/biz/ - Business & Finance

>>15730425
I read that ChainLink token is confirmed pump and dump scam. A lot of articles got published alerting the community about this, google CoinTelegraph ChainLink pump and dump

>>15730425
Yes go on

Yes explain it like you're explaining it to a 5 year old

I'm just tryna get rich brah

Fuck all this techno babble jargon ya dig?

Yes. How does this depend at all on the value of the token that was issued out of thin air and arbitrarily priced by a fatty mcFattyFat?
Pro tip: it doesn’t, chainlink token has no value, but the network is good.

>>15730441
My brain hurts from your brainletness

>>15730425
Linklets should be praying that Harmony pulls it off

>>15730425
How is it trustless if it is centralized and requires KYC?

>>15730458
Really man? I am trying to help, gosh.

>>15730441
This is the weakest argument against link. The developers evangelize their product by touting its merits. They are not hype-men. They have professional mentors and conduct themselves more like a corporation than ANY OTHER crypto project. Price fluctuations at this stage in Links life are irrelevant

>>15730443
Don't be distracted by the emotions of the day traders. We are still at the point where even most tech CEO's don't understand the value in Smart contracts yet. They are quite revolutionary in the sense that for the first time in human history, two parties can enter an agreement that is guaranteed to execute, who neither can weasel out of. This eliminates massive overhead (think legal fees etc.)

it's an untested, glorified oracle aggregator. interesting but at $1 billion valuation if it ends up not working it has a long way to drop

>>15730453
The token has a finite supply, and will be staked. The current price is COMPLETELY IRRELEVANT. There are only one billion links. Think of this more like real estate. There is only so much land!

>>15730447
Basically, Chainlink creates a system where your signature on the dotted line means YOU ARE PAYING WHAT YOU OWE NO MATTER WHAT

>>15730480
Thanks I'm holding it together so far. Got a 3k sui stack. Pretty pathetic.

>>15730463
Misconception. Chainlink is not centralized. Chainlink is a protocol- it is a VERB not a NOUN. Chainlink is simply the method through which two parties can craft a contract that executes based on the two parties agreed to level of decentralization. I.E if we make a 50$ bet on the football game, we might select only 3 nodes to inform the contract of the results. If we are settling a $50,000,000 contract, we are going to agree to decentralize more, maybe 21 nodes have to agree that the conditions were met before the contracts execute

>Once businesses realize centralized oracles will lead to fraud, they will begin searching for a solution
Which businesses? The other literally who shitcoins?

>>15730425
yesss...c-c-continue! almost there!

>>15730542

>>15730425
Except fraud is easily fixed by having trusted in house oracles. Next.

Biz has completely gone to shit. Last spoonfeeding for a while: Chainlink is the product with the MOST POTENTIAL USE CASES. It is not a ledger, it is not (only) a token, it is not a blockchain. IT IS A SECURITY PROTOCOL THAT ALLOWS TRUSTLESS EXECUTION OF BLOCKCHAIN CONTRACTS. Put in a way that you brainlets can understand: Once businesses realize centralized oracles will lead to fraud, they will begin searching for a solution. The solution, thanks to chainlink, is already (nearly) fully developed. You write in any quantity of oracles you want into your contract, and you penalize the nodes who are outliers. This creates a virtuous feedback cycle where the most successful nodes are the most honest, and the contract writers can determine how many levels of node redundancy they want. Most beautiful, is that chainlinks success is not predicated on the success of the contracts. It is simply predicated on the ease of use and adoption of the network. Shall I go on?

>>15730542
perhaps like the business in pic related?
Even if chainlink had ZERO businesses utilizing it, I would still be buying the link tokens. The reason is that it is inevitable that companies will adopt. What brainlets like you fail to understand is that other shitcoins can afford to announce adoptions and change on a whim because they have no shareholders, no equity, and they are basically taking wild shots at everything. When you are a large corporation, you have to THOROUGHLY VET EVERY DECISION YOU MAKE. Do you really think Swift was gonna announce full integration with chainlink before chainlink even had a CFO? Picture a swift techie attempting to explain "we are gonna partner with this 7 man team in frisco.."

