/biz/ - Business & Finance

>>13413762
i can use btc/usd as collateral aswell???

oh fuck off already with chainlink

>>13413762
Dumb linkie

>>13413762
why is it going to 7000 satoshis im bleeding satoshi like a motherchod

Here's a good dose of fud: collateral is measured in LINKS. So I make a contract with 1000 LINK as collateral, price of LINK is 1$. 2 years passes and contract expires. My node gets rekt by other validators since I was too retarded to program my data feed well. Price of LINK is 1000$. I lost 1M$. Wow thanks Serjeh

>>13413768
Nope. Nodes can only be paid with LINK.

LINK is a ERC 677 token which was designed to transfer data. So BTC can't be used.

>>13413864

This has been addressed in the telegram. There is a function within the smartcontract to link nodes used that enables the collateral to adjust to deflation or inflation.

>>13413864
Then the system is working brainlet. You were the retard in that case, not CL.

>>13413864
Also keep in mind nodes will be used upon Data input and output.

So the the inflated or deflated price in link is accounted for at the time of use.

>>13413776
Use filters you dumb fuck

>>13413762
The two big use cases, insurance and derivatives can't even be done with smart contracts in the real world.
Do you think that insurance companies have a 1:1 ratio of capital to covered insurance? No, of course not, because they know that only a fraction of all contracts are getting served.
With smart contracts you need to have a 1:1 coverage, because the funds need to sit and wait in that SC in order for it to be trustless.
It's the same thing with derivatives. So banks and insurances will need to 10x or 100x their capital reserves to use smart contracts which will obviously never happen.

>>13413762
Chainlink is all about end to end security / decentralization, right? Your smart contract holding billions of $ worth needs to have secure non-bribable data inputs.
So you choose oracles that hold a large collateral in Link to have a high security, as these node operators do not want to lose their collateral.
So far we should agree, but here is a problem.
As long as there is a single man who can snap his fingers and drop Link to 0 whenever he wishes you can not put much trust in any amount of collateral nominated in Link token.
If you need to trust Sergey to not dump his token you might aswell trust large centralized oracles. A single man can always snap and do crazy things. Even your prophet.

>>13413762
>tokenomics

>>13413762
The are critically understaffed to deliver their vision in time.
Why though - why did they not use more funds and hire a dozen more devs like at least one year ago?
Pure greed is the answer. If you believe there is a high chance your project will fail, your best bet is be tight with your funding and pocket everything you didn't spend on development.
Sergey is a made man. He will durdle around a bit longer with Chainlink, but he probably already made plans on how to spend his +$15 million (his part of the ICO funds that are left).
I've done some contracting work for a few ICOs and they literally all do that. They just pretend to code some useless BS while pocketing as much money as they can without going to jail for fraud.

>>13414261
>>13414274
pajeet pajeet he shits on your street

>>13413776
you are a literal nigger

So OP was asking for good fud and got served I guess. No replies?

>>13414261
>With smart contracts you need to have a 1:1 coverage, because the funds need to sit and wait in that SC in order for it to be trustless.
Which equivocation do you think is most important to address?

>>13413762
Looking real healthy
>inb4 zoom out

>>13414261

MULTIKIL

>>13414274

GODLIKE

>>13414296


RAMPAGEEEEEEEEEEEEEEE


Linkies on suicide watch

Based Anon just rekt you but ill join in just for lolz

1)
>smart contracts are 10+ years from real world implementation, and none of platforms for them can't scale (ETH is closest and look what mess it is)
>noone figured out big usecase for sc yet to sell them to big dogs
>and here you are hoping that mainet comes out soon..you ushould be praying its delayed 7 more years up until point when someone uses sc shit lol

2)"decentralized oracle only makes sense" is meme narative

THere is 0 reasons multibillion company cant feed data to contracts its financially liable, liquid and law abiding everything our corporate world is built on

Ok, one last point to make. You might wonder why did Chainlink get so much attention from /biz, so many threads, so many memes.
The "Link marines", the cult of Sergey and so on. Do you think this is all natural? No shill on 4chan has ever been honest (except BTC and ETH years ago).
You take a rank >100 token, create a convincing story around it with insiders (Assblaster), add some nice memes and without much effort you pump the token to rank 30.

The groups that paid pic related gradually sold their holdings in the run up from 10-15k sats earlier this year.
That is the reason why we don't see nearly as many Link threads as we used to. Now only the bgholders that believed the fake narrative start new threads and those will slowly fade away too.
Good luck to anyone that is still holding on to their Link, but don't be surprised to watch it bleed down to 3k sats.

>>13415108
>>13415028
I appreciate the effort in regurgitating year old fud

>>13415414
>worked on this pasta or over 1 hour in discord
meh it's alright

>>13413762
This article is 2 years old.

https://steemit.com/cryptocurrency/@internetotaku/chainlink-ico-was-it-a-scam-or-was-it-just-a-massive-mistake

Now name one thing they've developed in those two years. The only reason LINK isn't at 0 is because Sergey wanted more money. As soon as he realises nobody is falling for his shit anymore, it'll crash all the way down as the Chainlink team sells everything.

