Where were you when Chainlink BTFO stable coins?

[Anonymous No.10938888]

https://www.artificiallawyer.com/2018/09/03/chainlink-solving-the-smart-contract-fiat-money-problem/

>ChainLink has used a simple solution to solve this, it checks the exchange rates for Ether at the moment the smart contract’s self-executing contractual code is about to make a US dollar payment. This way, although the total quantity of Ether may change, you are still always getting the same amount of US dollars, as set out in the smart legal contract.

[Anonymous No.10938907]

>>10938888
i was at a labor day march for my union and it was awful.

[Anonymous No.10938961]

>>10938888
Checked, based & Redpilled.

5000€ EOY

[Anonymous No.10938981]

>>10938888
So it's like Bancor but worse, because there isn't even a mainnet to try this.

Nice.

[Anonymous No.10938999]

when rest of crypto community will notice this, seriously its like twilight zone

[Anonymous No.10939021]

>>10938981
This basically confirms what they were already testing on Ropsten. How retarded are you?

[Anonymous No.10939059]

That’s not a solution, you’re still transferring and receiving Ether which means you’re getting a volatile shitcoin.

So sure, LINK can give you real-time data on the shitcoin to USD transfer rate that allows you to create a smart contract that will always pay out a flat amount of fiat (in terms of the respective shitcoin), but you’ll still be receiving the shitcoin that has volatility problems. Stablecoins would still be useful in that context.

[Anonymous No.10939087]

>>10939059

>you’re still transferring and receiving Ether which means you’re getting a volatile shitcoin.

>you are still always getting the same amount of US dollars


Pick one.

[Anonymous No.10939100]

maker is partnered with market protocol which is partnered with link right?

[Anonymous No.10939122]

>>10939059
>smartcontract to transfer money in the case of certain circumstances
>Chainlink the data into the smartcontract
>Smartcontract executes and sends transaction to the marketprotocol smartcontract
>marketprotocol smartcontract is chainlinked to USD markets
>eth at $0.00001
>Chainlink at $6500

[Anonymous No.10939124]

>>10939100
MARKET Protocol may also utilize MakerDAO’s oracle to pull in their trusted ETH/USD reference price allowing contract users to incorporate this index in trading relationships.

This was in may. There's no reason to use their oracle anymore.

[Anonymous No.10939131]

>>10939124
also

>MAY also utilize.

[Anonymous No.10939142]

>>10938888
>>10939087

Won't this require more link to be staked as collateral, thus further reducing the circulating supply?

[Anonymous No.10939164]

>>10939124
The speed at which everything moves worries me
Link could be rendered obsolete by the next wave of projects

[Anonymous No.10939172]

>>10939164
Moon first Jessica

[Anonymous No.10939176]

>>10939164
>Link could be rendered obsolete by the next wave of projects
So could the United States, but it doesn't happen because that's not how life works. You fucking twat.

[Anonymous No.10939181]

>>10939087
Both are true you brainlet.

The smart contract WITHOUT using link might say, “if x conditions are met, send this guy 9 Ethers”, which at the time the contract was created could’ve been 10K USD.

With LINK, you can pull off chain data (like the Ether/USD conversion rate) and write a smart contract that says “when x conditions are met, send this guy Y Ether such that it’s worth 10K USD”.

Now do you see why that doesn’t mean jack shit for stablecoins?

[Anonymous No.10939184]

>>10939172
that's clearly Rebecca you blind cow

[Anonymous No.10939187]

>>10939142
The entity who assures the validity of the pricing ratios would have to stake.
>>10939164
The only way to obsolete chainlink's decentralize oracle network is by having almost everything automated by near perfect AI. Don't worry.

[Anonymous No.10939204]

>>10939181
No. You are completely wrong and missed the entire point of the article. Lets break it down for a brainlet like you.

Title: ChainLink: Solving the Smart Contract Fiat Money Problem

>Smart contracts that operate via a blockchain have one little problem: you can’t normally use British pounds, dollars or Yen (i.e fiat money), to conduct business with them. Instead you have to use a cryptocurrency, something that not everyone wants to do.

Nobody wants 9 ETHs. They want FIAT. NOT SHIT COINS.

[Anonymous No.10939244]

>>10938888

[Anonymous No.10939261]

>>10938888
Fucking checked

[Anonymous No.10939270]

>>10939187
>The only way to obsolete chainlink's decentralize oracle network is by having almost everything automated by near perfect AI
>He doesn't know

[Anonymous No.10939300]

>>10939204
I know, and Chainlink doesn't let you do that...

