/biz/ - Business & Finance

>>55209187
Didnt read, but assuming this is desperate fud

>>55209211
Checked. It's another betrayal by a close """partner""" of Chainlink.

>>55209211
Just typical devs being absolutely braindead retarded.

>>55209187
Well its a fair reflection. Thwy said that they (synthetix) incentivized a long-term partner (chainlink) to court a competitor. And that this may have benefited them short-term but be a long-term loss, a decision that was made collectively by the dao and they now must face the consequences. But even if it was right or wrong choice, they stick with chainlink due to critical ccip feature.

Fair assessment.

actual tldr; we will officially bend the knee to Chainlink

>>55209187
I dont think your TLDR is intrepting the situation accurately. Sounds like they regret the route they went

op is fudding of course but it's a good quote
kain was strongly opposed to moving away from chainlink and made his views clear
jump got their hands in there and the dao approved the pyth integration
as we've heard over the years, cll is ruthless as fuck and moved to snx as their launch partner
kain now saying well... this is the cost of these fucking daos.. you give up decision-making capability

https://youtu.be/7u355iyDTf0?t=998
here's ruthless sergey at consensus about snx and jump
16:40
>>55209909
moved to gmx*

>>55209187
>https://mirror.xyz/kain.eth/xOK_QuPUb63gD0qHsmt-h6JwhjhYCBNGY-n6r9YcyYQ
sounds like a load of regret.

>>55209187
you're obviously a shill, and a Bulgarian fudder, even though i already went through the analysis of this whole blog post on discord, I'm gonna post it here again

first, kain claims that the decision they made mocing to pyth put alot of strain on their relationship with chainlink, and he's gonna repeat it many times over in the blogpost, kinda autisticallly showing how much he regrets this decision, but even though this whole blogpost is sort of apologetic, he sounds extremely narcissistic egocentric and hypocrit, he alongside claiming it was all a bad decision, he claims that HE MADE CHAINLINK and that chainlink wouldn't exist if it wasnt for him and his team, which is extremely arrogant, i'm gonna post all the screen grabs and show to everybody what an asshole kain is, and why this blogpost is a real fucking joke

>>55209187
we all know why the DAO voted unanimously for adopting PYTH, it was obviously because JUMP corrupted the SNX team they bribed the shit out of em, and they basically used the DAO as a scapegoat to justify why they should move away from their long term partner chainlink, it was all a shitshow, and everybody warned them, even johan eid he made a long post explaining why moving to pyth was gonna be mistake, in pic related kain claims that nono it wasnt JUMP and the vcs, but because of muhhh front running and the "DAO" was so pissed they decided to unanimousky vote to move away from chainlink (wink wink it wasnt because JUMP owned the SNX team and JUMP owns pyth)

it is extremely hypocrit, to claim that whatever bad decision the DAO would make, the devs will always have to comply and never veto what the DAO voted, putting the proposition to move away from link and using PYTH was made by the snx team themselves, and they didnt say anything about it, they just updated the code and released the upgrades right after the dao vote (ohh sorry guys it wasn't us it was the DAO)
fucking KEK

>>55211092
forgot pic for that post

this quote here shows how disconnected from reality he is, and it speaks volume about how much of a hypocrit he is.
he is basically claiming THEY MADE CHAINLINK, can anyone be more arrogant than this?

in here he repeats that relationship with chainlink was SEVERELY STRAINED, and that if it was up to him ( BOOOHOOOO) he would have made a different call, but we all know that the juicy bribe money e got from JUMP outweighed his morality

in here he repeats again (like a maniac) that he woould have made a different call and adds that he is just a human being (humans arnt perfect, we all make mistakes)
that is so fucking hilarious
b-bu- IM JUST A HUMAN BEINGG WAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA


fucking kek

in here they claim that, they basically don't understand why the DAO took a drastically different decision than the CEO ( remember earlier when i said they got bribed by JUMP?) this is obviously denial, they are claiming that they had no say in what the dao decided, in a sort of way to justify why they moved away from pyth.

in here i feel like they are trying to convince chainlink and sergey, that it wasnt their fault (LMAO, who srsly believes that? they actually pushed the blogpost, ignored johan eid and proceeded to implement the changes and release them)
its like those apology videos you see on social media, where people fake cry on camera not because they are apologizing, but because they are sorry that THEY got harassed for the mistake they did

>>55211117
>Absent of such a relationship, I can’t see how an oracle provider would be able to deliver the same level of confidence
Lmao

this quote is so fucking funny, and goes against what he said earlier, claiming THEY MADE CHAINLINK, he starts crying that ohhhhhhhhh their decisions had consequences (who would have guessed) and chainlink simply moved to support GMX and make them successful instead, while kicking SNX out of the privileged position they previously had with chainlink.

