/biz/ - Business & Finance

the big deal is institutional money is going to come in because it's one of their last hopes to remain relevant

>>11610757
You are overestimating other people’s intelligence because you are probably above average intelligence. Google Dunning-Kruger effect

Normies don't understand mutual funds, bonds, or CDs either, and yet they poor their money into that shit. Sure, normie money pumped the market, but that's fucking chump change compared to real investor money. Normie money doesn't matter nearly as much as people think it does.

>>11610774
Just did, and the Dunning-Kruger effect is the exact opposite of what you're claiming.

>>11610757
you are underestimating your own IQ anon. Try actually saying out loud to a normie, "Protocols need API data....." thats where they stop listening.

>>11610784
>tell normie protocols need API data
>"stop shilling me API coin XRP coin will be the next bitcoin."

I tried to explain it in brainlet terms to my normie friend and he still didn't get it. Normies are hopeless.

>>11610796
thats more like the 'crypto normie' mindset, i think OP is talking about actual normies, like people who bought bitcoin at ath. The truth is, most true normies will never understand what chainlink is or what it does because they will never actually have or need to have any direct interaction with what it does. Chainlink is like buying into the company building the rail lines that the normies will be riding trains on.

>>11610861
yeah agreed

>>11610796
top kek

>>11610757
Half of people have an IQ below 100

>>11610781
>people of above average ability or intelligence underestimate their own ability and over estimate others' ability

One of my friends refuses investing even after me explaining tens of times what it does. He just says it’s a scam and will lose all my money. Conversely, he blows thousands on sports bets and says those are a sure thing.

>>11610878
actually it's worse than that. because of nonwhites the US average is < 100

>>11610896
lmao

>>11610757

Obvious typo meant to say API not APO. Maybe I am overestimating others, I guess there’s that.

>>11610898
average IQ in my state is mid 90s and i live in the middle of the fuckin hood lmao. Going to the corner store is like taking a trip to the special ed classroom. Biz is my only refuge to make any sort of intelligent remark met with an equally intelligent response

From a normie standpoint it's hard to understand because:

1)Crypto volatility
2)Scams that involved crypto
3)Crypto volatility
4)Crypto volatility

>>11610935
Heck I am a normie myself; crypto is really crazy when you think about what happened since January.

>>11610757
Normies don't even understand what API is, or what a protocol is in that context. They don't even understand bitcoin/blockchain ffs. Any nocoiner literally thinks it is just funny money, just digital representations with different cool names.
They will all use the link network indirectly without realising it, whilst being very aware they are being ruled over by the NEET link marine aristocracy

>>11610922

>thinks he’s smart
>lives in the middle of the hood

??

>>11610854
I actually talked to my co-worker about Chainlink, and he said he'd already heard about it from his brother who is invested, now he's considering buying himself. There is hope out there for normans.

>>11610861
based

>>11610768
This will be hilarious, then we will all see how chainkink is unable to scale. It will be like Ethereum on cryptokitties but worse.

>>11610942
>gentrification

>>11610948

Dude do you know what’s about to happen to the housing market? Don't fall for that meme.

>>11610957
youre right for sure but i bought my house at a price that was so low, it really doesnt matter to me. it was like buying a coke from a vending machine.

>>11610966

Based

>>11610966
>>11610977
fucking checked dude

>>11610957
I'm buying the bottom of that market. Can't wait to buy houses from formerly complacent boomers who just watched all of their happy retirement plans vanish.

2018/11/2の15:00(ニガー(黒人)を撃ち込んだのはコード泥棒の為?9?性器?土下座)?
14:39ターレット(連発銃)?14:48刀?▲思考はめ込み??性器?14:49カドカワ?14:52コワイヨ~?
9:35ピーコックが梅毒を運んだ?10:40タタール?ブラフマン?モンゴル?10:45ガンレオン?コピー?サカぶた?

●2018/11/2の14:42木星とｴｯｼﾞﾜｰｽｶｲﾊﾟｰﾍﾞﾙﾄ(冥王星?)のアブラメリンで、弟(蠅の悪魔;佐久間圭二)・エド・コリアン
インベーキ・タタール・コピックは究極の分包状態らしい?●

>>11610861
90% of normies who bought into bitcoin end of 2017 had no idea what the fuck a blockchain is/how it operates. I would argue over 98% of people investing in Ethereum had no idea what the fuck it was either.
It doesnt matter if these retards can understand it or not, people buying in late love speculation and gambling. The large majority of people using their phones have no idea how it operates but thats not stopping them from buying it.

>Normie non-linker here.

Is a decentralised Oracle neccessary if the the DLT bonds are on a centralised node (i.e. financial entity offering smart contract on Eth self-managed network?). The part that scares me about institutions getting involved in this space is i don't think they want a decentralised future.
Not trolling, educate me frens.

>>11610757
I kinda agree with this, I've explained it to my wife and while she's well above average intelligence she's not that interested in tech, but she got it

>>11611591
It's for their own protection. They wouldn't want to use "gateway" per se that the opposite company created. Decentralization creates a level playing field. Even if one centralized node is providing the data, having many nodes relay that information back to smart contract is a smart approach.

>easy to understand
>protocols need API data - cant get APO data as is though - insert Chainlink - data given.
To the bulk of people this doesn't even sound like english let alone be something that could be profitable.

>>11610757
you're at a loss because you don't fully understand it yet. dig deeper

>>11610854
I’ve tried to explain it to my normie friends. The ones with above average intelligence are too quick to FUD with basic stuff we already worked through, which is insightful of them but yeah.

>>11610757
it's the implications of it

imagine decentralized businesses

that's the future

>>11610854
I’ve tried to explain it to my normie friends. The ones with above average intelligence are too quick to FUD with basic stuff we already worked through, which is insightful of them but yeah.

What I want to know is if there are any Korean communities who are as autistic about link as biz is. Is it just trading or are there legit holders among them? Are they here now, lurking?

I still don't really understand the tokenomics of it, just hoping for the best really

>>11610757
they can through Oraclize...
>but muh decentralized
how is link decentralized when it relies on off-chain nodes which have operation costs, meaning competition will make it so that only big players can offer an affordable service to the user? and most of you will never be able to afford to run a competitive node, thats why you will join pools. Eventually only a bunch of nodes ran by whales will be up, and not really that distributed over the world. Whats the thing here? Overcomplicating something simple.. big companies dont need any of this shit, it doesnt help their business in any way. Even if they wanted to fetch api data to use in some blockchain they'd just use oraclize.
Prove me wrong stinkies, what are the true costs of running a node? how many nodes can realistically be up and running?

And another point on the "it's too easy" thing. How many of you would understand Chainlink like you do now without /biz/? How many of you actually go through Coinmarketcap or BitcoinTalk and research coins that nobody else is talking about? How many of you would have understood the extent and value of Chainlink without a bunch of anons distilling it into easily digestible chunks?
It's only "easy" because you're on the one place in the world where, for whatever fucking reason, intelligent people share extremely diligent research, anonymously, and with no expectation of credit or reward. And you are here at the epicentre of all that hard work, literally getting rich of the back of other people's generously shared research, with the nerve to say "This is too easy".
I have written a couple of bits of widely propagated shill pasta, but I see it as paying back for the fact that /biz/ found LINK for me in the first place. It's unlikely I would have tracked it down on my own at ICO given the low profile and the generally hysterical bull market at the time. And I'm happy, honestly thrilled, to have contributed in some sort of meaningful way to this maelstrom of autistic retards. But don't say it is easy like it just is. We have made it easy. Together, as faggots.

>Protocols

Whats that

>API

whats that

>APO data

whats that?

>protocols need API data

Why do they need that?

