/biz/ - Business & Finance

>>22329959
omg

What the fuck is this?

>>22329959
Delet this

>>22329977
But it can't do smart contracts which is straightforwardly communicated at the bottom of the contest description, right?
>>22330047
Reddit's having a competition to have their points system on chain. AFAIK a winner should be announced soon and I want to know which bags are the most likely to win.
>>22330063
No

who the fuck cares

>>22330107
>But it can't do smart contracts which is straightforwardly communicated at the bottom of the contest description, right?
Why would reddit need smart contracts... Omg will win, you would know this if you had actually tested it yourself

>>22329977
My money is also on OMG.

>>22330212
>Would be an easy as fuck 3-4x?
>>22330224
https://www.reddit.com/r/ethereum/comments/hbjx25/the_great_reddit_scaling_bakeoff/
>Memberships
>Subreddit memberships are obtained by burning points via the Subscriptions contract. Redditors can optionally configure their membership to be renewable on a monthly basis without additional interaction. The Subscriptions contract is granted permission to burn points by being configured as an ERC777-style default operator in the Subreddit Points contract.
Sorry maybe I'm missing something.
>>22330256
Nice bobs. Why is your money on OMG though? The speed factor? The Vitalik factor? Why?

I've heard multiple times the past week that the winner is going to be announced the next day, but never has. Is there a set date and what is it?

>>22330256
How do I invest in Ben Shapiros sisters milkers?

>>22329959
When is the annoucement reddit fgt?

>>22330661
>but never has
>never
I don't know what they're doing, surely they've had to have figured out whomst the winner is given it's been 5 weeks?
>>22330674
Pls

>>22329959

>>22331028
>an easy as fuck 3-4x

For me, its XRP. The most sure investment right now in crypto.

Sorry to those who fell for the Omisefag pump and dump but theres no chance in hell that gook shitcoin is winning anything but a trip down to .30.

>>22331322
>The most sure investment right now in crypto
I've got to hand it to you, 1000 XRP at the end of the day is always worth 1000 XRP.
>>22331342
>no chance in hell
Can you expand on this probability?

Its going to be arbitrum no doubt

>>22331516
>but I can't buy these coins
Therefore which do you think is most likely to not get shocked by price following a loss?

Requirements
Scaling. This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.

Over a 5 day period, your scaling PoC should be able to handle:

100,000 point claims (minting & distributing points)

25,000 subscriptions

75,000 one-off points burning

100,000 transfers

Decentralization. Solutions should not depend on any single third-party provider.

We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components, but recognize there are numerous trade-offs to consider

Usability. Scaling solutions should have a simple end user experience.

Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)

Bonus points:

Users should be able to view their balances & transactions via a blockchain explorer-style interface

Exiting is fast & simple

Interoperability. Compatibility with third party apps (wallets/contracts/etc) is necessary.

Scaling solutions should be extensible and allow third parties to build on top of it

APIs should be well documented and stable

Documentation should be clear and complete

Third-party permissionless integrations should be possible & straightforward

Simple is better. Learning an uncommon or proprietary language should not be necessary. Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

Security. Users have full ownership & control of their points.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline

A public, third-party review attesting to the soundness of the design should be available

Bonus points:

Public, third-party implementation review available or in progress

Compatibility with HSMs & hardware wallets

Other Considerations

Minting/distributing tokens is not performed by Reddit directly [1]

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships [2]) should be possible and scalable

Fully open-source solutions are strongly preferred

>[1] In the current implementation, Reddit provides signed data for claims, but does not submit the actual claim transaction for the user (the user does that themselves). Note that smart contracts are considered independent of Reddit provided there is a path to decentralizing control over them.

>[2] Subreddit memberships are currently implemented as a contract acting as an ERC777-style operator that can burn points on a monthly basis, but we are open to changing that implementation.

>>22332525
>>22332563
I too have read the request

these are the requirements. I hold barely any omg. so hardly any bias here. i'm willing to go all in on xdai

i want to get this right not live in a bubble. we can all make that 3-4x if we bet right.

I have been looking into this quite a bit lately.

>1 is there any way another chain could win??

