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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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11046511 No.11046511 [Reply] [Original]

You guys don't actually get this, do you. You see it as "Oh nice, another Chainlink mention" and move on, as if it's just another news article to add to the pile.
This is a global turning point. This is the birth of the new standard for employment contracts. When the next generation takes it for granted that you are paid automatically by the hour, with tax deducted, this will be the moment it will be traced back to.
Think about "tax time". Thing about the insane bureaucratic inefficiencies that are wiped about in a single stroke by this technology. Entire departments of the tax office will disappear. In fact, all that will be needed is a skeleton crew to oversee aberrations, where the vast bulk of employment taxation will simply be written in to employment smart contracts and overseen by data aggregators.
The IRS employs 75,000 people. How many of those will be needed when employees don't even need to do income tax reporting any more?
This simple video is the start of something absolutely enormous, I'm surprised it hasn't caused more of a response here.

>> No.11046590

*crickets*

>> No.11046608
File: 62 KB, 963x1405, 1536440890389.png [View same] [iqdb] [saucenao] [google]
11046608

>>11046511
I'm excited and still bullish

>> No.11046633

>>11046511
Sure, fortune 500s and government departments (not to mention regulators) will be ok with swapping traditional payroll to a meme token system. Totally.

>> No.11046653
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11046653

>>11046511
pic related...

>> No.11046660

>>11046633
Fortune 500s will do what saves money you absolute retard

>> No.11046669

>>11046511
This is just a larp Jason parsers can be built in like two days where is main net? Never happening. If you buy chainlink you are gullible af.

>> No.11046724

shut up phaggot

>> No.11046726

This is actually a good thread.

>> No.11046771

>>11046511
This is why we must keep fudding anon. We already know how good it is, but we can decide who is worthy and who is not. This isn't even about controlling the price for the sake of our own gains - it's also important that we make sure that the reddit faggots get as late to the party as possible by keeping them in the dark. Most holders who come to realize the importance of this project will make it - but standing by while those losers have a chance to get in on the ground floor is just something that my principles cannot allow.

>> No.11046790

>>11046771
Nobody on here talked about fudding Chainlink last year, as far as I'm concerned all of you are newfags. I'm going to spend my time discussing applications of Chainlink that excite me and both the fud and shill camps can go and fuck themselves. Chainlink doesn't need either.

>> No.11046813

>>11046511
how is that smart contract going to adjust for the 95 million different tax deduction scenarios that occur in a free market?
>crickets*

>> No.11046854

>>11046813
The vast majority of wagies don't itemize and just take the standard deduction.

>> No.11046857

>>11046790
this, keep the bullshit away and discuss legit usecases or partnerships

>> No.11046871
File: 240 KB, 800x563, hang yourself.jpg [View same] [iqdb] [saucenao] [google]
11046871

>>11046790

>> No.11046872

>>11046813
There will still be a reporting system, but this will automate a huge amount of the actual collection of income tax. You're being deliberately obtuse to deny the value of a system like this.

>> No.11047076
File: 169 KB, 720x1224, 20180912_100711.png [View same] [iqdb] [saucenao] [google]
11047076

https://media.consensys.net/bridging-the-fiat-crypto-divide-431eee00d5bf

Chainlink is just another Oracle service.

>> No.11047142

>>11047076
That's true. Kind of like how McDonalds is just another fast food company though.

>> No.11047153

>>11046608
nice, never before seen Sergey,

>> No.11047173

>>11046872
not really, this system would automatically garnish the taxes due, but for millions who itemize this would fuck them up. how to fix without rewriting the tax code in tandem?

>> No.11047192
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11047192

>>11046813
You called?

>> No.11047208

i...dont wanna be paid in ether

>> No.11047225

>>11047173
The fuck does itemizing have to do with your automatic tax withholdings? Retard

>> No.11047233

>>11047173
The system will have to accommodate the new reality. This will require huge changes to fields like tax and contract law, but that's an inevitable result of technology that fundamentally changes how value moves within societies. The argument could be made that the social changes precipitated by the global adoption of smart contract technology will be as big as those created by the global adoption of the internet.

>> No.11047239
File: 86 KB, 848x593, medium consensys chainlink oracle integration is a game changer.png [View same] [iqdb] [saucenao] [google]
11047239

>>11047076
Whoops!

Sorry about what I just did to your fud.

>> No.11047328

>>11047192
Haha holy shit I got chills
it's all cnonected

>> No.11047365

>>11046813
That's like asking "how is a car going to go places?"

What the fuck do you think a smart contract is?

>> No.11047517

>>11046813
With coding brainlet.

>> No.11047537

hello i am an idiot, how does this new chainlink work and make my life easier as an employer or employee?

what does it do and how does it do that?

thank you kind and knowledgeable

>> No.11047698
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11047698

>>11047537

>> No.11047710

Bump

>> No.11048195

I'm gonna miss Linkies when their coin finally fails for good. They're the last True Believers of /biz. So deluded, so pure.