>>15730563
Incorrect. In house oracles are only trust-able IN HOUSE. If I am Exxon, am I gonna trust a node run in house by BP about the oil markets?

Taken from the other thread:

>Because the company doesn't have a CFO (no financial auditing), it is valued at nearly 2 BILLION DOLLARS, the very small and tight-knit dev/management team are LITERALLY holding 60% of the token supply, and have been dumping 700K lots whenever the price pumps, the project is still reliant on ETH being able to scale (up in the air), the "main net" was launched two years ago but there are almost zero users, etc.

>Couple all of this with the fact that LINK is shilled here, CONSTANTLY, by people who bought in HEAVILY at ICO sale price (25¢).

>I could go on.

>>15730453
"Good sirs what is the price of boar fat in congo?"
"We know the price of boar fat, but we will not tell you for free"
"Good sirs, I pay handsomely in Linkies for your trouble"
"We dont want Linkies, they are worth nothing"
"Actually good sirs, as I am obliged to pay you in Linkies for your service. I went ahead and got my hands on some Linkies. I ended up paying a fine dollar for each Linky, as there are many others who want to know the price of boar fat. Infact, many also wish to know cow dung price, as well as temperature of village in Zambia, location of somali pirate ship and many other valuable info only you can provide, oh great Oracles. This has created somewhat of a demand for Linkies."
"Very well. We believe boar fat is $216/kg"
"Thank you kind sirs here are your linkies which you may redeem on open market"

What's so hard to understand about this

>>15730592

So what are you saying? Chainlink would need to fill out a staff in order for Banks to take Chainlink seriously? CFO COO CTO CMO CIO?

>>15730615
I assume you have questions about this and this was not your fud. The reality of the 700k is that it is either being sold into the market to pay for new hires etc (which the team said they were going to sell 350,000,000 this way) The other option, which seems likely to me looking at the stranger holder activity on etherscan.io is that the 700k batches are being distributed to an initial 'heartbeat' network of nodes. In order for the network to gain adoption (especially Corporate adoption, which is the goal) the initial phase is crucial. You don't want the first node to be a frog-poster offering the current market rate on used roastie-panties

>>15730617

>>15730650
Of course. They need to prove themselves. They have attracted interest throughout major corporations, but you have to have your license for a while before daddy loans you the keys to the ferrari

>>15730604
Yes because if it gets found to be providing false info you can easily go after the company for fraud. No different than trusting a company not to put zyklon pellets under the door of the meeting room. The safety is in identifiability.

>>15730650
>>15730682

Basically, a multi-billion dollar company can't take the chance on a team that might fall apart of die from a vape-overdose in the next 6 months

>>15730513

>>15730690
You just proved my point.
>They can easily go after the company for fraud
Yeah, how much does that cost? You ever sue a large corporation? The legal bill should run about 12,000 just for the legal firm to tell you if they will take the case. Point being, LINK CAN ELIMINATE THE NEED TO LITIGATE FRAUD

>>15730707
No because the collateral isn't the amount of the contract. Where in fraud cases you get damages exceeding the cost.

>>15730447
The spacing. Jesus fucking Christ the spacing.

>>15730726
that has nothing to do with it. The collateral is for the node operators. The idea is that the nodes being used are agreed to before hand, so even if the nodes fucked up, you have no recourse because you concurred with the counter party as to which nodes you were going to rely on. Won't happen often, as crappy nodes will quickly be abandoned

>>15730726
The point you are missing is that with chainlinks network, THERE CAN BE NO FRAUD

>>15730762
Yes there can. It decides consensus on a majority of nodes. So just control a few major nodes.

>>15730668
I actually understand the 700K dumping to generate revenue for expansion, but the rest of it does make me wonder.

>>15730425

Businesses don't give a fuck about blockchains because crypto is a commercial failure. It solves nothing.

