/biz/ - Business & Finance

>>11336181

>anons were shilling ETH

this is a really pervasive myth but it isn’t true, like ten people were talking about ETH. The vast majority of biz backed LISK and said ETH was by some scammer dweeb.

>>11336181
/Biz/ was shilling btc in 2014, eth since at least 2016, not to mention OMG, antshares and ripple among others. Biz was shilling drop shipping years ago too. Had I listened to /biz/ just once out of those many many times, I would be a millionaire. Not going to make that mistake again. If link doesn't moon, that's my punishment for missing out on all those other things. if it does moon, well I'll be a millionaire.

>>11336181
Yes Anon. Is it really that hard to believe that you may have actually came across a "once in a lifetime opportunity"? These events do happen and they are very real. Just make sure not to sell all your Link - it will not be easy to watch it go past $50 if you sold at $10. Good luck Fren.

>>11336198
almost like how people said sergey is a scammer and uses all our money on big macs mmm

>>11336198
I remember everyone posting vitalik's images and saying "you too can support an autistic kid for just 20$ a day" and shit

>>11336198
Ok

omisego, you're welcome.

>>11336238
Objectively wrong
Go back to your discord shill

Smart contracts are essentially a piece of software that can automatically execute an action based on a set of conditions. This can have a number of use cases: salary payments, insurance payments, delivery payments, futures trading, mortgage, etc.

The value proposition of blockchains like Ethereum and NEO is that they are platforms upon which smart contracts can be run. If you think about it, a blockchain without any dApps is completely useless right? Well, a dApp is essentially a bunch of smart contracts.

For some dApps, there is no need to access outside data (e.g. crypto kitties). For the vast majority of use cases however, you will want to access off chain data (only data contained in the blockchain is accessible by smart contracts, while standard web APIs are inaccessible) such as the price of an asset, weather information, location of a package, etc. That is impossible to do with any blockchain today.

The solution? A middleware typically called an oracle which can feed a smart contract with off chain data. Basically, the middleware will listen for requests made to a specific smart contract (e.g. a smart contract to get the price of btc in usd), it will then make an API request to get the information and will finally send back the data to the smart contract.

The problem with this solution is that if the middleware is centralized, you have lost the security and resilience of smart contracts. If the middleware is centralized, one could stand to earn a lot of money by sending to the smart contract false information (e.g. price of btc is 1M vs 6k), or it could just fail which would render the smart contract useless.

>>11336181
/g/ was always better at being ahead of the curve on the next big thing. They predicted bitcoin years in advance, and ETH as soon as it was announced. They also don't care about LINK and think it will be worthless. It's just retards on /biz/ that hype it.

Really makes you think.

To fix this problem, the company SmartContract has been working on a blockchain agnostic decentralized oracle. The key here is 'decentralized'. By having a network of nodes which will all make an API request then aggregate the responses to feed back data to the smart contract, you can ensure security and resilience of the execution of a smart contract end to end.

This network of nodes need an incentive to be kept running and to discourage them from sending false data. As such, the company SmartContract had an ICO for the LINK token to be used as payment for node operators, as well as collateral in case of a node acting maliciously.

Without a decentralized oracle, blockchains will have very limited use cases and it is unlikely that we will see the financial world adopt these new technologies as the cost of migrating would be excessively high. In terms of ROI potential, having a decentralized oracle solution isn't the only problem the blockchain space is facing, and as such there is surely a great ROI awaiting those who invest in blockchains who are on track to solving the scalability problem, but solving scalability is something that many projects are already working on and in the future, there will surely be multiple platforms with a high TX/S rate. On the other hand, the oracle problem is something that every blockchain platform will need to address (if you want dApps that are more useful than just crypto kitties, e.g. legally binding smart contracts, insurance payments etc.), and today it seems like the leader and only provider on track of delivering a solution for a working decentralized blockchain agnostic oracle is SmartContract with ChainLink.

This is why biz is obsessed with LINK. No other project comes close to being such a fundamental piece of the blockchain space while also being in a near monopoly of that part of the equation.

>>11336181
No they weren’t

>>11336198
This.

CHAINLINK IS A SCAM BY LENOCINIUM

>>11336198
I was literally one of those 10. Fuckers who don't even understand technology or the internet just kept flinging memes at me in response to any post I made.

>>11336550
biz is the crypto containment board, of course g isn't going to bother talking about crypto anymore...

>>11336550
What is it with eth shills itt
This post is also objectively wrong

>>11336580
What are you holding right now?

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.

>>11336577
What is it you are holding now?

>>11336549
>>11336558

This is not pasta for anyone who actually cares, I just wrote this.

>>11336686

Probably some of the best subtle FUD I've seen. I'm all-inning because of this post alone.

The assblaster post that always stood out in my mind is when he states "you were never meant to find out about this"

That says enough.

>>11336801
except AB has been proven to be completely wrong about everything else

>I would be extremely surprised if Link is below $3 in May 2018

>>11336812
>11336812
ZZZzzz another moron that's attempting to FUD cause assblaster made a price prediction.

Hint : You can't read between the lines cause you lack IQ.

The world will have a few hundrend more millionaries. Not a big deal.

>>11336672
I'm all-in on XRP.

>>11336904
why

>>11336812
This. AB was wrong and proven shill

>>11336955
In my opinion its the only thing that's going to make some big changes o the world and the internet. I don't believe in anything else right now. I believed strongly in Ethereum but they have strayed from their original vision quite a lot. Nothing is as poised to revolutionize internet money again like Bitcoin did as XRP is right now.

>>11336549
Good summary. Here’s another for newfags. Hail hitler.

>>11337080
Thanks but fuck hitler

>>11336788
>cyber-techno machinations company
It's not subtle in any way.

>>11337103
heil hitler

>>11337103
Kike detected

>>11336198
Yes it was

t. bought eth in early 2016

>>11336198
um exactly whats going on now. with all the Chainlink fudders.

>>11337222
lmao trips of truth
fucking lisk cartels fuck that shit
eth was the prince after btc
chainlink is the fucking ace in the hole

>>11336238
>ntshares and rip
sounds like Sergey and bigmac jokes

>>11337103
crawl into an oven

>>11336558
>which would render the smart contract

Bravo!

>>11337213
Hitler detected

>>11337103
Don’t be a racist toward my people. #Oesterreicheslivesmatter

>>11337213
>You can only dislike hitler if you're jewish

>>11337063
>oron that's attempting to FUD cause assblaster made a price predictio
XRP will be proven to be useless in a few years. SWIFT is evolving and changes are being made 2019. A little research into swift will show you the truth.

>>11337103

>>11337315
Realistically so, any other reason you're a nigger or other subhuman. So what type of lesser human are you?

>>11337429
I like people that didn’t fail

>>11337222

>>11336198
This is completely and entirely untrue. ETH was the most shilled ALT early 2016 on /biz/. I specifically remember.

>>11336550
This is also so wrong. /biz/ was created as a containment board because BTC shills would post non stop on /g/, and cryptocurrency discussion was long banned on /g/ before ETH ICO.

>>11336812
not true at all. In the specific comment youre talking about he said something along the lines of "I hate price speculation because its hard to guess the exact price at any given time...."