>can't get APO data as is though

Why can't they?

>Insert chainlink

What does that do?
See how this actually goes when you account for what normies know?(i.e. SHIT)

>>11612019
You're just shit at explaining things.
>blockchain is trustless. Once things go there, they can't be changed.
>once you publish a contract/piece of code there, it can't be changed and is it's content is visible to all. You KNOW what will happen when you engage
>The contract can only use data on the blockchain, oh no!
>enter oracles. Thingies that put data into the blockchain from/into the real world. For example getting your bank balance and making a payment on the basis of a unchangable contract on the blockchain
>but an oracle can fail or it's operator can be malicious. Can't trust it
>delegate the task to a network of oracles that get a prize when they do a good job, and are penalized when not.
Chainlink ladies and gentlemen

>>11611976
Based and red pilled

>>11612039
why would you use block chain if you can't trust it? is that why everyone says it's a scam?

>>11612048
HAHA, dude, your post made me kek, obvious attempt at subtle FUD
you guys are just too good :) that's why I love 4chan

>>11612039
centralized network of oracles, why not access the api data directly?
>cant be used in blockchain
why the fuck do they need to use it in blockchain?
>muh smart contracts
companies using smart contracts on a public blockchain? what the fuck for.. why would they even use blockchain at all
>distributed immutable data with triggers
at what cost? there are more cost effective solutions, yes they are centralized but they've been using centralized services for decades with no serious pitfalls
>private blockchain
retarded concept, just use normal databases
or if you really need blockchain: oraclize

>>11612072
try hard more my dude :)
50 cents the link is too much for you? xD :) :p :P
:')

>>11610757

Gonna be honest here, I don't even care if I am called a brainlet, I'm not a tech nerd I don't give a fuck about tech, I am here to make money.

I am balls deep in Link with a top 1000 wallet.

I don't know what a protocol is, I don't know what an API is, I don't know what an APO is. If you shilled Link to me in this manner, I would have no clue what it does.

I bought Link the hour it listed on Binance because someone posted a picture of the Link cube and lines connecting it to some bank logo's and BTC and ETH logo and said it will connect data that is off the blockchain in legacy systems, and put it on the blockchain. I didn't know what SWIFT was until people started mentioning SIBOS which I also didn't know existed either. I've never heard of any of Chainlink's partners before and have no clue what they do and don't know any of the people names people mention here.

Still gonna make it though because I'm not selling.

>>11612072
>private blockchain
>retarded
Compete companies would obviously trust each other with a regular database, right? They would also be willing to use the incredibly slow public blockchain?
>smart contracts
Code that can't be changed once deployed. Everyone knows, with certainty, wthat the code will do if you engage with it. No IT admin shittery/updates.

>>11610774

This.

Daily dose of PELBIT r/helloicon YOU ARE WELLCOME:

>Chainlink isn't really decentralized. You're trusting third parties like Ripple.

>Decentralized oracles are more like Augur or what MakerDAO has built.

You cant make this shit up

>>11612048
>no reading comprehension

>>11612091
why would the legacy system put their sensitive data to the blockchain? they have spent billions in their current infrastructure and it runs just fine. All their security holes have been taken care of already. You got lucky but memes alone wont take your coin to $5 much less $100

>>11612072
what's your rank marine?

>>11610774
You are overestimating IT people ability to explain things in an empathetic/non-spergy manner. They usually assume, as autists do, that what they know, everybody they speak to knows.

>>11612114

I have no clue, but that's what the image looked like it was saying to me. It was over a year ago that I saw it now.

>>11610784
>protocols need API data
Knowing domain specific words isn't intelligence. Lack of awareness of that is basically proof of low iq.

>>11612104
well what do they use now? it has obviously been working for them. If they used private blockchain why would they trust or even use your link nodes instead of their own trusted, enterprise oracle solutions?

>>11612110
>missing the point
normies don't understand the idea of trustless you retard. your explanation sucks muslim goat dick

>>11612130
i know the image, it shows all these mega corps wanting to introduce data to etherum and other blockchains through chainlink. Ask yourself.. why the fuck would they do this

>>11612145
>being this assblasted
You're just a retard overestimating yourself. It's not the normies that don't understand, it's you that sperg out instead of communicating.

Never had problems explaining chaninlink to normies. Never. They get it instantly.

>>11612123
way to prove exactly how fucking retarded you are.

>people still respond to swing traders in this month of our Lord November 2018

>>11612106
Where did you read that? Jesus

>All the r*ddit tier dick stroking ITT
>tfw too intelligent to explain chainlink to cattle hurr
retards

>>11612155
>projecting this hard
It's ok to be retarded. You just have take your drooling retardation back to R*ddit

>>11612145
HEY! a little respect for the muslims

>>11612172
my dad is actually the CEO of retarded, and he said you're the only one on payroll, and that you've been putting in overtime these past few months.

>>11612172
>>11612182
as a trustless decentralized thrid party I consider both of you retarded.
now shake hands

>>11612182
That's nice sweety. return to your playpen with other special needs children.

>>11612173
white people are TERRRISTS!

>>11612150

I don't know. I don't really care now either. My understanding of Link now is greater than it was then. I'm not a tech nerd that knows all the technical knowhows, but I know the basics. Back when I bought Link I didn't even know what a smartcontract was. I'm an artist and came here to make money off of shitcoins to fund my art project dreams.

>>11612190
take it back, bucko, things will not go so nicely for you if you do not.

>>11612200
chainlink can be explained to 6 year old.
>smart contract want that tight real world pussy
>tight real world pussy is too shy and doesn't want to be played with
>comes in the chainlink chad that hooks the smart contract to the real world pussy

>>11612150
it's not that they want to input their data into the blockchain, that would violate privacy obviously.

it's more that people want to use the blockchain to interact with data from legacy systems momentarily, then write reactions to that data to the blockchain.

>>11612220
>people want to use the blockchain
i thought you were talking about big corps and institutions? now its just regular joes? you know, all that swift talk..
again why not just use oraclize, it access these apis with proof of authenticity and delivers the data in a way blockchain can use
>centralized
and your network of link oracles wont be eventually?

>fell for the json parser scam

>>11612251
dude...we made it on forbes :)

>>11612236
i didn't say that buddy.

>>11612275
well if it wont be big corps/institutions then there wont be big money flowing in and if its centralized then its not really solving a problem is it? there are other projects now that will host low cost oracles on-chain if you want decentralization, otherwise just use oraclize..

>>11612300
or you know, just access the apis directly without any blockchain nonsense involved

>>11612163
Top of icx reedit oracle topic


Lmfao this is gold.... you fags discuss apis and normie brains yet there are normies thinking ripple is needed for oracles to work

>>11612309
How do you ensure that the delivered data is correct, or delivered at all?

>>11612309
I'm really sorry it hasn't retraced as much as you hoped. I'm not even a swing trader and I'm honestly as surprised as you are.

>>11612300
nice, maybe someone will miss the rocket because of you, maybe not. but if they make it they'll deserve it i guess, since they had to read pajeet tier fud along the way.

>>11612039
holyshit

>>11612091
based

>>11610757
"Chainlink is like Uber or Lyft only you give rides to banks instead of auto passengers."
There, just packaged it in a normie-friendly way.

>>11612399
I like it.

>>11610757
I don't think people act like it's hard to understand the tech of Chainlink, people are trying to understand why that makes Chainlink valuable. Can anyone explain why Chainlink has any inherent value other than just pure speculation?

>>11612352
the same way they've been doing all this time? how does CL do it? because of reputation? if you're gonna trust 'reputable' CL node might as well fetch your data from your trusted source like you've been doing always
>>11612361
>>11612362
>cant argue the points so just cry fud

>>11610757
Because they don't realize how important apis are for smart contract functionality or how important decentrslization is for smart contracts or how smart contracts will revolutionize billion dollar industries.

