/biz/ - Business & Finance

>implying there won't be a countless number of usecases that don't involve corporations

>>10440247
Name one.

>>10440260
gambling faggot

>>10440316
>gambling
>not involving a corporation
Are you unironically retarded? Or is this meta FUD to make me see how fucking dumb linktards are?

>>10440331
Why are you even bothering to FUD something that no one outside of this board has been paying attention to and that has been flatlining for months?

>>10440343
because he wants to make sure he made the right decision in the purchases he just made. I hope he sells on the next pump like a faggot.

>>10440260
Providing data from public blockchains. Anyone can do it so having a cheap price will likely be more important than reputation.

>>10440236
>didn't read the whitepaper
or
>doesn't understand how chainlink works

>>10440236
post link faggot

>>10440392
I unironically didn't read the white paper and I don't know how chain link works.

t. 10.1k link holder

>>10440392
The whitepaper and the actual implementation of the code are two different things. The whitepaper was great, except in reality what they're building isn't even close to it. There's nothing decentralized about the network, because as everyone has been saying for a long time now, NO serious corporation will ever trust data inputs from random fucking nodes. They're going to run their own nodes, which THEY DONT EVEN NEED LINK TO RUN, then they're going to whitelist their own IDs and say fuck you to everyone else. So all the retardd clamoring about staked LINK have literally no idea what they're talking about. It's laughable.

>>10440393
Do you not recognize the M? It came from Medium, and was written by a Chainlink dev.

>>10440444
you're right. There are tons of applications of smartcontracts that don't need a distributed, immutable ledger.

This whole crypto thing is betting that there are also tons of use cases that will. And for those, going through a central oracle defeats the entire purpose. If you aren't a believer (which you have to be to make money... otherwise there wont be space to profit) then you should invest in stocks of proven companies. This will make you money but not as much as betting on the right high-growth industries.

Fuck. Spelling basics out for people who have never qualified for a library card makes me feel dirty.

Here's evidence that nodes will be free to run (aka need no LINK at all).
>muh circulating supply locked in nodes

>>10440480
yep, no link needed. it will be worth nothing

>>10440361
100% this. OP didn't do his basic research

>>10440476
>you just have to believe
Okay, that might be true about upcoming projects, but what I'm telling you id that your beliefs are wrong. This project says one thing and does another. Sergey had a brilliant idea, but it doesn't make any sense to implement the way he sees it. Chainlink is simply decentralized centralized oracles. Decentralized in the sense that smart contract companies will be able run their own nodes, centralized in that they will also pick their own nodes.

>>10440518
Oh. Oh my god. You’re retarded. I’m so sorry.

>>10440510
You're a brainlet. You really don't understand the project at all. I'll break it down for you:
Company A writes a smart contract. Company A also wants to use their own chainlink node to execute the smart contract, so they create their own node, then whitelist the node's ID in their smart contract, because it's their smart contract and they can do whatever the fuck they want with it. Now, at this point, since they wrote the smart contract, they can also choose to require a penalty fee/collateral LINK for a node to participate, but WHY would they do that? They're only going to use their own node, so there's no fucking point to require their own node to have collateral LINK in case of bad data. The only way LINK enters this picture is when they pay for their own node to provide the data, which they will be able to do with any form of currency, then the Chainlink contract will pay their node in LINK. And what are they gonna do with it? Dump it as soon as they get it, because it's pointless to have.

>>10440559
Or YOU KNOW... the opposite side of a smart contract could, I dunno, maybe like require the use of a non-company A owned node for the execution of said contract. But that would require you to not be a fucking retard.

>>10440546
Try breathing through your nose, dumb fuck.

>>10440358
Anytime I have a question I post it as fud. Only way to get answers.

>>10440236
that’s what i’ve been saying forever. one of the best projects and i have no doubt all the partnerships and use cases will work out but the token value won’t be very high.
no one has debunked this yet they all just say oh but staking oh but nodes

>>10440518
....
Scenario 1: Company needs data fed to it's smartcontract... they use a plain API and a smartcontract hosted on an in-house server. No blockchain, no chainlink (or only their "free" CL nodes)

Scenario 2: Two parties in different regulatory environments enter into a smartcontract. Since neither trusts the other implicitly, they use a smartcontract hosted on an immutable, distributed ledger. This increases speed, automation, and security while decreasing overhead. Instead of opening the contract to the entire world, they subscribe to one of the many 3rd party reputation aggregators (referenced by the CL team). This reputation aggregator holds the real names of operators as well as their own metrics of reputation (the two parties select the rep agg that specilizes in their field). The smartcontract specifies the rep agg's ID which then farms the job out to their high rep nodes who stand to lose a lot of money (in the form of $LINK). The trustless smartcontract then executes with Link's native random job assignment protocol and you know the rest.

Scenario 3: Tiny smartcontracts between two parties. Native CL job assignment is sufficient. Low payout.

Chainlink CAN'T force people to use LINK. Chainlink CAN'T provide the end-game reputation hosting. The project doesn't work if it does. Third party reputation aggregators have always been a part of the ecosystem.

>>10440599
>hurr durr company A isn't a third party that's writing the smart contract for companies B and C
Nobody gives a fuck about decentralization. Business want reduced costs and security. That's it.

>>10440444
Post the Link faggot there have been no new medium posts.

>>10440701
>>10440607
Nope

>>10440701
>Nobody gives a fuck about decentralization.
>Business want security

>>10440821
Bingo. Can't have security with decentralization. They will have to use third party nodes and to trust them they will have to use Link. Also, why you think the ICO was so hard to get into and the team has most of the Link tokens still. Because the big boys are going to get them all. Plus, what's the point of ChainLink doing all of this if they won't make money off the tokens themselves?

>>10440236
chainlink? more like designated shitting pnd

>>10440845
They don't have to use third party nodes. They can pick whatever nodes they want. In fact, in many cases they MUST use their own nodes, else they cannot do off chain manipulation of data.

>>10440236
Utter panic in the eyes of nolinkers as they realise we weren't joking

>>10440878
Then there is no point in the technology if they run their own nodes. They can just manipulate the contracts if they want which makes no sense. Having insurance makes more sense. Why even have it then?