>>13413762
>you're an idiot if you dont buy this

I dont u derstand why you guys keep making these threads anon. If anything you'd want to stealthily accumulate your tokens and reap the most in returns

>try to decentralize oracles
>get sybil attacked
>actually planned out solution as stated by thomas and sergey is depending on central authority listings (reputation) and the general concept of name brands and trust
Lmao bandaid fucking solution... It's inherently impossible to put data onchain in a trustless way. Future systems have to be developed on chain to be used in SCs

>>13414943
Uh oh, pissed stinkers incoming, haha

>>13415479
>icon, electroneum, and cindicator sent more emails during their ICO.
>Chainlink no send me more email

I love that the chainlink team doesn’t give a shit about crypto speculators. That’s like reason number 2 why I bought into this shit

>>13415555
Absolutely checked, based and redpilled. I lost confidence in Chainlink after the wobbly solution that Thomas gave to the sybil attack question in one of the most recent talks, don't think it was the wanchain talk tho. He basically said that they're going to prevent sybil attacks by KYC. That's basically trust in the government to go after bad actors by knowing their identity instead of letting game theory and profitability decide. We have a glorified pool of neet oraclizes on our hands. After that all the big whale activity started happening on binance and the price went -38% in 3 months or so. It's unironically over before it started. The speculation was that they figured out a deterministic computation model that can't be tampered with, well they haven't and are now relying on literal TRUST THE FUCKING ANTITODE TO THE WHOLE PREMISE OF THE PROJECT.

>>13413762
TIMMMBBEEERRRRRRRR

NEXT STOP, 30CENTAVOS
LINK 2 CENTS EOY X CHA CHA CHA CHEGGGGUMMMMMMM TOM!

>>13415813
Yeah, Richard Heart was right about oracles.
1:24:15 https://youtu.be/etRUrqF-CYQ?t=5055

>>13415555
>>13415813
WHAT THE FUCK SOMEONE REFUTE THESE FAGGOTS MOOOOOOODS

>>13415414
Thanks for describing FTM and the countless other scam coins

>>13415680

This is actually a fucking based & bullish thing. Sergey is a mastermind what it does to being pregnant & a muslim man.

>>13415813
Thanks Timo I'm sur you'll get that 20 buy in you've been waiting for, just keep waiting kek

My FUD
>"LINK revolutionizes everything"
>"LINK is the greatest invention ever"
>"LINK will be 1000$ EOY"
>"Samsung and apple and Microsoft will use link and all the banks too!!"

Still at fucking 50 cents :D fucking lmao. Please tell me why isn't it higher if "big money" is pouring in? Why??

>>13415813
That's what the collateral Link fund is for, no?

>>13416004
You have to understand what the sybil attack problem is. Collateral does not matter. A bad actor can put up collateral and spin up 10 nodes that all give corrupted data. He profits on the corrupted smart contract and the fees for his service which was perceived as correct and walks away with the cash. Now he can spin up more nodes and fuck the network more until nobody is going to use it. At this point Chainlink does not solve this problem but reverts back to trust, trust in the legal system (in the state) by relying on reputation systems based on KYC so no collusion can happen. It's all trusted, man. Nothing here solves the oracle problem at the core.

>>13416059
Diversity of node operators takes care of this. If the network is across tens of thousands of nodes, and tasks are assigned randomly, then there is no way to manipulate the network unless you have thousands of individuals working a collective scam and willing to all take a loss since there is no smart contract benefiting that many people for more than their node will give them.

What you are describing is only a theoretical threat. It is not viable realistically. It would like not going to work because the terrorist threat is irange and extremists might blow up the bridge on your commute. You are still going to work.

>>13416150
1) You do not choose nodes randomly. You choose based on reputation (which is a trustful concept) and market price. Bad actors can underbid the competitor nodes because they don't care about making sure the data is safe etc, also rigging for example a sports betting contract could be such a huge ROI that you could set the fees to 0 and still make 10x your investment for example. You could choose nodes randomly and there you have the issue, this would actually be the right approach. But Chainlink is corrupted from the get-go because they rely on reputation and trust stuff like collateral. If bad actors can make 10x the ROI out of a poisoned contract, they'll take the loss on a fractional collateral penalty.
2) Diversity of nodes can be faked. I can spin up 100 nodes with 100 LINK in them as collateral and nobody would know. Unless you work with reputation, a centralized concept.
3) It's not a theoretical threat at all. And even if it was, it should still matter because Chainlink attempts and tells us that they solve a very fundamental problem. Either you solve it or you don't. You can't leave a threat up because it will be exploited down the line, in a huge betting contract for example.

>>13415813
AHAHAHAHAHAHA based anon absolutely BTFOd you mealymouthed handholding faggots
linkies can’t possibly recover from this!
I’m in tears!

>they don't know

>>13414274
>raises legitimate concern
>gets called pajeet >>13414306
At least we know how retarded link holders are.

>>13416271
They will soon

>>13413762

One of the things these anons have been telling us is that every project in Crypto will be parterning with Chainlink. and then I wake up to this!
https://medium.com/paradigm-fund/enigma-tokens-distribution-empowering-chain-link-smart-oracles-and-more-at-ama-session-54b0d61f2fad


What once was a competitor is now a partner. The rumors are true. All projects lead to Chainlink.

>>13414261
just borrow link against a fractional reserve then, this risk shouldn't be on the cl network itself

>>13415485
You're right. *Spoiler alert* LINK shilling isn't benign.

>>13416271
What's the point then? Link can't defend itself against sybil attacks without Burak and Timo?

Chainlink will be worth $60 by 2025

>>13416666
$60 per link eoy 2021
$1000 per link eoy 2025

You chose whatever method of picking nodes you want, random, reputation, or whatever

>>13416699
nice double dubs but keep in mind that there will be a huge speculative rush after everybody gets the scope of this project once mainnet is announced.
$60 eoy

>>13416284
At least I know how to use the potty, pajeet.

>>13416059
WRONG a bad actor can sybil the network but the contract creator can require an escrow that 51% of the nodes must put up the entire valuation of the contract so even if this bad actor is able to sybil the network any monetary value gained from doing so is lost in escrow once the contract creator realize his contract was successfully sybil'd.

>>13413762
>35 million tokens
>cl hasn’t discussed tokenomics
Fuck out of here

chainlink is a perpetual motion machine that does the same as perpetual motion machines did in the industrial revolution