>>11612429
>the millionth time these questions are asked
check the archives if you're interested, we've been through this before. hell, you and i may have done this before, but i tired of fud busting at this point.

>>11610781
Lol I guess you’re a below average who’s overestimating your intelligence

>>11612343
Thanks. Needed a good laugh.

>>11612437
how about you discuss the issue since you are so well versed in the project and are already posting on this thread. Considering its going through another mania phase it cant hurt can it? lot of new eyes on link.
Explain, for all the newfags to see, what problem is CL solving that there arent other current solutions for. How is CL decentralized?

>>11612465
i don't give a shit if newfags get in

This thread proves that Chainlink just got effective mainstream exposure. Touchy r*ddit tier newfags flood in to get basic information.
That's good information, but nevertheless, kys you all.
>APO
lel

>>11612460
>it's not decentralized because each node that makes up the network is centralized

Wow.

>>11612465
Urgh just fuck off. Sometimes I’ll educate newlinkers but definitely not those who come at us with attitude.
We’ve held for a year and endured soul crushing dumps, all because we automatically researched and truly *got it*. Getting to this level of understanding where you have iron hands takes weeks of autistic research. This is why we get aggressive when newlinkers and nolinkers simply demand we spoonfeed them. No. I won’t spoonfeed you. You have to earn it, or at least come asking questions in a humble manner.

>>11612472
ok buddy big institutional money will buy your bags cause.. yeah. Keep dreaming

>>11612465
what a cunt

>>11612492
It’s not about them buying bags. It’s about the value of the network and access to that network. It’s also about the amount of collateral needed by financial markets. We don’t need anyone to buy our bags. The network simply requires a high token price. It’s determined. Kinda like how bitcoin is mathematically determined to be deflationary.

>>11612491
its not spoonfeeding its answering some basic questions which adress the flaws in your model. If you cant do that then you dont really know what the fuck you are investing in and you are all just larpers swing trading
>we did our research why cant you
i did thats how i saw these flaws. Weeks of autistic research give me a break.. i know its a tactic of yours to make it look like some hidden info only turbo autists could get. Its the whole point of this thread, its not hard to understand this shit so spare me talk

>>11612352
The snart cobtracts waots for api data feed input from multiple nodes. The nodes thst don't provide an input get penalized by the agreed upon staking amount thanks to smart contract. Multiple node operators that know nothing about other node operators or how many nodes are being used provide requested data. If everyone provided similar temp data except for one node that nodes data gets tossed in the trash and colateral is taken.

>>11612513
spare me that talk*
>>11612491
also what fucking attitude, its just a bit of sceptism. The fact you get triggered so easily shows you are shitting bricks at the prospect of you being wrong and link dumping

>>11612491
>Getting to this level of understanding where you have iron hands takes weeks of autistic research. This is why we get aggressive when newlinkers and nolinkers simply demand we spoonfeed them. No. I won’t spoonfeed you.
On topic, this is why normies don't get it either. They are not going to spend weeks researching and no one can explain it to them in simple terms.

>>11612503
1) why would they use the network instead of what they use now to access data
2) how would the network not end up centralized eventually
3) why is the network valuable if the data its providing comes from centralized, already trusted sources
4) if its data is unique, how can you trust it. Reputation system does not guarantee its truthfulness.
Few people asking the hard questions and less people answering them is why this board turned to shit. Last year it was more informative engaging with holders now its all memes

>>11612513
>its not spoonfeeding its answering some basic questions which adress the flaws in your model
That’s literally the definition of spoonfeeding. Answering basic questions because YOU are too lazy to read the archives, watch some of Sergey’s videos, or DYOR.
>don’t really know what you are investing in
I know that link will moon with or without normie FOMO. That’s why I don’t need to spoonfeed anyone.

Occasionally I do spoonfeed newlinkers/nolinkers but not when they act like they’re entitled to fucking basic information.

>>11612352
A collateral system based on rewards and penalties with foundations in economic game theory ensures the node operators have to act honestly. What is most interesting to me is that smart contract creators can, if they wish, put 100% of the risk onto the node operators by demanding a large amount of collateral.
The consensus mechanism will allow smart contract creators to decide what converging on a correct answer means. They could ask for the mean, they could ask for 100 answers from 100 nodes to all be identical, etc etc

>>11612352
The smart contracts wait for api data feed inputs from multiple nodes. The nodes thst don't provide an input get penalized by the agreed upon staking amount thanks to smart contracts. Multiple node operators that know nothing about other node operators or how many nodes are being used provide requested data while the network prevents sybil attacks and reputation farming exploits from happening. If everyone provided similar temperature data except for one node that nodes data gets tossed in the trash and colateral is taken because faulty data must have been provided.

>>11612527
>its just a bit of sceptism
It’s not scepticism. It’s laziness and ignorance. If you were sceptical about something less totally basic I’d engage in discussion. Demanding to be spoonfeed is just gross. I hope that me being antagonistic about it puts you off ever buying.
I don’t care if link dumps lol. Price going up is fun but it also hurts because I still want more time to accumulate.

>>11612561
These are not hard questions anon, we’ve discussed this at length already, that’s why it’s so irritating to see you insisting we engage with you.

>>11612561
>3) why is the network valuable if the data its providing comes from centralized, already trusted sources

This is something I've been wondering about too. If smart contracts eventually see more use, what's to stop Bloomberg or your bank from making their own oracles and everyone using them? Why use a 100 chainlink nodes to access API data from a centralized source, when you can just use one centralized oracle supplied by the original api provider?

>>11612593
i love you dude, u'rer in same state of mind as me, I don't give two shits about FUD, if its there and keeps the price low, then more linkies for me :).

I don't really know where to place myself. I sometimes want to share my excitement, and shill link.
and when price rises, I start FUD it like crazy here on biz. making all sorts of threads dissing sergeys looks, showing some TA, and reminding people of the post sibos crash ...

being invested in link since 2017 has been an adventure. it chaznged my life really. it also gave me the balls to quit my job and do what I like.
I truly want to than tsergey and the team.

FIRST CAME THE COIN (BTC)
THEN CAME THE SMAR CONTRACTS (ETH)
and to link the coin and the smart contracts to the real word
CAME CHAINLINK, the last and the ultimate moon mission to complete the god protocol.

AMEN.

>>11612593
>>11612607
>node operator gets a data request from smart contract
>he pulls this data from existing apis
>his data is trusted because high reputation
>if not trusted demands collateral

>smart contract creator could get the same data with oraclize, knowing exactly the source because of proof of authenticity

so the only thing going on for CL is you claim it will be decentralized which is highly disputable

>>11612653
Deutsche Bank makes a contract with Wells Fargo
Both have oracles
Neither of them want's to have to trust the other party
Solution: Chainlink. And while we're at it, why not add another 50 random 3rd party nodes just to be sure?

>>11612653
yep thats what im telling on this thread, if smart contracts get use by big money they will use the oracle supplied by the original api provider they've been trusting for years

>>11612676
50? didn't sergey said hundreds of thousands of 3rd party nodes?
50 is really low my dude, If I was a bank I wouldn't count on like 50 nodes LMAO

>>11612676
And what API would the chainlink nodes pull the data from in this scenario? If it's API data from Deutsche they still have to trust Deutsche Bank and vice versa.

>>11612653
>Why use a 100 chainlink nodes to access API data from a centralized source, when you can just use one centralized oracle supplied by the original api provider?

