/biz/ - Business & Finance

Can you trust someone random with basic coding skills to handle millions of dollars worth of transactions?

>>15870684
The oracle problem is different than the data veracity problem. You could at least learn the absolute basics of a project before unleashing that massive intellect on a Laotian bobsledding forum. Although I'm pretty sure this is pasta bait.

>>15870684
>150+ IQ
more like 0 IQ
chainlink isn't in the business of decentralizing APIs. chainlinks is an oracle network. it FETCHES the data from APIs, whether that's private or public, and plugs them into smart contracts. smart contracts can't fetch data without oracles. you can have either a centralized oracle (single point of failure), or a decentralized oracle (no single point of failure). chainlink provides centralized and decentralized oracles, depending on your request as a client from the network.

>>15870821
It isn't. I am just an interested party who chose not to invest in Chainlink because I do not see any problems it solves that cannot be solved by an even semi-competent dev.

I will take your refusal to answer my question as evidence that my hypothesis is indeed, valid.

>>15870684
YOU HAD TWO YEARS....TWO...FUCKING...YEARS

I’d like everyone reading this board who feels they are too late to buy link or only has like a 1k or less stack to know I’m the dumbest motherfucker in the world. The fact that i stumbled to this site and ended up finding link and buying it back in early 2018....which is basically going to be the investment of the century... is basically the equivalent of someone who has AIDS and tells a super model he has AIDS and then the supermodel agrees to have his kids. It cant happen....but it happened to me. I knew about 4chan back in like 2014 and i came here like 6 times not being able to figure that you had to press catalog so i could never deal with navigating through threads, and then i figured it out post thanksgiving 2017 somehow and it happened for me at the perfect time. All of you out there in the internet reading this are fucked. The singularity hasnt happened yet but your fucked because its too late to get that sweet cheap link. You dont know the feeling of going to a bitcoin atm transferring your money to binance and getting like 6,000 link for $1,000, knowing that your going to be rich. And my dumbass has the golden ticket.

>>15870851
The same could be performed with a simple Python script. ETH can already interact off-chain, otherwise you would not be able to build wallets, websites, or interactive apps with it.

>>15870879
Please no bully, 1.3k linklet here. Your always welcome to share. I had the exact opposite experience. I've been on 4chan for 4-5 years but mostly other boards. Only stopped here in the last 2 years a few times but every time I did it was only shitty post bitcoin boom threads and other associated bullshit. I just found out about this shit 3 days ago and went all in with my whole poorfag savings. Once again a day late and a dollar short. Story of my life bro.

>>15870879
>>15870932
Dilate. Discord shills.

>>15870952
Kys larping pajeet faggot.

>>15870967
Hahaha fucking rekt. I gotta say, I am pretty impressed that you walking and talking pieces of shit were able to pump this scam so much, and do feel a little jealous for missing out. But in the end, only legitimate projects will survive. I just feel sorry for all the people buying in who are going to get raped. Honestly, you people should be in jail.

>>15870892
What makes you think people will trust a simple python script not to fuck up when fetching data from an API to handle a smart contract trading millions of dollars?

OH NO NO NO LINKIES ON SUICIDE WATCH BLOCK THE DOORS

>>15870879
>the equivalent of someone who has AIDS and tells a super model he has AIDS and then the supermodel agrees to have his kids.
If I had AIDS and found a supermodel who also had AIDS I might be able to convince her to let me shoot my load in her. Think about it, everyone else she has sex with would use a condom. She would miss that raw dick.

>>15871164
Github. Peer review. Testing. I don't even know the second thing about coding and I can write my own scripts with a little effort involved. The script will work as long as the data does not undergo a massive overhaul. Link also suffers from this and depends on the same data, so there isn't an advantage here.

If anything, a chain is as strong as its weakest link, and the more links, the more points of failure. I would much rather rely on a 1->2 rather than a 1->(2,3,4,5)->6

Eat shit Sergey

>>15871238
>I don't even know the second thing about coding
ah, dunning-kruger in action

>>15870684
damn it usually takes a fresh batch of nulinkers 2-3 months to figure out they've been scammed. I guess we fucked up and shilled to some people with brains this time (btw we've been dumping on you this entire runup).

tooschey, nulinkers

>>15871393
Pretty sure Dunning Kruger would be if I said I know a lot about coding. I admit I know very little. But I have written Python scripts and it isn't difficult.

>>15870866
Checkd

>>15870684
look up how smart contracts work. they themselves cannot make API calls due to how consensus works in a distributed system. This means that they rely on a third party to >>read the network for events, and then >>query for the data and >>provide it back to the contract so it can do its operations.

