/biz/ - Business & Finance

>>55711524

Also why is this Blec guy so important all of a sudden? Ive been out of the loop for a while and dont remember ever hearing about him. God damn thats one ugly sunnofabitch

>>55711544
He constantly shits on link but silent on this. People like rubbing this into his fat ugly fucking face.

why even deal with oracles
lets just have an oracle free summer, guys

>>55711524

This is a terrible look for chainlink.
Imagine being at the center of yet another oracle exploit.

>>55711524
>Is curve going to pay Link or is there anyway holders get rewarded over this?
These types of events spread awareness about Chainlink, leading to more adoption and greater demand for the token both functionally and speculatively.

Same thing happened many times in the past, like with Compound. They started using their own oracle they built with Coinbase, and when that failed spectacularly they integrated Chainlink instead.

>>55711524
>Is curve going to pay Link or is there anyway holders get rewarded over this?
No. Why should anyone be rewarded for the chainlink pricefeeds operating correctly. They operate correctly 24/7, 365

Its has good oracles but the token is actually not needed and has no way to actually go up in price.
The tokenomics and incentives are seriously messed up

>>55711524
- Curve protocol has had one of its liquidity pools hacked
- Founder of Curve (Michael Egorov) had a loan on AAVE for $65mn of USDT backed with $180mn of his CRV tokens
- His (huge) loan would have been auto-liquidated $0.4 per CRV token
- DEX-price was $0.086 per token for quite a time
- CEX-price was $0.6
- Chainlink oracle reported $0.6 due to volume-weighted CEX
- AAVE uses Chainlink oracle price, i.e. no liquidation
- A market-dump of $180mn CRV tokens (at yesterday's price) would've killed CRV and a lot of other DeFi projects
- Only prevented due to Chainlink reported VWAP prices

- In the past, Chris Blec has claimed Chainlink oracle is not truly decentralized because it relies on centralized prices from CEX. He argued a true decentralized oracle would only use prices from decentralized exchanges
- If Chainlink had use'd Chris Blec approach, DeFi market would be dead now

tldr: Yesterday Chainlink saved Defi, Chris Blec is retard

>>55711753
>- Chainlink oracle reported $0.6 due to volume-weighted CEX
*Chainlink oracle reported $0.6 due to volume-weighted prices from any source, CEX or DEX

Fixed.

>>55711544
Blec is one of many high-profile Link fudders on Twitter.
It's nice to see him dunked on.

BUT the biggest dunk is on Vitalik's head.
Pic very related.

>>55711713
Even Vitalik who keeps trying to drum up competition against Chainlink (see my previous post) admits the Link token is needed.

>>55711800
Sorry i forgot, its needed for fundraising, but nothing else. Hence the terrible PA

>>55711833
>its needed for fundraising, but nothing else
That's not what Vitalik says.

>>55711524
>Curve situation in plain English?
Hackers exploit flaw in a programming language called Vyper to drain Curve pools. The price of CRV dumps in response, but not enough to liquidate a leveraged position Curve's founder took because the Chainlink price feed oracles determining the price of CRV take a volume weighted median figure from across the entire crypto market (both DeFi and CeFi). The on-chain (DeFi) price of CRV fell to about $0.08 but the CeFi price remained above $0.60. Because there is more CeFi volume the medianized reported price anchored the price of CRV above the liquidation price. Many, many crypto infloooencer retards had agitated for the price feeds to work differently for ideological and self-serving monetary reasons but because they were ignored and used Chainlink instead DeFi will live to see another day. Had Curve's founder been liquidated it'd be shitcoin armageddon.
>Is curve going to pay Link
They pay LINK every day.

>>55711844
>vitalik says
>appeal to authority
Vitalik also says 32m is overpriced for an oracle

>>55711872
That's the point; Vitalik absolutely hates Chainlink and even he can only admit it needs the token.

>>55711898
The market already knows the token is not needed

>>55711982
The same market that "knows" ADA, XRP, Doge, ... are extremely needed?

>>55711994
they are needed
look at the price
doge is good because price
link is bad because price
hope this helps :}

>>55712095
Ah yes, the market is never wrong. How could I forget.

at this point there needs to be a disclaimer in every link thread to not engage the tnn retards. anyone still saying that is obviously arguing in bad faith.

>>55712533
token not needed
everything is subsidized by dumping on bag holders
deal with it :}

>>55712615
>deal with it :}
Yikes

>>55711541
/thread

token needed is the short version

>>55712516
>7 posts in a thread about a token he's not interested in
uh-huh

>>55711753
Defi is dead because it's no longer decentralized.

>>55711753
>>55711870
Appreciate it. That is wild. So this Blec guy has to be trolling.

>>55711833
That was true initially but if everyone starts using it wont they pay nodes and therefore stakers would benefit?

>>55712889
>So this Blec guy has to be trolling.
He's not trolling, it's ideological for him. Like us he understands that Chainlink controls DeFi, but he is against this because the Chainlink network is not sufficiently decentralized in his eyes. Blec doesn't like that Chainlink uses a 4-of-9 multisig to verify transactions because he fears tyranny. However, most LINK OGs are not satisfied with Chainlink's decentralization either because we can't run neet nodes yet and participate in the network outside of staking.

>>55711598
Sor for less than $175 I could run a teller node for a price feed?

>>55711524
Oh curve is paying alright

>>55713004
gotcha...I'm reading through his past tweets now and agree with that explanation. To be fair he makes a lot of good points about the space but you can tell he gets off on being annoying

>>55713004
He's literally mad because he didn't buy in 2018. He would be smug like the rest of us if he had a nice bag.

