/biz/ - Business & Finance

>>19448308
It funds Sergey's Big Mac addiction.

>>19448308
Linkies believe (are sure) in some retarded scenario called singularity, in which they will rule the world because they bought $10k in chainlink 2 years ago.
That's it.

>>19448308
it makes your money bigger

>>19448308
It parses JSON files using API keys

>>19448308
fuck off dude, go to the warosu archive i'm not spoon feeding you shit.

>>19448308

>>19448308
It’s vapourware anon

>>19448327
I've seen a lot of link threads and not a lot of conversation about what it does, at least not in layman's terms.

Is it at all possible to explain this in layman's terms?

It's a toolkit to make platforms like Ethereum useful in the real world.

>>19448308
It’s a Russian scam. Sergey has ties to the KGB. Look up who his father is

>>19448348
pee pee poo poo

>>19448335
Based on the 'Decentralized Oracle', what would be a use case scenario? A hypothetical event where link is used?

'Reserve backed stablecoin' - are you implying that link will be backed by a reserve currency?

>>19448348
How retarded are you? This shit is pretty simple. I have plenty of shit in my redpill folder but I'm not going to post it

I'm actually more qualified to talk about this than most anons.I'm employed with a cyber-techno machinations company, I do a lot of security analyst programming type work. Open source, decentralized, APIs, partnerships, you name it. We'd be one of the first companies in line for something like Chainlink, if the decentralized smart contract space had more value over traditional data exchanges. There's a catch though, an underlying flaw more deeply embedded in the bedrock of LINK than the very code itself. The flaw is with the concept, and it's this: Companies won't actually go through the hassle of trusting their data API's through crypto.

Now I can already hear your keyboards going frantic, but hear me out. /biz/ hates banks, and traditional data providers. But actual companies, businesses, and investors do not. There's an old saying you might have heard of: "If it ain't broke, don't fix it!". The idea that any of our bosses would give us the go ahead if we approached them to put our companies valuable data in a smart contract on a cryptocurrency called Chainlink, that they've never heard of, we'd be laughed out at best and fired on the spot at worst. We already have API data buyers and providers we trust.

'But Chainlink is trustless!' I hear you cry, but is that really a good thing? Just listen to the sound of it. Businesses don't want to spend millions of dollars on something that is trustLESS, they want something trustFUL. 'But the reputation system!', doesn't that defeat the whole point of your coin? If companies only trust nodes with high reputation, what's the difference between trusting banks and data providers that already have reputation, but in real life not on a computer screen.

The fact is, LINK is going to share the same fate as ETH will. A lot of 'real world application' hype, with a lot of 'crypto world application' reality. Only, this billion supply coin isn't going to come close to the $1k that Etherum hit. Happy gambling though anons.

>>19448348
You could try to read the white paper ?

>>19448308
the chainlink network consists of distributed nodes tasked with retrieving, aggregating, and supplying information to digital contracts. because the inputs and outputs of the network are tamper-proof (due to the distribution and reliability of nodes), it allows contracting parties to execute their contracts without requiring trust between the contractor or contractee. The link token serves both as collateral for the underlying contract and as a form of payment for node operators

>>19448372
>Based on the 'Decentralized Oracle', what would be a use case scenario? A hypothetical event where link is used?
>>19448360
This^

>>19448379
Nice copypasta. This one is really believable with the
>I'm employed with a cyber-techno machinations company
nonsense prefacing it

>>19448373
>>19448383

Yeah, maybe I'm retarded. I just think it's unique that people are either unwilling or unable to define this coin, whereas with any other coin explanations are given out without even asking.

>>19448348
>I've seen a lot of link threads and not a lot of conversation about what it does, at least not in layman's terms.
???
It has been the subject of more discussion on biz than any other project for the past two and a half years. Like nothing else has even had 10% of the discussion, to be conservative. Did you just start paying attention 2 hours ago?