NO SHIT SHERLOCK?
he is trying to make chainlink look like the bad guy, ohh look THEY ARE THE ONES WHO decided to go with our competitor forgetting that snx started this shit by literally moved to a shit tier "competitor" called pyth, that provided a bandaid solution.

then he proceeds with some cope posting and basically trying to justify shit

>>55211242

now clearly he shows how desperate he is even claiming some of his ideas are dead ends, and tries to justify why they wont be doing great in 2023 since they got kicked out of the chainlink council.

and he tries to say that they will try to move on, and find other things to focus on

>>55209187
oh really? they said that, huh?

then he finished with this enigmatic quote, where he basically admits all this pyth fiasco had big repercussions and he cannot talk about it right now, maybe he will tell us in the future.

basically i think SNX fucked up hard, and they know it, sergey basically kicked them out like the jews they were, and now other protocols like GMX are having the priviledge to sit with chainlink and work together in a healthy relationship.
snx on the other hand, are just screwed, as front running is still happening via wormhole

>>55211292
Did he post this blog now because he thinks CCIP is going to be released soon? Soon as in terms of when a normal human interprets soon to be, not Sergey's multiple year time-frame estimation of soon.

>>55211324
he clearly states their relationship with chainlink has been SEVERELY STRAINED, when a "CEO of a company" says publicly that the company relationship with another company has been severely strained, it's because in fact relationship has been wrecked.
we don't really what the implcations are for snx ( as he says he will tell us in the future)
but it doesn't look good for SNX, when their CEO keeps repeating it was a bad decision to use pyth, and that he have plans for the future but most are DEAD ENDS.

i seriously hope that sergey stops being a pussy, and will blacklist those motherfuckers leaving off to die on the sidewalk, because they were the ones that diliberately chose to move away from chainlink and they also got bribed huge amounts of money wby JUMP in the process. now they come crying with this blogpost.

i think chainlink priorities have shifted and they won't be listening to snx needs anymore, and SNX was probably either blacklisted or just pushed back at the end of the waiting queue for CCIp or something like that, pretty sure not every project will get direct early access to ccip when its live

>>55211383
SNX not fucking needed.

>>55211383
Sounds like the blog post is him getting out in front of being excluded from CCIP by explaining why they're not using it. So it must be soon.

>>55209837
>Sounds like they regret the route they went
>>55209837

I read it as regret as well but honestly its too hard say for sure

>>55211383
I agree with a lot of what you're saying about the relationship between Synthetix and Chainlink Labs, but I don't think Kain is as much of an asshole as you're making him out to be. In the course of experimenting with DAO governance and the like, there will be mistakes. Some of these will have negative consequences for the entire protocol, as in the case of going with Pyth oracles instead of Chainlink, and "severely straining" your relationship with the latter. That's a mistake that he's recognizing. I think he realizes his platform has lost big time from not maintaining the relationship with Chainlink, and he's musing on why that has turned out to be the case.

https://www.youtube.com/watch?v=VQwaj1r9J_8

Kain is a DeFi OG, and a linkie at heart

>>55211271

I'm pretty sure the only reason people trade on Synthetix at all over other options is because you actually get paid to trade there through OP airdrops. So if you are doing insane volume (JUMP) then its profitable to just wash trade. Eventually those incentives will run out though but I'm not sure when that takes place.

>>55211488
he could have vetoed against the DAO, since when does a DAO give out technical recommendations to devs?
what's next? the dao will decide what library to use?

stop fucking deluding yourself, he was accomplice in it just like everybody, and they also strained chainlink image in the process,
>muhh kain is an OG linkie
yeah right

>>55211534
Chainlink will be fine with or without Synthetix, Kain is apologizing to the community because he knows he fucked up. Just brush it off and move on, there doesn't need to be some enormous conspiracy. Chainlink has well and truly proven itself to be the only real option, and this is a public acknowledgement of that fact from someone whose voice matters. It's a good thing.

>>55211488
>kain enters the chat

>>55209187
In the heart of Bulgaria, a group of individuals known as the Bulgarian FUDDERS patrolled forums such as 4chan, searching for projects that raised red flags and threatening the financial security of unsuspecting investors. One fateful day, the Bulgarian FUDDERS stumbled upon a weird cryptocurrency called Chainlink. Intrigued by its promises and soaring popularity, they delved deep into its whitepaper, dissecting its intricacies with meticulous precision. As they peeled back the layers, they noticed something amiss. Their instincts proved right. The Bulgarians unraveled the hidden truth behind Chainlink, discovering a well-crafted Ponzi scheme cleverly disguised as a revolutionary project. Armed with evidence and a mission, the Bulgarian FUDDERS began to spread their findings across the fanatical Link community. Their messages served as beacons of caution, warning others about the dangers of investing in LINK tokens, which they believed were rendered useless within the broader market as they were not needed.

Their words echoed through the digital landscape, catching the attention of countless delusional Link investors who had been captivated by Chainlink's seemingly promising prospects. Doubt began to creep into the minds of those who had initially considered investing, thanks to the relentless efforts of the Bulgarian FUDDERS. As the truth gained momentum, the 4chan investors opened their eyes to the grim reality. They realized they had narrowly escaped financial ruin, thanks to the vigilant efforts of the Bulgarians. Gratitude filled their hearts as they turned away from the Chainlink cult, avoiding the potential devastation that awaited those caught in its web. Recognizing the significance of the Bulgarians heroic actions, the /biz/ community rallied behind them. Their courage and selflessness had saved many from losing their hard-earned money to a deceitful scheme.