>>55713220
What Blec doesn't understand is that the multisig controls protocol updates so you have to weigh the risks of insufficient decentralization vs the risks of giving retards existential responsibilities. Chainlink can expand the multisig but you could get a Tellor situation where non-experts with multisig keys pushed a botched upgrade and paralyzed the network. It's like thinking the American people should get to vote on what the government does with our nuclear arsenal - it's not just irresponsible but it betrays deeper delusions about how power works.

>>55712615
Pay up faggot!

>>55711598
>permissionless Oracle network
>Anyone can be an oracle
>Just stake $175
>and drain 120 million dollar from a contract

>>55712533
There are far more sellers than buyers of the chainlink token, which is why it has been going down in price for the past 3 years.
Token price has not gone up despite the growing number of "partnerships" and "integrations" therefore its safe to say that usage of network does not correlate to token price in any way. Tldr: token not needed

>>55713795
can't argue with that :}

>>55711753
>DeFi market would be dead now
Hypothetically, what would happen if something like that really occurred? How low could BTC tank? Would we have no more bullruns for 10 years? Did LINK really silently save us all?

>>55713039
THAT'S WHY HE BETRAY

>>55711753
Why isn't link top 5?

>>55712698
You may wanna re-read.

>>55714007
Low IQ demoralized market dominated by predatory VCs who simultaneously rely on Chainlink and are threatened by Chainlink. Sergey is like Harry Potter living in the cupboard under the stairs. The Dursleys depise him for being objectively superior but they can't outright kill him, so he waits.

>>55714098
What happened to the bulgarian masterminds shorting poor innocent chainlink?

Here's what happened
>On chain exploit nukes curve price
>Link oracles use dex and cex prices so curve doesn't go to actual zero in liquidation engines like aave because on cex it's not at zero
>Chainlink works as intended
>Curve screwed by codebase update rather than contract problem
>People realize vyper compiler is like 1 dude and 2 donkeys
>Crypto is a serious place

>>55714125
Nexo would be Dudley Dursley in this metaphor, the tool through which they enact their will.

>>55714125
Oh they got shut down, swatted and vanned by the FBI. They aren't a threat anymore kek. Are you pretending it did NOT happen? :)

>>55714007
price is bad because price is bad
simple as, stinky :}
tough break kid
it's a doggy dog world, as they say

something like 2100 ETH was MEV from the hacker by c0ffeebabe.eth
was that returned?

>>55713039
Nice pair of knockers on the whore

>>55711753
(You)

>>55715163
Lol, lmao even

>>55711833
CCIP already put the lie to this, go beg your masters for updated talking points.

>>55715163
>Future and safety of DeFi is CEX
Do these retards not realize the irony here?

>>55714226
Oh really? Cause last I heard the sole mastermind, simeon the butcher of bulgaria got away cleanly without any arrests and made out with millions all at the expense of linkies and their little failed moon mission ;(
Not that im surprised, it makes sense that the genius who accurately saw chainlink as an empty scam, who devilishly fudded it with zeus capital, shorted chainlink from $50 all the way down to $5 and made millions in profit.
This bulgarian mastermind single handedly destroyed this entire board of midwits larping as wannabe geniuses and left them holding heavy bags that are xurrently down -90%.
Bravo simeon excellent job :)

>>55713004
No way his criticisms are of pure intentions

>>55713335

100% correct and well said, also based. of course zero replies

>>55715163
topkek, that fat faggot with his retarded mustache is lurking this thread. Hey Chris, tongue my anus you nigger.

>chainlink is good because it's inaccurate as an oracle
bear market really bringing the turbocope out of stinkies

>all of de-fi hinges on some guys loan which is collateralised by internet tokens he created

ok, nice ponzi

>>55716118
kek

>>55711541
this
but that's true of every token

>>55716203
Nice try fuddie but ETH is decentralized even at the wallet level EIP 4758 Co-Mingling of User Funds was just approved

Chris should be out begging for door dash tips

>>55715163
>posting screenshots of 4chan on your jew media account
disgusting

>>55716379
We are leveling up

>>55716411
>we
oh no no no bulgar bros not like this

>>55713039
Sauce?

>>55711753
>he got (you)’d
based

>>55715809
kek, crypto twitter is seriously for faggots

Chris Blec is the biggest midwit and he tongues nigger anus daily

>>55715888
What? Chainlink is good because it's the most accurate oracle.
A lot more accurate than the on-chain oracles advocated by Vitalik and Blec, in this specific case.

>>55716118
>>all of de-fi hinges on Chainlink
ftfy

>>55712615
pay up bitch

>>55716118
If CL’s approach is so dumb, why has no one else created a better solution?

>>55713039
Can someone please post sauce I'm edging right now

>>55711524
I blocked that Sommi guy because his syntax and account is run like a pajeet despite being white. The fucking emoji color hearts is the most ranjesh shit I ever seen. Guy just rubs me the wrong way. It’s bothered me since the day I saw his acc, dude needs to rework his branding

>>55715163
my fucking sides

>>55711541
:^)

>>55711524
nobody is gonna fucking reimburse you you dumbfuck. lOLLLLLLLLLLLLl holy shit

>>55718847
Link will crawl it's way up to previous ATH
Sergey is making sure of that, time for the link marines to swarm in once more. Adding some AI picks from altcoinistdao to complete my portfolio