>>19448308
https://youtu.be/NxSMsuXGJI4

>>19448410
That's the most astute insight you've had. Next stage is actually going off and DYOR.
I would start here:
>https://youtu.be/ZA5fHnyjreA?t=118

>>19448387
Thanks. So is it possible to give a real world scenario of how it would be used?

>>19448308
Makes you rich

>>19448308
>Just tell me what it does
Transfers your NEETbux to Sergey's bank account in the Caymens.

>>19448413
>Gaslight technique 101

>>19448410
I can't tell if you're being genuine or not. I'll roll the dice and say you are. Here's one more before I go to bed
There are massive threads on this exact subject, if you've been here for longer than a month you have no excuse for not having done your own research on this by now

>>19448308
you had three years

>>19448410
It’s solves the Big Mac problem

>>19448410
>whereas with any other coin explanations are given out without even asking.
You could always check three years worth of fucking archives

>>19448410

You are so close my man...why would we be unwilling? and why are so many others so willing to shill what their token does? Seriously try to answer those questions. I've been accumulating since 2017. My tip is check out the 4th Industrial Revolution by Klaus Schwab and research who Ari Juels is. I've said too much already

>>19448447
hey uncle. you ready to get your butt cheeks spreaded out again?

>>19448308
What actually happened tonight why did we moon?

>>19448410
You should buy 1000 link and wait til link explodes again so anons come out and start spoonfeeding again. Maybe warosu for one of those "chainlink will change your life" threads

>>19448410
https://imgur.com/a/szBYE1f

>>19448454
I really am. I've only been on /biz/ about three months actually, but I've seen probably a thousand of these threads. But I've never seen any concise explanations. No real world this is what it does spoonfeeding. A little spoonfeeding wouldn't hurt.

Can no one tell me a real world scenario?

>>19448428
the use most frequently cited for value, and where it is currently employed at a growing rate, is in the creation of decentralized financial products, such as lending/liquidity pools, which require frequent updates of aggregated underlying asset prices. This is just the tip of the iceberg, but it’s a real world example happening right now

>>19448525
Even if this is all legit, this reads like absolute conspiratorial garbage.

>link has been avoiding hype
>writes a summary hyping link

If that's not a paradox I don't know what is.

>>19448533

You want someone to explain in 1 paragraph what we had to piece together over the last 3 years. I gave you a book to read where Smartcontract.com by name is mentioned but you ignored the comment and probably saw it thinking reading a book will take too long. Honestly you will probably sell too early anyway. 2018 was such a blessed time, technical discussion of Chainlink everyday on here sometimes 3-4 threads going of different aspects. It was truly exciting and I'll look back on those memories fondly. Needless to say, I dropped 5K on LINK at around .40 probably an hour after I read the book. That was my second large purchase I made of it

>>19448607
lol well done man, you almost fell for the link scam. Oh well, hopefully some other sucker will buy my bags, fuck.

>>19448607
Because it is
There's a bunch of retards on this board that think they are smarter than they are
In the end it's just a giant ponzi that losers on this forum hope is going to save them from their personal failures

>>19448634
I'll keep trying to get a concise explanation. But if it can't be done in layman's terms it may be a burden for future adoption no? A significant portion of investors are households. If it really is so esoteric that it can't be summed up in any non technical way then why are normies going to invest?

>>19448607

>Doesn't realize Kabbalah/Masonic imagery is used by the elites to choose winners and further projects with mental energy and prana constantly focused on it.

NGMI

>>19448670
Please understand distribution of wealth k thx

>>19448670
think of link as more of a backend service, average people make use of things like verisign all the time without knowing a thing about the technology

>>19448670
>then why are normies going to invest?
first you have to understand ETH before you understand LINK
want me to explain in simple terms?

>>19448719
Yeah

>>19448670

You didn't try to answer the questions I proposed, so I will. You investing has no impact on the price or its value. It doesn't matter if retail buys at all, not even a little. It will still hit quadruple digits without a single retail investor buying it. Its like you aren't even trying. You are asking all these questions and won't even spend a little time doing ANY of the work I proposed. Its weird

>>19448729
sure thing!

