/biz/ - Business & Finance

Question time

Bitcoin has recently had new developments on its coding language going from miniscript to minsc which supposedly will make it easier to code smart contracts and other things into. What effect will this have on ETH? I am thinking that ETH has the first mover advantage but at the end of the day, if BTC wins the digital gold / reserve asset market, it will win in smart contracts because people will want to earn BTC on smart contracts, not something that has been pre-mined.

Please poke holes in this reasoning, trying to understand more

i've been eating oatmeal + chicken since SIBOS 17 and i'm barely keeping it together by now.
but oracle failing to find more than 3 halfway decent api providers is more painful than these hunger cramps

>>9552791
Whales? WTF are you talking about?

Lots of fake info floating around right now and investors in link deserve a little break.
Here are two points i haven't seen discussed much here:
Post and call
Actual price action estimates

To be clear: this board has figured out about 30% of the overall "known" information about ChainLink but "gets" it far better than any other public source. Hats off to you for that.
Remember Assblaster? one think he said a few times but that hasn't really sunk in here is that this is a truly corporate project. This is true in every way. This is not even a corporate-friendly project, it is directed, driven and conceived to save corporations tons of money, make them rich and give them a near monopoly in the business of monetizing APIs. You really weren't supposed to be a part of this.
Look at the post and call function. Many here think they will be able to get an external data feed that they do not generate and "farm" this using LINK for passive income. This is exactly not true. Link was very careful to include a game theory (I think that's the field) driven mechanism of preventing this and making sure that the data generator (read big company, bank, etc.) was the only one who would get rich off their data. They do this through the intrinsic function of post and call.
If you have multiple parties looking to get paid for supplying the same information and you want to prevent "copying" you use post and call. What that means is that every party writes down their answer and then at a later time they are all revealed at once, that way nobody can "copy." Chainlink explicitly includes this to create a data cartel that benefits established data providers.
What does that mean for you as an investor?
(cont'd)

A fair amount of background information is required to understand it, not just technology wise but also about the obstacles preventing adoption. I'll try and be succinct but will fail.

There's a blockchain concept called a Smart Contract. It's like a small application that can be published to blockchains like Ethereum. If you feed it a tiny amount of Ether, it executes. Smart Contracts can be used to enforce a trustless agreement between two parties.

For example, two parties want to gamble. A Smart Contract will choose a random number and if it's even, party A wins and if it's odd, party B wins. They both send their Eth, the contract executes, chooses a number, then pays the eth to the winner without fail.

That's not a very interesting Smart Contract and most in existence today aren't interesting either, predominantly because of a limitation to blockchains that ChainLink will solve.

Blockchains will never have access to data off-chain, like financial data, weather data, etc without the use of a bolt on called an Oracle. Oracles can be made to be ready to look up information and input it to a Smart Contract. For example, say the two parties wanted to bet on the temperature on a given day instead. Both parties pay the Oracle, the Oracle sets up a smart contract, sources the current temperature on the day, and the smart contract pays the party who wins the bet.

The problem is that currently Oracles are centralised, this means they are run off chain by a 3rd party company who cannot possibly be trusted by the financial world to operate in a fully trustless manner. Having to trust a third party with this crucial step (sourcing the data without bias) makes the whole benefit of using smart contract pointless because if trustless isn't important then you would use paper contracts and third parties to start with.
Part 1/2

>>8491698
Read the whitepaper and make your own call. Chainlink has future potential, what happens to the price now is all based on speculation and bound to be volatile. It launched during the ico rush so, with the rest of the market, it boomed and tanked. A lot of people heard about it in late November/December and have lost out whole ico/pre-Nov are still multiples in profit. It's nearing main net so maybe soon price growth based on genuine value representation will start.
https://link.smartcontract.com/whitepaper

The most beneficial activity you could do for your future is to spend the next 15 minutes reading the first few pages of the ChainLink whitepaper.

https://link.smartcontract.com/whitepaper

You've probably seen lots of shilling and lots of fudding for ChainLink but there's a reason why it's popular on here. If you haven't read the whitepaper, at least spend a short amount of time to understand what you're turning down because of some negative post on /biz/.

This finna blow like TRX? Tryna get in on the coin hustle and found this site, u guys seem hype for this LINK coin.

BLAST THE FUCK UP BITCHES

Why won't chainlink be our salvation, the technology is superior to Ethereum?

So believe me if you want but ive caddied for J. Tomilson Hill, he runs the blackstone group. they are the largest hedge fund in the world with 300bn in assets. I see him often give me ideas on how to approach him so he researches crypto and link so he buys it.