/biz/ - Business & Finance

I'm a developer and I looked over the Chainlink white paper and documentation, as well as the blog post by Google. Here's a few reasons I would not use Chainlink for my own apps:

The current "mainnet" is not decentralized. there's no way to decentrally assess if an oracle is any good or not.

It took them 2 years to basically build centralized oracles, which is extremely unimpressive (and already exists). I do not have much hope for the future or the competency of their engineers.

The white paper doesn't coherently describe how they plan on making their centralized design decentralized one day. They broadly go over their "decentralized" reputation strategies as if creating sybil resistant decentralized reputation is something of an afterthought, when it's actually an unsolved computer science problem. They've had 2-3 years and $30M in funding to actually publish technical specifications for this and instead they decided to build trivial centralized oracles. Extremely worrying. It kind of reminds me of IOTA "we'll remove the coordinator later". No you won't. You don't know how.

News outlet and journalists keep reporting on "partnerships" with Google and Swift. But if you actually read the source for the "partnership", it's just a blog post by Google Cloud that promotes their own service (BigQuery) and shows an example about how Chainlink users can use Google Cloud if they want. In no way is Google partnered or planning on using Chainlink themselves. The Chainlink codebase is extremely trivial to rebuild if Google wanted to get into the blockchain oracle space.

While there's certainly profits to be made by trading Chainlink, I recommend you do not HODL it with the hope that one day developers will adopt it as their source for decentralized oracles. That certainly won't happen.

Chainlink is scam 101.

>>15080649


> What'd Chainlink do with the $32M, and why does it need more $Millions

Preparing to take over the world with world wide partners and preparing to cause the next technological revolution including lawyers to watch over every little step, plus offices in some of the most expensive real estate on this planet, and so on and so forth...

It is all so tiresome

>>15080706
Why'd they lie about Towncrier?

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!

>>15080729

Because it is none of your business. And it also isn't anyones business what really goes on behind the scenes. NDAs all around for a reason.

Wouldn't want the next Gates to steal the next Jobs' idea, would you?

This, bunch of frens tried to force it as our coin. We are all in this together

>>15080649
This is true and easily verifiable. Andrew Myers, a technical advisor to Chainlink, is also a Town Crier team member. If they're basically the same people. So why bother acquiring Town Crier? Answer: it's a way of cashing out ICO funds.

By the way, when CL acquired TC, this board was invaded with shills trying to convince people that the news was bullish. That's because Chainlink shills on this board have been, since the beginning, people at Cornell working with TC.
Municipal marmalade = Town Crier.

Oh my god a company still has millions in treasury! they must be a bunch of scammers! I can’t believe they aren’t trying to go bankrupt yet!

>>15080649

sergey wears the shirt all the time so he can exit scam and wear a different shirt and we won’t be able to recognise him wearing a different shirt

Oh for fucks sake. Believe what you want. Time will tell.

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>>15080649
>What'd Chainlink do with the $32M
it was actually more than 100 million, since the ICO was done in ETH and they didnt sell it all. that ETH mooned from 300 to 1400. they put the 32M into their bank accounts
>why does it need more $Millions by dumping?
because they need to keep putting money in their bank accounts

i laugh everyday at the fact that many here wasted years of slave wave to buy a 20k-100k stack and sergey is dumping every week 700k that he printed in 5 seconds and costed him 0$. crypto is truly the instrument to suck money from the dumb into the smart and biz is not on the smart side

>>15080649
Ok, buddy, it's ok. You just need to get some fresh air is all.

>>15080649
>Ari Juels wrote Chainlink's white paper before selling Town Crier to Chainlink.
>So Chainlink sold Town Crier to itself.
literally what

>>15080649
Didnt read. Not selling. Fuck your mother.

>>15080649
>>15080658
>>15080659
>>15080706
>>15080729
>>15080736
>>15080741
>>15080760
>>15080767
>>15080780
>>15080783
>>15080791
>>15080801
>>15080809
Jesus Christ. Every other thread on this board is filled with the same shill and fud copypastas every 15 minutes

>>15080741
This could be comment from one of the 2018 Vechain threads

How well did that played out?

>>15080835
This has been happening for years

>>15080649
>What'd Chainlink do with the $32M, and why does it need more $Millions by dumping?
chainlink have been pumping chainlink this whole time
now they are cashing out

>>15080890
Lol pumping a roughly $1B mcap with $32M. Quick, get out while you can!

>>15080844

You can't even begin to compare.