>>15730766
That's called a sybil attack, and they have been preparing for that. The idea is that the more nodes are, the more expensive committing a sybil attack will be. It won't be very long before a sybil attack costs more to execute than is gained by doing it. Not to mention the fact that any node found to be participating in that would destroy its ability to generate revenue permanently

>>15730489

The only rational voice here.

At $1 BILLION, this is a massively overpriced start-up with no proven revenue potential.

>>15730781
>Commercial failure
>Hasn't even reached commercial adoption phase

>>15730498

>The token has a finite supply, and will be staked. The current price is COMPLETELY IRRELEVANT. There are only one billion links. Think of this more like real estate. There is only so much land!

Yeah, but what's the point of buying now, when the team have dumped 3% of their approx. 300 MILLION tokens they have reserved for just that - raising cash and straight to market dumps..

Shouldn't I just wait 5 years when they have exhausted this reserve, and then buy the LINK token?

>>15730489
>>15730808

True. But those of us who examine it closely, believe that it will work. In fact, I know on a technical level the chainlink solution definitely works. The real question is whether the team can hold it together and not step on a landmine in the way to widespread adoption

>>15730785
Yeah I don't think 12 eth nodes will be too hard to overcome.

>>15730821
You could. You might be paying a premium though. The true big brain move is to just buy LINK with a % of your paycheck every month until it's $10+

>>15730821
First intelligent question I've seen in a long time. No, because the price might be $7.00 by the time they dumped half, and it might be 10 when they finish.

>>15730592
>Even if chainlink had ZERO businesses utilizing it, I would still be buying the link tokens. The reason is that it is inevitable that companies will adopt.

Or you know, there's the other possibility, and they won't adopt, and Crypto will die off and become a forgotten fad like the dot com bubble websites that vanished and are mocked now, like pets.com...

>>15730834
Yes, beat me to it anon, nice

>>15730832
They won't. But what about 1200?

>>15730425
I know this already OP. I’m just tired.

>>15730821
That works if you don't mind paying a premium. That's actually the strategy one should take if one is already rich. Most of /biz/ is taking risks in order to go from poor to rich.

>>15730846
Going to be rough paying for that many nodes with just the heartbeat.

>>15730847
I hear you. But patience is a virtue. Any old, wealthy man will tell you that daytraders are degenerate gambling scum. Real wealth comes with longer time horizons. Being willing to wait while others beat their dicks and scream about every 10% move is what will separate you from the poor come 2025

>>15730615
>the "main net" was launched two years
Mainnet is less than 3 months old you absolute fucking dense brainlet moron semen slurper jizz licker horse rimmer

>>15730854
Dishonest argument desu senpai

>>15730854
I have just realized that you have no idea how the payment clearing would work on an oracle network.

>>15730425
Chainlinks strength will be it's efficiency

chainlink is a scam

>>15730842
Have you seen chewy.com growth anon?

>>15730810
>Hasn't even reached commercial adoption phase

Commercial adoption hasn't happened after 10 years, the novelty has worn off and people have realized this is just a stupid peer-to-peer network, technology that takes us back to the days of eMule.

Crypto is basically a joke in the business world. And there will be no adoption outside of Chink scams and selling Wordpress T-shirts for shitcoins.

>>15730876
Yes. specifically the efficiency it generates for LARGE SCALE ENTERPRISES. This is the first crypto which is more beneficial to enterprise than it is to individuals

>>15730879
Thanks for your contribution

>>15730823
>in the way to widespread adoption

See, you're assuming business adoption.

Business has looked at shitcoins, saw no potential, and tossed it out as a novelty. There will be no adoption, only Bitcoin will survive as some store of value and trust.

>>15730896
Good, you run with that. See where you end up. Best of luck!

>>15730905
Cap this for the lulz thread in 3 years

>>15730908
>>15730917

I entered crypto in 2013.

All of it's a worthless scam, except for Bitcoin. I've already made it with Ethereum back in 2017, so I hang around here for sentimental reasons, but this place seems more trash and desperate than it was back in the day.