[Anonymous No.10939326]

>>10939300
>And if for example a lawyer draws up an employment contract, the company likely will not want salaries denominated in Ether, or Bitcoin, or any other digital currency, nor will the employee. They’d probably prefer it to be in good old fashioned US dollars, or pounds. Imagine paying someone’s salary when it could suddenly rise in value due to the rapid fluctuations in the currency you use (as seen with cryptos), clearly you’d try to avoid that and use a fiat currency that was (relatively) a lot more stable.

>The use of smart contracts and oracles in this way gets over this problem and solves what has been a barrier to wider adoption of the tech.

[Anonymous No.10939345]

>>10938888

> Chainlink solves the volatility problem through instantaneous valuation

Great! How do you solve the volatility of Chainlink itself though?

No one's going to ever seriously adopt utility tokens so long as their price swings more than 0.5% on a daily basis.

[Anonymous No.10939404]

>>10939345
What are you talking about? Do you understand how chainlink works? The market isn't going to determine the price of chainlink. It will be smartcontract.com and all their frens that are first adopting the token and willing to sell some of their stack to other businesses thus increasing the ecosystem. Chainlink isn't a stock. It has a use. It's not gold attaining value. It's creating value.

[Anonymous No.10939407]

>>10939345
>Great! How do you solve the volatility of Chainlink itself though?
You don't. It doesn't matter as the token is used to pay for using the ChainLink network.

[Anonymous No.10939418]

>>10939407
Right... and you don't see how it's a problem that a business can't accurately predict what that cost will be from one day to another?

Imagine I'm a business that you're pitching on Chainlink. I tell you that I can't afford for the costs associated with a core part of my business to be so volatile. What is your counter argument here? Why am I wrong?

[Anonymous No.10939420]

>>10939345
Dumbest post on 4chan in the last 6 months holy shit.

[Anonymous No.10939435]

>>10938999
checked

[Anonymous No.10939436]

>>10939418
>What is your counter argument here?
It will save you billions even if the price of using the service increases a hundred-fold.

[Anonymous No.10939453]

>>10938888
Checked. Ok you see this there’s some big money VC money behind maker. A firm that’s worth billions but I always thought they’d have to use chainlink or some type of oracle to fetch the off chain data to keep the currency stable so why not just invest in chainlink?

[Anonymous No.10939461]

>>10939436
billions you say? Run me through a use case here.

[Anonymous No.10939474]

>>10939418
Dude. You will be paying for things on the chainlink network in LINK. Stop doing a USD conversion in your head. It is a NEW asset class. Stop applying traditional methodology to something you clearly don't understand. The people who use LINK will put a valuation on it. Not the market. This is the first utility token to be used, nothing before it will come close to how it performs in a traditional sense.

[Anonymous No.10939477]

>>10939418
>Imagine I'm a business that you're pitching on Chainlink. I tell you that I can't afford for the costs associated with a core part of my business to be so volatile. What is your counter argument here?
Why do you think the cost to use the service would change if the token's price changed?
Because it wouldn't.

[Anonymous No.10939487]

>>10938888

[Anonymous No.10939494]

>>10939474
Do the people who use LINK buy it with dollars or other coins?

And are they free to sell to each other as they want?

Because that will make the cost volatile.

[Anonymous No.10939497]

>>10939461
Read the linked article in the op post. If you don't already believe smart contracts are the next big thing this will not sway your opinion.

[Anonymous No.10939516]

>>10939474
LINK won't be worth USD, USD will be worth LINK.

[Anonymous No.10939527]

>>10939418
The cost is the same no matter what. It’s the number of LINK that would fluctuate. How do you not understand this? You pay $1 it doesn’t matter if that’s 3, 300, or .003 LINK. This board is infested with idiocy.

[Anonymous No.10939540]

>>10939527
If I can pay $1 for 3 link one day

and pay $1 for 300 link another day

that means the USD cost per link is volatile

[Anonymous No.10939549]

>>10939516
Actually, data will be transacted via LINK. You can't put USD into your computer and buy data. LINK is the currency if you want to buy verifiable data. This is ironically the biggest thing ever created. Having liquid certified data markets will be immense.

[Anonymous No.10939566]

>>10939516
And yeah, I agree.

[Anonymous No.10939576]

>>10939345
>>10939418
>>10939461
>>10939494
>>10939540

[Anonymous No.10939579]

>>10939418
I don't think you're quite understanding how Chainlink fits in to all this.
Look at it this way, a node operator will decide on a price (in USD) which they want to earn from each API data call that gets requested from their node. If they want to earn 30c per API data call, then currently they would charge approx 1 LINK token per API data call requested of them. Now let's say LINK's price doubles to 60c. Are they still going to charge 1 LINK token per API data call? No, they will instead charge 0.5 LINK tokens.
So no matter if LINK's price goes up or down, the amount of LINK tokens required to process that single API data call will adjust to accommodate.