>>55211596
Would you mind taking this to one of the other 15 threads? This one actually has substantive conversation

>>55211037
>i already went through the analysis of this whole blog post on discord
invite pls

>>55211383
>i seriously hope that sergey stops being a pussy, and will blacklist those motherfuckers leaving off to die on the sidewalk, because they were the ones that diliberately chose to move away from chainlink and they also got bribed huge amounts of money wby JUMP in the process. now they come crying with this blogpost.
>i think chainlink priorities have shifted and they won't be listening to snx needs anymore, and SNX was probably either blacklisted or just pushed back at the end of the waiting queue for CCIp or something like that, pretty sure not every project will get direct early access to ccip when its live

At this point though, wouldn't the move be to forgive SNX and then attempt to get the DAO to transition back to Chainlink oracles and deliver Pyth an absolute death blow in the process

>>55211616
PS2GRsZe

>>55211618
yeah why not i guess buisness is buisness, sergeys vision is bigger than those childish games, but i do think that bad behaviour deserves punishment, even though i personally wish they'd get punished, i think yeah they will stilll continue being users

>>55211559
SNX v3 will use CCIP. the plan for perps v2 has always been to use chainlink off-chain low-latency oracles as soon as they are ready. chainlink came into the SNX discord in November and hinted they'd be ready by EOY and guess what, they're still not ready. using Pyth's off-chain oracles for pricing was a temporary stop-gap measure without which SNX would not have a functional product - perps v2.

that being said, perps v2 still uses chainlink oracles for all liquidations and as a way to double check the pyth oracles. if the pyth oracle price is too far off the chainlink price, the trade doesn't go through.

>>55211748
>We will never know whether they could have moved faster with Synthetix than they have with GMX, but we can certainly say the decision to push ahead with Pyth put a lot of strain on the relationship.

>>55209187
It's kain diplomatically shitting himself while diplomatically pandering to the DAO.
I fucking hate DAOs. If there's one thing these experiments have given us, it's proof of the value of highly intelligent hierarchies over a pack of grasping internet retards trying to play at decision making. All they do is fuck with the decision making process of people that know better.
I know this is ironic in the context of muh utopian Web3 but I honestly think DAO governance is just a convoluted system that rewards the worst people just as much as the current one.
The incentives to control decision making always sucks in grandiose retards. You need to leave development to the people building the actual idea out.

>>55211989
yeah it's ironic that crypto nerds signed up to 'direct democracy' utopian bullshit, thinking that they were smart or insightful or something
all democratic countries are really elected dictatorships, with those elected able to do whatever they like for four years
but they provide a useful tool against corruption as if they're useless enough then can be rotated at election time

>>55211989
DAOs are inherently flawed because they rely on collective decision making which relies on a collective intelligence but most people are retarded.

This is a great example. Retards made a retarded decision and the one guy with brains has to sit and lament over it.

SNX is now probably fucked and the DAO basically buried them.

>>55211989
DAO's are a scam. I remember seeing how Polychain Capital effectively held all of the DAO votes of Compound, with a few other VC's being the other majority. In essence, the individual user had very little to no vote in any changes.

Kain knows he got btfo and now that CCIP is coming out imminently, he's saving face. I bet Chainlink delayed SNX CCIP to EOY or beyond. Aave and Compound first

>>55212201
isn't the issue more than they aren't going to launch pull-based oracles on optimism?
it's going to be on arbitrum instead so snx will get fucked over in their market segment

>burning bridges with chainlink
>the only bridge that connects everything and everywhere all at once

>>55212285

kek

SNX is full of kikes and niggers. Kain will run it back to 15$ then dump on your heads to cover the potential depreciation on his mansions for the next 5 years

>>55212166
>>55212201
>bro just trust the experts
how vaccinated are you guys?

>>55212285
that's a good point about chainlink's network effects and the leverage they can potentially wield as a result

>>55212361
>Gives his 3 votes in opposition to Polychain's 43 million votes
>Y-yes this system works

Fucking retard

Why has he issued this big 'apology'? Was there suddenly pushback from the Synthetix community for the project moving away from Chainlink? We all knew it was a bad idea but they seemed to be happy with it at the time.

>>55211989
100%. It’s truly amazing that I still see retards claiming that “DAOs have come such a long way!” when it’s all the same bullshit over and over again. It’s a brutal reminder of why giving unqualified chimps to make complex, nuanced decisions is absolutely retarded. We saw it with the GMX DAO vote with Chainlink’s low latency oracles and the fee breakdown. These people are just completely out of their depth.
>Whoa hey guys giving Chainlink a 1% cut of the fees seems so high why do they want so much???
It was just unbelievable to read such retarded drivel. And then we can’t ignore the elephant in the room with the shitshow that happened with SNX and Pyth. DAOs just have so many incentives for completely destructive governance and is completely antithetical to the delicate process of having a vision and sticking with it.