Eth = pee pee
Link = poo poo

>>19448731
I've looked back at your posts. You're not acknowledging that you're asking a lot - hours of research. I'm not going to read an entire book when I can attempt to get a summary to see if I'm even interested in the project in the first place. If you put yourself in the average investors shoes, no one in this thread has replied with a layman's scenario of a use case. I'm willing to accept I'm too stupid/non-versed in blockchain to understand what link does, but if it literally can't be articulated in a non-technical way I'd be surprised.

>>19448821
Why dont you go on youtube

>>19448838
Ya why doesn't he check out a flat earth documentary there while he's at it.

>>19448521
Ian keane

>>19448821
it makes auto-executing contracts feasible. is that a simple enough explanation for you?

>>19448395
That's the retard canary. If you keep taking it seriously past that phrase you don't deserve to make it.

>>19448821
>I'm not going to read an entire book
Then you deserve to live and die penniless you absolute fucking retard.

>>19448821
It’s kind of a data escrow service

think of any kind of contract where a condition must be met or verified... an oracle network can make that confirmation, eliminating the current paradigm where one of the contracting parties or an outsider can tamper with the info and cause losses

Why are you retards even taking the time to help some idiot out?
It’s a fruitless endeavor. You help out this idiot and another will come along tomorrow asking the same questions.
And why does this asshole believe he’s entitled to any of our hard earned research? In the world of investing you keep your information asymmetry guarded, fuck everyone else.

>>19448308
It puts data onto the blockchain in a way that both assures security and consistent uptime. This is important because if you're gonna have contracts triggering off of specific conditions, you need a way to verify that those conditions have been fulfilled.

>>19448308
Enslave humanity

It's a decentralized oracle. Did you even bother to Google it? Holy shit you're a fucking retard. I don't want people like you to have a ticket on this ride.

>>19448915
>Why are you retards even taking the time to help some idiot out?
boredom mostly

>>19448883
nice strawman

>>19449008
how did they get a cat to do that?

>>19448308
funding token for tranny penis removal surgery

>>19448915
because the more people that invest after you invest the more money you make

>>19448887
I've gathered that it links outside information to the blockchain. And later implementation of stakers/validators.

Is there a scenario that can be articulated? Some sort of "this will interact with this to do this?". I'm just wondering who will use it and why.

>>19448308

>>19448736
based

>>19449141

Blockchain no get data from outside blockchain
Chainlink get data from outside blockchain
Chainlink make sure data good good
Blockchain now do cool stuff

>>19448428
insurance
>automatic disbursements of payments for things like auto, health, death, ect..
shipping
>payments sent when item is received, not upfront and hope they get it there by the time they promise, could envoke penalties in wrong product sent or arrived late
stock, bond, derivatives distributions
>pretty clear here
gambling
>same
enforcing a will
>wills are not contracts so can be contested in court, an automatic distribution of wealth through a smartcontract once death is confirmed would revolutionize this
automating trust's and grants

really the possibilities are endless

>>19448308
it funds sergay's betrayal, in which he uses it make sure no one is together

It checks the price of eth

.

>>19449150
thanks


>>19449241
In terms of these smart contracts processing payments - wouldn't any payout be in a cryptocurrency?

>>automatic disbursements of payments for things like auto, health, death, ect..

Wouldn't the payment have to be in ETH or something for example? Pardon my ignorance.

>>19449304
God I want to sniff her crotch.

>>19449328
Fucking Pedophile

>>19448308

It is a slav pump and dump ponzi scheme.

It does nothing else. literally.