>>10440946
dude they will select nodes run by Citibank, Deutsche Bank and Google. They wont select YOUR gayfuck node that gets hacked every 3 weeks by some russian spam bot

>>10440331
>hey i bet you 500$ that x sports team will win
>youre on

yeah gambling really requires corporations, huh? LINK apis could deliver the data required to correctly excecute the simple smart contract i described. the same could be done with p2p casinos or even p2p insurance.

personally i feel p2p insurance is the golden goose that will blow chainlink up.

The "LINK will be worthless even if the project succeeds" fud makes absolutely no sense, otherwise why does any of this exist lmao

What the actual fuck

>>10440986
it makes perfect sense, you don't need a token to be worth insane amounts of money to use a smart contract, refute this please

>>10440946
It's a catch-22. They need to implement external adapters, but can't guarantee that a project will be able to use external adapters unless that specific node is providing the data to the contract. So they cannot avoid choosing nodes from the smart contract side, it simply must be a feature. With that in mind, companies will choose their own oracles if they need to, but so wll others that don't necessarily need to just because they can be sure of the data, since it's in their control. Your question is my point. Why even have it then?

Nodes should be chosen randomly

Decentralized Oracle my ass

>>10440986
How does it not make sense? Chainlink will be an oracle, no doubt, but it's only going to be fractionally decentralized. The majority of the network that would raise the value of the token will be using their own nodes or a small group of nodes. The average person will just be left behind as far as being a node operator.

>>10441022
why dont you go into the slack channel and ask this question im sure rory would be happy to provide you an answer

>>10441049
why don't you just answer it here, rory?

>>10440480
Ok fag, LINK nodes with lots of LINK will be able to take high value contracts to offer as collateral that will be making the money your fucking brainlet.

>>10441056
thank you, anon. my hope is restored

>>10441055
im being genuine as possible here you autistic shit

>>10440441
You're no better than nolinkers. At least try to get a high level understanding. If you're gonna be rich, be a responsible rich

The link token itself is just kind of like a novelty item the team (Sirgai) created to sell for money to make the decentralized oracle solution. The token itself is pretty much worthless the only reason it has pumps is because whales are speculating on if sirgay will give it real value.

>>10441056
Try to keep up retard. Any company using a high value contract will be able to host a free chainlink node and whitelist it without needing any other nodes at all. They won't ask for large collateral LINK from their own node, it's their own fucking node. Idiot.

>>10441087
the codeship is going to deliver all the links right into sirgais fast ass via a smart contact with mcdonald api

>>10441072
That's all it takes? One uninformed, and downright mistaken statement from a random retard on the internet? Why don't you ask the devs/rory. pic related

>>10441088
Wow, you’re an idiot. Explain exactly how they would do that?. If you actually read the white paper you would know they couldn’t.

These posts are the worst because the OP is smart enough to understand the fundamentals but just can't quite analyze that information well enough to see what it everything together actually means.

>not just paying for api access
decentralized oracles are years away from being useful to anyone

I don't really care about any of this. I just want Link to hit $4 or $5 so I can buy a house.

>>10441139
Exactly this, I am bit of a brainlet with a high IQ and I can understand how it’s all going to work without really having a technical background.

>>10441115
Did you not look at the OP pic? That's from Hodges, unironically states that you can whitelist your own nodes. Like I said, the whitepaper looks great, but the actual implementation is far from it.

>>10441139
>t. hasn't run a node on the testnet
Ok brainlet

>>10441159
Why does it matter that corporations use their own nodes who cares

The decentralized shit is optional

>>10441088
so if this multi-million dollar company is using the CL network, do you think they will be making one or two data requests a day? maybe. or maybe they will be executing thousands or even tens or hundreds of thousands of data requests per day. do you think they will have one chainlink node that will handle these requests? definitely not. so does that mean they will run 100 of their own nodes? is that even possible? i honestly don't know. another option is they could just make use of the many node operators that are open for business to deliver their data for them if they have a public API. if they have a private API, then that becomes another revenue stream as node operators buy access to their data. don't forget that not only does this open the doors to smart contract adoption and all the added revenue that that represents, but also creates an API marketplace where buying/selling data streams becomes a thing with data triggered SC's.

nobody knows how this is going to play out yet. well maybe some people do but i sure don't. and neither do you.

>>10441191
Finally hit COPE stages. Great. The decentralized oracle network -- decentralization optional.

>>10441202
Do you even know how computers work? What do you mean a single node couldn't handle a hundred thousand requests a day? Computers do BILLIONS of cycles per SECOND.

>>10441202
Also, running 100 thousand API calls through the ETH blockchain would kill you in gas fees, so that doesn't even make sense anyway.

>>10441205
Contracts between people need to be decentralized a private company can do whatever they want people just wont use the company if they give invalid shit

just wanna say good job /biz/, this is the first non-retard link threads in weeks

>>10441220
cool. how long does it take for a node to complete a job on the chainlink network? accepting job, funding contract, requesting data, releasing funds

>>10441266
you realize humans maintain the api data right?
a decentralized oracle is high level AI shit and I doubt these bozos will invent it

>>10441263
tell that to SWIFT. they'd probably like to know that before they get into this smart contract racket, eh?

>>10441263
Most of the work is done off chain.

>>10441220
if you do a hundred thousand GET requests in a day your IP will be blacklisted by the website

>>10441112
It's over link is never going above $1

>>10441288
>tfw blocked from future 10444444 GET

why do you think chainlink is registered in the cayman islands? to avoid probable lawsuites when people realise the token has literally no value. its complete vapourware and isn't used for anything

link isnt a security(equity) in a company and it isnt even a currency like BTC.

Give it to me straight. Can Link ever hit a 2 billion market cap? I'm not talking about 1K EOY I'm talking about hitting $5 within the next two years be it crazy bullrun or whatever.

besides, the whole point of smart contracts is decentralization anyways. if it wasn't, we would have just had normal software contracts long ago. decentralization is the safety net which allows automation and a data triggered events. if a company is triggering very high value smart contracts, decentralization and aggregation is much safer than a centralized local node. a single node, even owned by said company could still be under threat of attack. decentralized aggregation is the only way for companies to feel that the chain is robust enough to trust with high value contracts.

