/biz/ - Business & Finance

>>14661809

In real world applications Smart contract creators will demand a certain level of reputation or amount of collateral, to be paid in LINK tokens, that suits the value of their smart contract. A $1 million bond would require a lot more collateral, than, say a smart contract dealing with $100. You wouldn't select the low rep/low collateral available nodes for something like a huge bond. Chainlink is actually targeting these high value contracts. Sergey has discussed at length why high value contracts in the financial world require a decentralized oracle: it puts all the risk onto the oracle rather than the smart contract creator. The smart contract creator doesn't risk losing money - the node operators do, if they. The Chainlink network is genius like that.

There is infinite amount of collateral available because the token price can rise to meet it.

Now you have to research how large ALL these markets are. derivatives, insurance etc... hint: Trillions.

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!

>>14661809
didnt read not selling

>>14661840
Based

>>14661809
sorry bro im not selling my chainlinks

20,000 sats

>>14661840
based linktard

>>14661809

Regarding the network effect of oracles and the price assumption along with the stability of the smart contract economy.

The more LINK staked in the nodes, the more profit one can make running that node.
The more LINK staked in the nodes the bigger the smartcontract economy can become.
The more LINK staked in the nodes the more stable the network/connectivity becomes.
Finally
The more LINK staked in nodes the higher the price becomes.

We are witnessing something really special. The birth of the HTTP equivalent in Crypto.

People need to understand, there is no equivalent and the more oracle networks that try to complete the less efficient the system becomes. Its like saying we have two Internets to use and people have to choose one of them for one site and the other internet for another site. Chainlink has become the standard and everyone will use it.

The only comparable investment to LINK is when BTC or ETH first came about. Decentralized digital currency, Decentralized smartcontracts and now Decentralized oracle network. This trifecta will lead us into the next economic boom.

OP.. so what youre telling me is...
1000k eoy?

>>14661840
Based

>>14661907
Sell your bags, this dump just started

>>14661809

for those still not understanding how smart contracts are the future and stuck in the digital money aspect of crypto. Let me break it down

Bitcoin is a peer to peer digital cash system with no central controlling party. Bitcoin was the first working, rudimentary version of what is often referred to as a "smart contract".

A smart contract is a deterministic computer protocol that digitally enforces a transaction between two parties. In the case of Bitcoin, I send you one bitcoin, The network confirms the transactions through the use of a ledger that is distributed amongst a number of nodes, the transaction is made valid and you receive your bitcoin.

The idea behind Ethereum is taking the function of a smart contract, and adding certain business logic behind it. For example, I send you 1 Ethereum and in return I receive 300 BAT erc20 tokens. This is dandy because now instead of only having the function of transacting a single coin, I have the ability to send and receive funds from a transaction that is programmable to a degree of logic.

In the current form, Ethereum smart contracts are limited to data that exists on-chain. If you wanted to send 1 ETH depending on, for example, the outcome of a baseball game, then you would need to use an "oracle" to provide the outside data onto your smart contract.

With Chainlink, contract creators pull outside data from multiple sources through the use of decentralized oracles in order to maintain a level of security and trust that is promised with these tamper-proof, highly deterministic contracts. It is the next evolution of Smart Contracts. A needed network in order for mass adoption to happen.

The crypto space is leaving digital currency behind and moving toward a B2B solution that will change our world much like the internet has.

If by now you don't have a bag of Chainlink then well you are destined to be poor. If you do have a small bag then buckle up. The ride has just started.

having data stored on chain makes chainlink worthless

So what is the minimum needed to run a node and what is the return?

Doesn't this mean that ETH will have to become more valuable too?

>>14661840
>>14661857
>>14661866
>>14661925
>>14661920
Based <80iq posters and >130 uniting for a better world.

>>14662282
Minimum is zero Link. The return is a function of what data you can provide, your reputation based on your ability to deliver that data, and the amount of demand for the data you supply.

>>14661809
why are you jerking off about what a token will do when it gets 1 billion users, when its current state is 0 users?

>>14661809
NICE FUD FAGGOT I WON'T SELL UNTIL 8$

>>14662005

Thank you good deed anon. This was helpful.

>>14662332

It sounds like the Value will be transferred to LINK. Since the data and computation will be handled in the oracle network and the answer written to Ethereum.


I see this as a Costco example.

You have a warehouse selling stuff. Ethereum is the cashier handling the transaction for the customer. Chainlink is the warehouse and all the merchandise in it. The customer takes what it needs and heads to the cashier to "cash out".

The problem with ETH is that I see it as a replaceable platform in the future. ETH is cashier #1, ADA is cashier #2, EOS is cashier #3 etc etc.

in crypto, its about the data. Thats where the real value is and thats why Chainlink, imo, is more valuable then ETH and then eventually BTC in the long run.

>>14661809
OP just redpilled you fags.
Best explanation I’ve seen written in ELI5.

Try and refute all of this discord trannies

Bump for all you nu-stinkies before this one falls to the archives. Logged my phone off of Corp wifi just to post this. You don't deserve it, but everyone should see it.

