/biz/ - Business & Finance

>>54511360
chainstank always has been a token not needed.

>>54511360
Inevitably they will get bad data and people will lose money

They're building their own oracle. What the fuck. How dare they!

>>54511367

we could've been friends

>pay up!
>literally no one does, they're switching to their own solutions
who could have forseen this!

>>54511390
That works until you get hacked like every other defi platform that claims they don't need chainlink

>>54511399
sure but in the meantime, chainlink still won't be able to monetize shit, not to even mention that most of them are literal black holes, financially speaking
they're simply not profitable enough to justify paying up chainlink.
this is why people claim that link needs actual IRL adoption and not shitty vaporware cash grabs.

>>54511378
Do it Ari, they had their chance to pay for protection.

Oraclets... when will they learn?

>>54511360
Don't tell me linkies held for 4 years and missed 2 bullruns only to get dumped on, this shit is too depressing

is the link fee really that big that everyone would rather prefer risking millions?

>>54511770
It's 1% now but what about next year? They are terrified of being trapped, they have to decide to bend the knee or find an alternative solution.

>>54511360
Damn I have a pretty big bitcoin long I opened at 18k on dydx. Don't want to lose it all but also don't want to close until 40k ffs

>>54511416
I think this is part of the cool thing about this. Chainlink is single handedly going to cleanse crypto of scam projects that have no real value prop or use case. Can’t make any money? Go out of business from a hack then, sorry chump. Have money? Fucking pay up or it’s all gone.

It’s amazing, cutthroat business that shows they really don’t have patience anymore for the leeches sucking on their teet. You had 5 years and if you didn’t build a sustainable business model by now then it’s time to die.

Also the smug posting by linkies in that tweet thread are at all time highs which is hilarious

>>54511367
Doesn't CL just pass over whatever someone else said is true?
No thanks.

>>54511970
>a giant scam is going to eliminate other scams
delusional

>>54512019
Show me where the chainlinks touched you, anon.

>>54511970
>Also the smug posting by linkies in that tweet thread are at all time highs which is hilarious
source on this

>>54512034
When I made money on the second run up and realized it was not really a valuable proposition.
Bought at$ $3, sold at $15.
Not bad.
But really. It adds no value to anything. You still have to trust the original sources of data, and if you do, you don't need CL.

>>54512052
source you dont need "cl"?

>>54512111
Every other operation that doesn't use CL and is doing fine.
Any API is sufficient. The entire financial world has been using them for decades.

>>54512153
>Every other operation that doesn't use CL and is doing fine
Which ones? could you list them?
Source on crypto scams "doing just fine"
>Any API is sufficient.
sounds like centralization anon that's tantamount to being pro-Semitic

>>54512174
The standard finance system is far more decentralized than anything in crypto.
lamo you guys are hilarious.

>>54512181
>lamo
who is this?

Lmao you obviously have not heard about BTC the widely adopted premiere decentralized financial system of the future. Why just last week I purchased coffee using BTC as a memes of payment. I also mine BTC and regularly pay my internet and electricity bill because this is how civilized people end the FED and stop bank bail outs

>>54511360
I remember this same protocol got exploited/hacked multiple times before it started using chainlink, here's an excerpt from an article after they had a second exploit in the same week:

The second attack
The nature of the second attack is still largely unclear, but a message from the project’s CVO and operations lead Kyle Kistner in the official bZx Telegram group suggests that it was an oracle manipulation attack. Oracles are usually centralized components that provide external data to on-chain applications.

The Block estimates the loss to be 2,388 ETH (nearly $636,000). Kistner said that the team can neutralize the hack and prevent the loss of user funds like they did for the first hack. Furthermore, he promised that bZx developers will switch to oracles based on the Chainlink protocol, seemingly suggesting that it would make the system safer.

