/biz/ - Business & Finance

>>17371032
holy shit it's over

>>17371032
nice fud faggot sage

>>17371032
OMG MY PUSSY IS SORE FROM GETTING FUCKED SO HARD BY SERGEY

Someone explain this.

Hahaha no wonder staking isnt out, they cant even do a simple price grab

>>17371032
Stop fudding, faggot.

Poop

This is bad, no doubt about it. However there will be glitches in early stage startups. Anyone who thinks this would be flawless initially was being unrealistic

oops sorry guys this was my node.

kek, that's why i'm all in bsv, the true god protocol

uhhh

how is that possible?

PLEASE NOBODY SELL

>>17371032
Prevsv already does this but it works

Also the great purge is coming.

Enigma now chain link and the rest

Start dumping those bags linkies. NuLink solved the oracle problem already. Smart money already holding

This will happen. Nothing is perfect. There will be mistakes and missteps. And of course off-chain dispute resolution and insurance will always be available. It's more about providing a aydtwm that provides vastly superior trust and automation, of course there will still be manual checks of data. You'll just cut a lot of FTEs, and well-paid ones at that. Have a look into clearing houses.

chainlink is not responsible for node quality, its responsible for sending data from and in to node and makes sure it wont be tampered with on the way there

>>17371032
WTF MY DEFI TOOL JUST LOST ME $100MILLION COZ I SHORTED $XAG/USD

SERGAY YOU TOLD ME IT WAS SAFE

HOLY SHIT IM SHAKING

The source fucked up, nothing to do with the oracles, brainlets.

did ALL nodes get it wrong? how come?

>>17371288
9 SOURCES FUCKED UP AT ONCE ??

WHO ALLOWED THIS, I DEMAND REPAYMENT

FUCK LINK

>>17371290
Yes.
See>>17371288

>>17371296
Imagine not knowing the difference between source and oracle lmfaoooooooo

>>17371308
IMAGINE A BILLION DOLLAR MARKETCAP USING SAME SOURCE FOR 9 ORACLES

WTF THIS COST ME SO MUCH, I GOT LIQUIDATED

>>17371288
i thought the whole point of LINK was to draw from multiple sources to eliminate a centralized point of failure in price feeds

>>17371329
So advocate for more sources.
Chainlink is a decentralized oracle network, not a decentralized source network

Kiss SWIFT & Google goodbye

>>17371342
ITS NOT DECENTRALIZED IF THEY USE THEM SOURCE BRAINLET

>>17371226
>>17371252
>>17371288
cope. the ENTIRE point of a decentralized oracle network is to eliminate the possibility of a shitty source giving bad data. imagine thinking that irreversible financial smart contracts will be built on this piece of shit.

>>17371333
Chainlink is a decentralized oracle network, not a decentralized source network.
At least learn the basics.

>>17371329
relax autismo

>>17371342
If you're going to use one source, what is the point of decentralization then? It just adds an extra step does it not?

Lol it's a fault in the website, not the oracles.

Nice fud though, I'm sure you'll get some to sell

>>17371359
>the ENTIRE point of a decentralized oracle network is to eliminate the possibility of a shitty source giving bad data
No it’s not.
Decentralized oracles prevent tampering with the data coming from the source.

My god you newfags lmao

>>17371368
EXACTLY WHO THE FUCK PAID 1 BILLION DOLLARS FOR THIS

I DEMAND 700K LINK TO MAKE UP FOR MY LIQUIDATION ON THIS HACK

>>17371308
The truth is, with smart contracts, it is ALWAYS going to be vulnerable to a single point of failure. How can you be 100% sure the data that is being sent to the contract is real? Doesn't matter if the oracle problem is solved. With potentially billions of dollars at stake, bad actors can collaborate with each other at these points of failure and run off like bandits and there is ABSOLUTE NOTHING YOU CAN DO ABOUT IT.

I just don't see a future with smart contracts. Chainlink is going to be useless in 2020.

>>17371032
>”DUDE DECENTRALIZATION IS GOOD”
>all “decentralized providers” all pull data from the same source

Bravo Sergey

>>17371368
See >>17371381

Ideally you use multiple sources, but that has no bearing on the utility of decentralized oracles.
Done spoonfeeding.

