/biz/ - Business & Finance

the dumbest fucking idea in the world

every financial institution and ethereum were going to use centralized oracles; which are faster and more reliant than people give credit for.
But then comes along fat fuck sergey who payed off SWIFT with NxT money to use their logo
>YOU DONT WANT CENTRALIZED ORACLES
>CENTRALIZED ORACLES COULD BE HACKED
>BUY DECENTRALIZED ORACLS :DDD
so then, every single centralized oracle project, technology that could deliver data at instant rates without costing companies anything, all went bankrupt because MUH DECENTRALIZATION.

but one problem
CHAINLINK IS NOT DECENTRALIZED AT ALL
Sergey had gotten an endorsement from SWIFT without Chainlink network even being built. They literally sold them on the idea of chainlink, but not the actual tech.

As more time went on, ChainLink was revealed to not actually have some advance clever technique of decentralized information; they are just going to take the average of multiple sources and say thats the official answer.
This is where a LINK token comes in. Whoever owns the most amount of LINK, gets to decide what source is the most accurate. Anyone who owns enough LINK can cancel out sources for the ones they feel is most right. So, in order for chainlink to work, banks would have to have billions of chainlink at all time to make sure there is no rogue source of data.

And heres the kicker, the way this network works is you have to pay fees in chainlink tokens to process data. Thats sergeys solution to prevent rogue bad data from getting through, make it so the data processing fees is so high, only the right data source can pay the fees.

Halfway through this abomination of a project, Sergey realized
>oh fuck, any random neet can own a bunch of LINK and corrupt the data
so Sergey implement KYC centralization; so that no banks have to use any data from a source that isnt KYC centralized. This means banks will only be trusting other banks for information since they have KYC
So basically; centralized

>>17820363
holy shit im not going to read all that, thanks for bumping tho

>>17820363
DR;NS

>>17820363
My dearest friend, 'tis with immense pleasure that I inform you that your letter has found safe travel to my destination and landed in my hands. However, this pleasure was fated to remain short lived and bittersweet, for I must also admit to you, regardless of what distress it may cause to you, knowing you went to great trouble to pen it and deliver it to me, that I in fact declined to open it and refused to read the message contained within. Surmising your intentions, there exists no doubt in my heart regarding your sincere worries for my financial well being, but alas your attempts to convince me to modify my investment strategies shall regretfully remain futile, as my stubbornness in this matter has indeed been sealed irrevocably and no other voice shall rock its imperturbable foundations. Allow me then to reiterate my will once more, and do your best to forever remember it for no change will follow: I shan't part ways with my beloved asset for it is my utmost belief that I have invested wisely and foresee infinite potential in its future, and therefore no other possession in this world shall change my decision, not even a mountain of gold! For my possessed asset is indeed fated to be worth more than any other riches in the world. We shan't speak of this no more. Sincerely yours, your beloved friend.

>>17820339
Daily reminder that almost everyone on /biz/ shit-talked RSR for months saying that MakerDAO was king and that they would all become their own Federal Reserve.

>>17820438
BASED

>>17820450
Can you loan out RSV by staking some kind of collateral? Didn't think so faggot. No one cares about your fancy stable coin

>>17820975
No but I can bid 0 DAI for all of your collateral if I just wait for a large market shift.

>>17820450
hey hey heyyy

>>17820339
LINK has been in an uptrend since December 2017. You’re complaining about a little baby drop like this?

>>17820339
>Why the fuck are we falling as hard as fucking maker dao?
Because Makerdao crapped the bed, while Chainlink performed beautifully.

And also partly because Chainlink is about to be integrated by Oracle, and is providing oracles to Microsoft, AMD, Ernst&Young.

honk honk