/biz/ - Business & Finance

Chainlink oracles erroneously reported the price of silver to be $1,600 instead of $18. Happened on mainnet. Yes, money was lost because of it. There were no punishments to the Chainlink oracles because there aren’t any fucking punishments in Chainlink for these kinds of errors!

>>30123982
isn't staking supposed to implement the "cryptoeconomic penalty"?

>>30123982
>look up the XAG-USD incident

That was contract operator error.
Cryptoeconomic security is about protecting the contract operator from the nodes, not the other way around, obviously.

This guy has no idea what the fuck he's talking about lmao.

>>30124031
How do you "erroneously" report the true price of something?

>>30124031
>Chainlink oracles erroneously reported the price of silver to be $1,600 instead of $18. Happened on mainnet.
Chainlink oracles did their job PERFECTLY.

It was the contract operator who made them query the wrong price.

>>30124135
Someone mistyped XAU instead of XAG. It was a contract typo.
The nodes (and thus the network) worked perfectly.

>>30124031
what a shame.

>>30123982
well not yet

>>30123982
this guy is definitely a btc maxi so his opinion does not matter

>>30124205
That's the best part! The oracles have been great it was human error that fucked up and this disingenuous smug retard is trying to cook up a crowd to shit on link but it's just people shitting on him now

>>30124646
>The oracles have been great it was human error that fucked up
>link solved the oracle problem
pick one

lol check how this stupid genius tries to have some cash from these homeless guys

Fuck him.
Already took part in yield farming on YVS Finance and their genius staking system with low tax. That’s what you should look first now

>>30123982
why is normie fud so transparent? thie is babby's first bad faith argument
>>30124031
sergey recompensated any affected parties in that incident

>>30124646
>>30123982
I just looked at his tweet, and he made 6 of these butthurt fudposts in a row lmao.

>>30124711
You want Link to solve the human nature problem too?
Shows how highly you think of Chainlink, doesn't it?

>>30124711
Nah I'll take both but sure continue being a giant fucking retarded poor faggot hope it works out for you long term! Buy Band sirs very needful!

Is he bullish on API3 instead? Probably easier to punish dishonest actors as it is arguably more transparent.

What's his solution? Abandon everything til it's perfect?

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>>30124936
You can easily replicate the API3 system using Chainlink; except Chainlink will be obviously more versatile.

API3 is basically just the sources operating a centralized oracle. Which is less than ideal in a large number of ways; starting with the fact that the oracle knows exactly what data he is processing, leaving the door open to malicious attacks.

>>30124911
>You want Link to solve the human nature problem too? Shows how highly you think of Chainlink, doesn't it?
There is no 'human nature problem' stop making shit up. The Oracle Problem is the oracle problem. And if human error can compromise the trustworthiness of a chainlink oracle, then it did not solve the problem.

>>30124912
>I'm delusional
Ok man

>>30124031
Garbage in garbage out. Chainlink isn't there to fix your mistakes it has and always will be the intermediary. If the data says $1,600 but some fuckwit says it was a mistake on their end and ir actually says $18. Then that goes to Kleros court or some shit, not blamed on the Oracles.

>>30125099
>mistype Bitcoin receiving address
>OMFG BITCOIN DOESN'T WORK

This is you.

>>30125255
>argument about apples
>brings up oranges

This is you

>>30124031
>retard does up the contract improperly
>chainlink does exactly what it is meant to do based off of the code
>HURRR CHENLENK FAULT
fuck me you're an idiot
just kys

>>30123982
he's a smug braindead btc maxi who is friend with the joey krug retard who's still seething

>>30125360
This is the exact same issue, buttercup.

Chainlink solves the oracle problem, Bitcoin solves the digital cash problem.
Human error typos don't change this.

>>30125451
>This is the exact same issue, buttercup.
>Chainlink solves the oracle problem, Bitcoin solves the digital cash problem.

WHAT THE FUCK ARE YOU EVEN COMPARING?

If garbage data can compromise a chainlink data stream the oracle problem is NOT solved. It's that simple.

>>30125643
>WHAT THE FUCK ARE YOU EVEN COMPARING?

Mistyping a Bitcoin address does not mean Bitcoin's system is faulty. On the contrary: it does exactly what it is supposed to do.

