/biz/ - Business & Finance

>>12829558
are you incapable of reading the whitepaper?

>>12829558
NEXT QUESTION

>>12829569
It's 38 pages long. How about you just give me a one paragraph synopsis if you're so bullish?

>>12829558
>What do I need LINK tokens to be able to do?
you need it to shit up this board senpai

So does the token do anything or what?

WE ARE ALL IN THIS TOGETHER

DO NOT UNDER ESTIMATE THE POWER OF POSITIVE THOUGHT! ESPECIALLY COLLECTIVE POSITIVE THOUGHT!!

THIS SHIT IS GOING TO REACH $1,000 EASILY! HOLD THAT THOUGHT AND VISUALIZE IT IN YOUR MIND EVERYDAY AS OFTEN AS POSSIBLE STARTING NOW AND IT WILL MANIFEST INTO REALITY. DO IT! I'M NOT JOKING!

VISUALIZE AS OFTEN AND AS DETAILED AS POSSIBLE!

>>12829592
holy shit how fucking dumb are you?

>>12829635
I dunno, you could easily prove how "fucking dumb" I am by explaining what the token does (if anything at all) yet here were are.

>>12829644
i dont understand why you dont open the whitepaper, go to the second page where it tells you what page link token is on. why is this so hard for you? I really want to know how can you be so dumb? how do you manage to breath?

>>12829661
Somebody on biz probably told him breathing was a good idea

>>12829632
YOU ABSOLUTE MANIAC!!! I LOVE IT!!!

>>12829671
lmfao

>>12829676
dude, SO ARE YOU

>>12829661
It says it's supposed to incentivize Chainlink Node operators (what?) to do things like retrieve data from "off-chain data feeds." Do I have to read the other 37 pages to understand what these mean or can you just explain it simply to me?

>>12829558
None of your business fag

>>12829700
Checked.

>Do I have to read the other 37 pages to understand what these mean
Try page seven

It doesn't do jackshit OP. The token is absolutly useless. They could've used ETH and BTC instead. But needed a way to get easy money fast. That's what the token for.

The people telling you "retard, can't you read" are absolutly a good sign that you're on track to figuring it out.

>>12829700
you get paid in link as a node operator completing a job. what else is there to it? Congrats you found out link is a scam good job on that at least

>>12829558
IF ONLY THERE WAS A DOCUMENT SOMEWHERE OUT THERE WRITTEN TO ANSWER THIS QUESTION

The LINK token defines a new ERC standard, utilizing the "transfer and call" function. Technically speaking, it's beyond that which is attainable by your measly IQ. Economically speaking, it's the payment that node operators get for retrieving data. Data requesters have to buy LINK to buy api calls. They don't use ETH because it doesn't have the same functionality as the ERC standard they developed, and obviously they don't use Bitcoin because it's not on the fucking Ethereum blockchain.

>>12829700
It's like reading the Bible anon. Some pages are more helpful than others. A new Bible for a new world!

>>12829558

1. The LINK token is used as a currency within the oracle network. ex. smartcontract operators can only pay nodes with LINK. Adaptors havae already been set up so there is a USD conversion to LINK for this purpose.

2. The LINK token is a ERC677 token which its main function is to transfer data

3. LINK is used as collateral to the smartcontract value/insurace. So if there is a derivative smartcontract worth $1 million USD. the nodes chosen will need to carry at least 1million USD in LINK value. This is done to deter bad actors. If a node gives false or bad data the there will a % penalty taken from that LINK node. This system forces everyone in the network to to be honest. dishonesty in this system can't thrive with peoples LINK at stake.

So you see. When people say 1000 EOY they mean it. Its funny to us to say EOY but we know for sure $1000 is coming. because everyone that understands LINK understands just how bit the derivative market is Trillions. Thats just one market. We haven't talked about Insurance or other markets Smartcontracts will transform.

So just know this about LINK. The larger the smartcontract economy the higher the LINK price MUST go. The higher the LINK price the more stable the network. Remember it is there to collateralize data/smartcontract value. IT acts as insurace to proper data. It is the equivalent to the internets HTTP, bridging data. But this time we can capture the value with a token.

>>12830529
id like to add that

#3 reason is the strongest reason to invest in LINK.

Think of the system laid forth. Know that Node operators will have HUGE incentives to capture this value and hold massive amounts of LINK to capture high value smartcontracts usage but also the payout.

The % of payout will eventually be huge for node operators.

As Sergey once said, Running nodes will be the new mining without all the energy and hardware waste. Chainlink node operators will be first ones to "mine" data along the network.

>>12830529
Unironically sold my link after reading this...

>>12830529
i wish this was true

>>12830620

>>12830529


By the way. All this info is in the whitepaper.

>>12830529
>>12830591
Please don't feed Reddit thanks

>>12830529
And yet you know all of this from your mom's basement and the token cant break above 50c
Seems like a bunch of bullshit and the market is calling your bluff

>>12830529
>This system forces everyone in the network to to be honest.

that's exactly why it failed

>>12830831
I think we're stepping out of the smart-FUD phase and entering the dumb-FUD phase. How quickly time flies.

>>12830529
holy fuck please tell me this guy is joking. im going to sell my LINK if not

>>12830831

Its in the whitepaper. You just need to read it.

>>12831230
Nah it's just a larp. Link is like something that's nice to have but really free services already exist that do this. Chainlink was too late being developed and its use case faded away

>>12829924
Can you shut the fuck up?

>>12830591
Why not hold a stable coin instead of link for your node? EVM txfrs data just fine. Even then it's just a state change. The future for node staking will be stable coins.

>>12831449
Because the the function of LINK token is a transfer and call function.

Stable coins do not have that function. It would create complexity in the network if another token was used.

>>12829592
Is Ari ded ?
Why the cross ?

>>12831527
And to put simply, the most simple design is the most stable design.

Regarding stable coins, they will be part of the network. Like JPMcoin. Its a stable coin. We can agree.

However, the coin only bennifits the owning institution. So we will most likely start to see GoldmanSachscoin, wellsfargocoin,etc...

Can you guess what the oracle network will be to handle all these stable coins?

got it now?

>>12831449
Another reason why a stable coin will not be staked in the node is because the stable coin would then act as collateral to the smartcontract using it.

Now, why would a $100M derivitive smartcontract user trust the owner of that stable coin?

The whole system from begining to end must be decentralized. No point of centralization. Centralization means chance of error, downtime, and false data. LINK is the solution to all of that.

>>12831596
At any time the stable coin could go bust. Think of USDT. It is used but its not 100% trusted.

People still think it will go bust. Try using that in a node. it won't work.

>>12829558
https://www.youtube.com/watch?v=d4IHRkKxJJ4

>>12831596
https://hackernoon.com/a-comprehensive-guide-to-decentralized-stablecoins-22f66553c807

>>12832526
Either a stable coin needs to be centralized or it needs a data feed that chainlink would likely supply. So you propose nodes stake in a stable coin that they help to secure? Sounds like a conflict of interest

>>12830529
this is all it was, this whole time? what the fuck?