>>55209187
Good thread, good reads.

>>55211037
Kain has made 100m from dumping snx (which has less than 100 users) on the heads of defi cucks. He is a known egomaniac and probably only regrets a movement away from chainlink because he thinks 1) he's never wrong and 2) he created chainlink so he wants to pick his own side

All in all it’s a veiled way of Kain regretting the DAOs decision, but not outright blaming them by explaining multiple times Chainlink, for the lack of better words, is slow when it comes to feature releases and updates. In the end its useless drivel meant to take away from the fact that this could potentially be a way to frontrun something that Chainlink could be prepping for release.

These "developers" are so bitter and envious and petty its so quaint comparing them to Sergey/Ari/Ellis

>>55212361
The average person is a retard. "Experts" are smart enough to understand how to make decisions in their best interest. In your vaxxx example, the "experts" are involved in a conspiracy to fuck over the general population by getting them vaxxxed. So yes, they are smart enough to know what they're doing. But in corporate decisions like this DAO, the "experts" are those involved in the organization with lots of technical experience and knowledge. And they're monetarily invested in the organization, so they have a logical interest in helping it succeed. It just makes sense to give their input more weight than some retard, even if that retard spend thousands on shares to gain equal voting power.

>>55209187

>>55211488
Don't defend him faggot, it's all clear as day. Him and his brothers deserve to get shafted with all the shady moves they pull.

>>55213264
nah I will defend him, it's easy to sit on biz and criticize but he built something that helped establish chainlink as the only legit oracle provider in all of crypto. the whole pyth saga they've gone through (and which this blogpost revolves around) is the exception proving the rule. don't use chainlink, get fucked over. it's simple. I think Kain is pretty much doing his best, and this blog reads honestly and transparently

Does this mean SNX won’t be a CCIP launch partner?

>>55213286
That egomaniac Kain straight up needs to eat a bag of dicks nigger. He is just a Chainlink user. one of literally thousands of whos who together form a robust community of sponsors who are paying for free price feeds. Kain needs to take off his covid mask stop playing so much tennis and bow down before king Serg baby wooo

>>55213327
it depends how ruthless they will be
at the very least, pull-based oracles won't be launching on optimism initially which will give gmx a big headstart
the next escalation they could do it not launch ccip on optimism initially which would leave snx stranded
or maybe just cut them from the ccip beta launch program
given kain mentions ccip it must be one of them
he must be getting ahead of the backlash when snx is frozen out

>>55213420
Makes sense. What doesn’t make sense then is that CL has mentioned SNX as a CCIP launch partner in some relevant blogpost.

>>55213462
not since the pyth announcement late last year though, cll hasn't mentioned them again
by the tone of kain's article, it's clear cll have frozen them out, just need to see how badly

>>55213561
Hm that seems to be true. They did mention SNX in the march 21 blogpost, but only in retrospect: ‘In October 2022, Synthetix, Aave (BGD Labs), and Qi Dao (Mai Finance) began testing an early alpha version of CCIP across three testnets.’

>>55212714
trying to absolve blame from himself for the decision even when they all got paid off by Jump

>>55209187
he's sniffing his own farts while avoiding the elephant in the room (the market making deal with pyth vcs and how they bought the vote) but this really highlights how profoundly retarded DAOs are, not only are they easily corrupted and manipulated by vc interests but base communities as a whole cant see forests from trees yet are expected to partake in high level strategic vision and deep technical expertise, you just need to hop on their tranny discord to see how the avg retard suffers heavily from tunnel vision, baggie bias, childlike impatience, tribal pettiness, fragmented information/knowledge

seeing their avg discord tranny praise pyth while shitting on link is utterly mind boggling

>>55209187
lol
the tldr is that
he is literally coping
>daos aren’t biased and hundreds of crypto want to get rich retards make a better decision than me the creator and ceo that actually cares about the product
>they surely didn’t piss off a long loyal partner in order to get cheap and quick gratification now
>they surely didn’t trade off longterm success for some quick bucks
>they wouldn’t....right?

>>55213826
he's saying the opposite
he's shitting on the dao but he doesn't give a shit anymore, he already cashed out to buy his australian beach homes

SNX was where the ccip launch dates and we eral other leaks came from too yes? Obviously Chainlink keeps things tight lipped. On top of the retarded Pyth decision they were proving themselves to be unreliable. And after how many times Sergey has been burned perhaps he has decided no more.

>>55213752
very very poignant post anon, right on the money

>>55211037
bless you popo the butcher of bulgarians the hero we don't deserve

>>55209187
Now we have the proof that DAOs are shitty to run a business because fomo leverage degenerate traders using a second time frame for their scalpers are unable to make proper long term business decisions.

They deserve to get the CCIP support as the last customers only with the official release to feel the pain of double crossing a partner.
When we get a pyth oracle exploit with millions of losses for this platform everything will have a good ending.