[Anonymous No.10939592]

>>10939540
What difference does it make? The USD is a volatile asset class if you want to be pedantic.

[Anonymous No.10939597]

>>10939549
sounds like you've read the gig economy

[Anonymous No.10939602]

>>10939579
Right and that's volatility in a nutshell.

If I have a business that needs to make 10 API calls and I buy LINK at $1, and then it crashes to $0.10, I now can only do one tenth of the API calls that I need.

[Anonymous No.10939607]

>>10939592
To add, theoretically only more congestion would be added to the chainlink network every day. I really don't see a reason for this coin to go down in a 100% operational environment.

[Anonymous No.10939614]

>>10939549
>certified data market
fancy word for centralized service and authority
it's not an improvement it's a huge step backwards!
now fuck off with your worthless shitcoin!

[Anonymous No.10939685]

>>10938888
QUADS OF TRUTH. LINK $8888 EOY confirmed.

[Anonymous No.10939688]

Maker and Chainlink are completely complementary and Maker is fucking genius. It doesn't get enough love on this board at all.

[Anonymous No.10939710]

>>10939602
So you're saying that in between the 2mins that you buy LINK at $1 and when you send it to the node operator it will crash 90%?
Even if you bought LINK the day before, do you reckon it will see a 90% crash in one day? How about a week before?
I mean, in today's world companies will buy foreign currency a day, a week, a month before they need to make a payment. What if GBP crashes 90%? Or EUR?

[Anonymous No.10939735]

>>10939597
Nope, never heard of it. Just searched it, don't know if it's suppose to be an insult but whatever. Chainlink is solving "trust" which is a huge flaw when dealing with other people. It goes down to a human behavioral problem. Like as an aside, if you could cure violent nature from people, how much is that worth? Chainlink although not 100% perfect, is trying to standardize what trust means in the 22 century.

>>10939614
Consensus has always been primal argument in defining validity. If you kill someone with no one watching, it's your word vs. theres'. If you kill a person in front of 10 random people, more or less its certified that you killed that particular person. Certified data means if I spent 10$ at Walmart that particular data point can be verified through numerous means. IE. Visa, Walmart, The Product, Your Car's GPS Location... etc.

[Anonymous No.10939783]

>>10939710
Maybe it did crash that much, or even just 5% in a few minutes. Either way I can no longer do the API calls I need.

Or maybe I bought it at the beginning of the month for cash flow reasons.

And let's not compare this to USD or Euros, even the worst crash in their histories doesn't compare to just one bad day for a utility token.

[Anonymous No.10939787]

>>10939688
He's definitely not stupid, he's the guy who created SecondLife and the economy correct? I think I listened to him on Laura Shin.

[Anonymous No.10939805]

>>10939783
Chainlink will not decrease in price. There is no reason for it to decrease in price since it's a utility token and things will only ever be added to the network in a theoretical sense. The USD goes down because of trade. Stop being retarded dude.

[Anonymous No.10939826]

>>10939805
> chainlink will not decrease in price

nigger what

[Anonymous No.10939842]

>>10939826
Why would it decrease in a 100% operational economy? If you could own a piece of the internet do you think that piece would ever go down in price? The internet only gains value. Objectively the internet in 2009 has less information on it than now.

[Anonymous No.10939865]

>>10939783
Sure, I get what you're saying. As soon as you purchase the token you're taking on the price risk i.e. the chance that the price of the token increases/decreases between when you purchase it and when you need to use it.
So most companies face this in some form. The way they get around this is to hedge their exposure. So if you know you need to pay x number of LINK tokens in the future for a 30c API data call, why don't you hedge the number of tokens? Enter into a derivative today, to sell 30c USD and buy 1 LINK token.
At expiry, one of two things will happen. LINK price has dropped (say to 10c) and you'll buy your 1 LINK token from the market. Your derivative will settle and you'll have to pay your counterparty 20c. Your total cost = 30c.
LINK price increases (say to 60c) and you'll go to the market and purchase your 1 LINK token. Your derivative will settle and you'll receive 30c from your counterparty. Total cost = 30c.
So you see, LINK's volatility is the same as what companies already face today, and if they're worried about massive price swings they can hedge their LINK price.

[Anonymous No.10939886]

>>10939842
nigger what the fuck

>>10939865
that's great but couldn't I just make a non-tokenized system that used USD and make all those steps unnecessary?

[Anonymous No.10939901]

>>10939842
You don't think LINK market makers will trade it according to BTC, as dramatically as ETH an everything else?

