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/biz/ - Business & Finance

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10869263 No.10869263 [Reply] [Original]

Can someone refute this FUD?

>> No.10869275

>>10869263
It's unironically oger, sold 100k

>> No.10869283

uhhhhhhhh

>> No.10869295

This also works the other way around. Is the glass half empty or half full. $100k collateral turns into a trillion and link 10 000 eoy

>> No.10869296

>suddenly, link price drops 99.99%
Of course sweety. This is the same category as declaring the market cap as a bullshit indicator due to the fact that you can buy a single token at an grossly inflated price to bust it for a couple of milliseconds.

>> No.10869299

Delete this before all the Linktards see it, I want to watch mass suicide

>> No.10869300

inspect element

>> No.10869304

Link is trying to solve a problem that doesn’t exist and will still fail eject now or die poor

>> No.10869315

>>10869263
This question doesn't even make sense. ChainLink is an oracle service, not a loan service.

>> No.10869330

The agreement has to be inspected deeper. the dollar amount would most likely be calculated at the rate where payments would be made, not at the price when you'd initiate.

>> No.10869334

>>10869315
you should probably not be investing in crypto

>> No.10869345

>>10869263
>what if you enter into a house rent contract for a year for $1000 per month and suddenly inflation hits 100000% and your tenant is now living in your house for basically free
this hypothetical situation is fucking retarded in the first place because if there are $5m 10 year contracts going on in the network LINK can only increase from that point and falling 99.99% would pretty much mean the collapse of the entire world economy and everybody getting nuked by korea

>> No.10869360

>>10869345
The money isn't spend on buying tokens right?

>> No.10869376

>>10869263
>Not as I’m aware.

Meaning he doesn’t give a fuck about your hypothetical situations

>> No.10869379

>>10869360
what?

>> No.10869388

>>10869334
Ditto

>> No.10869403

>>10869263
Basically what will happen is that the collateral won't be placed up front. On the day that a fixing rate is needed, when the smart contract reaches out to the nodes, that will be when collateral is put up. Given that the time between collateral lock and data feed is likely to be small (same day) the risk of a major LINK price movement in this time (resulting in an over exposure to either the smart contract holder or the node operator) will not be significant.

>> No.10869402

>>10869388
Ok, wanna go do something else?

>> No.10869410

>>10869263
It's being backed by LINK, not USD. It's possible you can make derivative markets but that would be contract specific, not a LINK issue.

>> No.10869412

>>10869402
Nah. I'm gonna keep holding ChainLink.

>> No.10869413

>>10869376
Luckily for him all situations are hypothetical on a piece of vaporware that nobody will ever use

>> No.10869429

>>10869263
I love chainlink. All the drama, the memes, the community surrounding it, it's really something. But what I love most about it is knowing that in couple years I will be a billionaire. It's not even a 99% chance, it is quite literally guaranteed. As a result of that knowledge, I stopped showering and brushing my teeth over a month ago. There is simply no reason for me to do it when I know I'll be rich. I will be fucking whores every night and laughing as they're throwing up from my disgusting, stinky body and mouth. As they kiss me on my rotten teeth, or suck my stinky, 2 year unwashed hog. It will be quite something. In fact I am already seeing effects of my stinky adventure. Yesterday I went to a shop to buy some cheese and make a stop at McD's for a big mac and the cashier at the store was visibly gagging at the smell of me and trying to hide it. Other customers were standing like 5 meters behind me. It was truly hilarious. And none of them have any idea of my guaranteed, future riches. They must already be so jealous of me. The stinkiest billionaire ever.

>> No.10869430

>DURRHURR WAT IF METEOR HITS
If that hypothetical situation ever happened then it could only have been a result of link being a completely useless low marketcap pnd tpken and it would not have been used for a 10m contract. Circular reasoning

>> No.10869443
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10869443

>>10869263
how about you post the entire conversation they were having you idiot. context matters in this case.

>> No.10869444

>>10869429
my mother fucking sides

>> No.10869476

>>10869443
Delete this. The mindless faggots on this board should be allowed to believe that link is garbage if they want.

>> No.10869510

>>10869429
based

>> No.10869514

>>10869429
This is the kind of hubris that gets punished. You will fuck up link for all of us.

>> No.10869518

What if the dollar value loses 99.99% of its value?

>> No.10869527

>>10869476
The context doesn't change anything though, the answer Thomas gave just amounts to "penalties must be in LINK, and there is no method for dealing with price fluctuations for customer who would rather have a known USD amount rather than being collateralized in meme tokens"

>> No.10869575

>>10869403
>>10869527

>> No.10869576

>>10869476
You're a brainlet and deserve to lose your money.