They just don't learn, if you have money on this protocol I would be worried, a hack/exploit is inevitable imo

>>54511418
kek, merciless sergey

>>54512221
BTC is run entirely by just 8-10 large mining and processing operations.
You didn't pay with btc. You paid with ANOTHER centralized operation that is pretending and marketing to you that you used bitcoin.
If you had used bitcoin it would have cost you $40 and you'd have had to stand there waiting for the tx to be processed by said 8-10 operators above.

My local bank is on the other hand one of THOUSANDS AND THOUSANDS of operators administering the USD and there are no fees and I'm actually paying in dollars.
Just fucking cope and move on.

>>54511360
>It's as decentralized as the chain itself
Kek

>>54512286
it's exactly the same as what chainlink does, only doing it without a middleman chain, and importantly a middleman token.

why risk using a separate chain that needs heavy subsidizing from the centralized team? the incentives not to cheat don't exist on chainlink because there's nothing to lose but a lot to gain.

>>54512279
You had my interest with your first posts but you spiraled into retardation.

>>54512279
holy fucking COPE I am a trillionaire OG BTC miner show some fucking respect or else I'LL JUST DUMP THE PRICE OF THE WORLD'S FOREMOST DECENTRALIZED SOLUTION FUCK COPEFAGS MAKE ME SO MAD I AM LITERALLY SEETHING RN FR

>>54511360
Chainlink will forever be associated with incels and cuckolds

Plus the token isn't needed

>>54512321
>crypto doesnt need tokens
>actually you need to use our platform to trade tokens
bro which is it?

>>54512279
>discrediting BTC and simping for tradfi
Why are you even interested in crypto at that point?

>>54512321
>why risk using a separate chain that needs heavy subsidizing from the centralized team?
Chainlink is not a chain.
>the incentives not to cheat don't exist on chainlink because there's nothing to lose but a lot to gain.
If that is the case, why haven't Chainlink node operators cheated yet?

>>54512337
Explain how that is retarded.
Everything I said is demonstrably true.
COPE. I'm glad to discuss, but you are just avoiding thinking at this point.
>>54512352
The large mining operations for the last 6-8 years were all basically operated by large insiders using subsidized government electricity.
The original miners were another VERY SMALL group of people. I have (had) btc since $3. I've been around a long time.
You guys are basically just repeating talking points of yes, people that are dumping on you.

It used to take OVER A DAY to transfer a bitcoin. It still take 45 minutes.
None of this is a benefit to the common man other than the mythical "store of value". But the entire operation is a money loser on the face of it.
You are caught up in literal marketing hype by interested parties.

I will be clear. You may still make a lot of money by doing so. But the world will not benefit and it is not "decentralized" except theoretically.

>>54512378
I despise traditional finance and have been an "end the fed" guy since 2007 probably.
I don't want to insult, but you are (purposely?) missing the point.

These operations ARE NOT DECENTRALIZED. Nor do you even want them to be really.
The decentralization that will change the world is the large number of choices and variations that we can choose from for our financial services.
People can use CL if they want and CL may be a good service. That doesn't make it decentralized. It's not. It's run by a small group of people just like every business.

Look at the United States when freedom actually changed the world. The greatness of the free market economy wasn't everyone running their own shit and having fully decentralized market.
The magic was people decentralizing to the PRACTICAL DEGREE THEY CHOOSE.

Traditional finance is shit, but if your selling point or goal is "decentralization" then you have missed the point and traditional finance is 100% more decentralized than the crypto market.
Tradfi literally has 100+ central banks operating around the world and tens of thousands of smaller operators below them.
It's not even arguable which is more "decentralized."

>>54512442
midwit

>>54512279

>>54512321
Posts like these tell me we're still early. When you're seething eventually I'll know that we're on time.

coding your own oracle is the easiest thing in defi world.