But >>15080835 is right. It is always the same shit. Fud hits shills. Although I am not a shill. I just say what I believe to be true.

>>15080741
"It's none our business, just trust Chainlink."

>>15080835
go back

>>15080649
i have only one thing to say:

FUCK YOU DISCORD TRANNYYYYYYYYYYYY!!!!!!!!
.
.
.
NEVER SELLING AND DIDN'T READ

>>15080947
>>15080835
>>15080925
"FUD" AKA "I have no argument."

If I was FUDing I wouldn't ask to be proven wrong.

>>15080649
>>15080659
>>15080729

> cooks up an elaborate and retarded fever dream in his head where ari juels is apparently just some big fraud now despite his entire career before this
> and it's such a genius scam that it had high buy in prices and no marketing for 2 years
> it's such a scam despite passing multiple audits and getting recognition from oracle and google
> accuses link holders of being desperate, delusional or full of shit while trying to pass this all off as fact
All I can feel at this point is resentment that you're here pissing yourself and barking 50 iq theories at us when we used to have actual, decent fud to argue with.
Yawn.

Sage and hide.

>>15080926

Well, yeah, it's like that with most innovative companies. Phillip Morris isn't going to tell you details about all their new plans and different products to develop for their formerly smoking customer base.
You been watching their stock?

But really, what the hell, don't trust Chainlink then. Do what you want.

>>15080924
go learn how wash trading works
you run an ico with 1 billion tokens and sell 350 million for cheap, make a few accounts on exchanges, split the 32million, push prices up with the funds and essentially just move them around a bit between several of your own accounts
you lose some to exchange fees and smart traders but in the end it is PURE GRAVY when you start selling the 650 million at inflated prices.
and remember that is it an erctoken printed in entirety out of nothing
complete and total scam 100% free money

>>15080960
Please....
You trannies are reapeting the same FUD about "devs dumping" for fucking month and it has been debunked million times.
Did dumped linkys are in circulation of market?
The price would drown to 0,40$ if devs really dumped.
Sooo if we know that devs moving linkies(not fucking dumping you stupid tranny nigger) then it's the point that something is happening and it's something happenning and it's big. And about Ari Juels this so fucking stupid theory that I would believe more that earth is flat than this stupid pajeetTier FUD.

So dilate nigger

>>15081012
the team sat in the cayman offices are probably running it

>>15080741
Then why say anything at all? Why lie?

>>15081028


Retard. Cayman offices. Everyone has them. Noone sits there. Except addresses and mail slots.
Why pay taxes if you can avoid? Ask the big ones. Yahoo et al.

>>15080649
This. Bunch of 4channers tried to force it as /ourcoin/, during the presale ico phase of chainlink there was a minimum requirement of 300eth to enter the presale. Bunch of anons pooled up together and shared presale links to fill them with their eth. Coin continued to get shilled and pumped up and hyped for the sibios event that link was attended, whole event turned out to be a flop chainlink had a presentation in a room of like 18 people next to the public toilets, literally no news or partnership came from the event and the coin dumped back to below ico prices and created 1000's of bagholder anons. Now during this alt bull run lots of anons and took advantage of this and shilling this coin to all the new money and newfags that joined in december and don't know this story. The coin is HEAVILY manipulated and the supply is dried up from huge whales who accumulated below ICO price to create a artificially lower supply (a lot like REQ) and these people have so much room to dump on all of you faggots to still be in profit when the time comes. In regards to actual project that chainlink aiming to achieve it's nothing more than a basic json parser for smart contracts, would take like a day to add to ethereum by itself.. literally making links whole concept pointless and definitely no need for a token. Would take a lot longer to get it working with bitcoin but the bitcoin core devs would be able to work out the solution a lot quicker than chainlink will, think that's something worth noting that literally nothing is completed and you're literally just buying a whitepaper, they have only 2 developers and they don't communicate at all with no proven background on either, in fact sergey was involved in a project before chainlink called NxT that he since been abandoned until it was took over by a new developer team

>>15081057
I'm actually more qualified to talk about this than most anons. I'm employed with a cyber-techno machinations company, I do a lot of security analyst programming type work. Open source, decentralized, APIs, partnerships, you name it. We'd be one of the first companies in line for something like Chainlink, if the decentralized smart contract space had more value over traditional data exchanges. There's a catch though, an underlying flaw more deeply embedded in the bedrock of LINK than the very code itself. The flaw is with the concept, and it's this: Companies won't actually go through the hassle of trusting their data API's through crypto.