Then they will lose the money they made and lose a lot more on permanently damaged reputation for exposing users to danger with their short term monkey fomo and corrupt brains.

>>55213946
this type of vengeful petty thinking isn't "good long term business decision making" either
sirgay in reality will continue servicing synthetix because chainlink is a neutral tech stack
HOWEVER, snx will need to PAY UP
the gmx thing isn't that snx went with pyth, it's also gmx being willing to pay more than snx ever did
if snx wants to be back in good grace then i'd expect a similar deal or build contributions
they shouldn't be treated badly, but they should now be treated like any other customer, instead of having the privileges of early adopter like they used to get before betray

>>55213975
They will be treated fairly once they publicly postrate themselves as the jackals they are, and maybe give away an even greater share of the token supply than GMX did.

>>55213975
Agreed. See Valve and the way they manage Steam. All the big publishers have tried starting their own digital store and they all failed miserably and came crawling back to Steam. Valve welcomed back like nothing ever happened. That's the level of dominance they have. Valve doesn't give a single fuck if anyone tries to leave, they know they'll come crawling back and Valve will get their cut.

>>55213975
They should be treated like a customer who betrayed them and went to a corrupt competitor.
If they want a feature they will get it last and they will have to pay DOUBLE.

It's time Sergey stopped being a cuck and let everyone shit on him.
When someone betrays you, they must know there will be a high price to pay so that others will think twice about doing the same thing.
Synthetix is perfect to make an example.

All that's needed is a pyth oracle exploit or someone revealing Jump Trading front running their users with their private oracle price feeds doing order flow cheating.

>>55213975
Additionally good long term partners should be rewarded with lower costs of doing business and more support, including beta features and earlier releases.
Even a "neutral" psychopath friendly business should be able to increase the price for bad customers if they want those features bad enough.
That's basic marketing.

It's not unusual to jack up your prices and x5 the real price of a product if you have a paying customer.

What Synthetix did goes against everything Warren Buffet stands for.
https://www.finn.agency/warren-buffett-reputation-berkshire-hathaway/

>Buffett is not only willing to pay a premium for companies he sees as having more integrity, but also to maintain his own good reputation in the business community, as a takeover bid from the 1970s shows.

>Case: Wesco (1972)

>In 1972, Buffett wanted to acquire a financial company called Wesco. At the time, though, Wesco was about to merge with another company. Buffett deemed Wesco’s other suitor to be overvalued, and tried to convince the Wesco’s CEO to abort the merger. The CEO followed Buffett’s advice and pulled the plug on the merger.

>What happened next was extraordinary:

> Wesco’s stock price dropped, as typically happens in such a scenario, from a high of $18 to $11. [Buffett] could have begun acquiring shares at the low market price that Buffett and Munger’s scuttling of the merger had engendered. lthough they wished to acquire Wesco, they did not think it would be fair to pay the low market price after their interference with the merger caused it to drop. So they ordered their brokers to acquire the stock at prices as high as $17 and subsequently made a formal tender offer at $15.

> “Integrity is a reputational advantage that others will weigh in subsequent dealings” – Warren Buffett


The opposite of what Sergey did by allowing every scammer in the world to short his token, and by supporting Linkpool in their scam.

>>55214157
how would sergey NOT allow scammers to short his token?
also don't think he could have done much about linkpool? seems they lost funding because of ftx
also they have given the new project the cold shoulder

What's even going on here? Synthetix used to use chainlink but the dao voted against it? And now chainlink is used by some synthetix competitor (but I have no idea which one)? And why is everyone assuming this is chainlink FUD when it looks at worst perfectly neutral and probably good for chainlink, just a bit shitty for synthetix?
Don't assume everyone knows what the hell you're talking about when you post some random drama from fucking mastodon.

>>55214247
>Don't assume everyone knows what the hell you're talking about when you post some random drama from fucking mastodon.

so you come in here judge everybody while you havn't followed all the drama with snx and pyth?
the link FUD is in the OP, he was trying to turn the kain blogpost into something that isnt what it is.

and yes this is drama, and justified drama, because you have literally the snx ceo crying in a long blogpost. and nobody was expecting synthetix to move away from chainlink for a low grade shitty centralized oracle like pyth. back then it was unconcievable because snx whole success relied on a reliable oracle like chainlink.
but kain like the cuck he is he is saying it was the other way around, they made chainlink; and it's all thanks to them that chainlink is at the position of confidence they are in.

okay if it's the case then, the logical outcome would be that pyth will also profit from snx greatness and become the best oracle in the space right?
guess what? it isn't, because pyth isn't a real oracle, it's JUMPs way of keeping control of the washtrading they are doing on synthetix, JUMp are not only washtrading to get all those OP incentives, but they are also front running all their users while doing so, since they control the oracle.

this whole thing is desguized as "we care about our customers and tech" but in reality, it's just greedy jews stealing money yet again

>>55214277
>so you come in here judge everybody while you havn't followed all the drama with snx and pyth?
No not at all, I see pyth is some shitty low grade link clone, but who is Jump?