[Anonymous No.10939947]

>>10939901
No. We haven't seen a functional utility token yet. Since majority of the supply is locked up. It will be sold OTC. The corps that own LINK will value whatever their share of LINK is worth. Lets say 1000$. So now if you want to sell on binance you will have to sell a lot cheaper than what the corps value it at. so lets say 900$. You will always be selling at lower than what they value it at. Since LINK is effectively useless to anyone who isn't a corp or data provider.

[Anonymous No.10939985]

>>10939418
8/8 but just Incase. You’re paying on a query to query basis pay the same USD amount link has 18 decimals.

[Anonymous No.10940016]

>>10939886
Aren't the systems we use today non-tokenized and use USD? Can you outline how your smart contract system would work without a token to enact the transfer of data, and use USD instead? I don't see how it would work.

[Anonymous No.10940029]

>>10940016
There are literally hundreds of blockchain companies that use non-tokenized oracles already

[Anonymous No.10940082]

>>10940029
But when your smart contract makes a request to the node operator, and the node operator responds, isn't the node operator trusting the smart contract operator to then pay the USD? Compared to a tokenised system where on receipt of the data from the node operator the smart contract executes and transfers the token fee across? I'm not understanding how we get to a "trustless" state when the network is non-tokenised and uses USD instead.

[Anonymous No.10940093]

>>10940029
>blockchain companies
you mean gambling sites?
and those non-tokenized oracles are centralized which means they're useless for anything but gambling sites

[Anonymous No.10940111]

>>10939418
The correct answer is the client will pay a USD price that will get atomic swapped through the Chainlink token at the point of network use, and the client will never be exposed to volatility of any kind.

[Anonymous No.10940235]

>>10939735
https://zerohplovecraft.wordpress.com/2018/05/11/the-gig-economy-2/

[Anonymous No.10940250]

>>10939181
No shit brainlet
External adapters trigger FIAT PAYMENTS YOU FUCKING DUMB NEGROID

[Anonymous No.10940294]

>>10939602
Yes, and if Godzilla rises from the ocean and destroys your business, you'll lose everything.

That's how silly you sound making up some stupid what-if scenario that would never, ever happen.

[Anonymous No.10940328]

>>10940111
Trips of truth

[Anonymous No.10940404]

>>10940235
https://zerohplovecraft.wordpress.com/2018/03/09/the-gig-economy/

What is this? Password protected? This is really interesting btw. Going through it currently, how did you find it?

[Anonymous No.10940790]

>>10940404
wtf am i reading? you clicked it, read it, and found it interesting but don't know if it's password protected? sober me will elaborate on that another day. it came up in one of the chainlink threads...5 months ago? details details

[Anonymous No.10940794]

>>10938888
so is this basically a smartcontract version of an option?
also checked

[Anonymous No.10940808]

>>10940404
motherfucker! in the time it took me to share the link with you that faggot saw this thread and locked it. what a kike!

[Anonymous No.10940818]

>>10940808
No there's two links ha. I was just curious what this link led to. Darklib sounds interesting. Too much of a pussy to click on anything .onion though.

[Anonymous No.10940825]

I saw Sergey Nazarov at Burning Man last week. He was wearing his blue lucky T-shirt unbuttoned, a pair of butterfly wings, and literally nothing else. I was taken aback at the size of the guy (seriously hung), but anyways I introduced myself and said I was a big fan of his work and was interested to know what he was doing out here. He took a while to respond, I think he was stoned or coming off some acid or something but then he giggled “I am here for alternative networking. I just got kicked out of the google tent so I am exploring the possibilities of decentralizing my presence on the playa.” He was obviously out here to have a good time but then I thought back to my link stack, which I had to sell half of to buy my ticket to the burn and got a little ticked off. I asked aren’t you supposed to be working? Isn’t mainnet supposedly right around the corner? And he said “supposedly, main net is made of cheese” and that was the final straw and in my mind I decided to go back to camp, get on binance on my iphone and dump my link. I politely wished him a good burn and went to leave as he mumbled something about checking out the “orgy tent” which was “permissionless". What did he mean by this?

[Anonymous No.10941562]

>>10938888
So what you are saying is $1 as high as LINK can ever reach? This is known Its in the whitepaper.

[Anonymous No.10941650]

>>10939021
It will never work.

[Anonymous No.10942016]

>>10941562
Show the proof of that now.

[Anonymous No.10942529]

>>10938999
Checked. They will. But we will be over 5-10x higher from where we are now when they do, which will push LINK even higher.

[Anonymous No.10942542]

>>10939164
This is the literal next wave project anon.