>>11612653
>what's to stop Bloomberg or your bank from making their own oracles and everyone using them
Standarized oracles have benefits in themselves. Nobody wants to deal with countless different implementations of the same thing. That's why discussions about protocols (like TCP/IP - the backbone of the internet) have so much weight put to them.

>>11612653
top kek

smartcontracts being purposely cutoff from the real world is an extremely subtle concept.

>>11612676
how does the node operator access the data requested by either DB or WF? they use existing apis which provide such data. The api provider is trusted by both these companies but they cant use it with smart contracts, therefore Oraclize which has proof that the data comes from this api. What is CL needed for again?

>>11612200
if you don't understand what an api is then i think its fair to say you don't understand anything with regards to chainlink

>>11612693
>they will use the oracle supplied by the original api provider they've been trusting for years
When you have self executing , irreversible smartcontracts being triggered this way you introduce massive incentives for people to game the system. This is why something like Chainlink will be mandatory.

>>11610947
>He hasn't heard of off chain computation.
Nice try gay boy

>>11612653
Because now the contract itself can be aware of a faulty data feed and do something about it

>>11612708
i'm gonna spoon feed this faggot.
what are TEEs? CL isn't only about APi calls. Chainlink also provides decentralized computation to lighten the ETH blockchain :)

also about the APIs, I think you missed the SWIFT POC.

in the swift POC chainlink pays a bond by making a bank trasfer by calling the swift API ;) :D :) :O here is a link to the usecase enjoy my FREN

https://aa-debtor.smartcontract.com/bonds/0xef6e88d5dde872cb788e636481d492d4aade307a/payments/8a815f500fc1bf8315670cd990ae20ff9ae52d5a9f64c33c90d80e2fe1793e64

>>11610941
>whilst

You have to go back

>>11612725
Not really. You can use multiple different words to describe what an 'api' describes.
o external data
o non-blockchain native data
o something not created by smart contracts
o etc...

using jargon is not a proof of intelligence, remember that friends.

>>11610757
Chain link is a meme to make new fags lose money, it has no purpose even having a token.

>>11612762
whomst?

>>11612763
It’s a gateway to pull data or push data. That’s about all you need to know. You’re still a fag for not knowing the word API tho

>>11612724
>therefore Oraclize which has proof that the data comes from this api.
Yeah lets just trust Oraclize a centralised oracle with this task.

>>11612724
DB or WF have APIs that the node operators access. One thing you are misunderstanding though is the source of the data in the current system and what chainlink is replacing. It's not replacing APIs run by banks; they don't do that themselves for automated contracts today. The data currently comes from clearning houses like DTCC, i.e., a centralized authority they pay to provide accurate data, and a source where smart contracts and oracles can provide massive savings.

As for your question to why CL is needed, the TC FAQ provides one clue. http://www.town-crier.org/faq.html.. Chainlink solves the "how do I know the source is correct problem. Chainlinks utility is very important but actually much more limited than some anons here thinks for the reason you described wrt oraczlie, especially if there is only one source for the data. You can also imagine situations where 100% uptime is important (think about the problems Oraclize has already had), and you can see why it would be important to have multiple nodes, even if there is only one API provider you need.

Chainlink is also very convenient, saving more money. Banks and other third parties can provide APIs but many of need authentication or some other form of manipulation before they can be used in a contract. Chainlink allows you to simply write an adapter and then plug into literally any API you could possibly imagine. Don't underestimate the importance of this problem, as creating the infrastructure to accomplish this has been an important and difficult task. It's one leg up chainlink has over oraclize, making it even better even if you are using only one SGX node and TC.

>>11612785
>implying I don't know what an API is

>>11612724

>>11611976
Here here. Well said fren.

>>11612794
Hi Sergey

>>11612804
The main takeaway is you’re a niggafaggot

>>11612724
Oraclize = Just Trust Me Bro Oracles

>>11612747
What makes you think the chainlink team can pull this off better than an entire team at microsoft/intel?

Link will max out as a concensus API dapp because that's all people will trust it to do :)

>>11610880
How do I know I’m actually underestimating my intelligence and not fooling myself and I’m really half retarded?

>>11612039
>What the fuck does trustless mean, we want trust dumbass

>Why can't they just go to the source directly?

>Nobody is going to use that. Bitcoin is fake internet money dude. Name one bank that uses it.

>>11612843
Just keep assuming you’re retarded and you’ll end up better than the guy who doesn’t learn anything because of hubris

>>11612794
>Chainlink solves the "how do I know the source is correct problem.
it seems the problem has already been solved here? >The data currently comes from clearning houses like DTCC, i.e., a centralized authority they pay to provide accurate data
>many of need authentication or some other form of manipulation before they can be used in a contract
for very good reasons most likely
>Chainlink allows you to simply write an adapter and then plug into literally any API you could possibly imagine
triggering massive ddos attacks?
the only advantage over oraclize im seeing is the uptime due to having various nodes. Oraclize however can have various nodes too so if one goes down they use other. Anyway thanks for some real talk
>>11612788
they've been trusting centralized sources for years

>>11612837
thats some kind of weird unique arrangement that etherflip and oraclize have in place to decrease computational costs by cutting out an external random number provider, and is a failure on oraclize's parts, but says nothing about how oraclize provides 100% the same data as it recieves from an API.

If you think this is true of other regular APIs you probably don't understand oraclize and you definitely don't understand chainlink.

>>11612841
well, mostly because chainlink just aquired town crier, and look what the TC team said WINKIDDY WINK WINK

We want to thank Intel for their close collaboration, particularly Mic Bowman and Kelly Olsen for their support and advice, Sergey Nazarov at SmartContract for supporting our alpha launch, and the Ethereum Foundation, especially Vitalik Buterin, Alex Van de Sande, and Vlad Zamfir, for their input on TC during early development.

http://hackingdistributed.com/2017/06/15/town-crier/


OHHH
>Intel is involved in Cl :O
WHO WOULD HAVE GUESSED?

>>11612794

It's the missing piece, Bitcoin, Ethereum and Chainlink, will be the holy trinity.

There's just one problem: normies will never know what it does, just like they don't know about the techno behind the VISA adn payments and so on...

But you people are making Chainlink like the invention of the century... it's a necessary network for the blockchain to useful, but just a remind that blockchain is a glorified database.

And there is no garantuee of another bull run.

Maybe the institution will run chainlink, and making this underthewater, so don't expect normies investing in Chainlink...

The crypto-youtuber-normies and the bitcoin talk-ners will invest in mass, bringing the price to 100$

>>11612889
>>11612841

>>11612841
well, mostly because chainlink just aquired town crier, and look what the TC team said WINKIDDY WINK WINK

We want to thank Intel for their close collaboration, particularly Mic Bowman and Kelly Olsen for their support and advice, Sergey Nazarov at SmartContract for supporting our alpha launch, and the Ethereum Foundation, especially Vitalik Buterin, Alex Van de Sande, and Vlad Zamfir, for their input on TC during early development.

http://hackingdistributed.com/2017/06/15/town-crier/


OHHH
>Intel is involved in Cl :O
WHO WOULD HAVE GUESSED?

THE FUCK is happening with this thread?

>>11611797
A lot of people don’t have the extra money and then just immediately dismiss it. Imagine telling someone to put 5k usd into link when that’s basically their entire emergency fund. People have student debt, mortgages, health insurance. The system is rigged and keeps you going on a hamster wheel type mindset so you’ll miss great opportunities along the way and stay a nice tax paying poor citizen.

>>11612889
It is centralised... If the node goes down you are fucked. Its about redundancy and there is no way the oracalise company can fucking service every single API call in the world to trigger a smart contract reliably with 100% uptime.
Especially if we are triggering smart contracts where billions are getting transferred.

>>11611855
Yes, look into the han88 websites. Link, icon and eth are talk about much.