Have you watched the sibos vidoes? What do you think about them?

>>15730865
I'm just quoting what I saw.
Is anyone using the main net?
Can I do calls for data already?
I'm just holding and hoping atm, never really got into the technicals

>>15730859
>>>15730425 (OP)
This . /biz/ discovered chainlink at the height of the 2017 bubble, when shitcoins mooned 100x for no reason. When you compare chainlink to those shitcoins, it seems like we've been waiting forver--but the truth is, a few years isn't long, and chainlink is so much more potent than shitcoins going 100x over a few months.

>>15730977
I don't pay to close attention. The adoption will come, and whenever anything gets hyped, I assume it will flop, and it usually does

>>15730983
Its gonna be at least 18 months before you see substantial gains, I would imagine. And yes, people are using the mainnet. Check etherscan.io and any transaction of link listed at .3333333 is a call to an oracle node

>>15730425
>Chainlink is the product with the MOST POTENTIAL USE CASES
False. Chainlink is centralized oracles. It is FAKE tech. They are years away from being decentralized. As a matter of fact, they haven't even started working on decentralization, 3 YEARS LATER. $50 MIL CASH OUT LATER.

Learn some programming. You're a non-technical brainlet who got scammed.

>>15730995
Well they were pretty much all up their ass about new payment technology. Something about frictionless, transparent new tech which seemed pretty bullish.

Seemed like they were talking about chainlinks tech without actually point out they are working with chainlink. I suggest you watch a few if you have the time...

>>15731004
chainlink is a NETWORK of CENTRALIZE ORACLES, which, when extrapolated, becomes A DECENTRALIZED NETWORK of CENTRALIZED ORACLES.

kys

>>15731013
>>15730995

For example

https://www.youtube.com/watch?v=xFotRtThmNw

>>15730425
Sounds like a condom for data inputs and outputs. I never wear a condom

>>15730874
Well how it would work is chainlink will keep making 700k sales desperately to fund the heartbeat leading to panic as they begin to sell under $2 in order to keep it up.

>>15731013
I am sure that Swift will be using link. It seems logical considering their business is almost entirely digital, and the international extra-legal nature requires TEE's more than other businesses

>>15731033
They are not "paying" node operators. They are giving them the link they need to stake as collateral.

>>15731041
Why do you think there will be 18 months before any substantial gains?

Wouldn't the price speculation and news pump this baby to at least lets say 20 bucks alone?

There's no point OP they will buy or sell. Nobody gives a fuck what a chaninlink is. They just want to make money without any effort. And they want to belong. For the first time in their lives they are part of something. The fact they don't know what they're part of doesn't even matter. Just let them enjoy it.

1000k eoy guys!

>>15731031

Holy DAMN, want to pump her chocolate pussy.

>>15731056
who cares, let him sell. let the money flow to those who wait

>>15731063
You're special

>>15731056
You might catch a speculative peak, but speculation price increases are never stable. What I want to see is a price spike based on fundamental value analysis. 18 months is approximate, but by then more corporations will be utilizing smart contracts. Actual enterprise use is the price-driver I am looking for

>>15731051
The heartbeat is payment to keep the nodes operating

https://www.youtube.com/watch?v=aNlzQsLl8mE

He MUST know about chainlink. They mention OPEN BANKING, api ecosystem being very important to it.

I just cant see how anything else fits this image. Just makes sense to me that there has to be link behind it.

>>15731004
>it's the programming spammer again

>>15730896
This isn’t even difficult to disprove.

>>15731087
No, the heartbeat is the group of nodes. The nodes pay themselves through providing accurate data to incoming calls. .33333 link per call to be precise

>>15731094
>>15731080

Forgot to add, he mentions the protection against fraud a couple of times aswell.

>>15731111
Checked, I guess i have to watch now

>>15730896
https://www2.deloitte.com/content/dam/Deloitte/se/Documents/risk/DI_2019-global-blockchain-survey.pdf

>>15730693

So this is just your opinion right.

i would think that in crypto something like a Chainlink enterprise alliance like a eth enterprise alliance but would be much more beneficial. i mean, who is the CTO, COO CMO or CIO of ethereum?

