/biz/ - Business & Finance

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It's important to note that after the introduction of PSD2 APIs, Banks and Fintechs will not require SWIFT's telecommunications to communicate and therefore can work directly with ChainLink to connect to on-chain/off-chain data.

Often people suggest firms will just build their own oracles, but the reality is Banks will not be providing this service as, unsurprisingly, they aren't going to make the job any easier for 3rd party Fintechs. Meanwhile, Fintechs are often brand new companies who are not going to be spending their start-up funds re-writing Microsoft Outlook just because they can - they will simply engage with the industry standard oracle; ChainLink.

As you can tell, I am bullish about ChainLink. Often in crypto, the old saying about how the guy selling shovels in a gold rush is the one to get rich. Well, I believe PSD2 is another gold rush and ChainLink is the first in the door selling the shovels, the diggers, and the whole wash plant.

>>11316090

I will tell you why Chainlink is a scam:
1. They embed public API calls information directly into the Ethereum blockchain, meaning the storage cost of the data itself will be astronomical
2. There is no way to call any private APIs because your API key will be leaked due to the public nature of Ethereum
3. You are assuming that companies would be willing to pay a fee of 10 cents per call. (Which is entirely ridiculous, one of my apps runs nearly 100k api calls per day and I pay only 300 dollars/month)
4. You are assuming companies will pay 10 cents/call to receive "decentralized" data, such as prices of stocks, when they already own multimillion dollar contracts with companies specifically built to provide accurate data (plus you can get your money back if the data isn't accurate from a company, rather than having no one to answer for mistakes)
5. You assuming companies will wait 30+ seconds for an API call, which would place them at a disadvantage of any other competitor who is using a centralized system
It's clear to me that no LINK holders have experience actually using APIs or are in the corporate space, and I feel bad for them when they will get burned, kek

it's good pasta but it's not enough to pump the price anymore anon. there is no knews coming out right now (weeks at minimum) and the 3 minute midnight talk wasn't even recorded.

>>11316090
>>11316092
>if you see me shitting on a street, buy me a shot of Don Julio.

no, you became involved in chainlink because you fell for the peer pressure on 4chan, without understanding the technical shortcomings of chainlink's fundamentallu centralized oracle model, and reliance on networks out of it's control not advancing themselves.

>>11316090
>>11316092
Listen I genuinely care about about Anons financial well being. Its hard as shit to get ahead in life now, not just working 9-5 for the rest of your life. The sooner you start saving the sooner you can get ahead in life. Chainlink is a meme started by 4chan (an infamous trolling board) to lead people to financial ruin. This is NOT A JOKE. Don't let your saved wealth be thrown away over night. Vitalik Buterin the creator of ethereum said himself the days of making x100 or x1000 are over, that right the guy who created the second most popular crypto said himself those days are over. Now 4chan is trying to get people to lose even more money after the December/January bloodbath. Smart money already exited the crypto world. Crypto is basically a highly specialized database, companies don't need this. They will just create their own private blockchains. There is no need for crypto chainlink isn't even needed to run the nodes. Think XRP when you think chainlink. The company ripple (smartcontracts) is doing well but the coin XRP(chainlink) isn't even needed for the companies technology. Considering what Vitalik said "The days of making x100 or x1000 returns are over." Chainlink needs a 399900% increase in price over the next couple of months to reach $1000 this is ludicrous. Don't fall for it, chainlink its a meme to fuck you over. Consider this for chainlink at current price to reach $1 you need an increase of 700% or a 233% increase every month until EOY. This is a 4chan meme to siphon money out of the hands of the already vulnerable.

>>11316099
>>11316129
This. 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

>>11316143

Oh not you and your boring bullshit again - you're boring man. Fuck off.

>>11316092
tell more more anon

>>11316165
This is a post from /u/fergly on Reddit on the LINKTrader subreddit.

>>11316155
Well you look like pajeet but you're somebody else only it ain't on the street. Well you talk like pajeet, No, I hear someone else though. Now you're making me nervous.

>>11316090
MUIE PSD

>>11316189

Spreading the word anon,

There will be newfags visiting daily

>>11316090

This post was originally written by the plebbit linktrader mod

buy link,
run node,
wipe your ass with gold toilet paper... if that's your thing.

>>11316090
to work with european countries, not only do they have to follow PSD2, but they also have to follow GDPR. They are two sets of laws that both must be honored. GDPR specifically says:

>Personal identifiers (PIDs) are a subset of personal data. They identify a unique individual and can permit another person to assume that individual's identity without their knowledge or consent. Personal identifiers include, for instance, account numbers, PINs, passwords, voice scans and credit card numbers

How can Chainlink solve this if I call up and ask for my wallet to be deleted from the ledger?

>>11316404
>both must be honor
Not understanding the question.

What does PIDs have to do with decentralized oracles?

>>11317135
GDPR is a right for every EU citizen which started this year. Brand new laws that took effect this year. If a technology cannot comply with this, businesses in the EU cannot use it.

If I create a smart contract for my business, after its executed, I need to have a way to delete any PID from that system. If the system cant comply, its illegal to do business.

>>11316090
EMEA, PSD2, API, Fintech, blah blah blah blah. I'm just in it for the memes.

>>11317170
You can use another smart contract run by an identity provider firm. This smart contract first validates if ID = valid (something that can be updated in this centrally controlled and editable smart contract) and then sends onwards the result to your businesses smart contract.

Or the identity provider could have its own blockchain that it runs POA or some other form of delegated nodes, and it can have a mutable the ledger and the smart contract it has on ethereum can call on chainlink nodes to fetch data from that identity blockchain to see if an ethereum address at that time corresponds to a specific ID.
They can delink ethereum addresses as valid signatures for specific IDs as they want on their own blockchain, and the result that is reported to the ethereum smart contract via chainlink will thus be effectively updateable in line with GDPR.

>>11317471
I don't doubt its possible. I just doubt the system as we know it now can comply.

>>11316090

>DLT

Duck lettuce and tomato?

Nigger it is BLOCKCHAIN and CRYPTOCURRENCY. None of this DLT watered down kike banker speak.

>>11317478
oh it definitely can't right now. if chainlink gets up and running though it's already a theoretically solved problem (like, it would be easy. it's just going through motions at that point and doing the work. there's nothing more to figure out at that point). chainlink however still hasn't detailed exactly how the reputation will work, which has always been considered the hardest problem of decentralized oracles. It has a few other outstanding issues but they are all trivial.

cool but still at 30 cents lol

>>11317487
Get a load of this retard who doesn't even know what DLT means