>>11612949
but the CL node operators pull data from centralized sources which can go down too..

>>11612964
that's why you multiply sources faggot. you could for example have 5 nodes each linkes to a different API, then use aggregation to check what the final result would be. if one API doesn't respond like the rest then the result is considered false, and the node operator will have to pay fees

>>11612869
1. i think you're missing the fact that banks and other institutions are being forced to open their APIs and make them free and public. PDS2 is the first, but others are coming.
2. This means that you can cut out the clearing house, but you still need a way to make sure the data is always right. that's where chainlink comes in and it saves a lot of money because it offloads the costs to the node operators, each of which obviously has significantly less overhead than a centralized authority. Sergey talks about it in the Ed con, or something like that, lecture.
Essentially in the past what you're saying was right and made sense. But now there's a way to make end-to-end trustless smart contracts that's also significantly cheaper than what they had been doing. It sounds like you're skeptical of smart contracts in general, but if you haven't been keeping up with what's going on in industry, you're missing that that is very clearly the future.

>>11612949
that has nothing to do with "trust." Just because the node goes down the contract doesn't execute and give away money. You can trust that oraclize is giving you the same data its node got from the API.

>>11612964
>but the CL node operators pull data from centralized sources which can go down too.

Dont invest man. Its way over your head.

>>11612971
>linkes to a different API
or they all link to the same cause there is only one source? and if there are various sources, which one is the right one? the one the node with highest reputation access? then its the one everyone uses centralizing your network

>>11612983
>You can trust that oraclize is giving you the same data its node got from the API.
You cant trust that they will switch off their CENTRALISED oracle at an opportune time so they can game the system.

>>11612992
you are sseing that as an OPEN API.
the apis we are referring to are private APIs used by banks or exchanges and stuff like that. not some public API any faggot could use.
the whole point is to allow easilty access to data to huge corps.

it's like you are telling me, a node is linked to a SWIFT API to transfer money from bank account A to B, and you dont trust SWIFT, DUHH? yeah? that's the whole point of smart contract. the sources of data are AGREED by the contractee and the contractor to be used.

except now its all automatic trustless and easy to setup.

>>11613015
>>11612992
it's as if you are telling me what's the point of smart phones if phones already exist, or whats the point of the internet if we have mail...

the world shifting DLT is going to be the tech that powers the future infrastructures.
and chainlink is a huge piece of it.

>>11612974
so you move from clearing house to CL nodes, you still need to trust them. Thats where reputation and collateral comes in i guess but it centralizes the network cause you cant have a high number of highly reputable nodes they will be few naturally.
Im not sceptical of smart contracts, im sceptical about it being possible to decentralize access to the data the smart contracts need. Any solution will turn out centralized eventually

>>11612734

Daily reminder that also RLC do that (off-chain computation) for the scalability of the Etherum network

>>11613015
>the apis we are referring to are private APIs
yet this guy >>11612974 says
>banks and other institutions are being forced to open their APIs and make them free and public
so which is it?
>it's like you are telling me, a node is linked to a SWIFT API to transfer money from bank account A to B, and you dont trust SWIFT
then access swift api directly through Oraclize? it has proof the data comes from swift api, with CL on the other hand you rely on reputation and collateral payments its complicating things

>>11613048
let me ask you something.
you think swift APi will be free?
OF COURSE NOT
you think any commoner will get access to the swift API?
OF COURSE NOT

there will be services, available for the normies, ONLINE banks, or exchanges, that will use those APIS, when the banks are being forced to open their services with APIS, it's not for normal faggots liek you and me. but for companies!

>>11613048
or, if blockchain and smart contracts see such massive use, swift would provide its own oracle service, you can trust swift data right?

>>11613048
why would I invest my money in a shit tier tech, when I have chainlink who owns town crier made by the most brilliant minds?

oracle is a shit tier project made by pajeets. chainlink speaks to the big corps, and has support from the whole corp world.

>>11613029
that's where decentralizing the reputation providers comes in partially, but I don't think its as big a deal as you're thinking

the centralizing problem is fundamentally different from the centralization problem in PoS and PoW systems. Running a node requires negligible computational power and registration via reputation providers (some might do this some might not, I suspect contract writers will want to include both types) prevents contract writers from accidently calling on pool of nodes that is only from one operator. Calling on thousands of nodes means that the amount each needs to stake is within the means of regular people, meaning you don't have the centralization problems inherent to PoS. Its never been done before. It's reasonable to assume they'll pull it off.

>>11613066
again why would these corps not launch their own oracles which directly connect to their api data so that smart contracts can access them? if you need data from say deutsche bank to use in smart contract, then just access deutsche bank oracle? why do you need CL?

>>11612251
>meme coin json parser

>>11613072
>why do you need CL?

You are just taking the piss at this stage.

>>11613072
OH, MY, GOD
that's the most retarded question I ever heard.

the whole point of oracles is to connect different smart contract tech. now if everybody makes their own oracle solution, how will all the oracles communicate between them?

OHH yeah!
let's use another oracle solution to connect those oracles.

how retarded are you am I like speaking to a macdonald employee?

>>11613067
what about latency issues? if 80% of the data which is requested comes from the U.S, why would query a CL node not based on the U.S? the ones in the U.S can fetch this data faster than say a node in Australia

>>11613102
latency doesn't matter as long as the smart contract is executed well.

also chazinlink is taking out alot of LOAD from those sustems, with TEES, and decentralized computation, making the original smart contract DLT go faster.

ETh for example, chainlink will take out alot of its computation, and solving the latency problem.

the whole point of asynchronous systems

>>11610861
>>11610774
>>11610768
the real truth is they have a lives. They have family,jobs, and other shit to do. They dont have time to sit home and google every little thing like NEETS do. you're not as smart as you guys think you are. Just have more free time

>>11612201
>things will not go so nicely for you if you do not
You're just confirming your retard status, retard.

>>11613082
im not saying each will implement a different oracle solution retard. They would most likely all use the same tech. They would host an oracle service and since they all use the same tech they can communicate with each other. So you need data for your smart contract, why trust these link nodes when you can go straight to the source

>>11613158
hey would host an oracle service and since they all use the same tech they can communicate with each other.

you just described chainlink retard.

yes each company will have its own chainlink nodes.

>>11613158
>They would most likely all use the same tech.
You seem overestimate the ease at each huge organizations come into agreement with each other.

>APO data
the level of expertise of the typical stinker

>>11611042
Really interesting. Thanks.

>>11613174
so you're telling me CL is the only way these multi billion dollars companies have of turning their api data into something a smart contract can use. That with all their resources they cant agree to some open source standard they all use and run on their machines without the need to buy any token on this meme market.
>>11613195
well according to this guy >>11613174 they will not only all agree to use CL, they will have no other fucking choice

>>11612940
absolutely. combine this with the fact that people generally arent risk taking contrarian assholes like most of us here are. i have had some success with explaining link to people with business/finance/legal/nerdy backgrounds but to be honest it is generally more effort than it is worth.

>>11613239
>That with all their resources they cant agree to some open source standard they all use

OH in fact they did, that agreement is Chainlink.....can't you connect the dots? what have you been doing the last year? WHO is assblaster?

^who is ari juels? who is nick szabo? what was nick szabo doing with ari juels in synchronize?
why would Town crier be sold to chainlink?
how come vitalik helped town crier?
why is town crier based on intel SGX?


dude I don't....you need to start reading between the lines, some of us have seen though all this a year AGO. you are def late to the party

>>11613239
>That with all their resources they cant agree to some open source standard they all use and run on their machines
You’re describing the Chainlink Enterprise Alliance ;)

>>11613239
There's a difference between having to build in unison, and simply using something already made for them.