>> No.10869581

alright folks, read the white paper. that a stupid question, thomas doesn't even understand it, can't get down to this pajeet's level. It's when they consult an API when the amount of collateral is decided, not fucking two years before. Make payment -> consult API, make another payment -> consult API again

>> No.10869589

>>10869575
Yes, but if you read my response you'll see that the risk of price fluctuation is minimised by reducing the time between when collateral is put up and when the node responds to the smart contract with data

>> No.10869595

>>10869581
Correct. It’s on a query to quary basis we already knew this

>> No.10869597

>>10869527
But there's not much more to say. If they're not comfortable, maybe they can wait until someone puts 1M LINK as collateral. But these transactions are never going to be "risk free". If this thing works it will probably have to work its way up, I doubt people will accept $1M contracts on day 1.

>> No.10869609

>>10869518
The dollar backed by the might and reliability of the US economy and government. Chainlink is untested. If you don't see the difference you should go try to buy a stock, house or burger with chainlink tokens.

>> No.10869612

institution can hedge using other instruments. like they always do

>> No.10869615

>>10869263
Guys, ChainLink is just a JSON parser, I don't know what you are talking about.

>> No.10869633

>>10869263
Just penalty 100k

>> No.10869675

>>10869345
this actually happened for a lot of people where i live lol

they can only raise the rent so much per month but they are still paying 10x less than market value since the market fucking exploded

and yes the market is vancouver

>> No.10869792

>>10869581
I guess you could lock up the penalty payment for two years lol, but it's not how it's supposed to work.

>> No.10869822

>>10869609
Go try and buy a house, burger or gas with American silver eagles and gold coins

>> No.10869837

This is why MKR partnership was huge. You guys seriously right now ?

>> No.10869844

>>10869837
Link has partnership with MKR? Source?

>> No.10869866

There’s going to be a stable coin that is going to be indigenous with the Blockchain. I guess you guys need to go research MKR for your answer and why they just partnered with chainlink to.... bonds and derivatives

>> No.10869890

>>10869866
Wait where did you get this from?

>> No.10869901

>>10869263
Usually things with real use don't lose 99% of its value in 10 years

>> No.10869918

Listen, LINK is a false flag coin. Think about it for 5 seconds and you'll realize I'm right. It's designed to play on human emotions, namely: hype, fear, greed, and hope. Hype because smart contracts generate buzz. Fear as in fomo or fear of missing out. Greed, meaning 1k eoy. And hope when you're stuck holding heavy, heavy bags.
From wikipedia:
A false flag is a covert operation designed to deceive; the deception creates the appearance of a particular party, group, or nation being responsible for some activity, disguising the actual source of responsibility
Sound familiar? Huh? What?
Also notice how sirgay hails from Russia. Who's public enemy #1 in America? Go ahead, I'll wait. Oh, yeah times up. Russia! Coincidence? You tell me.
Listen, it's easy. Whales are playing you and are out in force. They own most of the supply. They control the price action. And they want your BTC. Trade wisely, anons. You've been warned. That massive, 5 million link sell wall was not a mistake. It was not an error. It was a head fake. 5k sats, then doom. Beware.

>> No.10869968

json parser

>> No.10869992
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10869992

>>10869890
https://twitter.com/ChainLINKfan/status/1032266815475527680

>> No.10870049

>>10869263
Easy to refute. The token’s volatility couldn’t fluctuate significantly before a node has already made a conversion to usd

>> No.10870148

>>10869413
Lmao

>> No.10870198

>>10869992
>https://twitter.com/ChainLINKfan/status/1032266815475527680

Oh shit, you're not a larp, but an actual marine. Thx man. Read a bit of the whitepaper, it looks quite good. People are realling undervaluing these partnerships XD.

>> No.10870205

>>10869263
You do realize a smart contract can be written in terms of USD correct? It won’t be in terms of LINK. When the terms of the contract operate, and link tokens are released, it will be tied to the agreed upon value of USD

>> No.10870221

>>10869866
>indigenous.
Shall not infringe!

>> No.10870235

>>10869476
Link is garbage tho

>> No.10870623

>>10870205
Exactly. And if that is going on constantly, the price of LINK will probably be quite stable due to supply/demand, in order to keep the rate of return of staking at reasonable levels, otherwise there would be crazy arb opportunities.

>> No.10870694

>>10869612
they dont even have to "hedge"; they could just state that at whatever point to request for info is called, whether at the beginning of the contract, midway through or at the end, that end call is backed up by X no. of dollars in LINK. the guy asking this question in the telegram is a moron.