>>19449300
>Wouldn't the payment have to be in ETH or something for example?
depends on the use case. remember SWIFT is compatible with link so bank to bank transfers are being done on their inhouse GPI, almost 40 trillion was transfered last year over it.

https://www.pymnts.com/news/faster-payments/2019/swift-says-more-than-40-trillion-transferred-over-gpi/

but in the pic i posted id imagine account to account fiat would go through an exchange where it was temporarly converted into the crypto for the chain the contract is being used on and then would be converted back into fiat. so crypto the specific crypto (eth, btc, ect) would only be used during the transfer portion of the smart contract. with a portion of the value of the contract being staked in LINK to help assure its integrity

>>19449463
Hmmm. Wouldn't swift be a rival to link? Just another non-blockchain payment processor middleman?

If Swift has full control of a fiat to fiat transfer, I'm not sure why they'd need to use link except for a cryptocurrency/smart contract transfer. Not sure the processing times but wouldn't the relative volatility of crypto be a negative as well during a transaction? As crypto isn't used as a currency not sure how this would play out.

Don't worry anon, I most of us don't know what it does either. We just bought in because of meme magic. Thanks to this thread I found out there's actually a whitepaper. This whole time I thought it referred to the toilet paper which is part of the flushing meme.

>>19449463
>40 trillion
Wait wtf, LINK is worth 40 trillion now?

>>19448736
Israel has no right to exist.

>>19449368
She canonically graduated though

I made this a while back.

>>19449578
no link and swiftgpi is 100% different. swiftgpi is an international settlement ledger for end to end payments replacing their legacy technology to get it ready for ISD20022 standards. link has been confirmed numerous times to be designing the oracles they need for getting real world data into the GPI. totally different so wouldnt be competitors.

>Not sure the processing times but wouldn't the relative volatility of crypto be a negative as well during a transaction?
this could be on BTC and other slow chains. in eth's case would probably use a stable ERC20 like tether. in swifts case i can only guess since its not open to the public, id assume its transfers of credits and debts in fiat notations on ledger and not so much the tokens were all used to

>>19449692
Decentralized but hey we hold 65% of the tokens and there will be kyc rules.

>>19449718
Anon please answer >>19449642
:(((

>>19448308
Bunch of 4channers tried to force it as /ourcoin/, during the presale ico phase of chainlink there was a minimum requirement of 300eth to enter the presale. Bunch of anons pooled up together and shared presale links to fill them with their eth. Coin continued to get shilled and pumped up and hyped for the sibios event that link was attended, whole event turned out to be a flop chainlink had a presentation in a room of like 18 people next to the public toilets, literally no news or partnership came from the event and the coin dumped back to below ico prices and created 1000's of bagholder anons. Now during this alt bull run lots of anons and took advantage of this and shilling this coin to all the new money and newfags that joined in december and don't know this story. The coin is HEAVILY manipulated and the supply is dried up from huge whales who accumulated below ICO price to create a artificially lower supply (a lot like REQ) and these people have so much room to dump on all of you faggots to still be in profit when the time comes. In regards to actual project that chainlink aiming to achieve it's nothing more than a basic json parser for smart contracts, would take like a day to add to ethereum by itself.. literally making links whole concept pointless and definitely no need for a token. Would take a lot longer to get it working with bitcoin but the bitcoin core devs would be able to work out the solution a lot quicker than chainlink will, think that's something worth noting that literally nothing is completed and you're literally just buying a whitepaper, they have only 2 developers and they don't communicate at all with no proven background on either, in fact sergey was involved in a project before chainlink called NxT that he since been abandoned until it was took over by a new developer team

>>19449718
Okay. It just seems like Chainlink is an excellent project with no one that has a use for it. This may change of course. But I still don't see the use case, unless blockchain is widely adopted/crypto is used as a payment processing currency? The IRS has always considered it an asset, not a currency and all utility appears to be decreasing, no?

>Smart contracts are going to automate many backend process across a variety of major industries. In fact, you won't compete in the future if you don't adopt smart contracts.

>However, smart contracts are only as useful as the data the triggers them. We should actually refer to them as automated data driven contracts.You can automate the execution, maintenance, and settlement of multiparty work flows all on a single medium with objective data, while still hiding each persons data.