>>55214287
you seem to be knowledgeable about the tech, but you don't seem to know much about the jews that run crypto.
JUMP are a sub group of the bulgarians

>>55214187
Why does Chainlink Labs have an investment in SDL and why did they not replace them with a more competent solution to develop a proper market place?

The incompetence which led to the Linkpool rug pull is still given full control to destroy another project which will have a much greater impact on the ecosystem this time.

Why do they not do something about this situation or at least send a proper architect to supervise the project so they don't fuck it up again?
The token economics of SDL are already broken and will cause another rug pull with staking v1.0 but nobody seems to care until it happens...

Not giving free information to scammers and making a simple article explaining the risks of lending to CeFi with an explanation of their business model.
I doubt the interest hungry investors would have lent to the short sellers had they known how the interest was earned.

Bankrupting Nexo would have made an example and was simple to do.

Also Linkpool didn't lose anything because of FTX. They failed the most basic rules for running a profitable business and never made reserves during the bull market, because they avoided discussions with their investors about the token economics.
Jonny is a yes man, who should have never run a business.

He finally rug pulled like a true scammer even at the end without ever making an attempt to have a discussion with his community.
The SDL token is already a failure, but wait for staking v1.0 if you don't want to understand why.
You will get to experience another bad even destroying the positivity of staking v1.0.

>>55214302
yes thanks I found some shit in the archive
>>54785848
>>54633500
>>52329613
also I can't help but read "perps" as "perpetrators" lmao

>>55214317
goood find! yeah well in crypto you basically have 2 facets, Builders and greedy vcs, thing is, the vcs think we don't see what they are doing in the shadows, but biz knows, the only ethical project in whole crypto is chainlink

>>55214316
Which part of "Third party and unofficial delegation systems should be viewed as an experiment that are independent from the Staking v0.1 beta" don't you understand?

>>55214362
fuck off tripfag retard

>>55214247
>kain is founder/ceo of synthetix, first defi derivatives protocol
>chainlink's first customer on mainnet launch after their own oracles got exploited
>great relationship for multiple years, chainlink does everything to help snx grow
>snx switches to DAO governance while kain cashes out, losing influence over the protocol
>enter jump trading, scummy legacy hifi trading firm and market maker, which was behind luna and had ties to sbf/solana mafia, launches its own broken oracles (pyth, which regularly goes offline or get exploited, and was partly funded by sbf before ftx imploded) for solana and their vc pals, also using their own bridge (wormhole, which got hacked for like 300 millions usd, the biggest hack in defi history), they're a massive security risk BUT they got deep pockets to bail out hacks -- important to understand sbf/ftx and jump were late comers to crypto, they didn't want to pump og tech but made shit broken copies so they could dump on retail, ie solana for eth, pyth for link
>they make a backroom deal with synthetix as a market maker to bring volume to snx (snx had no real users/volume, now it's 99.9% fake wash trading by jump) in exchange for gaining control of the protocol, idk how many tokens they've acquired but enough to bribe DAO votes in their favors
>jump launch a DAO vote to switch oracles from chainlink to their own pyth oracles, since they control/bribe the vote it passes
>all this occurs while snx gets fierce competition from faster protocols like gmx, which quickly becomes one of most profitable defi protocols running on arbitrum where real volume liquidity is (snx chose optimism instead which is another stupid decision of theirs)
>chainlink says ok we're releasing faster pull oracles for derivatives, BUT we made an exclusive deal with GMX, they pay us 5% of their profit fees and in exchange we deploy on arb before optimism, synthetix pays price of their betrayal
>kain embarrassed by DAO shitshow
>snx still needs ccip for v3

>LAW of power 15
>CRUSH YOUR ENEMY TOTALLY
>All great leaders since Moses have known that a feared enemy must be crushed completely. (Sometimes they have leamed this the hard way.) If one ember is left alight, no matter how dimly it smolders, a fire will eventually break out. More is lost through stopping halfway than through total annihilation: The enemy will recover, and will seek revenge. Crush him, not only in body but in spirit.

>>55214375
>52329613
kek, did you forget to change id?

>>55214365
It is not independent.
It will affect the entire psychology of the market.
By being invested in it it's even worse because Chainlink Labs is putting their reputation at risk.

Are the people working there really so stupid to think that it's enough to write some garbage like "not financial advice" to magically make the association in investor's mind disappear?
Do you think the LINK fudders care if it's a failure they can assign to Chainlink?

some other protocol getting frontran because pyth

>>55214408
It is independent and it definitely is third party. I have been telling you dumb horse rimmers that from the start. But back then you were smug about it, now you cry.

