/biz/ - Business & Finance

>>17394751
Why is no one talking about this? It’s the first legitimate fud that chainlink is centralized garbage

>>17394789
>contract writer fucks up
>oracles work as intended
>OMG THIS IS THE END OF CHAINLINK
dumb fucks dont you get tired of yourselves?

>>17394789
>WhYIsNoOnETaLkInGABoUtIT
https://blog.chain.link/improving-and-decentralizing-chainlinks-feature-release-and-network-upgrade-process/
stop being so fucking late to whats happening in the crypto world if you want to make it

>>17394806
1 guy fat fingered and lost $40000 of a client’s money.

>this is actually GOOD for chainlenk

>>17394789
Because everyone outside the chainlink bubble knows that you can not "desentralizizely" a centralized source of data.

>>17394845
you must get so bored

>>17394751
Feel free to como in at $30

>>17394851
You must enjoy Sergeys cock perforating your rectum

>>17394871
EEEEEEE
EPPPPPE
EPO0OPE
EPOC0PE
EPO0OPE
EPPPPPE
EEEEEEE

>>17394789
every smart contract is coded by a human you fat fuck.

>>17394907
and chainlink does not solve a shit

>>17394751
>>17394789
>I have no idea what chain link is what they plan for future, how they going to launch and operate. I have read toilet paper few times and I know everything
clearly not, you faggots.

Website full of spelling mistakes, oracles full of mistakes, what the next big fuck up for this trainwreck of a scam?

>>17394929
>>17394849
>>17394974
(You)

>contract was updated
>it wasn't tested at all
lol

>>17394974
how does the lemon taste? I can't believe actually being here in 2017 and not have a bag of linkies, I'd be so mad, as you are.

>>17394974
Fucking up the $1.2 Quadrillion derivatives market would be pretty great

>>17395016
>even the fud is bullish

Evil minds are already plotting to use any adoption to create a 51% attack scenario.

Gain rep on link network supplying prices with vm'd nodes
Wait for people to make high value smart contracts about a commodity
Feed false data to spike the price down to buy or spike it up to sell
Burn the nodes and start again

>>17394751
>>17394845
>>17394974
This was an error in the contract you dip.
The contract is always going to be written by humans.
You can't decentralize a client's wishes and needs.

What would help is a rating/reputation system for contracts and/or contract writers.

Congrats on your severe brainletism.

>>17394849
Chainlink is a decentralized oracle network.
It was never meant to be a decentralized source network.

The whitepaper does talk about having multiple sources as the ideal situation, but that's secondary.

>>17394929
Of course it does. The oracles are rock-solid.

>>17394974
Another 2 years of winning

>>17395151
>It's just a chocolate tea pot factory, no one ever said chocolate tea pots are useful but the factory is very efficient at making them

>>17394751
How comes a cuck dare attacking Lord Sergey

>>17395288
Chainlink is making the first usable and dependable motorized cars.
The roads (i.e. sources) aren't quite up to par yet, but that doesn't change the importance of what Chainlink is doing.

when chainlink is done, we wont need humans

>>17395079
>tamper with source data
>lose stake
>???
>profit'nt

>>17394845
>>17394871
>>17394929
>>17394974
Its ok bois u dont have to be involved in this schitscam just take ur xanax and go to bed

>>17395392
>if we just cope more the issues will disappear

>>17394845
>1 guy fat fingered and lost $40000 of a client’s money.
>>this is actually GOOD for chainlenk
It's actually bad but that's because it's the public oracles which are maintained by chainlink for other parties to incentivize network use, the protocol is designed to be used by the using party directly. I agree this was a really shitty thing but you have to know the issue before claiming oracle bad like a retard, and they're solving it by making the other parties co sign the contract updates. Which is just slow and inconvenient for all involved but at least it will mean in case of a similar fuck up the other parties will be held responsible. In a way its good it happened early and for 'only' 40k because now they're going to make sure it won't happen again.

>>17395628
>dude, just fix human error

>>17395803
The oracles had nothing to do with it, they worked perfectly.
It was the contract that had a typo in it.
And contracts are always going to be written by humans.
They could definitely do with third-party auditing though.

>>17395628
>If I keep fuding the project maybe I'll convince someone to sell

>>17394751
This "fat finger" mistake simply highlights the FACT that Spergy's weight has become a serious problem for chainlink. If Sergey Naravof thinks he can keep putting on the weight and constantly making these fat people mistakes I'll have to find another autistic cult to join

The elephant in the room is that in the end, when shit hits the fan, it's back to the court room of the currentl ruling system.
No multinationa is gonna let some opaque decentralized system decide what data they use. They will use trusted parties, as always, which they can sue and build relationships with.

At the base of the whole decentralization movement is the same flawed thinking as socialism: redistribute power cuz it's "fair".

>>17395934
And guess what happens then? Startups ready to make some money will use the decentralised system and get an edge over the boomer companies who still use handshakes.

>>17395871
So cutting down on lawyers but you need lawyers to check them and come in when things go wrong. Doubling the lawyers needed for a contract

LaughMyFuckingAssOff

>>17395985
In the real world the startups that get somewhere get bought by the boomer multinationals.

>>17395934
>No multinationa is gonna let some opaque decentralized system decide what data they use.
>They will use trusted parties
And with Chainlink they have that option.