WE ARE ALL IN THIS TOGETHER

>>14661809
no cross-chain tech
obsolete in two years
bye bye

Dude like what if the reputation system for oracles literally just involved putting chainlink up as collateral? Would Sybil attackers risk an attack if they had to put up collateral?

Genuinely asking, I’m trying to understand the Sybil attack angle and how chainlink will deal with it.

1 where do the staking payout Links come from, dev or the customer and does it even matter?
2 will there likely be more LinkTokens then the currently established limit?
3 how will this influence the price if they get market sold regularly?

>>14663941
read >>14514053

Right but what’s the timeline to realize all this. Are we taking 2 years or 20 years?

>>14663832
2k linklet reporting in.

>>14662453
I just followed the memes. You fuckers are making me rich.

>>14664324
Instead of something something it should say Foundations

>>14664391
thanks autist anon.
sadly i am not autistic enough to correct it.
it would cut into my procrastinating from getting /fit/ and doing 100 5kg one arm lifts today to stop being a lanklet.

You not gonna get my linkies OP

>>14664179
I’ve read that and while that makes sense, the process towards decentralization of oracles still doesn’t make 100% sense.

I see it two ways: the centralized nodes introduced at the start of the network grow the network enough that Sybil attacks become too expensive to perform
2. There is a way to have a decentralized reputation system based on something like collateral or stake or something else a Sybil attacker couldn’t spoof

>>14661837
you are a MANIAC!

>>14664693
for point two, check out the whitepaper.

>>14661907
>The more LINK staked in the nodes, the more profit one can make running that node.
Do you mean the more profit one can make per Link token?

>>14664525
I do push ups and sit ups. Good luck anon

>>14661840
based retarded linkionaire

>>14664753
thanks i'll reread it again

>>14664693
Their strategy starts with your first point and ends with your second point. Trust will be axiomatic by the time the decentralized reputation system is online, because they're starting with high-trust centralized nodes

>>14662644
>why don't you invest in ideas that are already proven and priced in?

>>14664525
>100 5kg one arm lifts to stop being a lanklet

isn't going to work. you need to eat big to get big and second you have to lift big to get big. get out of that small mentality and start getting BIG anon

>>14664525
If you can do 20 reps or more, you need to up the weight. Honestly if you can do 10-12 or more you should up the weight, but take it easy at first and stick to 20.

I have 5400 link. Why should I, an unremarkable person who has never accomplished anything, has never had a girlfriend, and works at an engineering job that I cannot stand and only pays me 56k a year, be allowed to become a millionaire?

I am not allowed to become rich and retire young. Sorry to brake it to you linkies but, for you to succeed, I too would have to succeed. I will never be allowed to succeed, so neither will you.

>>14665405
>for you to succeed, I too would have to succeed
No worries anon, you'll sell WAY below $200/link. By the time it hits $20 you'll have sold a solid chunk, then when it hits $50 you'll lost a lot more. There's no way you'll even have 1,000 left by the time it hits $100.

>>14665438
yep. nulinkers won't survive the shakeouts (see: eth crashing from practically 400 to 100 on the way to the top in 2017, as one example).

only those who survived sibos dump and feel nothing anymore will make it.

>>14664999
thanks and checked.
can't do any correct pushups any more sadly. but i do crunches to get the core, and in combination with the water jug lifts for arms and shoulders i think in a couple of moths i am back at being able to do pushups.

>>14664862
Read OPs points over and over until it makes sense.

Your financial future may depend on it.

>>14661809
Pretty decent QRD. Should help all the retard nulinkers understand what they’re actually buying

If the market is worth over a trillion dollars and I own .0058% of it you’re telling me I stand to be worth 5.8 billion dollars. Still never selling

>>14665438
I won't sell because I have steady income and no need to sell for anything. It won't make a difference. The universe won't let me become a millionaire that retires in his early thirties. That means it won't let you either, since if it let you it'd also be letting me.

>>14666043
So you need to sell right now. For the greater good

Bookmark the archived link of this thead
https://www.warosu.org/biz/thread/14661809

>>14662005
Interestingly, all of the buzz words you are using are the exact words Sergey used to describe Chainlink on his podcast interview with Pomp back in January.

You explain the Chainlink value proposition so succinctly that I can only assume you are in fact Sergey, or a member of his team.

Cheers for saving biz pro-linker.