>>17371384
Proof or larp, fag

OH NO IF ONLY THERE WASN'T 20 OTHER NODES FOR WHEN A FEED GOES DOWN JUST LIKE 2 WEEKS AGO WHEN ALPHA VANTAGE WENT DOWN

>>17371381
So if a bad source can cause a huge mess, why would anyone want to bother with smart contracts?

>>17371381
keep telling yourself that, do you honestly think a financial institution is going to use this service when the most basic price feed fails after 2+ years of building the product

>>17371082

Decentralised Oracle malfunctioned showing the price of Gold for 6 hours instead.

Proof that the system doesn't work.

>>17371032
so all 9 nodes are getting the price data from the same source? what in the fuck?

>>17371442
The Chainlink oracle network itself did it's job properly...it's the source that fucked up; however, if a bad source can cause an issue such as this, then this questions the legitimacy of smart contracts in the first place.

>OK GOOGLE WHATS THE PRICE OF ETHEREUM

WOW ORACLE PROBLEM SOLVED

>>17371389
>How can you be 100% sure the data that is being sent to the contract is real?
oracles trustlessly certify that the api specified in the contract is being tapped.

>>17371345
THIS! Craig have said bsv replaces swift and george gilder who literally wrote a book called:
>life after google
>the fall of big data and the rise of the blockchain economy
who have been accuratelly forecasting the future is one of the biggest fans of the original bitcoin

tick tock linkers

Good thing I sold for PNK below 3 cents.

>people think swift isn't complete garbage and that there is such thing as a "decentralized finance"

>>17371032
feeds.chainlink site was misreporting, the actual oracle price was still correct.
0x8946a183bfafa95becf57c5e08fe5b7654d2807b

>>17371495
synthetix doesn't use the oracle price?

>>17371495
>0x8946a183bfafa95becf57c5e08fe5b7654d2807b
Can you expand on that? Don't know how to parse that information from that ETH address.

>>17371465
No smart contracts are it really only puts this shitty chainlink proxy chain into question

>>17371483
I kept a suistack of link. Moved most to pnk around $.19
Best decision I’ve made so far.

>>17371495
and yet this will be used as fud for the next 2 months

>>17371495
So the website was wrong? How so?

>>17371533
>and yet this will be used as fud for the next 2 months
Who cares? You are retarded enough to fall for any fud you weren’t meant to make it anyways

>>17371495
WRONG

>>17371466
>the answer will pay out a billion dollar contract
>somebody uses an 0day from their list of cia glownigger 0days to middleman your connection
>you just lost a billion dollars

>>17371032
holy shit its true AND sergey just dumped 700k AGAIN!!! RUN!!!

>>17371616
Synthetix doesn't use the actual on-chain data, they pull it from the feeds site lmao

How could Sergey let this happen bros...

>>17371662
bogan fucking clowns why the FUCK DID I TRUST AUSTRALIANS AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

Time to get back to basics boys. Payment coins it is.

>>17371407
WTF I THOUGHT THIS WAS FOOLPROOF. WTF HAVE I INVESTED IN.
FUCK.

FUUUUCK.

AAAAAAAAAAAAAAAAAAAAAAAAAAA

>>17371032
Lmfaooopooooooo

Called this shit

>>17371692
If you’re serious you’re dumb as shit.

kek. imagine falling for this.

>>17371662
false idiot

>>17371776
you need to stop trying so hard
you're making it a bit obvious at this stage, champ

>>17371359
Imagine thinking that exploits and bugs aren't an essential aspect of developing software. Projects mature through fixing inevitable issues.

And this to this whole time Chainlink was just build us a decentralized grave

>>17371918
imagine thinking it's acceptable to lose millions of dollars because of a software bug.

>>17371288
Damn, so solving the oracle problem doesn't actually protect users from the root issue. And we thought trillions of dollars would be allowed to flow through the network. I remember people brought this up early on but it always just got hand-waved away. Going to have to face reality now.

>>17371495
Fudders BTFO

>>17372041
https://etherscan.io/tx/0xe734f47d20cfda98e919f10fcf10657bc498cf7b8010486f243d787e24d95789

wrong check yourself

>>17372041
>>17372075
see
>>17371662

>>17372041
can you elaborate this ''fud''' pls?
>>17371477

>>17371359
You have no clue what you are talking about. 90%+ of this board are low IQ now. It’s pathetic.

>>17371225
Very true.

This is LinkClassic.

