/biz/ - Business & Finance

The fundamentals of chainlink fundamentally proves that it will solve the lambo problem fundamentals fundamentally fundamental

>>15627004
Transferring wealth from clowns to a Russian kike

>>15627004
To pay node operators for node operating

>>15627004
I remember the bread wherein anon made this. It was a good collaboration, with plenty of input from fags. Nice to see it's still getting use

uh fundamentally it uh.. are they making fun of me again? well uh... fundamentally we're all gonna make it, like, next month

>>15627026
okay, but what gives the LINK token value? Simply put, what makes anons think this will ever reach 1k?
>>15627024
this seems a little bit more legit to me.

>>15627004
Ok so here's how it works:

>Oracle nodes provide data and hold LINK tokens
>LINK can be exchanged for dollars on the open market
>In order to dissuade node operators from providing faulty or fraudulent data, they are required to stake some preset amount of tokens
>If the data is wrong, some or all of those tokens are taken as an insurance payout to the contract writer
>If the data is correct, the contract writer pays LINK tokens to all nodes involved
>Because LINK can be exchanged for dollars on the open market, staking LINK is effectively mandatory insurance to use or operate in the Chainlink network
>Because LINK actively being held by nodes are out of circulation, the price of LINK will go up as more value gets put into the network as a whole due to new node operators starting up, or existing operators putting their LINK rewards back into their nodes.

>>15627049
Well you have to buy it to pay the node operators to that creates demand. Staking will tie up much of the supply. Mixicles was created to work with the derivatives market, and that’s a 200 trillion market

>>15627004
to help retarded virgin incels remain poor

LINK is used to fund minutes on a cellular service in China.

I recently learned about Chainlink, from what I've read it's a whitepaper token from a few years ago that's still brainstorming. Afaik market action is due to wash trading (possibly created by neets panic selling back and forth) which was brought to light by recent news articles. Now it's crashing to 0.

Token literally not needed

>>15627004
The tokenomics of the LINK token.

1. Chainlink nodes will be paid in LINK tokens only. There will be conversion tools for people that want to use fiat but will be converted to LINK. at the end of the day only LINK tokens can power the network since the nature of ERC-677 token, built specifically for LINK, is to transfer data.

2. LINK tokens are used as collateral value. Smartcontracts will use Chainlink nodes that carry a % value of LINK to the value of the Smartcontract. So yes, you can start a node without LINK but no one will use it. High value smartcontracts or any contract that has value will use nodes that carry the same or a % of value of LINK.

3. Decentralized networks that are home to smartcontracts will need decentralized data to execute. Chainlink is currently the only option. Thats why you will see everyone in this space partner with Chainlink

So....

Smart contract creators will demand a certain level of reputation or amount of collateral, to be paid in LINK tokens, that suits the value of their smart contract. A $1million bond would require a lot more collateral, than, say a smart contract dealing with $100. You wouldn't select the low rep/low collateral available nodes for something like a huge bond. Chainlink is actually targeting these high value contracts. Sergey has discussed at length why high value contracts in the financial world require a decentralized oracle: it puts all the risk onto the oracle rather than the smart contract creator. The smart contract creator doesn't risk losing money - the node operators do. The Chainlink network is genius like that.

There is infinite amount of collateral available because the token price can rise to meet it.

Now you have to research how large ALL these markets are. derivatives, insurance etc... hint: Trillions.

Is 1000$ really possibly in say the next 3-4-5 years?

link solve Lambo problem. 100 links = lambo EOY

>>15627105
Ohhh baby IM COOOOOMING

>>15627066
so by removing my links off the circulating supply and placing them in nodes, i could theoretically raise the price? Since LINK is an ERC token, couldn't they just print more, or is that not how it works?
>>15627086
so what you're telling me is, fundamentally, we're going to make it?

>>15627103
So I see that there is a little bit of game theory at play here. So question, at the current rate right now with all the tokens that are in the circulating supply, we'd need a 600B mcap for 1K/link if im not completely retarded. Who is to say that won't drop the price as more link is paid out to node operators since we have 350M/1B tokens? Is there more of an incentive to stake your tokens vs. HODLing?

>>15627122
>so by removing my links off the circulating supply and placing them in nodes, i could theoretically raise the price? Since LINK is an ERC token, couldn't they just print more, or is that not how it works?

Yes, you could theoretically raise the price of LINK by doing that. The devs theoretically could print more (at least I've never seen anything that contradicts this position, maybe another LINKmarine has,) but they'd be directly reducing the value of the network as a whole, which took them years to build in this thought experiment and they already have significant personal holdings; it would make more sense for them to find ways to raise the value of LINK tokens rather than print more.