Chain does the latter. The former would be
1. devising a standard
2. implementing according to the standard
This takes years, if not decades for large corporations.

>>11613072
>they’ll just use their own oracles FUD
They did. It’s called chainlink.
We arrived at this conclusion some time ago.
Stop spoon feeding him please friends

>>11613263
>>11613268
>>11613271
if they can find a solution that is free or low cost, they will fucking use it. They wont be running insanely expensive CL nodes.
>This takes years, if not decades for large corporations.
luckily some autists have already done the bulk of the work so they just need to copy it and run it for free

>>11613239
>the need to buy any token on this meme market.
The token is needed to incentive performance in the correct delivery of data. Provide shitty data or your node cant service a request on time? You get penalized. You cant implement this system with a bunch of centralised corporate oracles

The way I describe it to brainlets.

Blockchain is this huge secure online database. Businesses can access it and store new data on it.
Businesses can also run special programs on blockchain which can do things like manage billing, ridesharing like uber and even support stock markets.
The catch is you need a way to hook up all the existing computer systems and put the data onto it, that's where you can use chainlink. It can help blockchain apps access data about the real world. It does it in a secure way that has very little chance of outages.

If I'm explaining it to someone a little smarter, I tell them the special programs are smart contracts & dapps etc.
In order for businesses to get their data into it, they can use chainlink

>>11613285
>>11613292
I'd like to thank assblaster that fucking faggot for oppening our eyes to all this

>>11613285
>They wont be running insanely expensive CL nodes.
Please dont invest in this technology. You dont deserve it. Go back to /reddit.

>>11612662
You seriously think financial markets will use Oraclize? If Oraclize was a secure solution they’d already be using it. There’s a reason that the use case of Oraclize is limited to gambling dapps like ETHorse and doesn’t extend to actual big players such as SWIFT. Are you too dense to see that?

>>11613285
Congrats, you have genuinely convinced me you`re a retard

>>11612869
>b-but why not use oraclize
because you are a retard, that why
Oraclize doesn't guarantee you uptime or data correctness (if you think they do then go and ask them to provide insurance/collateral

>b-but why would muh companies use chainlink
because they will be able to choose from the full spectrum, from totally centralized to as decentralized as possible, chainlink can do everything oraclize can do and more, while also the contract creator can demand any amount of collateral he wants basicly totally customizing the way the oracles are gonna do their jobs, the only limitation will be free market forces, but you're probably a sjw commie vitalik-loving faggot eth fanboy frm plebbit I can sense that from a mile

Now, get the fuck out of here with your entitled attitude you fucking notropicat or whatever that motherfucker name was you piece of shi

Nobody needs you to like the idea, I'm just answering those basic questions to some normal people who could be fooled by a faggot like you. I hope you never buy and miss out biting the pillow at night and crying to your god vitalik or that oraclize fag

Fuck off

>>11613292
This.
Now you might think “why not just use USD for collateral?”
Chainlink is the first Erc677 token which has the TransferAndCall function.
Not only does it serve as currency for payment of nodes/collateral, it also initiates this piece of coding, something that fiat money cannot do.

>>11613285
Ok this has to be bait.

>>11613304
>>11613306
>>11613322
>>11613323
triggered so hard, you will cry so much when your shit goes nowhere. Keep dreaming little faggots

yes yes the collateral thing, guaranteed 10k per link hahahah fucking delusion

>>11613346
I'm gonna be the one laughing all the way to the bank you fucking salty brainlet LMAO

Stay on the sidelines for at least 1 more year, I really want to see you desperately rage buying once we are about to sell for $50 a piece. I want faggots like you to miss out.

>>11610784
This. Normies know what a gigabyte is but not a terabyte. For real

>>11613346
>triggered so hard, you will cry so much when your shit goes nowhere. Keep dreaming little faggots
thomas bertani detected.

>>11613346
hi Thomas Bertani

>>11613365
how many bites do you really need though really?

>>11613355
>>11613346
larping faggot,
youy're either a wagecuck trying to FUD link to accumulate more, or you are 100% invested in oraclize.

if you are invested in oraclize Ihighly suggest moving you assets to CL. the announcement made at devcon changed everything.

oraclized is def BTFO now. won't be surprised they'd start a partnership with CL

>>11610757
But in order for oracles to be useful, blockchains need to be useful.

There aren't any useful blockchains.

>>11613391
>won't be surprised they'd start a partnership with CL
this
the only way for them to remain relevant is to run chainlink nodes and registering with some rep providers. Otherwise they are done for. Sergey cornered them like prey

>>11613391
>partnership with CL
a white-label partnership perhaps, lel

>>11613397
sergey casually put the last nail in their coffin

>>11613401
DEF KEK!

>>11613395
Blockchains are like a fine wine glass, ready to be filled with quality wine. They were appreciated for their craft for a decade, and with oracles, one will finally be able to use them for their designated purpose.

>>11611976
This. Thank you frens, we will all make it TOGETHER.
Couldn't have asked for better marines by my side :`)

>>11611976

>>11610757
>why normies won’t support it
Normies will say "where are LINK-ATMs"? You can't take money out of your LINK. It is a shitcoin

>>11613285

Financial companies will pay more for reliability and security. That is why they have massive data centres and the banks have armoured trucks.

As always, there is cost/benefit. If it can be proven that blockchain can indeed bring savings, improve efficiency and open new markets you can make a safe bet it will be used.

I can tell you that all the large banks and a good chunk of insurance companies in Australia have blockchain PoC projects underway right now (some more well known i.e. commbank). The PoC's are targeting various use cases (i.e. mobile banking wallets, insurance ledgers). The views on what is doable on blockchain is still narrow due to the industry being in very new and undeveloped.

Chainlink are doing a great job by targeting integrator's and startups, this will help them reach mass-market. The start-ups will gain partnerships / be bought and the integrator's will sell their products. The large companies need these external resources to show them how to use the new tech as it considerably reduces their own R&D.

The knowledge of these startups and integrators will be shared within the financial companies and CL nodes will organically pop up.

>>11613516
I don't even think normies know whats the difference between tokens and a currency like BTC

>>11613492
359 quadrillion market cap

This would make Sergey & friends literal gods on earth

>>11610878

You‘re stupid af if u think that‘s true

>>11613608
It's true by definition. 100 iq is the strict average

>>11613667
that's not how averages work you retard
if 100 people have an iq of 100, then the average is 100, but 0 are below 100

>>11613667
>>11613686
The average IQ is actually 93. You're both retards.

>>11613695
>>11613686
>>11613667
>>11613608
as a decentralized trustless thrid party, I hereby declare all of you retarded.

>>11612173
HEY! a little respect for the goats

>>11613578
Yeah, one of the first things my normie friends say to me about chainlink is asking about “currency”. When I try to explain what a token is their eyes glaze over

>>11613686
>100 is an average
>0 are below 100

lol what?

>>11613572
What kind of data feeds do they need for their applications to work? Are they even making any cool projects? Sergey talks alot about the oracle problem being a wall that any project past the poc stage hits. I think it was boring who said that the data feeds for this work didn't exist and a whole field of middleware needed to be developed. Could a project be made today that a bank could utilise?

Here's something I just pulled up.

>Westpac is aiming to cement itself as a global leader in blockchain technology, developing one of the world's first proof-of-concepts that digitises inventory management, procurement and trade.

>The platform integrates internet of things sensors, data analytics, artificial intelligence and blockchain...

How are they getting access to that data? Are they ignoring the problem? Are they using trusted nodes? How centralised are their solutions? Are they just going to implement in house json parsers? I can't tell if the oracle problem is a meme anymore. Does link need to exist? Do banks need link?