I’m in on Link 2.0

>>17371495
This

>>17371757
Smart contracts rely on third parties unless all the data is digitized. Even in those cases there is still reliance on third parties. You may as well use a centralized service and not waste a bunch of electricity and money paying for the data in a decentralized way.

Cryptocurrency as a means of value transfer and as a store of value is the original and the single most important usecase of blockchain type technology. And it is without question that Nano is the current leader in both technology and adoption.

This is fucked. Not a good time for this to happen. The chart was already looking very bad.

>>17371082
number go down

>>17371940
>happens in real world finance
>no money was lost
>chainlink is a work in progress
really made me think sold it all thanks for your concern over my future financial well being and congrats on not buying in the past 2 years

>>17372146
> posts a dead nigger next to nano
lol

>>17372104
ever notice how LINK holders dont give a flying fuck about bsv but almost all LINK fud is carried out by seething bsv fags?

Ironically, this fiasco is actually bullish because it specifically highlights why LINK is needed
Ah who am i kidding this piece of shit is over

>>17372161
Excellent rebuttal.

>>17371032
Time to short BABY oh yeah

Where did all the fucking retarded linkies trying to argue that this would prevent a similar attack on bzx go? NOOO BRO YOU JUST GOTTA DECENTRALIZE THE DATA LINK WILL FIX EVERYTHING

bend the knee retards on suicide watch

>>17372164
yes, it's pretty funny to be honest. i don't know if they are just stupid or trying to avoid the obvious facts there is.

>>17372146
NANO might be a fast little coin but that still doesn't mean it'll pump your bags, same thing with XRP

>>17371226
We’re starting to sound like plebbit ven and nano bagholders

>>17371372
then what is the point of the oracle if something likes this defeats the purpose of the oracle?

>mfw biz realizes chainlink is just an elaborate tech demo with no real work use

Just a post for the layman who just wants to be sure in their investment.
Chainlink did it's job in this situation this isn't a negative if anything it's a positive real life example of chainlink doing it's thing.
Ignore fudders who want more cheap linkies, they know that 4$ is the new floor for Link and are trying extremely hard to grab some more link prior to the next floor. (5$)

Why does this keep happening to me throughout my life?

I make what I feel is a good decision and then it all collapses suddenly and violently and I lose everything I built.

I waited so long to buy into chainlink. I did my due diligence. I could have got in at $2 but I waited until $4.50 and went all in.

Now it is breaking down before my very eyes and I’m bleeding here. I AM FUCKING BLEEDING HERE AND YOU ALL MAKE A JOKE OUT OF IT!!!

This is my life here and sometimes I feel like you’re all emotionless robots programmed to FUCK with people like me.

I’m selling if this drops below $4.20. I can’t take the loss.

Fuck you all.

>>17372181
You got BTFO

> "decentralized network"
> "only friends of friends"
> "all using one api"

>>17372260
please sell soon so we can pump to 5$

The highlights the problem of chainlink. They seem to predicate their success on the idea that there will be multiple sources of information to draw from to keep each other honest. But in reality, most data feeds will come from one private source. They're so focused on defi because that is the only source of public information like price data. There is no application beyond that.

>>17372260
nulinker cringe

I would literally coom if chainlink failed in spectacular fashion and every last racist link hodler lost their life savings. I have never seen a positive post from someone who hodls chainlink so fuck every last on of em.

>>17372246
lmfao imagine this level of cope.... link is falling victim to the very thing it was supposed to solve

'just use our nodes bro, well yeah, you can still suffer catastraphoic losses because we're pulling from a centralized feed, but at least the kyc'd nodes are decentralized!"

fucking retards. the fact that this happened is a MONUMENTAL blunder

>>17371466
lmao I have orakle problem

The entire recent rally is based on leveraged trading from binance, pump n dump, and some convenient "hack" of bZx during the denver eth conference. I'm pretty sure sirgay is has been dumping and is ready to dump even more soon. Him and the team learned from the previous anchain pump analysis so they've hidden their tracks better now.

WTF IS THIS SHIT LEGIT WHY ARE WE DUMPINGAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>>17372308
fuck niggers

>>17372310
You type like a redditor

>>17371662

>>17372352

>>17372352
because BTC is dumping you retarded nigger

>>17371430
If you have any chainlink I suggest you sell
You don't understand what you are holding

they just dumped another 700k check it its real

>>17371032
>https://feeds.chain.link/xag-usd
The UI should show which source(s) the oracles are querying ... are all of these oracles actually querying the same source??