>code a 10 lines of solidity function that only accepts updates from the owner wallet
>code a python script which have the priv key of owner wallet to get prices from coinmarketcap, coingecko, binance apis and send it to oracle every second
>use chatgpt to enhance gas optimization of the solidity contract

this is it. i can do this in 10 minutes while jerking off to /gif/ ylyl threads with the bald guy.

coding is so fucking easy even jeets excels at it, it's almost a meme.

so far they were using chainlink because it was free, as soon as they asked for money, every user will roll their own oracle.

plus now there are l2 solutions, you can put all your oracles in arbitrum and if there's a way to access that from l1, it's over for chainshit.

>>54512355
if the fud was all of this quality and this funny I wouldn't be annoyed at all

>>54512725

While it may be possible to create a basic oracle using the steps mentioned in the statement, there are various security considerations that need to be accounted for. Creating an oracle involves more than just coding a simple function that accepts updates from a specific wallet and getting data from various APIs.

For instance, if the owner wallet or the private key used to update the oracle function is compromised, an attacker could potentially manipulate the data being fed into the oracle and cause harm to the DeFi ecosystem. Additionally, if the APIs used to retrieve data are not secure or are vulnerable to attacks such as man-in-the-middle attacks, an attacker could potentially alter the data being fed into the oracle and cause malicious activity.

Furthermore, creating an oracle involves careful attention to gas optimization, as using too much gas can result in a more expensive and inefficient smart contract. However, if gas optimization is prioritized over security measures, it can create vulnerabilities and potential exploits that attackers can use to exploit the smart contract.

Therefore, it is important to approach the creation of an oracle with caution, and to carefully consider the security implications and potential exploits that could be used to attack the smart contract.

>>54512725
No one will use your oracle or defi project you absolute jeet
It's been shown time and time again what happens when they do what you just described - the users lose money

>dYdx
>decentralized
lmao

>>54511360
Inb4 dYdX gets exploited.

>>54512762
>>54512761
chainshit does the same thing exactly as i explained jeets. it's open, read their code. even while jerking off to bald guy, 4-5 ideas which make it gas free comes to my mind, but i won't bother creating it, why? because i'm not a nigger who profit of schizos and jeets. i simply don't care. plus carrying data off chain to on chain shouldn't be community's problem, ethereum should just make it possible gas-free. your project is a shitty nokia 3310 and i'm telling you there are so many ways to create iphones and every jeet with 2 digit iq can create a nokia 3310.

>>54512223
holy shit kek, they already got rekt by not using chainlink? LOL, LMAO even.
Of course this is the ""DeFi"" team that really cares a lot about being compliant with regulations. I remember having to turn on my vpn just to look at their protocol a year or two ago. I think they just stopped service in canada too because they are afraid of trudeou

>>54512279
>this is the type of person fudding link

>>54512725
>I sometimes visit /g/ and this is how I envision programming to work
Thanks for the fan fiction and accompanied AI pics, jeet.

>>54512839
And this is why it's priced as such.
Link wont's pump until quality FUD returns.

>>54512814
>>54512802
>>54512765

they got exploited because they tried to solve oracle problem "on-chain". you need to get your data off-chain, like I explained in my previous post. Why they tried to solve it like that? because like all other faggots in defi scene they are niggers who lacks ability to comprehend basic concepts about cs.

when you do it like i explained it, your only problem is what happens if someone hacks the server python code resides. well only thing you need to do is read some "my first 10 minutes in a linux server" articles. put a firewall, disable all ports. done. it's unhackable, if someone manages to hack it don't worry your shitty defi project won't be a problem, they can also hack nsa/governments/facebook/google.

you can't refute me. CRY motherfuckers. I'm planning to co-author another paper with my wife who's in social studies, about you jeets and schizos. see you there.

>>54512761
ChatGPT post

>>54512871
>they got exploited because they tried to solve oracle problem "on-chain"
This is exactly what they are going to do again, though. See OP:
>basically every validator just also reports on all prices each block and comes to consensus on the prices
They never learn.

>>54511981
>Doesn't CL just pass over whatever someone else said is true?
>>54512153
>Any API is sufficient

It's 2023 and there are people out there that still have no fucking clue what Chainlink does.

>>54512871
You will bend the knee and we will still show no mercy to you.