>2 if not, then its xdai vs omg. diversify? the loser chain will dump but the gains from the other chain should far out weigh the loss

>3 lets talk about omg vs xdai. i'm learning more everyday about xdai but i know omg pretty well.

no bs here omg has alot of things going for it. thttps://cointelegraph.com/news/omisegos-parent-company-synqa-raised-80-million-in-series-c
I think with how official and recognized they are in the normie world helps them alot. their entire product is built for this type of thing for them to provide the tools for another business to use them on the back end

i posted the requirements to make this point or ask this...
>it doesn't seem like reddit is looking to have smart contracts, it would be pretty advanced if it was easy to set up different types of contracts for the regular redditor. does xdai do that or is it just something they can do in the future without knowing how to code?

omg doesn't do smart contract but is it possible to have another party involved in the future that allows for smart contracts?

what would those contracts even be that a redditor might be interested in

>>22332563
OUT OUT OUT OUT OUT OUT OUT OUT OUT

>>22332881
just trying to have a real discussion

>>22332904

>>22332757
>the loser chain will dump but the gains from the other chain should far out weigh the loss
This is true at most the loser chain would go -50% yet the winner would go 3-4x making it technically smartest to back both if you're actually doing a coin toss.
>cointelegraph; entire product
I didn't know this. They do seem to be focusing 100% on payments, which is cool. I guess I wouldn't be surprised if OMG won because of what you said, and alternatively it wouldn't surprise me that xDai would win given he's clearly got the attention of the greater Ethereum development community.
So either,
(A) Reddit is 100% only interested in 'payment' and will choose OMG
or
(B) Reddit will choose xDai because it's attempting to appease the greater Ethereum community.

This does indeed complicate my decision making, because I think there's really no way in Hell to know which group is going to be the winner here when it seems to be chocolate vs vanilla, instead of "who is the best."

Thanks Anon.

All that said, can you give me an alternate timeline of what happens to each when they lose?

>>22332873
>what would those contracts even be that a redditor might be interested in
I think that's why I'm really interested in xDai, given above, that xDai is more versatile? Say Reddit wanted to start decentralizing some sort of functionality for reporting news, etc? Put it on the blockchain so it can't be disrupted and thus theoretically available to all?

Sort of like an unknown-known unknown kind of thing.

>>22333037
OMG pumped mostly on USDT news, not reddit speculation, while a lot (if not most) of xDai's current hype revolves around reddit speculation so i believe the latter would have more initial downside in case of losing the comp. that might also indicate higher potential upside though. im biased towards xDai but the 50/50 wager is not that bad of an idea
also there have been market buys of xDai dip worth of $60k+ each so there are some mini whales accumulating

>>22333003
lol i'm not like this at all man

>>22333408
xDAI is rising because it is a working scaling solution that devs are building on as we speak, maybe at 40 some of it was reddit

>>22333408
>OMG pumped mostly on USDT news
Interesting point, I think you're right.
>xDai's current hype revolves around reddit speculation
That's interesting given the biggest hype effect I've been hearing is about things like Gnosis,
https://twitter.com/auryn_macmillan/status/1301648527173574656?s=20
There was also a decent amount of hype around Powerpool launching on xDai,
https://twitter.com/xdaichain/status/1299357179259105280?s=21
There are others, but I can't necessarily think of them.. but I feel like even if they weren't winning Reddit, there seems to be many projects flocking to them as their chosen "L2" solution.

So I do almost wholeheartedly disagree that xDai's only claim to fame right now is maybe winning Reddit, they both seem to have their own things going on for them in the event of a loss.

>50/50 wager
>$60,000 buys
There has been some chatter this is explicitly linked to Binance accounts, and that it's Binance market buying STAKE to prepare for a fee-less listing. I think this may be the case given that Binance would prefer being the place to go for a Reddit win.

>>22333538
>maybe at 40 some of it was reddit
I believe this as well, however it also dropped from $40 or so at the exact same time Bitcoin took a shit, so in a way, I blame that. Genuinely wonder how high that hype would go on its own if Bitcoin were not the controller of it all.