>Chainlink is a universal protocol for formatting, verifying, and keeping confidential that data which will drive smart contract automation. It connects the current systems that runs the world to the new dlt infrastructure that will run the world in the future. Essentially this monetizes the current system of the world by preparing it to be used in this new infrastructure without having to change their systems. It connects these disparate system using APIs, which everyone uses these days. The new https in a way.

>smart contracts need off chain data from apis
>data gets on to blockchain via middleware called oracles
>current oracles are centralized defeating the purpose of blockchain (trustless, immutable ledger, no single point of failure, etc.)
>chainlink proposes decentralized oracle network comprised of independent nodes
>contract exists on chain
>contract calls chainlink contract
>chainlink contract gives nodes on oracle network orders
>nodes query relevant apis from (not necessarily) disparate sources for data
>apis return data to nodes
>nodes aggregate data with algorithms that return accurate data despite potentially faulty nodes (aggregation algorithms and their proofs are technical, just go slow/be patient and look up relevant terms)
>aggregated data is returned to contracts on chain
>contract executes according to conditions satisfied by the returned data
>nodes build reputation by several reliability metrics
>node uptime and timliness in query reponse
>correct data reported
>number of contracts offered to node
>number of filled contracts
>>number of correctly filled contracts
>average node response time
>penalty payments offered (nodes may or may not be required to stake LINK as collateral in case data they report is incorrect and causes faulty execution of a contract)
>LINK token is used both to pay node operators for successfully filling an on chain request and as collateral/penalty payment for serving up faulty/incorrect/fraudulent data to an on chain contract
>nodes can also operate on intel SGX "trusted hardware" that allows them to parse contract related data in a private environment or to perform calculations with that data in private (some users may not want certain calculations or transactions to appear on a public blockchain)

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?

>>19449777
Checked. It's over.

>>19448533
basically its a plugin that allows banks/corporations/anyone to use smart contracts and recieve payment to a traditional bank account, all legally compliant and securely.

>>19449141
I put a dick in my mouth, then upon deposit of semen the contract is triggered and I get paid $5. It's basic ass shit.

>>19449785
LINK isn't the payment for the end user of a smart contract, LINK is the payment for the nodes that trigger the data for a smart contract. Consumers will never know they're interacting with cryptocurrency unless they understand the system. When anons say LINK can trigger the execution of a smart contract, it's not just the person the contract is executing for who's getting paid, but the oracle node operators themselves for providing the data necessary to trigger the contract.

>>19449921
That's probably the best analogy yet, thanks.

>>19449956
I gotcha. So LINK isn't, but wouldn't another cryptocurrency have to be? Otherwise why deal with the blockchain in the first place? I just don't see the blockchain being used as a payment processing currency though. Cryptocurrency (at least in 2020) isn't a currency, it's an asset.

?

My friend who is a cryptocurrency trader said that there were many coins that went up to $3 and crashed to .25. XRP comes to mind. There were also coins that went to $10 and back under $1.

This coin is just going to follow that same path.

>>19450015
You ever heard of fiat faggot? You know dollars, euros etc? How about you get paid that instead of crypto? Sound good?

>>19448308
It makes sirgay rich, buy now, be the greater fool

>>19449150
oh this was posted right while every shitcoin was mooning to andromeda and my massive LINK bag did fuck all

>>19450069
This. Chainlink can do currency swaps or any type swap involving 2 digitized assets. Everything is going digital. Stocks, bonds, home deeds, even fiat is becoming numbers on a screen.

>>19450051
ah yes, the great crypto purge of 2017-2018. funny how LINK was there but was unaffected by it. while every other crypto went to cents, LINK slowly rose organically in a fucking crypto drought. faggot.

>>19450069
S-s-sure. But then why create the extra steps? A smart contract is just a line of code. "Smart contracts" (if this then that) can be made without blockchain. So if financial institutions are fine with the status quo, why move to the blockchain? Chainlink wins IF blockchain is adopted en masse as a currency platform and not simply a speculative investment.