>>54512223
>if you have money on this protocol I would be worried, a hack/exploit is inevitable imo
I can't wait for the day that people wake up and realise that if a project isn't using Chainlink for its oracle, then they shouldn't use that project at all.

>>54512916
Imagine leaving your entire protocol vulnerable because you are so stingy that you dont want to pay link 1.2%

>>54512279
> BTC is run entirely by just 8-10 large mining and processing operations
YOU ARE RETARDED. Pictured is Bitcoin hashrate distribution. 8-10 mining pools are not entities each controlled by single actors. These mining pools are made up of millions of miners from all over the world who do not have a connection with each other other than increase chancing of finding blocks and share rewards. Miners can switch pools in an instant and have multiple pools configured for failover. Example, when one of the largest mining pool, Poolin had liquidity issues, the hash power of the ming pool fell -94%.
https://cryptoslate.com/poolin-bitcoin-mining-hash-rate-share-falls-by-94-from-ath/

btw i hate the chainlink as the next bulgarian fudder but this is very bullish for sergey's pockets. so far they made all defi niggers rely on their oracles for free most of the time. now they force them to pay the toll. if i didn't know the tokenemics (sergey owning the %99 of LINKS) i would buy some. seeing how incompetent these defi niggers are (they are more incompetent than chainlink that's for sure) they are going to bend over for sergey. they can't create their own oracle off-chain because they are bunch of jeets. white man wins again. GJ sergey.

>>54511360
Use Icp oracles

>>54511378
>>54511367
>>54511385
>>54511418
What a shame. Hacker man here, going in.

Cardano is using their own oracle also

>>54512871
boring bait, try to do better next time.
HINT: Good bait doesn't involve 10 massive walls of text.

>>54513068
Newfags who recently got into crypto don't understand what decentralization is. Bitcoin is decentralized across the energy grid, in geography and has been decentralized over time. So many different people have been mining it over time as innovation changes who can mine it for profit vs loss. It's never free, always a risk to mine Bitcoin and eventually those who are mining at profits today are pushed out by innovators tomorrow. Compare this to premined tokens or even Proof of Stake where oligarchs have zero risk and are there collecting rent getting richer as they hoard more of the supply.

>>54511360
dydx tvl is only 350 million, a little bit below yearn

i wonder if this will create a trend of smaller defi protocols, with tighter profit margins, being stingy and doing shit like this to avoid the fees
ultimately they will become less secure, giving the top dogs a distinct edge

>>54513149

>>54513149
Cardano is a ghostchain so it won't matter much. Importantly, Starkware/Starknet is building out it's own set of Oracles. Pragma for instance has zk-proof navtive oracles where data from multiple sources can be aggregated and the sources themselves verified. Starknet is the #1 Layer 2 solution for Ethereum that does 170% of the transaction volume of Ethereum itself.
https://www.pragmaoracle.com

>>54513288
Yeah all in gmx

>>54513413
https://www.prnewswire.com/news-releases/starkware-partnering-with-chainlink-labs-to-accelerate-ecosystem-growth-and-expand-app-development-on-starknet-301739603.html


Are you retarded?

>>54511360
>>54511378
>>54511385
>>54511418
Kek just how much money are these retards willing to lose just to "stick it" to Sergey/Ari?

Remember: they WILL ALL PAY. Makeshift oracles are ripe for exploits, because there are 1) ways to do it (EVM chains are ridden with unsafe code with no guardrails and developers are pajeets with no regards for security 2) motive and incentives (hundreds of millions worth of crypto for the taking)

It is going to be glorious. And I implore any anons lurking that (I will, thats for sure) they take screenshots and document all and any exploits that "occur" to these "rebels" who think they can do away with the king.

It's going to be a sight to behold.

Everything about what’s happening right now is turning out exactly like that one old post about Sirgay being a ruthless capitalist

>>54512181

>>54512882
As if it deserved a human-typed reply.

>>54512761
Regenerate response