>>15627159
the scarcity of link is what gives the staking incentive. if a big company with an already huge stack can get even a fraction of a link more through staking, they're gonna take that opportunity. $1k is fud

>>15627205
but it's not scarce at all, theres 1B tokens! That is way more than ETH! ETH has approx 108M tokens and ever only reached 1.1K or something like that. This implies that LINK will only ever be $100 and won't go past that for at least a decade

>>15627183
so anon, what say you? Keep buying up the supply and have faith in the project, or wait till we see significant adoption? The anxiety is killing me inside.

you do realize even if one billion dilutes it a bit it will still have a substantial price right? if it only hits 10 billion market cap you can be rich if you put enough in and are long on smart contracts. why do i feel like you know this shit and your just larping

>Assuming volume

>>15627004
It takes your money... then it passes they some sophisticated algorithms that make it Sergey’s money. The future is now.

>>15627253
i've read both white papers. im just really retarded and i wanted to have a civilized discussion, give these people a reason to own link tokens and not something else.

>>15627230

The way I see it is: It can really only drop another buck sixty or whatever the price currently is. Unless you're a moron who took loans out to buy link, you can only lose your principal. And the upside seems pretty good to me. I went in about 20k LINK cuz thats all I can afford.

>You buy stuff with it
>oh wait you can't.

>>15627286
its supposed to be a utility token but its closer to a security. the link token was designed to be used as payment for offchain data but the price is arbitrarily set and economically has a huge incentive to stay at a lower price. the link token is erc token so its not blockchain agnostic and is not really even required to get data on chain. basically its a giant meme perpetuated by ((them))

>>15627103
Some anon the other day said the staked collateral will need to be enough “to compensate the customer in case of failure of the contract”. Which implies the link value would need to equal the contractual value, one to one.
Who knows if that’s true

>>15627004
for making me rich of course.

>>15627004

>>15627990
Literally everything you said is wrong.

>>15628159
>says im wrong, fails to provide why
my advice is not financial advice but ide go all in. its like stealing at these prices

>>15628200
Fine you whiny needy faggot. God I hate the ignorant like you that demand to be corrected, why the fuck do you post in the first place and spread your cancerous lies only to demand my time to fix your mistakes? Here:

>its supposed to be a utility token but it's closer to a security
It's literally being used as a utility in test net and mainnet as we speak, while securities are a VERY REAL classification by the SEC that ChainLink tokens has not been given. It is objectively closer to a utility token than a security.
>the link token was designed to be used as payment for offchain data
It's for all data, offchain or onchain. It can carry from one chain to another which is half the point of using it.
>but the price is arbitrarily set
It is set by node operators and compatible to all other node operators running similar smart contracts. That's like saying stock prices are arbitrarily set.
>and economically has a huge incentive to stay at a lower price.
It's at the same price target as existing API calls, which is "a fuckload if you're moving a lot of money or calling a lot of data" and "a little" if you're not. There is no incentive to keep prices low, and prices are all in LINK but can be set to transfer it to any currency instantly.
>the link token is erc token so its not blockchain agnostic
It's not just ERC20 it's also ERC677, so it is blockchain agnostic.
>and is not really even required to get data on chain
The node system requires LINK as payment. Any other payment system is made by transferring the payment from LINK to whatever you want, through marketbuy or a reserve on the private node (which would likely come at a cost, of more LINK)
>basically its a giant meme perpetuated by ((them))
It has the least Jews of any white blockchain project in the top 50.

When I said you're wrong about everything I meant EVERYTHING. Next time be humble and just shut the fuck up.

>>15628292

>It's literally being used as a utility in test net
genius tier
>It's for all data, offchain or onchain. It can carry from one chain to another which is half the point of using it.
literally only works with a single chain. show me another example where data is flying between chains. oh yeah cause it doesnt exist.
>it is set by node operators and compatible to all other node operators running similar smart contracts.
absolutely not true you have zero proof to back this statement up
>It's at the same price target as existing API calls
literally what
>It's not just ERC20 it's also ERC677, so it is blockchain agnostic.
literally what
>The node system requires LINK as payment
see my point 2
>It has the least Jews of any white blockchain project in the top 50.
irony

>>15627004
When people first heard of bitcoin or blockchain tech few really understood the significance.

"why is blockchain special?....its just a ledger....it keeps records and not much different then a database....Okaayy so its immutable, like ok...whats the big deal?"