>>11613847
Proof of concept centralized, till there is a valid alternative for a production implementation

>>11613726
>>11613695
>>11613686
>https://en.wikipedia.org/wiki/Intelligence_quotient
> the median raw score of the norming sample is defined as IQ 100 and scores each standard deviation (SD) up or down are defined as 15 IQ points greater or less
>DEFINED AS

>>11613886
I know my IQ is 133-136 calculated it many times

>>11613925
>>11613886
BTW i dont really lknow where I sit, I think im just a normie

>>11613510
My dude, can you post the Bateman LINK card webm?

What's protocols?

What's API data

Why do they need APO (you probably meant API) data

How does Chainlink fix the problem, and why is a separate token doing that the only possible way to do it?
Believe me, I know blockchain and crypto more than most, yet I don't know this shit. It's not simple if you need to understand 6 terms just to get the basic info.

Compare it to the dollar:
The fed prints it out, therefore the world thinks it has value, therefore the world will trade its resources/services for said dollar. So earning dollars lets you buy those resources/services. Easy.

>>11610775
It does when your whole model (blockchain becoming viable currency) requires normies to flee to a different currency than what the establishement/investors want.

>>11612132
You're the one displaying a lack of awareness if you think politicians, women, boomers, doctors, store clerks, kids, fast food employees, janitors, etc etc etc need to know about domain specific words to have a high iq.

>>11613882
Is everyone really just waiting for good oracles? Doesn't anyone feel safe with something like oracilze? I don't know what companies, even ones with a interest in blockchain, think about decentralisation. Will they be able to trust link? Will they even trust something like ethereum?

All this discussion reminds me that adoption is still a longs ways off. I'm also reminded that no one talks about the oracle problem. In this very thread, people dismiss it. Why is no one from these PoCs talking about how they can't move into production without oracles? Are they secretly all behind link? If they're going to be using town crier, will they be using link as a oracle provider?

>>11610861
You're not realizing that the people who bought bitcoin at ath aren't even normies. The people who bought BTC at ath are the 3% greedy millenial investors.

Even at ath, bitcoin was only known among nerds and wannabe nerds.

you guys seem to forget that nobody actually needs oracles

>>11614014
You lack reading comprehension. Something that's on the rise recently on biz.
The thing I said is the exact thing you said.

>>11611229
You guys have no understanding of business.

Normies don't need to understand how or why the product works. They just need to understand why they want it, and none of you cryptobabbies have been able to communicate that to them.


Imagine I'm a normie. Tell me why I want crypto to be a thing. What will I gain from it.

>>11610757
>>11610757
Link token not needed u faggot

>>11614057
You are not a user of chainlink, so nobody cares about you. the users will be developers and companies.

>>11614056
I actually see that, sorry. My bias about anyone in chainlink discussion is that they're detached from reality and yet think they can predict how normal people behave, led me to misconstrue your argument.

>>11614076
no worries fren

>>11614076
who cares about normies? we just need that good tight institution and big corp money

>>11614096

Of course. But institutions and big corp DO care about normies. So how will they benefit from this?

>>11614103
lol wut? they already have normie money in banks

>>11614074
Why will developers and companies use chainlink, how will they do it? And why will they value it higher than 1$?


All I'm saying is that anything that requires intellect or a small time investment to understand, doesn't sell.

Computers were irrelevant to most of the world, until someone found out how to make the internet interesting to gamers, writers and business.

But it didn't take over the consumer world until mid 2000's. And even then, it wasn't popular among boomers or women.

The computer was too nerdy and stationary for normies. the internet didn't take over the world until you could access it through your hand, for the simplest of human pleasures, like watching funny shit and looking at your friends.

>>11614121
Exactly. So why would they abandon such a good thing for them (fiat) for crypto? With crypto, you can't create debt, you can't freeze assets, you can't exercise control over the customers.

Imagine you're a dictator. You have the choice to give your people more freedom to break away from you, or to use a force you have 300 years of experience with to make sure they're subdued.

That's crypto vs fiat. The establishment can *only* lose if they switch from fiat to crypto, so why would they?

The projects at this stage are not very interesting or notable. The PoC's are primarily for the internal staff training so they know what questions to ask when working with vendors. Fin companies are more so consumers of technology via partners rather than the trail blazers.

For example, the e-wallets I mentioned before are being run with bankable. Everledger is being "looked at" as an example of how "supply chains" (rough wording) are managed.
The recent royal commission has created some new calls for better ways to manage paperwork and approval processes to create more auditable and transparent record keeping. This is an area that Docusign can assist with for record keeping, being able to prove the record has not been tampered with is very much needed.

IBM/Hyperledger are getting more entrenched for the preferred blockchain supplier because they offer comprehensive support which gives companies a lot of comfort. Platforms like Ethereum come "as-is", if there are complex issues there is no real assistance unless you approach companies such as Consensys. They are also spending a lot of money running PoC's for free as they build their product.

Like I said before, it appears CL are going the right way by marketing directly to SI's and startups. They have the reputable name of SWIFT behind them to provide more comfort.

>>11614149
hmm, what are you smoking, i want some of it.
it's simple. if you miss the train you will lose.
banks insurance companies exchanges, if their competitor goes faster, is more secure and makes more benefits, they will lose and probably go bankrupt.

it's a race. DLT is the must have tech that solves alot of problems of cost, efficiency, and speed. a swift bank transfer takes 2 days today.
imagine it taking 2 minutes? imagine transferring fiat to krakebn and it'll take only 2 minutes of confirmation.

wouldn't that change everything? woulkdn't that make the GDP of the countries ran by such systems grow exponentially?
DLT is the way to go, they know it, I know it, we know it.

For example, Enacting balancing of a basket of equities in a 'investment fund' kind of contract on the basis of some external event. The value of chainlink would be to <ensure> that the action external to the blockchain will happen. Without that, the whole mechanism is worthless.

>if some indicator spikes, but this and this crypto
No room for mistakes here.

>>11612561
Because what cl offers id cheaper than what is being used atm

How retarded can biz be?
Just let the normies and nolinkers be, they wont make it and that is their destiny

>>11614149
>why would they?
Because they don't want to be left behind. It's a choice of adopting, with some chance of staying alive, or dying with certainty.

>>11614225
What train? The train won't go if the constitutions don't drive it.

Banks aren't about giving the best and fastest service to consumers, if that waws the case then the best banks would have the highest market cap.

Banks are about making themselves and other rich people richer, not about being competitively better.

There are banks today that only take seconds transferring money. In my country Norway, every single bank does that, even internationally. But JPM, Chase and GS don't have to give that service to get customers.

Norway's GDP is amazing, but that has nothing to do with our quick bank transfers. Why would a big bank go bankrupt from not using DLT?

>>11614252
Left behind by who? You guys? Pajeets? Who is gonna drive this train that JPM, Chase, GS and others will have to chase in order to stay relevant?

Your argument is not related to my concern that no bank will wanna change from crypto to fiat, as that fucks over their entire business model.

>>11614154
Thanks for the insight. Interesting stuff. People have been hyping up blockchain for so long, it's kind of funny that there's still not alot of useful projects.

>>11614299
>Banks are about making themselves and other rich people richer, not about being competitively better.
Such alliances aren't very stable. Especially in light of impending doom.

>>11614228
You make it seem like blockchain technology is horribly flawed without Chainlink. If so, it's very strange that most of the crypto world is oblivious to the Oracle probblem.

And if you're right, then crypto is way shittier than you're letting on, in which case banks won't want it.

Which sucks for Chainlink's case, as it seems it cannot function without other crypto? As in, if every other crypto went to absolute zero, Chainlink can't be $10 right? or does it have a legit function even if no other crypto exists?