Mistyping a contract input does not mean Chainlink's system is faulty. On the contrary: it does exactly what it is supposed to do.

>>30125742
Bitcoin isn't making the promise to "solve the misappropriate funds problem"
Chainlink is making the promise to solve "the oracle problem"

If your oracle can be compromised by garbage data then the problem is not fixed.

>>30126079
>Bitcoin isn't making the promise to "solve the misappropriate funds problem"
Just like Link isn't making the promise to "solve the mistyped contract input problem".

>Chainlink is making the promise to solve "the oracle problem"
Mistyping a contract input has nothing to do with the oracles.
The oracles functioned flawlessly.

>If your oracle can be compromised by garbage data then the problem is not fixed.
So if your Bitcoin transaction can be compromised by mistyping the address, then the digital cash problem is not fixed?

>>30126179
>Just like Link isn't making the promise to "solve the mistyped contract input problem".
Chainlink oracle integrity was compromised by a single source of garbage data. That is the very definition of the oracle problem.

>The oracles functioned flawlessly.
Yes, as flawlessly as they could without having the oracle problem fixed. Which is the fucking oracle problem.

>So if your Bitcoin transaction can be compromised by mistyping the address, then the digital cash problem is not fixed?
There is no "digital cash problem" stop making shit up. Nor was making sure funds never get sent to the wrong person ever in BTC's whitepaper. False comparison because you don't know what you're talking about.

>>30126355
>Chainlink oracle integrity was compromised
Lol no it was not.
The oracles worked flawlessly.

Just like Bitcoin works flawlessly when you mistype the contract address.

>>30123982
I heard a rumor that Eric Wall is one of the people behind 'Zeus Capital' alongside Joey Krug. I would not be surprised to find it is true.

>>30124711
>doesn't know what the oracle problem actually is
>>30125099
>if human error can compromise the trustworthiness of a chainlink oracle
except it didn't
>>30125360
>>30125643
>if garbage data can compromise a chainlink data stream
except the data was provided correctly - a silver data feed over an oracle network is not suddenly garbage because an idiot puts in silver when he should have put in gold

link's job - the job of a decentralized oracle network - is not to be some kind of magical, mind-reading dick sucking technology, it's just meant to be a decentralized oracle network, which is still a big deal and it's good at what it does so far

now, don't you have an xrpaypig thread to post gematria shit in? or a bsv tweet to catch up on? fuck off back to there instead of barking at your betters about shit you failed to understand with that room-temperature iq of yours

>>30123982
the fact that the faggot kike (((eric))) can reference a single fucking point in time, with a single goddamn mis-report, tells me the system works fucking great. its kikes like this that DONT WANT financial transparency so they FUD things that will make it more difficult for them to jew people in the future.

The problem with chainlink is once bloomberg or whoever just creates their own oracle that commits signed price data directly to chain link coinbase's, chainlink has no reason to exist

>>30126355
>There is no "digital cash problem" stop making shit up.
Lol there were hundreds of unsuccessful projects trying to solve the digital cash problem, Hal Finney for instance was working on one.
And then Bitcoin solved it.

>>30124716

Please shut the fuck up I see this fucking dogshit in literally every thread

>>30126639
to the chain like coinbase's*

>>30124205
kek. the fact that i questioned Sergey and his system for even a millisecond shows that the FUD is so tiring

>>30123982
holy fuck CLG obliterated this random holy shit did that autist frog loose an argument ever? everyone seems retarded compared to him when they talk about link.

>>30126639
>once bloomberg or whoever just creates their own oracle that commits signed price data directly to chain link coinbase's, chainlink has no reason to exist
Holy shit people are still posting this nonsense fud?

I’m convinced no one in here even understands the purpose of Chainlink if they don’t think human-input error causing a silver price error isn’t basically catastrophic.

>>30126744
To be fair, Eric has no clue how Chainlink works so it's like beating your little sister at arm wrestling.

>>30124115
its eric, dude has been anti most things desu for the past few years. he also absolutely loves gargling joey krug's balls esp the time joey also went after chainlink and got cucked when he joined the gitter for stinky

>>30123982
>now this is based and LINKpilled

>>30126849
It's catastrophic in the same way that mistyping a Bitcoin address is.

