Is the factoid value being measured by the dollar or the bitcoin ?
Factoids are measured in Bitcoin value.Entry credits price is fixed to a certain tiny dollar amount. ( forgot how much )
So when Factoid price goes up, you're going to need less of them to buy entry credits.
Or you could buy entry credits directly from, for example, Factom Inc. But Factom inc. will still need to convert Factoids to entry credits.
Ok, so here's a question or two..
Lets say the market price of factoids is 0.001
BTC and the price of 1
BTC is 10$ and I'm the only factom user:
a. How many factoids are burned when I use 1000$ to buy EC's ?
ANDLets say the market price of factoids is 0.001
BTC and the price of 1
BTC is 1000$:
b. How many factoids are burned when I use 1000$ to buy EC's ?
According to your answer, the same amount of factoids are being burned on both cases. Is that correct ? Can a Factom member confirm this?