Now I can already hear your keyboards going frantic, but hear me out. /biz/ hates banks, and traditional data providers. But actual companies, businesses, and investors do not. There's an old saying you might have heard of: "If it ain't broke, don't fix it!". The idea that any of our bosses would give us the go ahead if we approached them to put our companies valuable data in a smart contract on a cryptocurrency called Chainlink, that they've never heard of, we'd be laughed out at best and fired on the spot at worst. We already have API data buyers and providers we trust.

'But Chainlink is trustless!' I hear you cry, but is that really a good thing? Just listen to the sound of it. Businesses don't want to spend millions of dollars on something that is trustLESS, they want something trustFUL. 'But the reputation system!', doesn't that defeat the whole point of your coin? If companies only trust nodes with high reputation, what's the difference between trusting banks and data providers that already have reputation, but in real life not on a computer screen.

The fact is, LINK is going to share the same fate as ETH will. A lot of 'real world application' hype, with a lot of 'crypto world application' reality. Only, this billion supply coin isn't going to come close to the $1k that Etherum hit. Happy gambling though anons

>>15081045
sergoy has a finance background, it's the perfect place for him to run his washtrading outfit from, he probably has his friends from qed capital or firstmark capital sat there in the office manipulating the order books and dumping on you

What's with all these old copy/pasters that have been answered to and rekt already? What is the purpose of this?

>>15080835
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>>15080649
>It cost no $
Wrong

>Why would he sell it?
So he can cash out.

>why wouldn't he sell it to a tech giant for way more?
Because no one is willing to pay a cent for a project funded by a government grant and whose product is open source.

>>15081067
And what happens when a major company like swift decides to spear head something like that? It becomes join or die anon

>>15081045
How does I get sum kayy Mann Haven benefits fren?

>>15081083
Confusion.

>>15080783
kek

>>15080649
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! EVERYTHING IS ENERGY AND VIBRATION ATTUNE YOUR VIBRATIONS TO MATCH THAT OF MONEY AND IT WILL FLOW TO U

>>15080658
>i'm a DeVeLoPeR and here's why I wouldn't use chainlink

you're not important OP. prove me wrong and post your holdings

When are you guys actually gonna make money? Link hasn't approached 2.50 in over a week now. Crypto moves at the speed of light, which makes a week relative to a month in actual real-life trading and big kid money.

>>15081443

> When are you guys actually gonna make money?

Who needs too? I certainly do not. I have all the time in the world to sit on my links until they one day will be giving us an additional non-stop stake income.

If that happens in 10 years, fine.
If that doesn't happen at all, also fine.

You only invest money if you have enough as is.
You do not take your only 10k savings, or sell your house to invest in some risky business, no matter what anyone tells you.
I hope this helps.... someone.

>>15080791
It’s over for you, linker scum

>>15080658
Tell us all how Oracle isn't a real partnership either

>>15080783
This is probably the best theory in this thread, thanks just sold 100K

>>15081152
Literally get a P.O. box in the Cayman Islands, register your business at that address. That's it. Obviously filing will change so speak to a CPA.

>>15081650

Your poverty makes me sick.

>>15081810
>>15081743
It’s over linkers

>>15082446

They said that 2 years ago. Was it you back then to? ;)

>>15080649
>the same virgin FUD being copy paste since 2017
Have sex incel

>>15080649

>>15080783
made me exhale through my nose

Smart contracts are an extremely idealist vision. This is the kinda shit you think about in magical tech utopias. Never mind them being very vulnerable (the DAO), they’re a meme. Decentralized oracles are an even bigger meme and in order for them to even work properly they would generate close to no money. That’s if you can ever truly make a tamper proof, reliable network of truly decentralized oracles free of all bad actors. Most of the data sources in the used examples are from singular sources anyway. What the fuck is the point in a massive network verifying the integrity of the same one source, like the weather station that reports the humidity level in Uttar Pradesh? You don’t seem to be aware that enterprise API aggregation services have existed for years. Just like Chainlink, if their data fucks with you, they lose your custom and go broke. These systems are up and running right now.

Chainlink is truly a solution looking for a problem.

You are an Anon looking for his brain.

>>15080658
>The current "mainnet" is not decentralized. there's no way to decentrally assess if an oracle is any good or not.


Actually it's right there in the whitepaper. If an oracle fails to perform a task properly then it will recieve a monitary punishment in the form of staked link tokens. It's about half-way into the whitepaper.

>>15082873
See page 17-18 in the whitepaper for an overview of how the Chainlink reputation system works.