>>30126748
notice that kraken uses a chainlink node, but coinbase made their own oracle

organizations with more capital and more valuable data would rather just run their own oracles

>>30126849

I held LINK for three years, recently dumped, didn’t even know about his, and I’m honestly not trying to FUD, but that’s basically a Challenger event for LINK.

>>30126942

What’s the point of Chainlink if we are just relying on a guy to type the correct information in somewhere?

You all keep repeating this apologetic mantra but don’t seem to understand what the purpose of Oracles are to begin with lmao.

>>30126964
>but coinbase made their own oracle
lol
Here's Coinbase itself explaining how their "own oracle" is actually beneficial for Chainlink.

Protip: all "signing your own data" does is allow you to verify the source identity on-chain.
Pretty much all sources will do this.

>>30127040
>if we are just relying on a guy to type the correct information in somewhere?
It's always going to be people writing up the contracts. There is no other way.
It's people who want contracts to do certain things.

link is a joke anyway
>everything on chain
>no need for chainstinks

>>30127063

They’ll pointlessly use money to pump link because, good will toward linkies? Lmao

Coinbase is playing weak apologetics for btfo’ing one of their own listings with this. No serious entity will need link they’ll just use their own platform.

>>30126964
>>30127063
Oh, and that Coinbase oracle shat the bed btw.
Compound uses it as their only oracle (centralized no less), and they got assreamed.

>>30127063
if you weren't an autist you could read between the lines and tell that this is polite corporate speak

yes, people can just call the coinbase oracle through chainlink if they want, but it's much cheaper to just access it directly on chain

Been seeing a lot of fud recently, we’re due for a run up huh? 50 EOM?

>>30127299
whats a better oracle solution then? everyone fails to mention anything better.

>>30127417
>Coinbase is playing weak apologetics for btfo’ing one of their own listings with this.
Well no.
He explains very well that all a "signed feed" does is allow you to verify the source's identity on-chain.
You're just not knowledgeable or smart enough to understand it.

Here's Leschner saying the same thing.

>>30126964
why people think chainlink is an oracle after 4 years people still call chailink an oracle

>>30127456

You guys get too starry-eyed about this pure decentralization fantasy and get married to these shitcoins.

Like I said, I held link for three years and caught the entire 8000% pump, that ALREADY HAPPENED.

Basically anyone holding a link bag at this point bought the top or has completely deluded themselves.

>>30124031

Dude just read the fucking replies to the tweet

>>30127584
bitcoin (bsv) itself is the solution

Just sold my 97 LINK whale stack.

>>30127718

>>30127496
>this is polite corporate speak
No, it's not.
See >>30127615

>but it's much cheaper to just access it directly on chain
lol, and then this happens: >>30127456

Been a long time since I got to stomp clueless fudfags like this.

>>30125255

100% this, I said almost exactly that in the Twitter thread last night.

>>30127718
>>30127790

>>30127686
Great post anon lol.

>>30127686
Reddit space and a retard. Switch to reddit, homosexual nigger.

>>30127808

I know you bought this coin over $10 and believe all the memes, but I’m here to tell you new frens that link pumped 8000% since it started getting shilled here and you are literally now holding my bags

Do with that information what you want

Just did a double take lol.

>>30127496
>but it's much cheaper to just access it directly on chain

Except you can't "access it directly on chain"; you STILL need an oracle.
Coinbase operates a centralized oracle, and Compound used it exclusively, with hilarious results: >>30127456

God DAMN you're stupid.

>>30127994
Yes anon, I'll be sure to sell the asset Citibank just said could very well overtake Bitcoin just when said asset is about to release its main features like staking.
This is a good plan. Thank you.

>>30124205
>Someone mistyped XAU instead of XAG. It was a contract typo.
my fucking sides, but nice FUD to shake some people out.
>feels comfy man

>>30128071

And Chainlink was used to hilarious results with XAG.

ngmi

>>30128181

“Citibank just told me how to make free money! Good guy Citibank thanks”

>>30128219
This was a contract typo, and the contract operator was held accountable. Chainlink's system worked absolutely flawlessly.

Just like Chainlink worked flawlessly when every other centralized oracle shat the bed. Pic very related.