>>10441286
Yes, and that cannot happen unless the node is using external adapters. External adapters take the data from the chainlink node, and do whatever it is that's necessary offchain. Then it gives it back to the node and the node communicates it to the smart contract. However, you have to have the external adapter if you're going beyond just doing API calls, so you have to supply the node/external adapter yourself. Which means that you can't use random, decentralized oracles.

>>10441274
It's clear you don't know what the fuck you're talking about. A node doesn't do any of that.

>>10441285
Oh fuck me, now you're coming off as VEN-level partnership retards? SWIFT thinks Chainlink is a perfect solution because it gives SWIFT all the control it needs over its smartcontracts, especially with the way the nodes are designed.

>>10440968
why wouldnt betting sites just pull the data straight from the fucking nfl, nba etc API itself? why pay a dozen different randoms who are getting the data from the exact same source anyway?

>>10441312
because there is 0% tax on companies

>>10440968
But the. You will still have the chainlink smartcontact company retard. You know sergay is a CEO . CHIEF EXECTUVIVE
OPERATIONS

ITS A FUNCTION TITLE FORA COMPANY YOU RETARD

YOU FICKING MONGOLOID IK SO FUCKING ANGRY AT YOU RETADED CANCERFUDDERS

>>10441312
Goldman sachs has 511 subdidiaries listed in the cayman islands. Morgan Stanley has 215 registered there.
Its a tax haven like the Netherlands.

>>10441388
>>10441399
yes and those companies also avoid US legal scrutiny.

>>10440361
Pretty sure you don't need an oracle to access data from a public blockchain.

>>10441406
No one gives a shit.

>>10441406
Avoid scrutiny and get a bail out at the same time. This fucking world

>>10441371
Because people would rather bet on a decentralized platform rather than trusting a company with your tokens

>>10440559
so where are they going to dump the link in this scenario? binance? do you really see huge corporations going onto binance to "dump their link"? really? maybe they'll just use it to fund their contracts which is the actual purpose of the token and has probably been provided to them by sergey, which would in fact create a staking tokenomics scenario

>>10440236
>only "companies" are going to need and want mainstream smart contracts
>You can run a node without Link tokens, that means there is no staking
Imagine being this fucking ignorant, lolmao.
Jesus fucking Christ.

>>10440260
Peer-to-peer loans, mortgages, and insurances that cut out banks and insurance companies.

You know absolutely nothing about smart contracts or Chainlink.

>>10441513
Implying ChainLink will ever be able to do any of this.
It's never going to be a viable alternative.

>>10441527
"I don't know what oracles are", the post.

Holy shit this is the worst fud against Chainlink I've seen in a long time.

It basically boils down to op saying
>companies won't want decentralized oracles since Chainlink also offers a centralized solition

Fucking retard kys for being so retarded

>>10441467
Im gonna take a dump on binance

>>10441527
Chainlink has infinite usecases u can make a contract that orders a person to clean ur dogs poop when it poops by sensors in the street lights think for a minute

>>10441557
I can't tell if you are trolling or not.

>>10441554
this

>>10441568
No m8 ur like a walking oracle node as soon as you see your neighbors dog take a shit youre already on your phone confirming the data andyou get payed for that

Creators of proprietary data feeds will run their own nodes and also sell api access to other nodes so that they can serve the same smart contracts. This benefits everyone.

>>10441554
>centralized oracles are okay and totally don't defeat the purpose of the project
Love the cope from linktards. Centralized is a better solution, if they just take an hour to run their own node. It's also NECESSARY if they even want to use any external adapters.

>>10441513
Holy shit you're delusional. Who's going to write those contracts?
>banks, insurance companies, lenders
fucking retard

>>10441480
No, it means the delusion about tokens being locked up in nodes that are incentivized to hold LINK is fucking retarded. There's not going to be a locked up supply of LINK. You're $1000 EOY pipe dream is a fucking joke

>>10441628
Look man we were kidding about the locked up tokens. Theyre all going to be in circulation, but it will still be 37$ EOY 2019

>>10440236
So what's the point of chainlink then? Can't they just provide the data directly?

>>10441467
Christ have you read anything at all about Chainlink, or even just this thread alone?

>>10441619
>Who's going to write those contracts?
Literally anyone with half a brain.

There's going to be an entire market of pre-written contracts that you can choose from based on price, reviews, times used, court case success rate, ...

You dumbass.

>>10441650
No because people dont want to be dependent on companies they went decentralized everything that means the dismantling of all corporations on earth via chainlink

Thats the true end game of link

>>10441628
>you can run nodes without staking, that means there is no staking

>>10441398
>be me
>decide that the world needs a trustless end to end way to perform transactions.
>can finally get rid of middlemen and their inefficiencies
>build an open source protocol that anyone can understand and audit
>people decide its not necessary, its the exact same as trusting a self interested company because I also founded my own company
>end up destitute because people are retarded

>>10441660
I sometimes feel linktards really believe this.

>>10441461
okay, lets assume a peer to peer betting platform. bets for a dog race are placed in a smart contract, winners are paid out of the pool, smart contract pulls results from TAB api or whatever directly. pretty simple.

>>10441655
Where are you coming up with this nonsense about pre-written contracts? Lmao. Why would any worthwhile insurance contract writer not obfuscate the contract by keeping essential processes in exclusive external adapters via their own nodes?

>>10441650
There's no point. Companies can build their own json senders and parsers. Sergey just wanted to top up his big mac fund. He was a known scammer in finance, so he held an unregulated ico.

>>10441660
>No because people dont want to be dependent on companies
The entire model of chainlink is to have one api as the source, which is provided by someone, ergo the contract depends on that someone.
The nodes are there only to move that data to the smart contract.