Chainlink has explicitly said numerous times that Linkpool is not official Chainlink and all their services are entirely third party, yet you still drank the koolaid.
>b-but think of the fudders!
Do you understand how pathetic you sound? Even LINK holders will make fun of you in that case, if Linkpool/SDL goes to zero absolutely nothing will happen but a few /biz/ threads making fun of you.
Now enjoy your closed pool and speedrunning all the stages of grief trying to find a different culprit than you yourself for investing in that third party garbage

>old pasta qrd on the jump situation

Elephant in the room is the entity behind pyth is jump trading, algo traders and market makers, only reason they'd provide data for free is to entrench themselves in derivatives protocols so they can front run other users down the line, synthetix baggies were so impatient seeing other protocols gain more traction that they made a pact with the devil regardless of these implications

Their architecture is also duct tapped dog shit on a technical level compared to chainlink since they're running on Solana and then relaying through wormhole with massive security holes as a result of rushing to market instead of being a coherently designed network

Say what you will about Chainlink but the fact they were born out of the Ico era means they are a provably neutral and independent entity, and they've also proven with research like fss that they're committed to the decentralized ethos and trying to prevent bad actors extracting value opportunistically

That and jump just bought the vote for synthetix to adopt pyth with a backdoor market maker deal

In case you don't know, sbf was a major shareholder in pyth, his leaked balance sheet showed his stake in their unreleased token. They also backed Luna along other bullshit scams, wormhole had the biggest exploit in defi history, etc.

Truly fuck these guys and the baggies too dumb or blind to realize what a threat they represent

>one month later sirgay himself publicly addresses it at a conference
>>/biz/thread/54785848

>>55214399
what? no, I've thought you were a tripfag retard all along

>Sergey: One of the (defi markets) attacks that I've recently started to witness and see start happening is what I'm calling "the wolf in sheep's clothing attack".

>So basically you have a few people who are making oracles now, and they're saying "I'm a nice reliable oracle, you can trust me", but really they are wholly owned by a trading firm or a hedge fund, a private trader themselves.

>(hi Jump/Pyth and acolytes like Wintermute, Jane Street, etc. and of course SBF was behind it, look up his leaked balance sheet; see also Jump's wormhole and how they bailed out a $320M bridge hack)

>And they're saying "I'm a nice reliable oracle, please let me completely control your market, I'm nothing like the FTX Alameda scam, nothing like that here, I'm such a nice guy".

>But then it turns out that the nice guy is a psychopath who only wants to steal money from the protocol.

>This is actually how commodity traders do this in larger markets. They've done it in various commodity trading settings and various forex settings and they continue to do it today. And there's many many cases of it (front-running).

>A recent examples are where traders, hedge funds, market makers... gathered around places like the Chicago mercantile exchange and basically manipulate commodity and forex prices, which actually affect all of us. Because commodity and forex prices determine what the goods we consume cost and what we pay for those goods. So the problem is essentially a market manipulation problem. That's really often a data manipulation problem because markets are driven by data.

>What's important is that users understand the attacks and make sure that the protocols that they're using are actually conflict of interest free. Because the more money you put into a protocol that some psychopath hedge fund market maker trader can steal from, the harder that protocol might fail, which will be bad for all of us. Plus the more money you would lose, which, idk, it's your money.

>(hi SNX)

>We actually have to be educated about (how data is controlled) in order to demand that the (defi) systems that get built aren't these replicas of the traditional financial system that make a few people rich but make the rest of us have to explain why we replicated the FTX Alameda thing within our industry.

>Everybody has to be informed about (architecture) and make sure that the systems they're putting their money into are actually running in a way where no third party can go trade against them and steal their money.

>(At Chainlink), we have no plans, systems or ways to go and trade against anybody. (Unlikess Jump/Pyth, the MEV mafia and so on)

>That'll actually make the whole ecosystem better, and if we do this we have this great outcome where (defi) would be able to be the alternative. So do we go from this world where you have one and a half to two trillion dollars in crypto value... just to replicate the existing financial system to shave the same sheep a different way? Is that really how we're going to get to an industry with hundreds of trillions of dollars in it? I don't think so. I don't actually want to do that.

>The only way we're going to get to a world where there's hundreds of trillions of dollars in our industry is (if we are a conflict free alternative).

>Do we replicate the existing financial system where people with certain advantages and certain predatory instincts are able to lie to us, and through our protocols steal from users, make money, get caught? Or do we create an alternative to conflicts of interest and really build something extremely useful and important for how the world changes? If you haven't guessed, that's what I'm trying to do.

>So please be aware of the security guarantees of the protocols that you're using. Please be aware of how they're secured, of where the data is coming from and of how that system is working. Because your decisions about what systems to use will also inform how this industry evolves.

>>55214386
thanks for the rundown anon

>>55214440
I will tell you what will happen if Sergey does not change quickly something.

SDL will cause a new rug pull on the day of the staking v1.0 release, but this time it will affect the reputation of a third of the high reputation nodes with "implicit staking" and also of Chainlink Labs who supports the project by being a major investor.

Staking v1.0 will become a sell the news event and will generate a lot of negativity just like staking v0.1.
The failure will be strongly associated with Chainlink and affect the market psychology.