Having a single, centralized entity do this leaves open a ton of issues. Decentralizing this so that it can be aggregated w/ penalties as necessary helps prevent attacks on the smart contracts by preventing attacks on the data transfer.

I agree that centralized data sources is the next problem to solve, but that is for a later date. Right now we have the solution to the middleware problem. at a basic level, you could surely code a python script to watch the network and transmit data. but the solidity contracts will be more difficult, and they're also focusing development work on making the jobs both A. configurable by the dev, B. working across any network, and C. with a nice UI for operations management.

>>15871484
The smart contract cannot make an API call, but a Python script can, and then the info can be relayed into ETH the same way one interacts with ETH via dAPPs, websites, or otherwise.

If the single entity is owned by oneself there is very little chance of sabotage.

I just see no reason why we need a token in order to do this. I cannot think of a single real world example that would not be better (vastly better), if self hosted and created.

>>15871674
I can understand why ETH and BTC are beneficial. Anti-censorship and anti-control measures. But a self created API has no risk of being controlled or censored. Therefore Link provides no value that cannot be easily generated elsewhere.

>>15870821
*russian pelmeni rating forum

>>15871760
It's over dude you won. link is literally a useless shit coin at a retardation valuation

>>15871238
>I don't even know the second thing about coding and I can write my own scripts with a little effort involved.
That's great kiddo, but it doesn't make you qualified to talk on this topic at all.

>>15871980
So why the hell did my dumbass lose my life savings by investing in projects with actual merit. What the fuck is that about. Seriously.

>>15872046
Provide me something of substance to eat. Your words contain no meat. Milk is for babes. Meat is for men. I am well able to chew. You have not demonstrated this yourself, however.

>>15872053
Which ones? Crypto is all about riding waves and acting fast

>>15870684
Why are you even on this board or interested in crypto in general if you don't see the point in decentralization?

>>15872075
I have been DCA into Nano for some time now. I am basically a mini-whale at this point. I would have been doing a lot better, but I decided to try to gamble during the IEO phase and lost half my stack. I am well equipped should Nano recover. I do think it will, as it provides a tangible working product. The only real limitation I see for it is an easy way to obtain it with fiat. But I think that problem will be solved soon enough. What I think makes Nano special, is that it can be used similarly to these same API's and cross platform data systems. Like where you link one system to another, causing a chain reaction where received funds initiate the distribution of other funds. I can see this changing supply lines and even funding people from every step of a multi-step process, from product or service origin to reseller, to services used, to end customer who makes the initial purchase. Nano may not have smart contracts, but we already have entire eco-systems of public and private highways that it can ride on. So I shall continue to DCA as I have been. Heck, I am even working on developing systems that utilize Nano similar to a like system for a censorship resistant social media service I am working on. Donated fractions of Nano serve as an upvote, which the content creator can spend as he wishes, either to spread his own content, or to redeem for actual monetary value. I have several projects like this I am working on in fact...

>>15872053
because you hit the red button labeled "Sell" instead of closing the browser tab and doing something else

>>15872140
Read the thread Einstein. And then provide feedback if you have anything to contribute. Something tells me you do not. Starting to smell Kikey in here.

>>15872053
Crypto is all about the pump and dump, hype train, delusion. There is no merit, and there never will be. You buy things because you think other people will buy them. They're buying them because they think you're buying. Do you see the hyperbole yet? - or in your case, some people buy because they have FAITH. But that is always a mistake. never have faith. Play into the hype, get involved in the story but at the end of the day you trade to take other's money, that is it.

>>15872211
No room for good people, huh? Nice dubs btw. Last 3 posts in fact.

>>15872176
Ah yes clearly none of this, especially tipping upboats, could be accomplished with another token, good work and keep on buying.

>>15872176
The thing about nano is it just left a bad taste in everyone's mouth after the whole bitgrail scandal since they even rebranded to a whole new name entirely in my opinion the rebrand was it's proof of something shady

>>15870851
What good is fetching data if it all comes from a centralised source? What benefit does decentralising the oracle have over current oracles? It doesn’t matter if 1000 nodes validate information as correct if the source itself was wrong.

>>15872176
Nano is a complete and utter shitcoin. Is this a bait thread?

>>15872249
See the thing is, Nano is free and instant, while remaining decentralized. That is a huge advantage for the eco-system that I am envisioning. It would generate me more profit to create my own token, but in the end I feel that the service would fail. I to revolutionize the internet and not leave free speech behind. I already know what it is like to be wealthy. It isn't that special. I would much rather see the world molded in a manner that I think is better for everyone. This thread isn't about Nano really though. As we all know, and have heard, it is a Reddit coin, and 4chan is no place for dissenting or outsider opinions.

Still waiting on an answer. What is it that Chainlink actually does?