These are the same people that don't understand the significance of Chainlink. Take for instance the ETH heartbeat.

"its just ETH price, whats the big deal?" (sound familiar)

The big deal is that its the one TRUE ETH price. Think about that...

The fact that we have one TRUE data feed of ETH price that no one will ever question and everyone trusts to the point that smartcontracts can be made to trigger based on this ETH price automatically or used by AI in some way. This is a huge huge step forward for automated designs, contracts, robots

Take this model and apply it to any data in the WORLD. formulate a data feed that is the TRUTH. Whatever data you want it to be. Multiple feeds of data, thousands upon thousands of data feeds all going through the oracle network, aggregating, and sorting for the TRUTH. and with this TRUE data leads to a trustless network of data that the world can tap into.

For once in human history we have a source that is trusted enough to advance automation in all industries. Contractual agreements, robots etc.

Blockchain = the past - the memory of what happened and is stored forever
Chainlink = the present - the data that is now and is sent to the blockchain
AI = The future - artificial intelligence that makes decisions affecting what will happen.

People don't see it yet. But, I believe that the evolution of understanding the importance of Chainlinks oracle network will take the same path as understanding the significance of the blockchain tech itself. It will hit mainstream slowly while the geeks and nerds will be the only ones that get it and reap the benefits of being early investors just as those that understood the significance of Bitcoin and Ethereum.

>>15627066
>>If the data is wrong, some or all of those tokens are taken as an insurance payout to the contract writer
>>If the data is correct, the contract writer pays LINK tokens to all nodes involved
Cant wait to query node operators things I know they'll get wrong and collect the collateral

>>15628292
you buttmad

>>15628393
your high

this shit is a solution in search of a problem
>a scam

>>15627049
>this seems a little bit more legit to me.
Just like a good con should

>>15628292
If you’re not one of the old guard then hats off to you for breaking it down. Nulinkers should take node.

>>15628418

What good is decentralization if the oracle feeding it data is controlled by one entity (centralized data, a bad actor) and can change the value to trigger a smartcontract when it pleases.

This is the problem that Chainlink fixes.

>>15628474

You see, all the decentralization in the world (ETH, ADA aka smartcontract platforms) is useless without Chainlink.

>>15628393
Based anon. Thanks.

Chain link? Didn't Vitalik the CEO of the Ethereum Release Council (ERC) recently downgrade chainlink to an erc10 coin because of the pump and dump??

>>15628408
Nodes aren't general-purpose question answering machines, they answer specific things they're configured for, and since you have to list terms for the data, what will happen is your contract will sit in the digital webspace, uncompleted.

>>15628624

>he doesn't know ERC uses a golf scoring method

ERC10 is superior to ERC20. Why else would all tokens have to start at ERC677?

>>15628637
> He doesn't know that Vitalik the CEO of the Ethereum Release Council (ERC) hates golf with a passion

>>15628654
>he doesn't know that Ethereum Release Council is only its informal name
>its formal name is the Eaglez n' birdies golf & Racquetball Club

>>15627004

Kids.

It’s a Russian pump and dump.

>>15628393
>>15628292
Glad to see these two anons get it. Not sure if my ID is still OP, but there is absolutely no harm in owning pieces of the future of the Internet. Chainlink - connecting the blockchain(an immutable ledger thus trackable at any point in time to real world data feeds, for use in smart contracts). If you operate a node, you will be paid in LINK for providing real world data regardless of what it is, but only if used for a contract, which can be basically swapped for any currency you have. LINK also isn’t 1 to 1 as there are 18 decimal places, thus allowing LINK to be whatever price it needs to be. There will likely never be more than a billion, the team owns 300M, 350M is dedicated strictly to node operators and 350M is the circulating supply.
Now suppose that the entire 1B is in circulation,
$10/LINK = 10B mcap
$100/LINK = 100B mcap
$1000/LINK = 1T mcap and so on...
Also incase you haven’t noticed, we are still in the early adoption phase of all of blockchain and cryptocurrency, now while there are shitcoins out there, there are a few gems, LINK however is the goldmine. We haven’t even hit dotcom bubble yet, and I think that shit was at $9T or something. Understand this, digital currency & blockchain is has 100x the use case compared to simple websites and what not lol. Make of that what you will.
>tl;dr
ChainLink connects real world data in real time to the blockchain and the node operators who supply that real-time & real-world data will be paid in LINK. The more LINKs locked up in nodes, the higher the price/LINK will be and the more the node operators get paid. DYOR