>>10441664
>be me
>decide that the world needs a trustless end to end way to perform transactions.
>SWIFT and other large financial institutions get ahold of my idea
>i have to cater to their needs that go against my vision for decentralized oracles
>no one who buys my tokens understands this
>i just buy more big macs

>>10441651
you're the one who said companies are going to dump the link after the contract is executed there sunshine

>>10441679
>>10441688
No chainlink is about gathering objective facts from reality eventually someone will fuck you if youre just using one centralized api even if its some niche bhangaledeshi pole dancing brigadr for you g girls competition

Why wouldnt you trust many over 1

>>10441417
You don't need an oracle to access data from an API either. The point of oracles is to provide accurate data to blockchains and smart contracts.

>>10441736
And the point of Link is?
Can't you just connect the oracles directly to the smart contract?

>>10441761
You dont have to ask nfl who won the game you say to alexa hey chainlink who won the game

Nfl will cease to exist it will be a decentralized chainlink football legue of the singularitty

>>10441731
Because if everyone is getting the data from the same source it doesnt fucking matter??? ARE YOU STUPID BRO

>>10441628
>delusion about tokens being locked up in nodes
HIGH
VALUE
CONTRACTS

>>10441683
>Where are you coming up with this nonsense about pre-written contracts? Lmao.
Common sense you rube.
People write their own agreements with legal effect all the time, like in the case of private house sales.

>>10441731
>No chainlink is about gathering objective facts from reality
That's Augur...
Chainlink is exclusively about api

>>10441776
Theyre not though
Everyone has to come to their own conclusion

U might not think nfl will exit scam because theyre too big to fail but with the chainlink singularity you cant depend on one centralized api for everything because there will be that one basket weaving contractor that does exit scam and dupes the whole oracle network

>>10441683
>Why would any worthwhile insurance contract writer not obfuscate the contract by keeping essential processes in exclusive external adapters via their own nodes?
People who want transparency would simply go for a different contract then.

>>10441784
Who's gonna require high value contracts? Anyone at that level will make their own node are you FUCKING DUMB?

>>10441790
>people who can use pen and paper can use solidity and ethereum smart contracts

>28 posts by this ID
>stale, months old fud

I have a feeling OP is sirgay FUDding so actual retards back off the project

>>10441761
The point is to ensure data integrity. Imagine that you wanted to sell Bitcoin for Ethereum by using a smart contract that sends you the Ethereum once you have sent the Bitcoin to the buyer's address. If your Bitcoin is sent but the buyer is able to influence the oracle into saying otherwise then the smart contract won't send you the Ethereum and he will have scammed you. Link solves this problem by getting the data from multiple sources that both parties can agree to trust.

>>10441844
>>10441845
Delusional.

>>10441854
But the smart contract can also get the data from multiple sources.

>>10441811
>there won't be anyone who comes up with a low-threshold front end for writing smart contracts

Holy fucking boomer over here.

>>10441865
LINK is just a way to facilitate that.

Chainlink order a bigmac throug uber eats every day if my weight detector app has me under 300

Chainlink short mcdonalds

Chainlink convert 50 link to fiat deliver by drone

>>10441896
You know what?
You are right. I can see the value of Link now.
Putting my life saving on it, wish me luck.

>>10441876
>the success of chainlink depends on some external agent
s u i c i d e

>>10441865
do smart contracts have built in aggregation?

>>10441935
still awaiting your response to whether you think large corporations are going to "dump their link" on binance.

>>10440236
Are you REALLY this fucking stupid?

>>10441935
lmao
Every single node is an "external agent" you dumbass. It's a DECENTRALIZED network.
Also, dapps are "external agents" and look how massive ETH got the second those started rolling in.

Are you fucking retarded?

>>10441965
Word that kittycat game is huge smart contracts ftw

lol it's embarrassing how fucking stupid this board is.

to say LINK is your coin, you really have no clue how it works.

>>10441989
Word you need atleast 200 iq to grasp the cusp of the whitepaper

>>10441982
You drunk bruh?

>>10440343
>that no one outside of this board has been paying attention to

>>10440343
>FUD

>>10441989
True. Its a qube

>0 LINK to run a node
In which case was the purpose of LINK solely to fund development? If so, how can there possibly be a market for LINK once its running?

>>10442422
0 link required to run a node.
Zero is also the likelyhood of good node reputation when staking 0 link, or accepting jobs with greater than 0 penalty

>>10440968
How could a smart-contract even handle insurances? What happens in case of fraud/conflict between the insurer and the insured?

>>10441202
So all nodes would have their own APIs with their own ways of fetching datas? Otherwise I don't see the point. In short Chainlink is more like an oracle marketplace than a decentralized oracle no?

N I G G E R S
I
G
G
E
R
S

>>10441046
In this case why do you need a token? Why not paying in ETH, stablecoin or whatever popular coin?

>>10442560
>why does a separate decentralized network need a separate token?
durrr

>>10440236
>There is NO requirement to offer link to run a node. You can run a node for free. Why even have the token then?

You little faggot didn’t even read the Whitepaper. Neither did you take even 5 minutes to try to understand the project. Fuck off!

>>10442527
>How could a smart-contract even handle insurances? What happens in case of fraud/conflict between the insurer and the insured?
What happens nowadays, without smart contracts?

>So all nodes would have their own APIs
lol no
Look up PSD2 for instance, the EU just forced banks etc. to open up their internal APIs to third-party providers. A veritable treasure trove of exceedingly bankable financial data APIs is now open and ready to be used by Joe average's Chainlink node.

This thread is so refreshing. Been a long time sense we've had real talk on the technical side of Chainlink and the FUD this past months have just been baseless fodder.

>>10441202
it's pretty obvious that corporations will be able to run 100s of nodes more easily than an individual could run one node. it's pretty likely that someone will make a tool to make doing this relatively easy after CL mainnet is released, so that corporations can horizontally scale their own oracles as required.

>>10442799
The quality on biz today is staggering. what the hell happened.

>>10442831
first they ignore you
then they laugh at you
then they fight you
and then you win

chainlink token isn't equity in the project, and it isn't a currency like bitcoin.

it has literally NO value. it wont be used for anything tangible.

>>10442849
Its a utility token. It has Utility in the network itself. Think of Arcade tokens for an Arcade.

question for chainlinkers; what's stopping someone from writing a chainlink oracle which requires no cryptocurrency whatsoever and instead uses off-chain APIs to pay for chainlink transactions using USD.