>>14664128
>1 where do the staking payout Links come from, dev or the customer and does it even matter?
The requesting contract (customer). The nice part is that a currency swap/exchange is basically going to be one of the first smart contracts made, making it seamless to "pay" your oracles in literally anything (fiat, crypto, heck even digitized commodities/pieces of another derivatives/option contract).
>2 will there likely be more LinkTokens then the currently established limit?
No, not unless SN wants to get his ass beat and kill his own project. LINK tokens are divisible to 18 decimal places ie. .000000000000000001. There's room for expansion built in.
>3 how will this influence the price if they get market sold regularly?
Theoretically, the more LINK a node collects, the higher/better the contracts they will be able to provide data for. They need more and more collateral to keep up, and can then run more and more jobs at the same time. Also, consider the ever present need from #1. The smart contract currency exchange would operate the other way, LINK to fiat deposited instantly into your bank account for the Node/oracle operators that did want to sell out. There will soon be no volume on exchanges, you'd have to buy OTC from one of these currency exchange services at a mark up. Keep in mind, the SC exchanger itself requires tons and tons of data feeds for every currency/crypto, and outbound (swift/psd2) banking messages. Everything snowballs, very quickly.

>>14662968
Yep, best summary of Chainlink I've seen on /biz/. So much nonsense on here no one will notice.

>>14661809
Solid post, thanks for sharing.

>>14661809

1. No one is going to pay anonymous nodes to provide data. Why would you pay yourself Link for data coming from your own managed servers?

2. This doesn't make sense. As someone developing an app that uses smart contracts why do I give 2 fucks about how much LINK is staked with a Chainlink node? How does slashing happen if I believe the provided data is wrong? Is there a consensus mechanism to do this ? Don't say look at the whitepaper because I've read it and there isn't. They don't explain how this would work because its a really hard problem and they have no solution for it. They just say you could do something involving burning / slashing.

3. Chainlink isn't an option at all for someone who wants decentralization. it's literally the opposite at the moment and will be unless they miraculously pull a solution out of their ass that they've been hiding from the world for 2 years for no reason. Their solution is to run your own centralized data feed. This isn't a solution and it is worth exactly fucking nothing.

You are either a moron who was tricked or you are just intelligent enough to try and find a greater fool on this mongolian basketweaving forum.

This is such a cope thread with the intention of suckering chainlink holders. Bet you 100 bucks link drops to $3 either next week or the week after.

Sometimes when a helpful anon comes and spoonfeeds the newbies I like to compartmentalize the idea thats its sergey coming on here to help the hordes of lonely and hopeless neets because he understands what the feeling of complete hopelessness is like and wants to make a difference in our lives.

Sergey, if you are reading this, truly I love you brother. God bless you and may you and the one you love have great health throughout life.

>>14666883

So posts like this I think have to be some sort of organized campaign where responses are just queued up either by a bot or by pajeet call center guys.

Nothing helpful was provided here. Just a bunch of vague lies all directed at justifying a price pump. Nothing was spoonfed. It was actually the opposite again, a bunch of vague bullshit that sounds close enough to fool some dumb and desperate for a get rich quick event.

>>14666944
Lol keep at it faggo. maybe you'll shake out some of the nu-stinkies, but you won't shake these iron fists cuz IM NEVER FUCKING SELLING

>>14666719
This.
I’m sorry linkers. But it does not make sense to use an off-chain oracle, what makes sense is on-chain data aggregation and verification, voting systems to determine validity of data and contracts. Basically what LINK tries to do, on-chain. Now, in the brief period until Ethereum is able to scale something like chainlink makes sense. In the long run it is just a bandaid solution and you should not be all in.

>>14667008

NONONO SIRS you will NEVER have me sell my stinkies NONO please show bobs.

>>14667017

It's not even this. LINK DOESN'T try to do any of the things you said. It doesn't even make sense currently, nor in the future.

>>14667017
>Should not be all in
Kek go dilate you disgusting dickless tranny


>>14667047
I save all these fud posts, so I appreciate you allowing me to add to my stash xDDD

>>14666944
You're the guy from yesterday. Is the only put down you know 'vague bullshit?'

>>14662500
can I leave a rasberry pi on as a node?

>>14666944
you must be retarded or a schizo poster because that post was full of delusion and paranoia.

>>14667143

Nah, see my explanation of why the original post is total bullshit. How much would you bet that neither you or any of you other faggots will actually respond to it with any substance?

>>14665487
>eth crashing from practically 400 to 100 on the way to the top in 2017
For real?

is there any way i can find link somewhering the street? just like around?

>>14667635
no, maybe you can node in the future

>>14667635
You might be able to find some in downtown Phoenix tonight if you’re quick. I had to rush out of work today to be on time to my tinder date and some linkies fell out of my pocket on the way there

>>14661809
so....
we're talking like a $1.00 mcdonalds cup of coffee here?

i thought this was gonna be that premium gourmet shit that makes starbucks look like a welfare cafe.

>>14667635
My dad works for Nintendo and a link just flew over my house

>>14661809

Wait, you can mine LINK? WTF

>>14662005
wait... I recognize this.
I unironically wrote this on reddit a while ago. Not even joking.

>>14666719
1 depends on the data a business would want. realistically some fuckwit in europe or asia won't have the data relevant to the american economy, they could produce a fraud and take the risk of losing their stake
2 i think the stake operator is providing the data, right? i dont think the customer is just asking a node if they have link, they want either computing power or data
3 its centralized as in the front door says chainlink on it but inside it becomes more of a platform for data providers