>>19450112
To be honest that post is copy pasta. The original post was in october or november 2017. It's only talking about ZeppelinOS and Swift because it the time there weren't many partnerships. Today we have like 80 confirmed ones including Google and bunch of basicly guaranteed speculated partnerships with microsoft, amazon, samsung, salesforce, ibm, etc.

>>19450015
LINK is a fucking scam you retard. Surprised you got yourself strung along this far.

>>19450159
Smart contracts can't really be made without the blockchain. The whole purpose is that everything is done automatically, according to code, and cannot be tampered even by the creator. That's not something you can get elsewhere.

Someone could write a contract that acts like a smart contract but then decide to change it a few days later, even affecting current holders of this contract

>>19450015
>So LINK isn't, but wouldn't another cryptocurrency have to be?

Not necessarily. There are a half dozen crypto-to-fiat ramps that all work on the backend. You'd be able to get paid in dollars (or euros (or whatever).

>>19448308
it does make me rich. isnt that enough?

>>19450179
>>19450179
You are the type of person who clutters the fuck out of a cluttered mess of a board. You're the guy on the sidewalk with the picket sign. Only a fucking nimrod would look at what you've said and go "oh, well that makes sense, didn't think of it that way"

>>19450211
>>19450221
I'll admit it sounds good in theory. I just don't see a widespread use but I'll come back to it later.

>>19448308
>What this does
Makes you rich

>>19450317
Once you get into it you realise this literally makes things possible that weren't possible before.

You could trade options, entirely peer to peer against one other person, and be 100% assured of settlement as expected. The exchange middle man can be removed. Same can be said for most financial products.

You could take out a decentralised mortgage without a bank, just you borrowing from maybe hundreds of lenders

The implications are huge for less developed countries too where people don't trust the legal system.

>>19450317
>I just don't see a widespread use but I'll come back to it later.
Hehe it will be too late

>>19450317
Get some ETH and try using an app like Aave. You can lend the ETH and take out a loan denominated in a stablecoin. Use it to leverage a position or something.

Aave requires chainlink to get the value of your collateral. You must stay sufficiently over-collateralized or chainlink will cause a liquidation to trigger.

I suggest this just as a small experiment so you see how an actual smart contract app works. If you understand the mechanics of the app, you’ll see how chainlink is essential to its function

>>19448821
>Not willing to put in the time to reseach
Just FUCK OFF OP

>>19448308
it goes to moon

>>19448308
Makes ICO holders rich, like all ICO's. If you're in profit, dump for AAVE while it's still under 10 cents.

>>19449100
Read >>19448731 you absolute mongoloid. You seem to think that every investment works like a ponzi.

>>19448883
This is based
>>19448821
>I'm not going to read an entire book when I can attempt to get a summary to see if I'm even interested in the project in the first place.
You figured us out. Pack it up boys. He is to smart to fall for the link meme

>>19448308
Speculators doing their job very well.
>>19448327
Also nobody is talking about recent exploit.

>>19448348
Nigga, you are literally almost 3 years late. We discussed everything we had to discuss ages ago. Now we are just shit posting and waiting. Go to warosu, read the white paper. You dont have much time

>>19448883
Absolutely based

chainlink lets you ascend to godhood with sergey and the other linkmarines and bridge the gap between the 2d and 3d realms

Has anybody noticed this? If you zoom in....

>>19450317
I still have literally no idea what LINK does, but I bought 4000 linkies at $0.22. So what does LINK do? It multiplies the investment of absolute retards like me by 20, I guess.

>>19448821
Alright I'm a spoonfeed you, LINK started by winning a SWIFT contest, but since then, they have demonstrated their POC is not feasible, price movement is only related to speculation, and Sergey is a known exit scammer (see NXT)

Be safe OP

>>19448308
its a jason parser, ever heard of one before retard?

>>19449655
I can't find anywhere that makes her 18

>>19448607
You are a mouthbreather