>>30128311
>NOOOOOOO YOU BIG BANKS CAN'T JUST SHILL CHAINLINK LIKE THIS

>>30124135
based

>>30128311

If coins overtake bitcoin the entire speculative market will come crashing down and no more gains will ever be had by you faggots.

You think when bitcoin gets flipped and dumps people will see digital shit tokens as a store of value?

“Oh, bitcoin 2 just came out? That’s right, digital scarcity doesn’t actually exist and this speculative fervor of us buying a copy and paste able code for 50k was retarded”

This thread has created within me a palpable sense of fear, uncertainty and doubt in my Chainlink (ticker: LINK) investment. It appears that the sentiment among the many anonymous posters of this forum has darkened considerably in regards to the future of this decentralized oracle technology. I trust these "anons" and believe them to be of honest intent as they share their often detailed and persistent concerns about this project.

I am demoralized. I have decided to market sell my LINK tokens after I complete this post. Thank you all for your concern over our financial wellbeing.

>>30128531
>if other coins overtake Bitcoin, then Bitcoin will take its ball and go home

>>30128535
Mission. Accomplished.

>>30124031
fug

>>30128623

Yes. When and if BTC gets flipped it will immediately dump a ton and crash the entire market with it and then people will broadly reevaluate the actual real market cap of crypto and we might see stock market gains after a price discovery probably 200 times less than what we are at now speculatively

>>30128805
This headcanon of yours is so cute.

>>30128834

“Haha an even better bitcoin just came out”

You really don’t see any problem with this?

Gold 2

>>30128913
The point Citibank made isn't about "a better Bitcoin" you retard.

>>30128913

And then who would invest in Gold 2 when Gold 3 is only a few years away? I guess people that want to use Gold 2 in that moment, so the market for actually buying things with bitcoin is the discovered cap

Absolute fucking retards believe erc tokens have high of valuations as s&p500 legacy firms

>>30129067
Take your meds.

>>30123982
His question is essentially
"There's no economic incentive because no staking mechanism is out"

no shit. Do you think the team can afford to keep the network alive out of their own pocket forever? Does he really believe that the network as is will be staying this way without further development? Why do you think we are all excited for staking? I love too how he's so quick to call out faulty reporting that led to $7,000 in funds being profited but no were mentions that billions in funds profited through flash loan exploits. Typical bitcoin Maxi scared that another protocol has the opportunity to steal market cap away from his precious bitcoin.

He also contradicts himself in this tweet. He's implying reporting data into a smart contract does not need a token. So which one is it, Eric? Oracle networks don't need a token? Or oracle networks don't have cryptoeconomics? Which one?

>>30124031
And that's why staking will never arrive. Actual staking where incorrect data gets punished.
Right now the price feed providers are getting free fucking money, who wouldn't signup for that.

>>30128965

I’m not talking about the function of shit coins im talking about price discovery when people realize any one coin isn’t more permanent than a video game console

>>30129154
>if people find out there's a more promising crypto than Bitcoin, that will be bad

>>30129154

Some of you guys actually think shitcoins without products have a trillion dollar cap and that it’s going to become a gagillion cap when the mainnet drops

Where is all this money anons?

>>30129258

And I suppose crypto writ large after mass adoption is going to represent x5 the entire global economy too huh

>>30129258
>>30129154
>>30129067
>>30128913
>>30128805
>>30128531
>>30128311
>>30128219
>>30127994

Holy shit a literal schizo.

Has anyone explained how the Founder is gonna fund the Oracles since he has like 3 wallets left to fund his oracles for like 5 months at most? Are people gonna do charity drives to keep the oracles up with Patreon now or what?

>>30129502
or how there was zero penalty for them shutting down Link Pool.

Check Mochimo guys.

Microcap that is growing a lot right now.

>>30129502
He's been receiving money from the users, so he'll probably start buying Chainlink with that to pay the nodes at some point long before the reserves start running out.

That's how this economic system works: users pay the contract operator, and the contract operator pays the nodes.

>>30129621
Haha what?

Let see who do I listen to a random twitter fag, or the founder of docusign sucking LINK dick saying it going to fuck up every industry much like how e-sigs fucked up real estate.