>>11614331

Okay, so the future of crypto hinges on the financial doomsday conspiracy?


I'm serious guys, explain how and why crypto has a function to anyone besides as a speculative asset.

>>11614373
> sucks for Chainlink's case, as it seems it cannot function without other crypto
> it seem like blockchain technology is horribly flawed without Chainlink
>, it's very strange that most of the crypto world is oblivious to the Oracle probblem.

wow retardation 101

very low IQ FUD 0/10

>>11612399
That’s pretty good. It’s even cheaper and more efficient than the traditional system (cabs)

Imagine having a mortgage in a crypto world. How do you buy a house without debt? If you use crypto, you're gonna need to pay it up front.

Otherwise, how would the bank be guaranteed the mortgage from you? How can they make sure you pay? They can't, right? You can't force someone to pay you crypto.

How do you pay taxes in crypto? There's no way for the government to be certain that you're paying the right percentage, right?

>>11614412

I'm not low IQ at all, and I'm not fudding. I never hear anyone outside of Chainlink talk about the Oracle Problem. If it's real, then crypto is fucking shit as a whole. If it's not, then Chainlink should be the second coin.

>>11612399
That's shit for persuading normies tho, because you gotta tell them the *why*. they understand Uber takes them from place to place. They don't understand why banks need Uber, since they've functioned "perfectly" up until now, why do they need Uber?

>>11614431
well guess what : it's not and chainlink will be the first coin

>>11614402
>put some code on blockchain
>it is unchangable by design
>have certainty about what will the result firing that code will be
This reduces the need for trusted parties, making cost of running processes an order of magnitude cheaper.

>>11614327
>>11613847
>>11614154

Starting to fall asleep but will reply to a few other earlier questions.

The data feeds depend upon the application, it's very early days in the DLT world but for an example of the e-wallet it requires data from the legacy infrastructure to be exposed via an API. Bankable have created a basic oracle to import/export this data when managing payments. They can prove to the bank that this transaction was requested/sent at this time on this date to increase confidence.

Everledger is being looked at due to the capability of managing supply chains, it is run on hyperledger and a lot of concepts were carried over for the almonds shipment. The supply chain could be anything from diamonds, to almonds to approval processes on home loans.

(1/2)

>>11614478
2/2

Banks are already exposing their API's to external providers who market services to financial brokers (mortgage, currency etc). These companies want an explicit record and proof that when they made a purchase for x amount of y currency at z time that it was acknowledged so disputes can be reduced. I am not aware of any immediate offerings at this stage (business opportunity for someone) but the banks have severely limited what mortgage brokers they work with due to the royal commission. The brokers couldn't provide comprehensive records when dealing with the banks. DLT can solve that issue.

Banks and other fin companies need something like link to maintain endpoint security and also normalise and guarantee the price of commodities/shares/currency. Current support models rely upon connection failovers in event of failure, but this doesn't prevent individual end points from providing bad data. Aggregating the results into an evergreen system removes concerns for failover and provides guarantees on data validity.

A good example from the left of field regarding oracle validity. Have you ever seen a mistake airfare ($100 vs 1000) from online bookings and wondered why it was so cheap? It's normally due to input failure. Did you know the airlines essentially have to honour those mistake fares? It's a large cost. Think about that sort of scenario on a global scale in commodities and currency.

This thread has convinced me, I'll buy eth to exchange for link in the next couple of weeks..

>>11612964
why do you try so hard? I don’t understand? What you’re stating is an issue no oracle will ever solve. Think bigger picture you fucking monkey.

>>11610944
Your not supposed to help the Normie scum out idiot.

>>11614448
*if* you even bother to use crypto, which no bank has any incentive to do.

These are the most boomer companies imaginable, they've NEVER innovated.

Crypto is fucking useless, none of you have ever convinced anyone otherwise.

>>11610757
You're massively over simplifying the problem. Getting that data into a smart contract in a completely trustless, secure, and decentralized fashion is very difficult. Some say it's impossible. Realize that there could be millions of dollars at stake in a single transaction so simplifying it into "chainlink give data" makes you sound like a fucking brainlet and you more than likely are indeed a brainlet.

>>11614650
Its not useless though.
Its only "useless" at the current moment in time because crypto's primary utility to us is in speculative trading.
Opening new markets that rely less on the establishment banks as the chief trusted parties in finance and commerce is one advantage.
Crypto as an alternative to paying merchant banks like Visa and Amex might be attractive to online or small businesses.

>>11614650
It mostly is. The Swift/Chainlink use case is one of the few that actually make sense. That's why XRP is worth so much.

>>11613072
They probably will. And those oracles will be nodes in the chainlink network just like Swift. May I offer you some rope to neck yourself? This board is already dumb enough without you.

>>11613066
1) single point of failure defeats the purpose of decentralization
2) Oraclize has gone down multiple times in the past, do you think banks that are transferring millions daily would accept this as a solution?

>>11614592
You need crypto to run those trustless pieces of code. This is literally what Ether is for.

>>11614496
how many CL do you hold?

>>11614775
>Oraclize has gone down multiple times in the past, do you think banks that are transferring millions daily would accept this as a solution?
It's not even that. The fact that it there's a non-trivial probability that it can go down forces entities using it to not assume that the process will execute as expected. It has to be observed and checked.
Making oracle decentralized gives near certainty that the thing that the oracle was supposed to do, will happen. This open whole new avenues of doing things, orders of magnitude more scalable.

>>11614496
good job linkies you tricked another newfag in buying your bags

>>11612894
Noice

>>11614822
Chainlinks will unironically be the killer app that brings crypto to the masses

>>11614496

Welcome to the cul-

cough welcome to the team!

chainlink allows the completion of end to end applications. it will unironically spur the next bull run through the enabling of real world applications.

>>11614979
>chainlink allows the completion of end to end applications
Nice wording

>>11612729
But the data source itself can be comprised, right

>>11612737
This is not possible, your contract just sees what it's being fed by the data source, it cannot verifiy it's integrity

>>11615310
>But the data source itself can be comprised, right
no you dumb monkey, if you agree that the data will be provided by a not trustworthy parti then you are the retard who agreed on it.

some data providers are more trustworthy than others and it's up to you to pick the right one.

BTW its as if youre saying SWIFT could proviade fake data. swift ahs legal obligation to provide the right data, otherwise they go to jail.

>>11615344
Everything can get hacked
What guarantees a malicious third actor wont intentionally mess with the data for his own benefit

>>11614373
>If so, it's very strange that most of the crypto world is oblivious to the Oracle probblem.
Lmao, most normie Redditors like yourself are still focussed on “muh currency” cryptos and have zero understanding of the importance of smart contracts.

>>11615366
Because nobody know where the data is from. They wouldn't even know where to start the hacking.

>>11610757
Normies don't understand BTC either, but that didn't stop them from taking out loans to buy it at its ATH. All they need to understand is that this thing can make them money if they buy low and sell high.

>>11615310
Yes it can. Now tell me what would the implications be for Reuters if they fucked with their data source? It would affect everything in the financial world, not just smart contracts.

Fucking with the API means a whole dev team in Reuters would need to be in on it.. the would have to change it, it have it reviewed and release a new version internally. Not gonna happen.

>>11612091
Fucking kek!

>>11613592
>I don't know how numbers work

Bump

>>11617985
aloha, from calcutta!

>>11613667
the most common score is 100, if the population is distributed normally, it could be a significant difference from half has less than an IQ of 100.

>>11613938
Yeah someone post it I haven't seen it in a while

>>11611976
Very high IQ anon

>>11613082
The oracles don't need to communicate you dumb faggot, they're putting data on the blockchain (in a specific format) where they will be understood by the contract which asked for the data