/biz/ - Business & Finance

has the chainlink team officially responded to the cold storage exploit yet? i put everything on binance just in case, but i dont feel comfortable keeping all my link on an exchange

>>21363314
Yes

The price of Chainlink is going to tank when staking launches, not go parabolic. Think about it, one of the reasons it's where it is right now is because we only have 1/3 of the total supply in circulation.

It will immediately be worth HALF of current price when the 350m LINK for staking gets released into the wild. But then, tons of people that don't even have money to buy LINK will start accumulating huge stacks just by using some raspberry Pis to run a bunch of nodes. Then when people start to get used to that price, they'll realize ANOTHER 1/3 of LINK is locked with the devs, most likely just for dumping purposes.

dubs and 100 link becomes the suicide stack

I have faith in Sergey Nazarov.

What if we were wrong? We got all excited and suckered in by a promising startup that sounded very technical and thought out. This was the middle of the golden bull run, there was no way our thoughts weren't clouded by hype.

The progress made in the past year and a half just hasn't really amounted to anything. Most of the partnerships are just other coins, and the most promising partnerships were announced very early on and seem to have just fizzled out. I actually don't think we were shilled or targeted or whatever, I think just collectively as a board, we were wrong.

I fell for it. I fell for a fucking meme thinking it would make me rich.

I'm no better than the trashy people in the gas station spending all their savings on scratch-offs.

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.

I fell for it. I fell for a fucking meme thinking it would make me rich.

I'm no better than the trashy people in the gas station spending all their savings on scratch-offs.

So with the Sha256 vulnerability, what is this going to mean for Chainlink?

To my mind it's not possible to workaround this without throwing out basically all the code they have worked on up to this point. You can't just make slight edits here or there, the whole foundation of crypto security was just exploited.

>>11997849

He's crypto chris-chan. Autists love familiarity.

>-24.06%
WHAT THE FUCK YOU FUCKERS LIED TO ME

YOU SAID $1000 EOY YOU LYING SHITHEADS! MY INVESTMENTS! MY INHERITANCE! MY MONEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEYYYYYYYYYYYYY

>read whitepaper
>no response to sybil attacks
>listen to q&a with the developer
>no response to sybil attacks
>ask other respected crypto devs what they think of chainlink
>"its a neat idea, but its going to fail due to sybil attacks"

When is Sergey et al going to address the elephant in the room?

>So this is your standard meal, right? And if I'm a buyer, I want an even exchange of value... of currency to goods, right? Now I can give the cashier US dollars, but if I give the cashier US dollars then something might go wrong with my order, what can I do about that? You didn't enter any kind of agreement with what will happen if the order is messed up somewhere along the line, right? But with a smart contract, the food and the money would be put up front, and the order would only execute when a third party verifies that everything checks out. So what do we need to do this? To do this, we need a decentralized network of oracles, all checking the data for the transaction to independently verify that both signers of the contracts are fulfilling their end, right?

>That's where Chainlink comes in. The node operators on the Chainlink network will see your cash input and verify that it's the right amount, and will check the McDonalds to ensure that they remembered your big mac, your fish fillet, your soda etcetera. This way there are no problems, right? And compared to the old way of doing business, this will simplify the process while also introducing added trust for high volume orders, such as the one I'm holding in my hands. Thank you.

That's it boys, I have finished accumulating. It's now time to leave /biz/, unsubscribe from all crypto news, and live my life.

I will not return until I glance at CNN on a waiting room TV and see "Chainlink" being discussed. That will be my signal to return, and sell.

>So this is your standard meal, right? And if I'm a buyer, I want an even exchange of value... of currency to goods, right? Now I can give the cashier US dollars, but if I give the cashier US dollars then something might go wrong with my order, what can I do about that? You didn't enter any kind of agreement with what will happen if the order is messed up somewhere along the line, right? But with a smart contract, the food and the money would be put up front, and the order would only execute when a third party verifies that everything checks out. So what do we need to do this? To do this, we need a decentralized network of oracles, all checking the data for the transaction to independently verify that both signers of the contracts are fulfilling their end, right?

>That's where Chainlink comes in. The node operators on the Chainlink network will see your cash input and verify that it's the right amount, and will check the McDonalds to ensure that they remembered your big mac, your fish fillet, your soda etcetera. This way there are no problems, right? And compared to the old way of doing business, this will simplify the process while also introducing added trust for high volume orders, such as the one I'm holding in my hands. Thank you.

>So this is your standard meal, right? And if I'm a buyer, I want an even exchange of value... of currency to goods, right? Now I can give the cashier US dollars, but if I give the cashier US dollars then something might go wrong with my order, what can I do about that? You didn't enter any kind of agreement with what will happen if the order is messed up somewhere along the line, right? But with a smart contract, the food and the money would be put up front, and the order would only execute when a third party verifies that everything checks out. So what do we need to do this? To do this, we need a decentralized network of oracles, all checking the data for the transaction to independently verify that both signers of the contracts are fulfilling their end, right?

>That's where Chainlink comes in. The node operators on the Chainlink network will see your cash input and verify that it's the right amount, and will check the McDonalds to ensure that they remembered your big mac, your fish fillet, your soda etcetera. This way there are no problems, right? And compared to the old way of doing business, this will simplify the process while also introducing added trust for high volume orders, such as the one I'm holding in my hands. Thank you.

>>11368131
yeah just look at them lol
sergey will literally eat them

bump

>>10903036
email sergey and say link pls and also finger ur asshole and then in 3-5 business days ur linkies arrive in a big box and maybe a lil treat from rory's private collection and steve's spit in a tube :))))))))))

My father works for oracle and is quite close to Sergey. He told me that Sergey showed up at the office two days ago to announce that he ate his thousandth Big Mac. In honor of such a special moment, Sergey handed out free t-shirts he found at a local Salvation Army. Before he left, he took my father aside and asked “you didn’t actually buy in, did you?”

Seems alright!

>Google "Sergey Nazarov"
>"Did you mean: Sergay Nazarov"
What did they mean by this?