>>17371442
if reputation had already been implemented the node that fucked up would have its reputation shittered as a result
still, not gonna pretend that this occurring isn't a concern; this is obviously ENTIRELY the concern
god-tier fud; will buy the dip

>>17371384
Wanting reimbursement for soon to be worthless link

>>17372444
lol it was every node
the chainlink team worked with synthetix to set this whole thing up l
how can you cope out of this

>You gullible stinkers realized my project's failure
>have a series of 700k dumps while there are still buy orders

Let the Sirgay exit scam commence.

>>17371515
LINK is a meme shitcoin

>>17371442
>>17372444
checked but this is the reason for a soft mainnet. Also if they had more then 20 data providers then this might have not been that big a deal

This is unironically terrible for this project. The one thing it was meant to do, it failed.
This shows that it really isn’t anything except for a ducking json parser lol
“Derp herp data from here go there” is all it fucking did with all checks and balances spectacularly failing.

>>17372348
>The entire recent rally is based on leveraged trading from binance, pump n dump, and some convenient "hack" of bZx during the denver eth conference. I'm pretty sure sirgay is has been dumping and is ready to dump even more soon. Him and the team learned from the previous anchain pump analysis so they've hidden their tracks better now.
> this unironically

at first I thought this was some shitcoin but it's actually silver
the question is then why isn't there aggregation from different independent markets/data sources? Then this one would've clearly been thrown out as an outlier.

>>17372603
all the nodes are ran by the same person, so they just switched the data source to xauusd because they could.

this isnt an api issue-you think all the firms actually worth a shit deal with this?

>>17372444
actually the nodes that reported the correct price would have gotten their reputation fucked
since the faulty price won the aggregate with majority

you can get fucked by providing valid data if the majority provides invalid data

FYI there are ppl on here who hold huge stacks of link and tend to fud it cause there bored.

>waiting for chainlink and SNX to explain this

I would really like to see a team response to this
It's really only an implementation issue, but it makes for a valuable lesson

>>17372674
Sergey needs to address this

>>17371032
The FUD was real.

Brainlets, the oracle operators are retarded. If 5/8 operators use the same source and that source has an issue, the final result will have that issue too. In the future those node operators would be severely punished and not everyone will use the same data source. Literally a nothingburger, especially in early state that chainlink is in now.

Banks/multinationals will use trusted parties for their data. Parties they can sue if shit goes wrong, parties they can bribe if need be, parties they can whine and dine and build relationships with.
Autists don't understand this. But nice cult you got going.

>>17372704
For the record this is the same issue that aggregation will solve and that's not implemented yet. Plus staking will ensure operators won't use the same sources. 3 months from now this will be impossible to happen again.

>>17372733
how does aggregation solve it? if 5/9 nodes reported it, wouldn't it be considered to be the "correct" data?

Where and how can you check what price the oracles reported? To make sure it wasn't a UI problem on the website, but actually faulty oracles?

>>17372746
it would be disputed and if this were a serious live situation where funds were lost, nodes would be hit with penalties.

>>17372746
Truth be told I have no idea. I just know aggregation is hyped up so I assumed it must solve some big problem and this seems like it. I don't even know what aggregation means.

>>17372790
based

>>17372790
based

>>17372769
Trying to figure this out myself.

>>17372746
Then it would be considered the fault of the smartcontract creator who selected 5 nodes that report from the same source. Otherwise if he selected all 9 nodes with different data sources, then the likelihood of a majority incorrect answer will be very very low.

>>17372708
>companies will only work with companies they can give firm handshakes to in person
shut the fuck up boomer

>>17372477
because, somewhere down the line, 700 nodes won't be drawing from the exact same pool of data from the exact same perspective in space-time
the nodes that present the wrong data get penalized accordingly, and new insights into the fundamentals of data collection are made
fundamentally, this has no negative bearing at all on chainlink in the long-term—and in fact, it validates the full chainlink network's entire purpose and all of its use cases in a more convincing manner than any amount of my, or anyone else's autism ever could
the more decentralized a network is in a real-world scenario, the greater potential there is for a participant who is dead-on about everything, every time to be submitting data
with only 9 oracles that are reporting data on one thing in the network's utter infancy—a relatively measly number and quality compared to that of the oracles that have incentive to exist on the full chainlink network—evidently, you have errors
and that is, after all, what this phase of the chainlink network's existence is for ;)

>>17372639
totally correct; the principle is the same, though
in a real-world scenario with several hundred or thousand nodes, it's less likely that one single wrong answer should ever outnumber the number of correct answers reported
if one single very wrong answer ever SHOULD outnumber the correct answer and the wrong people are punished—well, somewhere along the line, good people made a foolish mistake to treat the error-prone as if they were on the same technical level
we get what we deserve, don't we?