>>15872572
trustless data relay system...
want to trust that data will be good for your $1 billion contrtact? Use lots of oracles.

>>15872584
But it still depends on the same source data. You only trust a gaggle of geese to not be tricked instead of yourself.

>>15870855
This has to be bait and I’m pretty sure your IQ is near African levels. Read the whitepaper faggot, check the archives, or stay poor.

>>15872176
10/10 bait well done OP

>>15872176
This has to be bait.

>>15872338
Are you just copy pasting comments from plebbit now?

>>15872572
Read the whitepaper faggot. You don’t sound very smart nigger.

Haha, 5 posts attacking me and not a single piece of substance to a single one. Discord trannies, you really think numbers mean anything when facing logic and reason? When the bottom of the barrel is in on your ponzi, you know shit is about to go belly under.

>>15872670
>muh shitty plagiarized chinkpaper

>>15872689
Belly up

>>15872706
Kys

>>15872734
kys

>>15872614
I can see the logic in this, that makes a lot more sense. Say I am doing business with China, and I want to do a Cash on Delivery enforced by a Smart Contract. So a group of Chainlink Validators will listen for data, and democratize whether the contract was fulfilled. Kind of like an Escrow.

Actually, I still don't see why this would be superior to an escrow. Rather than a private and established system, it is simply a new take that is democratized rather than subject to the current system. I mean escrow is doing alright now. I still don't see what benefit Link provides over one. Either way you still depend on a third party to finalize the contract. It simply is changing hands from one to another.

Is it simply supposed to be a cheaper version of escrow? I am not familiar with escrow fees. Additionally, couldn't Chainlink node operators fudge the data for a million dollar contract? If enough of them were to say assemble in a discord channel, and the profit gained were to offset the losses of staking, it would be well within their best interests to provide faulty data if it allowed a client of theirs to receive a payment for product not yet received.

Escrow seems like a safer bet honestly, but perhaps I am somewhat biased. I will think deeply on this.

>>15872741
Wut?

>>15872758
Read image.

>>15872751
I’m sorry you don’t get it if this isn’t bait. I’m going to keep posting Nazi gifs because the jews need to be kicked out of the west and I think your comments are bait because you sound like an absolute supersoiboi faggot.

Read the whitepaper and watch every one of sergey’s videos. Until you do that, fuck back off to plebbit.

>>15872826
So basically, you cannot explain the concept to me, and rely on rhetoric. Nice. I am not even a Link investor and I seem to understand it better than anyone else here. I suppose that is why I didn't touch the thing with a ten foot stick.

>>15872862
It’s not that I can’t explain it to you, it’s that I don’t want to spend the time to break it down for an absolute low Iq fsggot like you. In your previous post you said
>hurr durr why can’t a bunch of discord fags collude to provide false data?
That’s called a Sybil attack dickweed but you’re too stupid to read the whitepaper and learn these concepts for yourself. And today, Sergey explained how they have defeated the Sybil attack vector, but you want biz to spoonfeed you because you have a very low IQ.

Cool, I like Hitler too.

>>15872899
Yes keep repeating the same insult, it sounds more valid the more times it is repeated. Still waiting.

>>15872912
https://lmgtfy.com/?q=sybil+attack

Pretty sure Vitalik also stated that Chainlink isn't Sybil resistant. My memory might be off but I would absolutely love to hear how Chainlink has overcome this flaw. Let me guess, the node operators have more to lose by staking their Link and future rewards? Yea right, as soon as a million dollar order comes in, the goons will contact one of the parties involved and see how much of a cut they can get. No company in their right mind would trust a group of strangers, who very well could conspire together, and would be in their best interest to do so.

Honestly Chainlink sounds like a bucket of a project compared to the simple and sleep efficacy of something like Bitcoin.

>>15872943
Listen to sergey’s talk from today. Then kys.

>>15870684
Maybe not so much for centralized services. But blockchain needs a decentralized oracle to fulfill on its promise of decentralization. And blockchain is currently a 200B industry (CMC). No I don't hold any LINK tokens myself. But there's atleast a niche market for it.

>>15872943
Fuckin bait

>>15872966
Got a link?

Calling my posts bait, copypasta, etc., does nothing to sway anyone with value to their name. Sure is an effective strategy for the sick and diseased lower-middle class though, I will give you that.

>>15871439
>tooschey
You’re so fucking stupid

>>15872862
L O L
>>15872338

>>15870684
>Less risk too I would wager, as the only point of failure would be oneself
Other way around actually, decentralized APIs provide redundancy, a ton of nodes would have to go down before it failed. For a centralized API only the server running the API would have to fail.

>>15873017
>>15873028
No. I don’t think you should buy chainlink. It’s a scam.