>>10440480
No one is going to pick your node if you don't have any staked Tokens as reputation insurance

>>10440617
I've been suspecting this as well. I think the 1000 eoy meme went too far and shrouded the truth that the token has no need to go high in price. I'm personallyy dumping at $10 and moving onto greener pastures, anything beyond that is pure dreaming and speculation

>>10442962
Not going to make it

>>10442979
cope

>>10441280
Exactly. This shitcoin has 2 developers working on the """singularity""". In the meantime Google has 1,000's of the greatest developers in the world and they can't even get youtube right lmao

>>10440236
Friendly reminder: There is no point in using a decentralized network of oracles if you are going to use your own node

Link being over $1 defeats the purpose of the coin.

>>10442849
>the token doesn't do anything
Read the white paper big boi.
It's been out for almost a year, so I'm going to call you an idiot rather than simply ignorant.

>>10440236
>You can run a node for free.
Yes, we know. This is in the whitepaper. It's reputation based. More link staked = higher reputation. Worst FUD I've seen so far.

>>10443109
Sure there is.
All you have to do is use the Chainlink network, system, GUI, ... which is all ready-made, and set up your own "centralized" node.
It's all ready made and easy to use. Plus you can rest assured it'll have a decent infrastructure because it's one of the premier oracle systems out there.

Beats the snot out of creating and maintaining your own oracles.

>>10443119
Link could be 1 billion USD per token and you could still pay people 1 cent worth of Link.

>>10440236
what's the point of using a decentralized network if the companies are going to pick the nodes they want?

>>10442948
guys correct me if I'm wrong but from what I understand nodes are picked RANDOMLY from a pool that satisfies reputation + collateral criteria set up by the contract provider.

>>10442962
>the token has no need to go high in price
What is supply and demand.

Jesus christ, you retards are trying to deny the most basic market principles just to fud Chainlink.

>>10440559
if they're only going to use their own node, there's no point on using chainlink, or even any smart contract blockchain at all.

>>10443185
They can use their own node if they want.
There's more than one way to use the CL network. And that's a good thing.

Keep in mind though that those APIs could very well be public anyway (see PSD2 for instance), so it's possible that they'll just use a node that someone else set up and has great reputation.

Plus, it's not just "companies" that'll be using Chainlink.
Smart contracts are essentially peer-to-peer agreements. You could crowdsource your mortgage or insurance using smart contracts for instance.

>>10443105
>2 developers
Update your fud folder, grampa boomer.
It's not fall of 2017 anymore.

>>10443208
Sure there is.
All you have to do is use the Chainlink network, system, GUI, ... which is all ready-made, and set up your own "centralized" node.
It's all ready made and easy to use. Plus you can rest assured it'll have a decent infrastructure because it's one of the premier oracle systems out there.

Beats the snot out of creating and maintaining your own oracles.

>sergey solved the oracle problem for companies to use his network at no cost at all

How will Sergey make money then? Thats not how business models work.

>>10440607
Mouth-breather here, does breathing through your nose make you smarter? I have chronic sinusitis, my nose is always stuffed and I have a difficult time breathing through it.

>>10440236
>You can run a node for free. Why even have the token then?
Wow topfuckingkek you thought of this?!? Damn you're clever lmfao

You'll see in 2 years that i was right about link being a useless crap token.

>>10443395
It's a decentralized network, you absolute brainlet.
Its operation isn't supposed to make him any money.

>>10443395
The ico is the business model, it's time to realize that.

fud harder goys its not working, u gonna left behind by the choochoo train $1 EOD better fomo in now

>>10443550
>Its operation isn't supposed to make him any money.

What the fuck, do you think he did it out of the goodness of his heart?

>>10443554
>The ico is the business model, it's time to realize that.
If this was true, then there would be no incentive to deliver a decent product, he could be a 2 man team that delivers that shittiest product and that would be fine.

Its like you people dont even understand capitalism.

>>10443612
>What the fuck, do you think he did it out of the goodness of his heart?
Yes, there is no way he is ever benefiting from the success of the network for which he minted the tokens.

>>10443395
Because Smartcontracts.com will be running nodes

>>10443395
>How will Sergey make money then? Thats not how business models work.
Have you literally not watched any YouTube videos or read the whitepaper because holy shit you're fucking retarded.

>you're retarded
>no, you're retarded
Great link thread again boys

>>10443695
The thing is that's what happens when this info has been discussed over and over and how sergey has said himself the role smartcontract.com the company will play in all of this. I'm done spoon-feeding mother fucking low iq apes.

>>10440260
Inheritance conditions, me-you contracts, self contracts (money saving, fulfilment of goals), private betting, private gambling...

>>10440444
Checked for good fud

>>10443679
I have, it still doesnt explain how will Sergey and smartcontracts.com will make money with its oracle network, if companies decide to run their own nodes and request offchain data only through them.
The whole "but decentralized is safer" is not enough, it will be cheaper to run their own nodes than pay for others.

>>10443762
>it still doesnt explain how will Sergey and smartcontracts.com will make money with its oracle network, if companies decide to run their own nodes and request offchain data only through them.
L M A O
Tell me, fren; how would Sergey make money if companies didn't run their own nodes?

>>10443447
bump

>>10443762
Also, how did Satoshi make money off Bitcoin? How does Vitalik make money off ETH?

I wonder what the price will be when they stop fudding

>>10443395
see >>10443828

You better not disappear either.

>>10441088
Why the fuck would a company run their own node and then query their own node. The entire point of them using smart contracts is that you're dealing with multiple parties that you don't trust and you want the order for the execution of that contract to follow through without you being jewed. If companies just want self-executing operations, that shit has been around for years through various technologies. There would be 0 fucking point in using a smart contract.

>>10443828
I legit dont know how Vitalik makes money, I assume he mines ETH and then sells it, but what if it was already premined? Fuck me, I guess I am a brainlet.

To anyone still dumb/ignorant enough to swallow the fud; look at pic related.

This was one of the main slides of Sergey's Sibos presentation, and it shows the use case Swift asked them to develop: smart bonds.
As you can see, it involves not only multiple sources (various individual banks feeding interest rate data), but multiple TYPES of sources (banks, S&P, SWIFT).
Even the "market rate smart contract" and "smart contract security" act as data sources.
And all of this for a single but complex transaction.