>>15731109
That's not true tho

Brainlet question: how will nodes verify information? Say someone requests the temperature in Bumchuckville, Nevada. Does the node owner nees to go to Google to look it up and manually type it in his node software? Also, how does that translate to information for contracts of say $50.000.000. How will a node know if Corporation A has completed their part of the bargain, because I assume some of the information these big corporations request will never be public. Thanks.

>>15731223
No, the weather channel or whoever would have their raw data inputs feeding into their node. The individual operators can verify their data however they want, but the contracts will verify data based on multiple nodes. So if Nodes A B and C say it is 70 degrees and node D says 85, D gets penalized

>>15730425
Ftm is going to flip eth, and it already has real life application with banks in south africa. Fuck stinky linkies

>>15731260
So can you tell us something about your background?

I have read a blog saying exactly this. I was having an argument with a friend, that it would be so simple making a 51% attack. But I theorized that they could just kinda remove those who are acting faulty. Or if you see the ods are 50% then you know something weird is going on and based on that, act accordingly....

>>15731287
>Please share your personal data with me
Fuck off never post on /biz/ ever again faggot

>>15731287
Both parents are programmers, almost became a programmer but truthfully I fucking hate programming. I understand it conceptually enough. I am in commercial real-estate. A business associate of mine founded a company that performs a similar function to docusign, and we discuss the technical hurdles regularly.

FYI Sybil attack will be nearly impossible, and not profitable for anyone anyway

>>15731329
you too, make everybody on here a favor and fuck off
>answering retarded questions that have been answered a 100 times and adding reddit tire shit...

>>15731342
tier

>>15731353
>>>/r/eddit
like now
fags like you are worse than any spamming shill/fudder/tranny

>>15730425
Chainlink is a middleman solution in search of a problem, and so far...not many to be found. "Trustless execution of contracts" is not a red hot need in any business or market. The Linkchain devs want you to think it is, and the holders of this brand of hopium desperately need it to be true, but the general consensus on this from almost the entire business world is "Yeah...no." Companies that need blockchain solutions are building them completely disconnected from cryptocurrency, companies like Accenture are making bank reselling Azure "solutions" in the market.
The cryptocurrency connected to it is doing what it's supposed to - pay for the dev's paychecks, while fishing for customers, and is doing that quite well with the 700k dumps. Even if it eventually fails (and it most likely will), (because anyone can create this kind of thing unconnected to fake internet currencies) (that have no tax implications), it still paid the bills for the team for a couple of years, and they can move on to their next jobs.
Linkchain, as a start up? Pretty successful, as the lights are on, and they're funded, for a while. As an investment for desperate poos and NEETs who think they're getting lambos from it? LOL. Not so much.

>>15731326
>>15731342
>>15731371
We have a heavyweight here folks

>>15730498
>YOU ARE PAYING WHAT YOU OWE NO MATTER WHAT
Contract law already does that. Does a digital ledger somehow make contract law...something?

>>15731411
>something
cheaper? yes, in fact it would

>>15730425
>>15730480
Yes, good sirs. Please do the needful and hodl the chainlink, sirs.

>>15731411
If you think the legal system 'makes people pay what they owe' you clearly have almost no experience with the legal system

>>15730707
>LINK CAN ELIMINATE THE NEED TO LITIGATE FRAUD
Yeah, that's never going to happen. That's pure, 100% hopium, and you're huffing yourself retarded on it.

>>15730425

Hmm, I seem to have trouble remembering all of the most commonly used security protocols which received development funding through an initial security offering? Oh wait, NONE OF THEM.

>>15731431
you're playing language games. the point is chainlink will save businesses money, thus will be implemented. disagree if you want, I don't care.

>>15731431
Learn the difference between can and will, subhuman gorilla faggot.