>lol i'm not like this at all man

>>22333538
>>22333676
yeah don't get me wrong xDai is def a legit project and I hold it in hope that a lot of defi space moves to their chain but i see it more of mid-long term steady growth, i meant exactly that reddit hype is probably a big reason behind the recent $40 pump that both of you mentioned

>>22333037
omg will be a win long term, there's so much interest in the actual product between japan and thailand. a little google searching shows some really big real world things happening with the product. think of your bank having an app, they would use omg in the back and build the app using their tools. literally made for the reddit points or something similar. view this short video from early 2019 https://www.youtube.com/watch?v=MzDkTavmAFI

omg has had vitalik as an adviser as they invented plasma. and he's recent;ly shouted them out as a way to help reduce fees.
omg is made for business and exchange use mostly

>xdai long term has great potential but they are in a really new and competitive space but mkr is the leader and xdai is related to mkr. however the stake token i don't know, i don't think the stake token offers much in value. correct me if i'm wrong but its just a governance token?
xdai is low marketcap tho could be great gains realized with it, and coinbase has mkr listed stands to reason stake could be listed as well.

time line assuming phase 0 brings bull market like btc futures did, ico craze is equivalent to defi:
>omg wins goes to $25+ (ath) xdai loses goes to 13$, long term omg and xdai perform well but xdai much more risky.

>omg loses goes to 1.50$ xdai "stake" wins goes to 40$, its not on coinbase but it is on binance, poloniex, uniswap. could go higher but some of the profit is going into mkr as well. maybe i don't fully understand the connection but xdai and dai are swappable. if xdai wins long term both coins go up.

>i think if omg loses the price movement will not be as significant as if xdai loses. I've been in the omgnetwork community for 3 years, i only have 100$ worth rn but in 17'-18' i bought at 6$ and watched it go to 25$. what i've learned about investing is that community is important. omg has strong base of community. we saw the price drop really low this past bear market i don't see the base of holders selling as much

>>22333891
Fair.
>>22333903
>i think if omg loses the price movement will not be as significant as if xdai loses.
THIS is a good statement.

Thanks Anon. Apparently another Chico video just came out claiming Chainlink and xDai have a thing, gonna give it a watch as dumb as the guy is, he clearly gets his news given to him.

It's going to be Solana. Screen cap this

>>22334028
send video link.

also thanks. i guess the move is to go 50/50

but also to keep in mind if one of them starts to run up for no reason this month i would expect it to be a sign of insider knowledge and then not buy more but atleast sell the other. could always buy back if it was nothing

it will be raiden. none of you retards will see it coming

>>22334309
explain ? open to anything

>>22334279
https://www.youtube.com/watch?v=e8m2vrUBixE
Basically 15 minutes saying Chainlink and xDai are covert psyopsing the entire Eth community. Would be interesting.

Isn't the worst Pepe Silvia shit I've seen, honestly reasonably convincing.

>>22334472
listening rn, i saw his video saying xdai will win but some make a point he isn't trustworthy and its just opinion anyways.

i haven't gone down the chainlink rabbit hole but how useful is chainlink down the line? they seem like they might just be hyping and stuff but not actually doing a whole lot. not a scam tho but ...

idk is this dumb but what does chainlink do? send data onto the network that triggers smart contracts needing a data input?
is this needed? like auger is a betting platform on ethereum and theres betting on the election, they aren't using chainlink to get this data for their program.

got time to explain link? what gives link token value, eth has staking and gas cost.

>>22334680
Link literally makes this space useful. Outside of currencies such as bitcoin or just creating tokens on smart contract platforms such as Ethereum.

First we need to assume that there are economically sound use cases for smart contracts and blockchains in the ''real world''
It appears that companies want to use these applications for stuff like automation.

If these applications have any value they need to be able to be trusted. Smart contracts only work when you can trust that it will execute accordingly. This can only be possible if you can always trust the data. A blockchain is useful for proving that something has been recorded but not for showing that the information recorded was true to begin with. Not having a decentralized oracle network like Link defeats the purpose of any ''real world'' use cases since data is the most important piece of information.

Link token derives its value from the security of the network. There has to be a financial incentive to act accordingly to the smart contracts but that can only be viable if one has to hedge something in return if one decides to try and game the system. Link token is needed here to secure value since you lock in Link in high value contracts to make sure that you provide the correct data. Link would reflect the worth of the smart contract in its collateral.

Speculating on Link is literally making a bet that there are actual use cases for this technology as a whole since nothing makes sense without a decentralized oracle network.

>>22335399
sounds reasonable. is it live? or in the works

>>22335492
https://chainlinkecosystem.com/
https://feeds.chain.link/