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56851849 No.56851849 [Reply] [Original]

and will explain why it is an elaborate ruse that comes down to the following:

>Convince the market that their academia-based products are valuable
>Sell a token that has no relation to these products to pay the high salaries of employees and enrich founders

That is the entire business model and I will happily have a good faith discussion with anyone here who would like to argue otherwise. Let's start with Proof of Reserves:

Proof of Reserves literally relies on hiring a TRUSTED accounting firm to do an audit of a financial institution and create an API that can read some sort of balance into a smart contract to be compared with some onchain asset. The entire premise relies on trusting that auditing firm and the institution being audited to provide accurate data (which people committing fraud do not). It quite literally accomplishes nothing. For example: if Silicon Valley Bank had proof of reserves, their API would just feed fraudulent data into the smart contract showing that the assets had reserves.

I'm starting this thread as a Chainlink holder that just wants people to cut the shit and accept that we are no better than people shilling Doge, BTC, or any other shitcoin...we are u

>> No.56851870

Anyone is able to create an AWS product and deploy it to AWS marketplace. Yes -- there are heavy requirements that you have to comply, but that means nothing, once you deploy a resource, you're officially called a partner

>> No.56851877

>>56851849
Is it possible to have fraudulent reserves on a blockchain? As I understand it, the Oracle checks whether or not both parties stake their shit for the smart contract

>> No.56852049

kekfuddies

>> No.56852091

>>56851877
The oracle simply checks an "API" (I'm assuming you know what this is, but if not, feel free to ask). This API is just referencing some existing database and could be a function like: getUsdBalance(accountName). This database can have any value that the institution in question decides and could be:

-Accurate
-Mistakenly inaccurate
-Fraudulently inaccurate

In the latter two cases, that value is still fed through the oracle network and pushed onchain regardless of the offchain reality. It entirely operates based on the trust assumptions that an effective audit was performed, and effective API was built, etc.

Funnily enough, the company, Armamino, that performed an audit of FTX and said everything was A-OK is the same company that did an audit/built an API for TrueUSD, Chainlink's poster child "fully reserved" stablecoin making use of Proof of Reserves. They have since rebranded and changed their name, presumably to avoid massive negative fallout from the FTX fiasco.

>> No.56852326

>>56851849
I was ready to have an honest, good conversation and you had to pull out the retarded “proof of reserves needs an auditor” showing how fucking low level your thinking is. Of course it does. The feat isn’t auditing the reserves for PoR, it’s allowing them to be used in smart contracts.

>> No.56852369

Finally, a chainlink fud thread. Link is such an obvious shitcoin it absolutely dominates the discourse here, like all other scam projects ;)
So when 1000 EOY big guy?

>> No.56852427

>>56851849
I have access to no privileged data APIs. Is there any purpose to me running an AWS quickstart node? I am tech savvy but what advantages would it bring?