>> No.10870807

>>10870694
Correct

>> No.10870877

>>10869263
DELET THIS NO MOMMIE THE LINK SCAM HAS BEEN EXPOSED NOOO

>> No.10871015

>>10870694
Brainlet here. What if the guy running the node has no more LINK left? Would they somehow incorporate another person?

>> No.10871261

>>10871015
>Brainlet here. What if the guy running the node has no more LINK left? Would they somehow incorporate another person?
it would seem logical to route that data request through nodes which had the collateral value required.
this is why the higher the LINK price, the better it is for everyone involved. theoretically, a very low LINK price could mean there were no nodes with enough liquidity in LINK to host to data request. higher priced LINK however means that the network is more robust.

LINK 2500 eoy!

>> No.10871740

>>10871261
Good answer, glad to see somehow else who can think logically as to why LINK needs to be higher priced as network adoption occurs.

>> No.10871758

>>10871740
The only way LINK goes up in price is to get normies to buy bags though

>> No.10871765

>>10869429
stay stinky, friends

>> No.10871795

>>10869296
This

>> No.10871809

>>10869403

It's going to be some variation of this.

But yeah, I've wondered about this too. The weird thing is, whatever the new backing required is, as far as we know you have to use link for collateral. So, if the price of link *dropped*, you might not be holding enough to back the contract.

This seems fucked - you could get screwed out of your backing bc the price fell. Or maybe the contract would be voided as soon as the node couldn't post collateral? But on the upside, if the node did need to go get more link, all nodes would likely need to, driving up the price... which sort of corrects the problem of falling price?

>> No.10871820

>>10869429

life goals

>> No.10871829

>>10870205

What if the price of link falls, and the node no longer has enough link to cover the stated USD amount? RUH ROH

is the contract voided?

>> No.10871882

>>10871829
That’s why ou choose someone with 35% more link than you as a SCC want as collateral(increasing number of link staked) increasing demand with a lower supply raising the price. This way not only is it unlikely that it will drop this much it’ll be even less likely it’ll drop this much when you’ll only be fetching on a query to query basis.

>> No.10871915

>>10869403
This is the most reasonable answer.
else OP situation could also work the other way around, 10M loan, 100k collateral=$1 -- 100k collateral= price 1000K EOY and you would have 100M as collateral.

>> No.10871928

>>10871809
>But on the upside, if the node did need to go get more link, all nodes would likely need to, driving up the price... which sort of corrects the problem of falling price?
Right this is why they didn’t decide to have tail emission at 2% or something. Scarcity is key when utility is mandate

>> No.10871959

>>10869527
You can use a smartcontract-based futures to hedge your LINK stake, essentially eliminating risk.
Here's an interesting little project that does just that, and guess who posts about them on twitter?
https://projectchicago.io/

>> No.10871970

>>10871882
>>10871928

What's kind of blowing my mind is the amount of value the link token would need to have to actually function as collateral. Do you think nodes would be allowed to use their link as collateral for multiple contracts at a time? If so, then what happens to the rest of the contracts if a big one fails? If not, how the fuck could you have enough link to backstop the value of, say, a huge CDS?

>> No.10872143

>>10869263
This is also an issue with any currency tho right? Not specific to chainlink.

>> No.10872171

Asian people would have thought of this and already had a solution worked out.

>> No.10872179

>>10869263
"But, but, what if *insert ridiculously unlikely scenario* happens! Then what?!"

Stupid reasoning.

>> No.10872274
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10872274

>>10869403

>> No.10872303

>>10869527
yeah. Using usdt or any other token dollar would be a much better solution but how could muh link moon then?

>> No.10872385

>>10869866

Wut? We know about MKR & DAI, its been out for ages. Nothing to do with Link though, not directly - unless you've got other info to share? I know they're doing something with their USD pricing Oracles - have they said they're gonna switch to Link once mainnet drops?

>> No.10872417
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10872417

I already posted this before, is this info really considered new?

>>/biz/thread/S10845134#p10846986

In a way, doesn't Thomas's answer imply that it's irrelevant to LINK because of >>10869345

There still might be possible solutions with MKR though, but I don't know how exactly it would be

>> No.10872965

>>10869403
>didn't see LINK in the last month go up 30% in a day.

>> No.10873023
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10873023

>>10871809
That's the genius of LINK. Literally everything about the system is self-correcting. The delicate fine tuning of the LINK ecosystem puts those intricate hand-made watch makers to shame.

>> No.10873042

Uhh, guys.