>>15873120
Link is still dependent on the same API's though for data. The network validators only vote on the accuracy and which API's to listen to from what I gather.

Still waiting for an explanation as to how Link can prevent Sybil attacks. Will Jason Parser have the answer?

>>15873165
not a LINK "investor" btw, the method of preventing sybil attacks is loss of reputation and a penalty (the stake) if caught, you can't prevent them cooperating but you can require more nodes to provide data. There are also reputation providers that's do off-chain verification of the data

>>15873203
>that's do
that does

>>15870684
This is a very easy question to answer.

All the decentralization in the world doesn't matter if your data input is centralized.

Just think about that sentence for a little bit. So, s smartcontract or Defi product is built to execute with security and be trustless. Right? very simple.

However, what makes that SC execute? Its the data input. If one entity controls the data input, centralized API, then they control the outcome of the Smartcontract. Hence why the data input needs to carry an amount of security and trust for a decentralized product to make sense. Without decentralized data a decentralized digital agreement doesn't work. Theres no need

We are talking about automation without oversight. So thats why the process from begining to end needs to be built with a level of decentralization throughout the whole process. Without Chainlink one could argue that smartcontracts are a tool for centralized control, the people that control the data.

Chainlink puts the "D" in Dapp.

>>15872751

This post is not really questioning the validity and necessity of Chainlink.

You are questioning the necessity of Smartcontracts itself.

If you don't understand the need for SCs then youve failed at understanding crypto.

>>15872751
>Actually, I still don't see why this would be superior to an escrow.

It's escrow at a 99% discount, you mouth-breather.

>>15873320
That was the conclusion I had come to, however it is still with risk that escrow does not have (sybil attacks)

>>15873306
Not really, because smart contracts work fluidly when it comes to data that can be programmed. It just doesn't translate to the real world without human oversight. Even with Chainlink.

>>15873278
See, that is a fantastic idea, but Chainlink node operators are still depending on a single point for their information. There is just a consensus middleman layer where Chainlink node operators decide if the information is valid or not. Seems like an extra point of failure to me, not an extra level of security.

>>15873203
I suppose with enough checks and balances, you can somewhat assure that the data won't be meddled with. I can still see groups of anons in discord trying to pull off a heist, and it seems like it would be easier to do than through traditional methods. A single heist will destroy Chainlink's reputation overnight. Thank you for actually answering the question and seeking to educate however, rather than taking a defensive posture when questioned (such as when someone is caught being naughty). I am always down for discussion if there is knowledge to be gained.

>>15873388
Don’t buy link. It’s a scam

>>15873529
>14 posts by this id.

You seem vested.

This is an interesting tread let’s bump and continue to discuss

>>15873634
No one seems to want to or able to actually converse. Just rhetoric.

The development did not stopped yet. Amazon today is also not what it was years before. Sergey is ahead that’s clear

>>15873671
Jason parser just exit scammed. Sorry. It’s a scam.

>>15873567
Nah, it’s a scam. I just enjoy meming with your low Iq bait. Buy more nano.

ITS A SCAM JUNP THE BOAT!!!

>>15873388
The data is aggregated amongst several nodes and comes to a mean. This creates a decentralized data feed for smartcontracts.

I don't know why this is hard for to to grasp.

>>15874005
You don't get it. They are all pulling data from centralized sources. What's the point?

>>15873671
I think posters here have answered toppy with clarity but you refuse to accept it which is your right. But hey wealth building is bit for everyone

LINK IS A SCAM!

>>15874015
No you don't get it, there's many sources that wont control the data.

>>15874015
Take for instance gold price. There are several markets around the world with different prices. The Oracle network is perfect for derivatives products that need to execute from a decentralized price like that.

>>15874015
The point is you don’t get it because you’re not very intelligent and don’t want to listen. Don’t buy chainlink. Buy nano so that you can help Africans have 8 children while you pay them to do so.

>>15874046
If you only use once centralized data source for gold the market maker has power to trigger that smartcontract. Billions could be lost due to bad actors

>>15873388
Sybil attacks are already extremely difficult to conduct, after adoption it'd effectively require an act of god to make it happen.

>>15874059
>>15874090
Link is a scam. This xir or xe shouldn’t buy chainlink sirs

>>15873816
How does he not wear another shirt? That shirt stinks. No wonder they call them stinky linkies. $1000 smelly shirts end of year.

>>15874222
Nice trips. Must be a scam. The rest of the pajeets in this thread should sell.

>>15870684
$1000 eoy


>(You)
ngmi

>>15870684

It’s a scam lol. This stuff isn’t hard.

>>15870851

Can any of you brainlet stinklets explain the philosophy behind chainlink and how it could possibly ever be decentralized lol