When people say "companies will just use their own nodes", in the case described in pic related, who will be providing "the" nodes exactly?

>>10443447
bump

I hope you guys understand that this whole network can be fucked with sybil attacks

>>10444020
>When people say "companies will just use their own nodes", in the case described in pic related, who will be providing "the" nodes exactly?

....we?

>>10444035
Why not?

In any case, it's not going to be "THE company", because there are multiple companies (and types of companies) involved in that single transaction.

>>10444048
Yeah, but wont it be cheaper for them to each use their own nodes and communicate to each other nodes? Besides, knowing which node each company runs would actually make it simpler and easier to litigate judicially, in case of node problems. With decentralized nodes, that will be nearly impossible.

Just please tell me how sergey makes money, he will run nodes too?

>>10444071
>wont it be cheaper for them to each use their own nodes and communicate to each other nodes?
That's certainly a possibility, but remember that the banks' interest rate data for instance will be publicly available for any third party node to access, see PSD2.

>knowing which node each company runs would actually make it simpler and easier to litigate judicially, in case of node problems
This is exactly why you use a decentralized node system, the idea is you don't have to trust any single node.

>>10444139
thanks sergey

>>10440444
You don't deserve these trips and you are a faggot. What happens when these banks lend their API to smart contracts through Chainlink? Oh that's right. THEY ARE PAID IN LINK FOR THAT. kys.

>>10444139
>This is exactly why you use a decentralized node system, the idea is you don't have to trust any single node.

I get your point, that decentralization means there wont be a single point of attack, meaning that even if one node gets attacked and oes down, other nodes will still fulfill the smartcontract fully. But I think that some companies will prefer to take the risk of more central nodes, if they can know the identity of node user, because it gives litigation leverage.

I understand that this relates to Sergeys speaking about how companies only give up control after they see that its cheaper to give up control than to keep it, but i fear that company lawyers wont push for this kind of thinking, mainly because it means that a large part of their legal team will become irrelevant.

Anyway, I dont know, I still dont get how Sergey will make money, will he run nodes and make money just by running tasks like everyone else? I legitimately dont get their business model, when it comes to them, personally.

>>10444189
>I understand that this relates to Sergeys speaking about how companies only give up control after they see that its cheaper to give up control than to keep it, but i fear that company lawyers wont push for this kind of thinking
From an official Swift publication:

>David Watson, head of digital cash products at Deutsche Bank. “If someone else can deliver a part of the value chain better than I, and provided that I am comfortable that the experience will benefit my client, I am happy to provide 80% of a service, and bring in a startup to offer the other 20%"
Source: https://www.sibos.com/sites/default/files/sibos_toronto_2017_sibos_issues_wrapup_edition.pdf
(or google a key phrase if you don't trust the link)

>>10443550
It actually does make money, a tiny percentage of all LINK fees will go directly to the company to fund further development.

>>10444226
Thats nice. But how Sergey makes money?

1000 eoy

Sergey has reserved a few million tokens to GIVE AWAY to corporations you retards. This is so they can use them in nodes.

>>10444230
>a tiny percentage of all LINK fees will go directly to the company to fund further development.
No. Hell no.

>>10444237
You really have no clue how Vitalik for instance makes money off ETH?

>>10443447
bump?

>>10444272
No he didn't.
Even if companies wanted to "RUN THEIR OWN NODES", they wouldn't need a single LINK to do so.

>>10444300
He said it in a video, I won't bother to find it I'm sure someone else can confirm. Maybe this has changed since then but he said it nonetheless.

>>10444319
>>10444230
Sergey is holding onto a proportion of Link to fund future development, he is not scraping tiny percentages from ongoing transactions.

>>10444300
No D:

Does he mine it?

>>10444351
He sells the units he has.
One of the biggest pieces of fud against ETH early on was "Vitalik is going to dump his pre-mined bags on you".

>>10443447
Yes. Look it up.
Inhale warm salt water with your head titled back so it runs to your throat and then tickles your gagger. Then let it fly out your mouth. This helps to take out a lot of the build up if done repeatedly

>>10444396
i tried this and it gave me the worst nosebleed I ever had in my life. I almost had to go the ER because it wouldn't stop bleeding but I waited it out and two hours later it finally stopped

>>10444432
You've got something totally fugged in there m8.
When I first had super bad congestion during winter in high school, I did this like 10 times in a row and i blew slugs of snot out for like 40 minutes

>>10444432
That might be something like the dried up crust finally coming off of the flesh leaving it super tender, depending on how long it's been stuck there

>>10444375
I see. Well, then since Sergey has 650,000,000, if link reaches just $10, it will alredy be enough.

>>10442948

This 100%

>>10444567
>it will alredy be enough
For what?

>>10440236
As always stinky linkies refuse to acknowledge facts about their shitty project. I wish we could fast forward 3 years just to see that this shitty idea has gone nowhere.

>>10444664
No u.

>>10444638
For him and the team to be as wealthy as they want to.

>>10443164
>>10442694
Do you feel betrayed yet? Whitepaper vs reality. I'm sorry you gave up on researching Chainlink one day after reading the whitepaper.

>>10443395
Sergey makes money through the Chainlink smart contract. Any smart contract writer will have to send data queries to the main Chainlink smart contract. They can specify which nodes they want, and how many nodes they want. Then, they pay a fee, some of which covers the gas for the transaction, and some of which goes to the Chainlink smart contract. He makes money every time anyone uses a node.

>>10444873
Uh, sure.
Also your numbers are off, but hey.

>>10444874
>Sergey makes money through the Chainlink smart contract. Any smart contract writer will have to send data queries to the main Chainlink smart contract. They can specify which nodes they want, and how many nodes they want. Then, they pay a fee, some of which covers the gas for the transaction, and some of which goes to the Chainlink smart contract. He makes money every time anyone uses a node.
Source pls.

>>10444525
>>10444539
Damn, well I will try it again. I need nose air to be smarter so I can make smarter trades

The point I'm making is that the most valuable smartcontracts, which autists here think will make them rich, will have their own necessary processes which preclude other nodes except their own from answering the data requests.