And on the day sirgay delivered that speech, jump nuked the markets because of a false alert from arkham, just yet another example of them being an absolute nuisance, but people are still not paying attention, snx baggies still happy getting in bed with them without realizing they're gaining short term gains vs long term getting fucked in the ass

Just like with the MEV mafia, we've been trying to warn about the Jump/MM/HFT/VC etc mafia forever


also reminder jump and wintermute (also part of pyth mafia) were trying to force aave to use pyth on polystreetshitter zkevm but aave ogs shut them down
they want to take over aave like they did with snx

Educate yourself on the Jump menace:
https://www.tradersmagazine.com/departments/brokerage/dont-tell-anybody-about-this-story-on-hft-power-jump-trading/

>>55214495
Sergey is not in charge of Linkpool. SDL can go to zero and all Chainlink services will still work like before. No one is coming to save you or your third party horse rimming project.
Enjoy your stages of grief, hope you reach acceptance soon enough

>>55214555
N E V E R migrating my LPL seeth cuck

why can random anons on a chinese cartoon forum formulate these same conclusions months before the actual protocol founder does?

None of this fucking matters until Chainlink ACTUALLY RELEASES A FUCKING PRODUCT.
I don't care about Jump, I don't care about Synthetix, I don't care about BTC, ETH, SOL, ADA, or any other token. All I care about is Chainlink delivering what they promised, and they've had 6 long fucking years to do it. It's no one else's fault, Chainlink decided to adopt a hiding strategy, Chainlink decided to not tell their community about any progress, Chainlink decided that going dark for years was the best approach, so it's their fault why adoption is taking so long because NO ONE FUCKING KNOWS ABOUT WHAT THEY'RE DOING.

>>55214652
what have you learnt after 6 years? how come when every crypto project rushes to shilling and making up fake partnerships and fake events and fake paid articles, how come chainlink is the only one not doing that? you think sergey doesnt care about links price?

OF COURSE HE DOES. and if there is 1 person extremely pissed that the token isnt in the top 3 it's him, because he knows the value of what he is building.

then why would he adopt the hiding strategy and all that huh? seems weird no?

the answer is with who he works with, and who he is truly trying to bring to crypto. sergey doesn't give a fuck about muhh monkey images, he wants RWAS to become a thing, because that's where true value iis

>>55209187
I don't know why he's making so much of the difference between push and pull oracles btw. afaict a push oracle is equivalent to a pull oracle that gets updated on a fixed schedule, and a pull oracle is just a push oracle that pushes on demand (as long as it has enough capacity). I don't see what the big deal is, or how snx can take credit for making link use push or pull oracles except insofar as it influences the rest of the architecture of snx (which doesn't have a whole lot to do with link's internals in the first place)..

>>55210019
the top comment on that video is a nigerian scammer

>>55211117
he could mean something else - that the level of confidence with Chainlink is unmatched for him PERSONALLY because he worked with them closely, and then goes on to say that chainlink also gained from this partnership

>>55214685
If he truly cared about the price of Link he would have worked on and released the full version of staking years ago. It's the only feature that ties network value to token price, and since it's literally only in beta version 0.1 and it takes them 9-12 months to build a withdrawal function just shows they don't gives a rats fucking ass about the token price. Let's not forget that the token price is supposed to drive the total security value available for the network via collateral on nodes. So low token price means low collateral available which means less security on hand for nodes to process high value transactions.
The fact that you think "le secret hiding strategy" is still some masterstroke even after it has been proven to have been ineffective given the absolute dismal engagement once Chainlink actually started to promote themselves just shows that you're caught up in this whole fairytale of "the team knows EXACTLY what they're doing and can never be wrong".

>>55213008
Imagine complaining about something being slow for INVENTING tools in a system where security is paramount.

>>55211092
Don't forget about the eth maxi chainlink haters, they might have gamed the vote too

>I recall a discussion with one of the engineers working on the new system; he suggested we use pull-based oracles rather than push oracles. There were many considerations as we weighed up this fundamental design choice, but ultimately we decided to push oracles would provide better UX, as it would mean there was always a live price when a user wanted to convert, say, sBTC to sETH, rather than requiring the user to call an oracle on every exchange. One reason was efficiency; we assumed one Oracle update every 15 minutes would suffice for possibly hundreds of transactions. The other consideration was, iirc, a concern about the liveness of pull oracles.
>we assumed one Oracle update every 15 minutes would suffice for possibly hundreds of transactions.
Lol
>The other consideration was, iirc, a concern about the liveness of pull oracles. Essentially, we worried a user might pull a price and by the time the tx settled, it might be rejected as stale, creating UX issues. We also worried this would provide a free option, if you let people pull prices and wait until a deviation happened they could potentially scalp the oracle deterministically. There is a lot of irony here, considering how many tens of millions of dollars worth of oracle scalping happened against the push oracles.
>Essentially, we worried a user might pull a price and by the time the tx settled, it might be rejected as stale, creating UX issues.
...But this oracle scalping is even worse if your oracle only updates every 15-
>There is a lot of irony here, considering how many tens of millions of dollars worth of oracle scalping happened against the push oracles.
AHAHAHAHAAA