>> No.11048216

fucking link shill

post 1.4 mb image instead of copy pasting the text

>> No.11048229

>>11046511
link chain is gay just give up and stop shilling here

>> No.11048823

>>11047076
Yes, you retard. Multiple/other oracles on the Chainlink network. That demo was done using just one.

>> No.11048866

>>11046633
>Sure, fortune 500s and government departments (not to mention regulators) will be ok with swapping traditional payroll to a meme token system. Totally.
they actually will. not only that, they'll have to; if it becomes public knowledge that this form of wage processing saves money, the political pressure of government departments to adopt it will be overwhelming. same with the private sector, but they'll already have done it by then so that's just moot.

>> No.11049248
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11049248

>>11048866
Not only this but also when the first few companies adopt CL for this sort of thing and it is clear there is savings being made and inefficiencies being cut, there will be a wild scramble among competitors to buy link.

>> No.11049323

Oh god please put my accountant ex wife out of a job. And let me make it at the same time investing in the tech that will do it. HAHAHAHA

>> No.11049354
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11049354

>>11046511
I'm all in and already know that it will be the most useful crypto even surpassing Bitcoin if Bitcoin can't scale. I also can't buy any more. I have turned numb to all these Chainlink mentions. SWIFT could come up tomorrow and say Chainlink is the future and I will get a small dopamine rush and that's it.

Wake me up when the price reaches $1k and then I'll start investigating wtf just happened.

>> No.11049380

>>11046511

Oh look it's Astro trying to shill nothing once again.

>> No.11049488

>>11046511
But I don't wanna be paid in Ether, I'd have to sell it for fiat in some shitty exchange, lose a few percents doing that, and then withdraw to my bank account which will be flagged for unusual money transfers or some other BS

>> No.11049497

It's all so big it's impossible to believe. Bureaucratic reform is such a slow process. Automation at this scale would make top companies more money but it wouldn't be redistributed to compensate for all the caused unemployment. The rich will get richer the poor poorer. It's a political nightmare. It would need to go alongside a policy of universal basic income and would be fought against so hard. It will take decades before this starts getting adopted and society starts accepting automation of this level.

Openlaw has already been pitching this to the IRS. You'd think the IRS would see this and think wonderful let's absolutely push for adoption, let's save billions in overhead processes and change the way society operates for the benefit of everybody, but you know damn well it is the opposite that will happen. This shit will be fought against hard at all levels.

>> No.11049514

Really? Paying taxes more efficiently is what you want from crypto? Jesus Christ, I wish BTC would fall to 1 dollar just to shake off people like you.

>> No.11049591

>>11046771
I've been here since 07' and I have more hatred for gatekeeping turd burglars who use Discord/IRC to orchestrate discussions here than I do for stupid children who post on reddit. There is no "we". You're not an anon. You don't belong here.

>> No.11050121

>paid in ether
I can't see how this possibly can be a bad idea

>> No.11050171

>>11049488
You cant be this retarded
Read the fucking article

>> No.11050232

>>11050171
It's literally written "paid in ether"

>> No.11050239

>>11050232
Jesus christ anon.

>> No.11050287

>>11050171
>>11050239
Guys, not everyone understands your cult speak and in-jokes

>> No.11050307

>>11050287
Yeah, and apparently not everyone understands the basic merits of crypto as they've been heralded for many years now.

>> No.11050321

>>11050307
The market does, as seen in the charts LOL!

>> No.11050352

>>11046511
I'd rather be paid on time and not in ether.

>> No.11050353

>>11050321
Look at the price of Bitcoin and ETH a few years ago, lmao.

It's like you were literally born yesterday.

>> No.11050454

>>11050232
Read the article again, please. How do you miss this? Wages are paid in USD (or whatever you want), ETH is used to send the value around. Price of ETH does not matter. Chainlink network is used to determine price of ETH at the point in time where the payment is scheduled to happen.

>> No.11050524

>>11050454
>inb4 "why not just make the payment in USD"

You fucking KNOW that's the next question on their minds.

>> No.11050562

Why are we not mooning?

>> No.11050564

>>11050524
It's a valid question and answering valid questions helps reinforcing your mind about your investment.

>> No.11050585

>>11050564
>It's a valid question
Not really.

The whole point of crypto is to decentralize transactions and take control away from central points like banks.

>> No.11050646

>>11047233
This guy fucking gets it. This could unironically be a paridigm shift. So many applications it boggles the mind

>> No.11050761

Like gravity pulls water down a hill, free markets look for more efficient ways to function. If chainlink succeeds and it actually is this much better, it won't matter that crypto platforms like this are really esoteric. It will be used eventually if it saves money

>> No.11050840
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11050840

>>11046511
it's because I've been tuckered out lately and expect a lot of other marines have been too
the things that we learned about over the past few months have been exciting, no doubt, but it's been a nonstop rush for the past 2 months. I suspect I'm not the only one that's gotten too tired to make lots of posts anymore.

>> No.11050865

>>11050840
Just dopamine overload. The only stimulus that will excite me at this point is the actual singularity.

>> No.11050959

>>11050585
Yeah that's cool but what about normies dude