>>10445040
Explain why that would be a problem, anon.

>>10445040
By the time your hypothetical happens $LINK is already in the multibillion market cap. One of the few or only cryptocurrencies that is used by both corporations and banks. Price will be something ridiculous like in the low hundreds. The people here will have already happily sold out for $5-$20 and have moved on to Thailand.

>>10445055
Because it destroys the idea that the LINK token will rise in value because of nodes needing high collateral to engage in the data retrieval. Any high value contract is going to need personalized nodes to even handle their requests, and that means they exclude other nodes simply by virtue of them not being able to handle the request, so there's NO need to require a high collateral, since you're using your own nodes anyway.

>>10445040
>>10445055
Use your own words.

>>10445140
fuck you just kys already. If you can't understand what I'm saying then you're fucking lost in the grand scheme of things

>>10445139
>Any high value contract is going to need personalized nodes to even handle their requests
So who "owns" all the nodes in this example: >>10444020
?

are we fucked?

>>10445139
what you're talking about has been defuted by the team in the official telegram

>>10445185
Yes, some retard bringing up something we've known for almost a year fucked us.

>>10442831

the highly intelligent have moved on after making millions on bitcoin and ethereum.

>>10441087
No, because if the Link token was to be worthless then they would of just made this a private oracle system with VC money. Swift would easily pay 32 million to make this. It's nothing to them

>>10445163
Whoever implements the smart contract. That picture in that example won't even be a realistic use of the Chainlink network. Why use a market data contract to aggregate interest rates? It makes more sense to handle data manipulation off chain. The market data can come from a single node which makes multiple api calls via external adapters and returns whichever interest rate is to be used to the main contract. Then, they use their own node to handle the SWIFT payment, because, again, they need their external adapters to process the transaction using sign-in credetials stored on the node. There's no reason to have public nodes in that example at all, and contract providers have the means to eliminate needing any public nodes with the way external adapters are implemented.

>>10445307
>Whoever implements the smart contract.
So that party "owns" the nodes that talk to the different banks, S&P, Swift, ...? Why?

>That picture in that example won't even be a realistic use of the Chainlink network.
That example is the use case which Swift asked Chainlink to develop, lmao.
So far it is THE classic example of realistic use of the Chainlink network.

>>10445355
Because the nodes need credentials to initiate payments on SWIFT's side, and more than likely to query someone's debt score, do you really think that personal information is available to any random person? Since those two node activities necessitate credentialed nodes via external adapters, adding in one more external adapter to query market data, the only feasible use of the decentralized oracle network, is trivial. And it's better for a business to do that anyway, because off chain computations aren't limited by blockchain speed or fees.

>>10445443
>the nodes need credentials to initiate payments on SWIFT's side
Source?

>someone's debt score
We're talking about bonds here, anon. "People" don't put out bonds, countries and companies do. And their ratings would indeed be public, it's a prerequisite for issuing bonds.

You are WAAAAAAYYYYYY out of your debth here, stop posting any time.

>>10445040
There isn't now nor has there ever been a single acoustic anon what has thought or claimed that he would be able to operate himself a node what served high value contracts based on...nothing motherfucker. Everyone knows these high value contract nodes will be based on data feeds that aren't public or even affordable for non corporate entities.

So who is gonna start the class action against smartcontract.com and how do I join?

Reminder!
Do not refute fud!
This is 10/10, we don't want Reddit to ride our dildo boys

>>10440444
do you think companies would like to monetize their data and make a lot of money on top of what they are already making? do you understand what the API economy actually is? You know how FORD MOTORS used to build everything on the assembly line? Now there are companies that specialize in building one spark plug for a specific fleet of vehicles. This where the API economy is going.

>>10440236

>Why even have the token then?

Because you paid in even more tokens dumbass

>>10440236
>Companies can freely choose nodes
>Chain link owns 2/3 of the total supply and will most likely sell directly to big companies at a discounted rate

$1000 never = confirmed

>>10446779
Not really, seeing that they don't need to stake any to get returns for their own data, now that the reputation and collateral system has been revealed to be useless. They will simply bypass the system by making their own nodes with public IDs and 0 Link staked. and they will still be paid for their data, while benefiting from the network for their smart contracts

>>10440480
you do not need link to run a node but you won't get any jobs because you have no collateral to put up thus you'll never gain any reputation for providing accurate data so basically you'll be operating a node as a net loss.

>>10446865
see>>10446921
and also if a company is just going to use their own data then they do not need to trust any one else. the point of this is for smart contract creators to be able to have a toolbox of data feeds they can pick from and plug into their smartcontracts. if a company is going to use their own data they already trust themselves and could use a cheaper method of self-execution.

What's the point of a company even using chainlink if they're just going to keep everything in house?

>>10447019
I don't mean large companies using their OWN data, but rather data from OTHER large reputable companies. The problem isn't the data itself, it's how it is put in the blockchain. You'd want a decentralized method to do that ideally. However, we now know that these companies can have a pseudo-decentralized method of doing that with 0 Link staked.

>>10447019
>if a company is going to use their own data they already trust themselves and could use a cheaper method of self-execution.
This type of self-execution is already being done.

Chainlink is decentralized because most transactions require more than one party to complete, in which case decentralized nodes offer the trustlessness needed to guarantee independence from either of the parties to the transaction.

>>10447105
To get info into the smartcontract. They still pay Sergey and team for contract creation, but pick their own nodes.

>>10447201
yes, correct. i am late i see you have debunked most of these idiotic claims already.

>>10447201
Then why even let companies ID their own nodes? Completely undermines their initial premise of it being a totally decentralized oracle service.

>>10447239
But as far as I am understanding, they won't pick the nodes. They will make their own nodes and put them in their basement. Wouldn't it be more practical to just have your in house programmers do all the work? They are onsite and can fix and tailor anything you need.

Decentralization is the only reason why you would use chainlink.

>>10447239
Sergey does not create smart contracts you dumbass. anyone can create their own smart contract, that's the whole point. also, if they're picking their own nodes and keeping everything localized there's no point in using smart contracts in the first place. you don't need to DLT to create self executing software. furthermore, if they're using their own nodes to trigger data, they don't need decentralized oracle services.

