue which happens after the 1st milestone is delivered and approved by the technical evaluator.
In essence what the community has done is place a few thousand BTC in escrow and it only gets released when the code is complete and milestones are met. That is a best practice I hope to see replicated in the ecosystem to prevent bad actors from taking token purchasers money.