>>17372513
basically the tl;dr of my post
quality

>>17372821
This, the smartcon operator can choose the nodes he wants and if he's smart he chooses nodes that draw data from different sources, making the XAG flub a vanishingly small likelihood. The Chainlink feeds right now are demonstrations and there's no incentive/impetus for the heartbeat contracts to be choosy with their node operators in the way that a real contract owner with millions on the line would want to be.

Ah, the downgrade to ERC-10 is starting to make a lot more sense now

It's one of the smallest price feed networks, pre staking, pre reputation and a poorly reviewed diversity of APIs. Quickly solvable but bad that it happened at all.

>testing for potential failure conditions and penalty calculations
>over
Just getting started. More to come.

https://blog.chain.link/improving-and-decentralizing-chainlinks-feature-release-and-network-upgrade-process/
>https://blog.chain.link/improving-and-decentralizing-chainlinks-feature-release-and-network-upgrade-process/
https://blog.chain.link/improving-and-decentralizing-chainlinks-feature-release-and-network-upgrade-process/
>https://blog.chain.link/improving-and-decentralizing-chainlinks-feature-release-and-network-upgrade-process/
https://blog.chain.link/improving-and-decentralizing-chainlinks-feature-release-and-network-upgrade-process/

it's kind of bothersome that you can't go from the feeds.chain.link page to the corresponding job on market.link

>>17372708
>wining and dining with low level paper-pushers
anon, if anything, trustless middleware will give them more time to consort with people they actually want to be around

>>17372892
lmfao they market themselves as secure and reliable but snx minters who have to eat the 40k in losses sure don't feel that way

>>17373390
This would never have happened on the NLINK network. Get fucked link 1.0 boomers

ADELYYYYYYYYYYYYYYN NOOOO

>>17373468
anon didn't they teach you in primary education "if you're not going to respond to posts on 4chan with anything of meaning then at least make your shitposts good"

>>17373468
Fuck SNX and all the brainlets that use it.

>>17371107
cope. fucking free api would work better

>>17373771
bro don't worry that this could have potentially destroyed your first customer's entire project and given 150 million to some lucky slob holding sXAG bags bro it was just human error hahahah no big deal

JASON PARSER NO

>>17371032
This thread can be closed now. Problem is solved as we speak.

>>17373090
Chainlink solves this... Wait...

so this happened while they were trying to optimise the contract? why wasnt it reviewed before going live?

>>17373811
>"chainlink fucked up!"
>"yeah, there was a godawful terrifying error, but everyone knows chainlink is not entirely complete and when things like reputation are implemented it's gonna quell these issues"
>"yeah but chainlink fucked up!"
>"yeah, the first thing i said was that they did and that it's obviously fucked, but it failed over an issue of centralization which is why chainlink is aiming to perfect decentralized oracles—and besides, if you take huge risks, you should know what the parameters for failure are; everyone gets what they deserve"
>"yeah but chainlink fucked up!"
>"lol nice meme"
>"yeah but chainlink fucked up!"
are you retarded

>>17374400
oh the website not the contract. still this should not happen

>>17371225
Very promising and comfy af holdin it

>>17374480
>things like reputation

dude this is so much fucking cope. these are real smartcontracts with real money on the line that are live on mainnet, and they kept reporting the wrong price for 5 hours.

If this had happened on a pair with real open interest you'd be able to buy link for .01 right now

>>17371082
Sergey solved the alchemy problem

>>17374733
> the reputation system is cope
You argue like a braindead nigger.
It's a wonder that the other anon is even bothering to spoonfeed you at all, kek.

>>17374817
reputation would mean fuck all for this anon
this shit is live on mainnet and claiming to be the tamperproof standard for defi feeds and they literally allowed anyone holding silver to sell it as gold FOR FIVE FUCKING HOURS

When will linkies learn?

>>17374860
Mainnet lacks basic functions. It's not even on version 1.0

Leshner your wife is a dog lol

>>17371430
Do you trust your bank?