>>10871022

>> No.10873045

>>10872385
This happened:
https://medium.com/market-protocol/market-protocol-partners-with-makerdao-59f77e6d99e5

Then this happened:

https://medium.com/market-protocol/market-protocol-and-chainlink-team-up-to-enable-off-chain-asset-trading-on-the-ethereum-network-72c3ff4a3e1c

We gonna make it boys. $2500 EOY.

>> No.10873145

>>10869315
The state

>> No.10873988

>>10873042
“Okay, guys,” a female coworker of mine recently began, as she addressed me and a female colleague. Then she stopped herself, said she was making an effort to use more gender-neutral language, and carried on talking.

It was a small self-correction, and a glimpse at the conflicted feelings stirred up by one of the most common greetings in the English language. Guys is an easygoing way to address a group of people, but to many, it’s a symbol of exclusion—a word with an originally male meaning that is frequently used to refer to people who don’t consider themselves "guys."

>> No.10874172

>>10869263
>retards finally understanding that not only LINK has no reason to exist but the token is actively detrimental to the project

Top kek.

>>10869296
If it drops 15% it's just as unacceptable for any business.

>>10869315
This is the average utoken holder.

>> No.10874579

>>10869429
!

>> No.10874665

>>10869263
Link is a decentralized oracle network
Link tokens are used as payments for information requests.

What the fuck does this have to do with any of that? That's right nothing get fucked with your FUD 1000$ EOY

>> No.10874719

>>10874665
somehow people have conflated the penalty payments for returning correct data, with LINK holding insurance for the entire contract. If a contract needs it, since we will have Oracles, it could have insurance in ETH, BTC, or hey even the value in USD with a fiat escrow provider

>> No.10874735

>>10874719
This unironically made me bullish on REQ nice

>> No.10874758

>>10874719
how dumb do some of these fudders have to be to not realize that actual big fucking insurance companies provide the insurance for a contract, instead of a fucking crypto coin?

>> No.10874778

>>10874719
>>10874758
Which of course would collapse the entire bullshit argument that huge amounts would be held in LINK as collateral, justifying high LINK prices like that ridiculous $820 meme

>> No.10874797

>>10874719
You could use tether if you really wanted too lmao

>> No.10874827

>>10874797
exactly. the whole point of LINK as a universal oracle (just add adapter) is you will be able to interact with basically any system - in this example contracts and monetary systems (including other blockchain coins/tokens)

>>10874778
this. if you handle oracle services for an 1% of a 10trillion dollar market, doesnt mean you get that value, it means you get some fees for helping support the provision of contracts to that portion of the market

>> No.10874842
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10874842

>>10874778
> hurrrrrrr why would the token price go high when there will be less than 500 million (probably less) freely floating around as fractional representations of the cash flow of markets and industries worth trillions and trillions of dollars in contract exchanges if it achieves widespread adoption?

>> No.10874856

>>10874842
Read the posts I was replying to brainlet, if collateral is done in ETH or a stablecoin there won't be any fractional representation of anything in LINK

>> No.10874861

>>10874842
this too. large scale adoption and high volume will see LINK do VERY well.

but you cant divide the value of world derivatives market by x% and hope to predict a price. it's all speculative till we see adoption. So as said above, $820 or any specific price prediction is a meme

>> No.10874899

>>10874856
The absolute irony of calling me a brainlet and then proceeding to make this statement which indicates that you have no understanding of the basics of the nodes or now the network will work
> if collateral is done in ETH or a stablecoin there won't be any fractional representation of anything in LINK
I know it's probably harder to make out the words on the whitepaper when you've just finished huffing paint in your trailer and have to read it off your smartphone, Cletus, but it's time that you tried to apply the half-dozen braincells you have for the first time in your life.

>>10874861
Agreed. I stop trusting someone the second they try to give an exact figure of what it could end up being worth, so the only safe bet is to accumulate as much LINK as you responsibly can.

>> No.10874924

>>10874899
It's incredible to me that some of you linkfags are unable to follow a conversation consisting of 3 short posts yet still feel the need to add something to it. Your dunning kruger level is way too high anon

>> No.10874930

>>10874856
you have to use the link token to interact with the chainlink contract. think back to sergey's tweet paraphrasing benioff. the goal is to make it so convenient and cheap to use the link token for payments/collateral that their customers will accept having to use the link token out of concern for their productivity. it's possible and likely, considering the market protocol/makerdao interaction, that chainlink network customers will only ever see prices and collateral in terms of fiat.

>> No.10874963

>>10874930
Yes, you need LINK to pay nodes and the nodes need LINK for penalty payments, but that doesn't mean that penalty payments would represent any significant fraction of (for example) a bond's face value, if the transaction can be insured in a more useful currency. In the first place, extremely high penalty payments would make it financially dangerous to even run a node.