>>30123982
>>30124031
OH WOW CHING CHANG, I JUST MARKET SOLD THANK AND BOUGHT API3

BASED

>>30127686
>Basically anyone holding a link bag at this point bought the top or has completely deluded themselves.
check your brain for wrinkles smoothbrain

>>30123982
This faggot successfully FUDed NEO at the absolute top last bull run. Can;t say he single handedly brought down NEO, but his FUD was insanely well timed and crushing.

>>30126397
Bitcoin actually does work flawlessly when you mistype an address due to error-detecting parity bits in addresses.

Try it! If you mistype a Bech32 address, your wallet should alert you and won't allow you to send a transaction.

>>30125099
Lmao

>>30129929
Chainlink is centralized.

>>30130172
well there is other cases
>lose wallet key
>damn you bitcoin
point still stands that the network worked as intended
you being an idiot is not the networks fault
i would agree though that there should be more mechanisms eliminating human errors

>>30130269
>dozens and dozens of independent nodes
>"it's centralized"

>>30130378
He was meme-ing.

>>30124031
Just sold my 200k link, thanks friend

>>30125099
>And if human error can compromise the trustworthiness of a chainlink oracle, then it did not solve the problem.

Unironically lolled

>>30123982
Of course Chainlink isn’t crypto economically secure. There’s nothing incentivizing oracles to behave correctly except for the off-chain risk of getting demoted as a node operator by Sergey himself.

>>30124041
>staking
It’s a meme at this point

>>30125643
>what is gold worth today?
>wtf i wanted to know how much silver was worth?!

>>30124031
Chainlink literally turned silver into gold and you are fucking complaining, what the hell

>>30125643
>tell atm to withdraw $50
>WTF I WANTED $500

>>30131176

They don’t care anon

>>30125034
>You can easily replicate the API3 system using Chainlink
You can’t replicate the DAO and the insurance feature.
> just the sources operating a centralized oracle.
This is like saying node operators operate a centralized node. You’re retarded. API3 aggregates oracle responses into data feeds.

>>30131370
Unironically thanks for this reminder. I forget how retarded this board is sometimes.

>>30128531
What about when Satoshi publicly says Chainlink is better than Bitcoin as a store of value?

>>30123982
chainlink is a scam

>>30125099
> And if human error can compromise the trustworthiness of a chainlink oracle, then it did not solve the problem
Kek first time /nu/biz made me laugh. Congrats on this, seriously.

>>30124041
>makes a mistake that people made thousands to hundred of thousands to millions of dollar of the mistake
>node penelized $50 because of mistake
yeah thats def gunna help

>>30127299
>everything on chain
it's amazing people just gloss over this still
just put it all on chain 4head so easy dude trust me

>>30128531

>>30124031
You're a fucking idiot, that was the fault of the contract operator and you'd know if you did any research at all.

>>30131379
>You can’t replicate the DAO and the insurance feature.
Lol of course you can.
Chainlink is as modular as you want it to be outside of the very core node operations.

>This is like saying node operators operate a centralized node. You’re retarded.
Well no because multiple nodes can access a single source.
You have no idea what you're talking about.

>>30128623
Kek

>>30123982
This guy just hates Link. He probably missed out

>>30123982
bullish for hbar

>>30126355
nice troll, almost made me argue

>>30127299
you need link to put everything on chain, dumb negro

>>30124031
Sergey is going straight to Kleros court

>>30125360

Aren't LINK nodes supposed to be economically incentivized? Isn't that the whole point of LINK?

>>30126849
I agree, chainlink nodes should have psychic abilities to detect when a user erroneously picked the wrong ticker......What's fucking moron.

holy shit bros just found a video from him

https://www.youtube.com/watch?v=QJoq5Xvkwfs&ab_channel=RichardHeart

he sounds like kermit <<<the frog>>>

>>30129735
You tell them, Anon! Look at Paypal, Docusign and Google using the Chainlink network! $1000 EOY

Who cares what this guy thinks if he isn't providing a better solution? He's an engagement whore and does constant concern trolling like most people on crypto twitter. Just one of those faggots who got in crypto early and think they know everything.

iota looks like it will do oracles better

Holy shit just sold half of my stack I did not know this!

>>30135724
No wonder he’s so mad. Lel

"On two occasions I have been asked, 'Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?' I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question."