>>17396250
Nobody said smart contracts were going to entirely replace lawyers.
This issue is about reviewing contracts.

>Doubling the lawyers
Because right now lawyers don't check contracts right?
Keep trying though.

>>17395803
Chainlink was supposed to cut the middleman and make everything 100x simpler, cheaper and effective.

In reality everything is just opposite. Chainlink is complicated, expensive and needs a fucking army of lawyers, auditors and smart contract experts to confirm that some crypto price feed is flawless.

And then someone asks why no one takes cryptocurrencies seriously. Jeez, I dont know why.

>>17396379
No, banks for instance adore outsourcing tech.

Pic very related.

>>17396472
>Chainlink is complicated, expensive and needs a fucking army of lawyers, auditors and smart contract experts.
lmao, you're saying this over a TYPO.
In reality, Chainlink is straightforward, cheap, and does not need an army of lawyers, auditors and smart contract experts.

Chainlink is already generating a huge cottage industry around it, and things like contract writing/reviewing/auditing/reputation services will undoubtedly sprout up, since the demand is clearly there.

>>17396499
How the fuck is chainlink cheap?
Can you calculate how much this ETH/USD aggregator spends in eth and link node fees in one month?
https://etherscan.io/address/0x79febf6b9f76853edbcbc913e6aae8232cfb9de9
Can you?

>>17394886
This is quite the creative method making a generic insult. I'll give you that.

>>17396522
>How the fuck is chainlink cheap?
Jesus christ. Guess we'll have to go allll the way back to basics with you, huh?

>Smart contracts, enabled by blockchain or distributed ledgers, have been held up as a cure for many of the problems associated with traditional financial contracts, which are simply not geared up for the digital age.
>Reliance on physical documents leads to delays, inefficiencies and increases exposure to errors and fraud.
>Financial intermediaries, while providing interoperability for the finance system and reducing risk, create overhead costs for and increase compliance requirements.
t. Capgemini

>>17396474
Banks still use fucking COBOL, you deluded cultist don't reside in reality...

>>17396575
>Banks still use fucking COBOL
That's exactly my point.
Instead of changing their Denisovan backend, they are constantly outsourcing anything tech-related.

>>17396557
You can't even do math do you? Jesus christ. Guess we'll have to go allll the way back to basics with you, huh?

That contract asks ETH/USD price every 20 min which makes about 2160 request per month. One request means 1 ETH transaction and 21 LINK nodes so the total cost is

2160*(ETH tx fee + 21*LINK node fee) ~ 2160*(0.02*$270 + 21*0.33*$4.27) = $75,600

Seventy five fucking thousand dollars for one price feed per month!

https://feeds.chain.link/
No wonder Chainlink team pays for Synthetix to use their shit. Seriously this is total FUBAR.

>>17394845
>1 guy
you guys actually know him well

>>17396624
>$75,600
Holy fuck we're going to be rich. Imagine if that was the price of just one Chainlink token.

>>17396624
That's peanuts compared to the current financial and legal intermediaries that smart contracts would replace.

Let's ask Gartner:
>blockchain smart contracts (...) eliminate third-party intermediaries (e.g., bankers, escrow agents, and lawyers) and their fees, as smart contracts perform the intermediary functions automatically

>>17396695
>February 2020
>still passionately arguing with dshitposting fudders

>>17396624
>No wonder Chainlink team pays for Synthetix to use their shit
It's the other way around actually.

>>17396703
Sometimes it's fun to clobber noobs. Weather's shit anyway.

>>17396724
Chainlink team gives them LINK for free moron. otherwise that shitty literally who crypto startup would file a bankruptcy because their operational cost for one month would be close to million dollars for all those price feeds.

>>17396760
You don't know how this deal works.
Reality is that the feeds say "sponsored by Synthetix".

>>17396464
You must be new here

>>17396464
i don't care if i make it, i wont be happy till a bunch of smug lawyers lose their jobs too

>>17396802
Smart contracts are definitely going to shake things up in the legal professions.
If lawyers are smart they'll go with the flow and become contract writers/reviewers/auditors or some shit.

>>17396624
The post that saved /biz/ from losing it all

>>17396624
>Capgemini can’t into math!!
The absolute state of CL fudders rn.

>>17395323
So that's the next big project then... then one that solves the source problem.

Pnk would have solved this problem

>>17397016
Does pnk read clients' minds?
If not, then it doesn't solve this problem.

>>17397004
That's not how data sources work.
Sometimes data can only come from one place by definition (for instance in the case of exclusive rights).
It's likely that the data source landscape will improve tremendously with the adoption of smart contracts (much like roads improved hugely with the advent of the car), but that's secondary.

>>17397052
Not necessarily, but it could act as a fail safe when the contract isnt strong and a party manipulates that fact. If you are on the CODE IS LAW side, then yeah it isn't necessary

>>17394751
Samson and Grumbles are the biggest faggots in the crypto space. They like dishing out insults but immediately block you on Twitter if you call out their BS

>>17396624
Congrats you just figured out why 1000 eoy is not a meme. And you did it all by yourself

>>17397119
They both have no idea what they're talking about.

Which - to be honest - is more an indication of how early we are than of their level of intellect.

>>17397184
Chainlink is $4.
>early

>>17397489
Incredibly early.

>>17394806
Maybe because these kind self mistakes can be corrected with the current system, whilst ShartContracts could end up with unrecoverable losses