>> No.10875000

>>10874719
How long does it take to verify if the returned data is "correct"?

>> No.10875050

>>10874924
It's nowhere near as incredible as the amount of ultracrepidarian knuckledraggers on here who try to make comments regarding a project when it is obvious that they haven't even done basic research on how it would work. Oh, and maybe avoid trying to hide behind "muh Dunning-Kruger" since it only becomes more painfully obvious at this point that you are a cornered retard who needs to lurk more and comment less.

>> No.10875059

>>10875050
>cornered by a butthurt faggot with no argument besides calling me stupid in 50 different ways
kys

>> No.10875177

>>10875050
>>10875059
You faggots are arguing two different things.
Faggot A is saying that if nodes just need to have collateral during execution and not for the duration of the contract, then that undermines the idea that a huge amount of value will be locked up in penalty staking.
Faggot 2 is arguing that the link token will power all the work done by the network on the back end, and that the value of this will be huge.
You're not even engaging on the same points, you're effectively both right, and if you just read each others posts without instantly resorting to faggotry then you would understand that without shitting up the thread.

>> No.10875238

>>10875177
To expand on the issue raised from Faggot A, what percentage of the total value within the contract would you need as collateral during the execution of a job?

Say you have a smart contract bond worth $100,000. You use a ChainLink node to query interest rates from some API for the bond. At the moment the query is executed, how much collateral does the ChainLink node need to have? Does it need to have $100,000 worth of Link, or less?

>> No.10875296

>>10875238
Way less. The penalty stake just had to be enough to disincentivise an incorrect response, it doesn't have to cover the whole value of the contract.
But that leads to faggot B's point which is that it doesn't have to cover the whole value for the link token to be worth an absolute fuckton, in the case of a high volume of contracts where nodes will always need a large amount of collateral in order to be constantly taking and executing jobs.

>> No.10875314
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10875314

>> No.10875337

>>10874856
What collateral are you talking about?
Link was always going to be collateral for the oracle computations, not the underlying actual contract.

If this is news to you, then you're the brainlet here.

>> No.10875361

>>10872965
>doesn't understand that volatility will drop with increased adoption and participation
Do you even FX bro?

>> No.10875387

>>10871970
>What's kind of blowing my mind is the amount of value the link token would need to have to actually function as collateral. Do you think nodes would be allowed to use their link as collateral for multiple contracts at a time?
i think there's some confusion here. the collateral will only be held for like microseconds as the data is fetched then fed onto the block chain. each individual LINK a node operator holds will be reused multiple times per day. LINK only ensures that data is not corrupted en-route to the blockchain. this process is not a long-term thing. it will happen from start to finish very quickly.

>> No.10875406

>>10875337
>Link was always going to be collateral for the oracle computations, not the underlying actual contract
I know that, that's exactly what I'm saying, but some anons recently got the idea that people would be posting $1m in LINK as collateral to cover a $1m bond, etc

>> No.10875435

>>10875406
And you think everyone who believes Link's price will soar has this idea?

>> No.10875443

>>10875435
No

>> No.10875459

>>10875435
the driver for LINK's price will be the rewards that node operators make. as i said just here:>>10875387 each LINK a person holds could be used many many times per day. it's not unreasonable that someone holding 20,000 LINK could make their entire living out of staking just those 20,000. once the crypto market cottons onto this LINK will just fucking sky rocket. but i suppose this wont happen immediately on maonnet release. or maybe it will. who knows?

>> No.10875466

>>10875406
The token is a lot more than collateral. It can be programmed to govern a node

>> No.10875478

>>10875459
Well yes.
Banks in general make billions of API calls every day, and this is before major developments like PSD2 and smart contracts take full effect and make the API market explode.
Even if there are tens of thousands of nodes, they could all potentially and theoretically be getting hundreds or thousands of jobs every day easily.

>> No.10875479

so in summary, nobody still really knows how this shit is going to work?

>> No.10875480

>>10869263
Just make the contract account for price fluctuations you fucking mongloids.

>> No.10875485

>>10875479
We've known pretty much since the white paper.
How it actually plays out is unknown since it's the first of its kind.
And that's a good thing.

>> No.10875494

>>10875478
agreed. the governor of the bank of england has been talking a lot recently about how the entire financial industry will operate on "immutable ledgers", and how PSD2 will bring this to fruition. if high frequency currency/ stock trading ends up using LINK - and it will- then holding LINK will be our licence to print money. it makes me giddy thinking about it actually.