>>10447334
>Then why even let companies ID their own nodes?
For certain parts of the transaction where that’s not a problem.

>hurrr defeats the purpose
Get over yourself, there’s more than one method to use and run nodes, and each method has its place.

The whole reason why you would want to use chainlink is decentralization. You want to increase the security of your smartcontracts by running the information through multiple nodes all over the world. And ideally these nodes would be pulling their data from different sources. Node A would pull the score of the football game from info source A. Node B would pull the score of the football game from info source B. But even if all of the nodes are pulling the info from the same source, your system is functionally unhackable. Hackers would have to find out some way that your nodes are all pulling their info from one source, (which is incredibly unlikely for them to be able to figure out), and then the hackers would have to hack into the data provider in order to alter the data.

Amount of penalty payments: If penalty payments were locked in to assure a node operator’s performance, the result would be a financial metric of an oracle provider’s commitment not to engage in an “exit scam” attack, where the provider takes users’ money and doesn’t provide services. This metric would involve both a temporal and a financial dimension.

>>10444300
>>10444345
https://www.youtube.com/watch?v=MfH1B85YyFU
25:10

>"...and it's part of that node operator fee of which our company will take a small portion in order to maintain the software, in order to make sure this secure blockchain middleware is continually maintained as secure..."

I went to sleep but there you have it.

>>10449184
At 27:16 he says "in the long term you PROBABLY need to pay the people maintaining the highly secure middleware".
This was just an idea they had at the time.
Remember that this was months before the ICO, so they were throwing around a bunch of ideas about how to secure funding.
In the end, they just went with about a third of all tokens being set aside for this, rather than taking a percentage from the transaction fees.

>>10449459
The word "probably" in that context does not necessarily mean it's up to discussion. Because what follows straight after that is:
>"otherwise you're gonna have failures..."
And no, it wasn't months before the ICO, the presale was already running at that time.

>In the end, they just went with about a third of all tokens being set aside for this, rather than taking a percentage from the transaction fees.
Every ICO sets aside tokens for the company, that's a well known model, but he's not just talking about the company here. He wants to be able to fund this entire new open source foundation (probably something like EEA). That could be huge one day and funding that straight out of their personal dev. and company funds would be ridiculous.

>>10449611
He said 'probably' when he was once again explaining what he meant with that "part goes to the software maintenance' part, implying there were other ways.
And sure the presale was running, but the white paper wasn't out yet at that time. There isn't a word about it in the white paper, which is nonetheless very comprehensive, and I haven't heard a word about this since.

>>10440236
Didn't read just getting another link thread to 300 replies also check em

>>10449777
Yes I know but then again, the website was already live around that time with visible token distributions. Not sure why he would mention that if they had already decided for 350/350/300m distribution beforehand.

>>10449855
Maybe it's something they were thinking might be necessary in the very long term, if they actually run out of the Link they set aside from the presale/ICO.
He did literally use the words "in the long term" directly in this context.

>>10449837
Good work.

>>10440559
Idiot, smart contracts are between two companies, your theory kind of left out the other party. On high dollar or questionable deals, what makes you think the other company will trust the others designated node? Quit embarrassing yourself and go post in a fucking Tron thread.

>>10443845
This. ChainLink has no uses.

Let me put this as simply as I can for you LinkTards

1. You don’t need Link tokens to run a node
2. Companies can set up their own nodes and INFORM other companies that they are in charge of that node
3. Companies, with MILLIONS of dollars on the line, will ONLY USE TRUSTED NODES, MEANING THEY WONT BE USING NEET NODES

DO YOU FUCKING GET IT NOW?

>>10450502
>if you put a toilet street on the street next to ranjeet then you can tell everyone your potty trained.
Brilliant pajeet, congrats on that, seriously.

>>10450502
They will agree on highly reputable nodes, that is correct - along with a high penalty at risk. Your FUD, not that strong. Do you get that now no linker? Stay poor.

>>10450502
See pic above, to run a node with penalties for incorrect information you need link.
A smart contract between companies with millions on the line will need decentralized and impartial nodes

>>10450502
What if the trusted node fails or gets tampered with?

14 more replies before this thread gets buried

>>10450677
>>10450569
>>10450561
>>10450544
You don’t get it, do you? If you have a node run by a NEET that is verifying data used by multimillion dollar companies, those companies could EASILY pay the node operator more than whatever fee will be levied against them (the node NEET) if they agreed to falsify the data to the benefit of that company. Moreover, this could be done discreetly with private transactions in private currencies. It’s not realistic to think these random people with no real skin in the game are going to be honest node operators for million dollar transactions.

>>10451022
Also, there’s no legal recourse a company could have if data was falsified by a neet node operator. If it was another business there could be some contractual agreement beforehand that if data is falsified by one party then they’d get taken to court. Can’t be done with this pseudononymous blockchain crap and fandoms running nodes.

>>10451022
>>10451053
that's why node selection is randomly chosen among a pool of nodes that 1. have money on the line (hopefully this shows you the value of staking and why smart contract writers will require a lot of collateral) and 2. have a track record of honest performance via multiple reputation providers. With SGX the node operators won't even see the requests. It's going to be extremely difficult if not impossible to pull off an attack for a well written contract.

>>10451373
>that's why node selection is randomly chosen among a pool of nodes
that's what many people thought initially, but unfortunately you will be able to manually select nodes too.

>>10441272
if this is what you call a non-retard thread I worry for you my dear anon

>>10451022
You seem to be implying that a neet node would be treated as on par with a Google node. That would simply not be the case. However 1000 neet nodes from different countries all over the world would likely be considered on par with a Google node concerning the odds of the majority providing accurate data. If you're a business who wants to decentralize it would behoove you to use a variety of different nodes, from Google nodes to neet nodes.

300 eoy

>>10442962
What is collateral. How do you service $50billion in contracts with 500million in available collateral?

If link stays cheap it would be equitable to manipulate results in some cases. The system itself demands an astronomic token value

>>10453196
But who pays for it to get there?