>>15730899
Shouting words in caps doesn't make you smarter, or right. Blockchain tech is freely available to the businessworld, through platforms like Azure, that have no tax liabilities because they're not tied to a cryptocurrency. Chainlink is using cryptocurrency to fund their work, but the large scale enterprises don't want anything that's attached to cryptocurrency. Period. END OF STORY. BECAUSE ALL CAPS MEANS AUTHENTIC IN YOUR SAD WORLD.

>>15730425
How does smartcontract work? Let say I have a contract to buy 1000 eth if the price of eth is 10000$. Do I have to deposit 10.000.000$ first?

>>15731276
This

>>15731421
Yeah, "cheaper" isn't going to replace contract law. You're not just cum drunk on hopium, I think you're actually retarded.
What's your opinion on turtles? Do you think pennies are delicious?

>>15731447
I'm not playing games at all, I'm using very plain language and very simple concepts.

You, on the other hand, have Link cum dribbling out of the side of your mouth.

>>15731451
You seem upset.

>>15731024
In theory, would there be a way to decentralize the oracle itself?

havent been here in a few months and first thing i see retards still hyping this shitcoin wow

>>15731524
Just made an observation about what I think you are and you didn't deny it.

>>15730842
Potent

why do people spam this dead shit wtf

>>15731556
Maybe it means something more about ChainLink and less about your own inflated sense of intelligence, you fucking mongoloid twat

>>15730808
trying to determine fair value a blockchain middleware token as if it were a share of a public company makes no sense. also the "market cap" of LINK is around $580M.

>>15730842
Virile

>>15731473
THANKS FAGGOT I REALLY NEEDED YOUR VALIDATION
To the rest of you, have a good night its been a pleasure

WHAT HAPPENS IF MOST OF THE NODES END UP BEING HOSTED ON CENTRALIZED PROVIDERS LIKE GOOGLE CLOUD AND LINK POOL THEN WOULDNT CHAINLINK BECOME A CENTRALIZED ORACLE SOLUTION

>>15731678
Night nights, keep your butthole tight.

>>15731678
Do you know what the origins of chainlink are? How far back does it go and is the whitepaper 95% Ari Juels?

>>15730726
He’s fudding with logic! Stop him.

The ChainLink network connects data to the smart contract platform/s that execute based on fraud.

The chainlink network has nothing to do with smart contracts. It’s just the electricity outlet.

Enjoy yourselves frens

>>15731436
>
So, chainlink is unprecedented? Groundbreaking?

The internet was developed by darpa, faggot

>>15731815
Why not invest in electricity outlets then.
>he doesnt know that 3 of them cost $4.03 altogether
>https://www.amazon.com /CyberPower-GT300RC1-3-Outlet-Triple-Wall/dp/B01K1JR3Z4/ref=zg_bs_495334_7/131-0152262-0124836?_encoding=UTF8&psc=1&refRID=S78XFK17VSXYMXD0BXXJ
>he thinks LINK will ever be higher then the price of a coffee

Thanks OP.
Many of us have lost the will to discuss LINK anymore. The newfags and idiots have taken over. People don't post breadcrumbs now either because they are waiting patiently.

I am losing hope. But im never selling. I just seriously started to doubt how fast this will come. I used to think by 2021 we’d have some adoption. Maybe LINK at 100 bucks peak by then.
Now i feel like that goal is moved to 2025. 1000$ more like 2030. We’ll get there....

> chain link node on
> ***Chain link node now on***
> Chain link what is the price of eth?
> ***The price of eth is now 166.6***
> *** Three eth have been debited from your account have a lovely day***
Ahhh you smile knowing that even though it's expensive the future is decentralized. Coinmarketcap had the price of eth at 167 which is clearly wrong.

>>15731876

Nobody posts breadcrumbs because most of these moves have been out in the open lately.

>>15730939
>bitcoin is the only thing that's not a scam
HAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHA HOLY FUCK YOU ABSOLUTE SUB 90 IQ NIGGER

>>15731843

DARPA -> a government program.

ICO -> a security listing.

You dumbas fucking chimp nigger.