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11481313 No.11481313 [Reply] [Original]

Explain this thing to me. They're basically just a tech start up trying to solve the whole smart contracts things right? Where does the currency component come into play?

Bitcoin was made as an actual currency, the whole purpose is trading of goods and services, with Chainlink it feels like you're buying pseudo stocks of the company. Nobody really cares if you can buy milk with chainlink in 10 years, everybody just want the startup itself and its technology to succeed. Sounds like a stock, no?

>> No.11481353

It’s a currency. It’s nothing like a stock.

>> No.11481365

>>11481313
It's a meme lmao.

>> No.11481394

>>11481313
>Scammiest shitcoin on this entire site
If you buy into this bullshit you deserve to lose all your money.

>> No.11481422

>>11481313
link tokens are put up as collateral to be paid to the party using the data if the data is shit
There is big demand for smart contracts, smart contracts are a meme right now because they can't access real data yet, chainlink purports to make this happen, if it actually does big contracts are going to require big collateral in turn making big demand for link tokens in turn making the price sky rocket

the fud with chainlink is that the economics of their data validation is unproven i.e there's no empirical evidence the economic system they have created will actually produce quality data

>> No.11481427

>>11481313
link is basically a meme pumped coin, it's worth nothing, values nothing, it's a solution for a problem that doesn't even exists, you have to be literally retarded to invest in this, except day trading it when brainlets pump it up.

>> No.11481436
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11481436

>>11481422
The token is also erc-677 with a special function to make the data call between nodes so it is required for the network to function.

>> No.11481438

>>11481313
It's time for another episode of BAIT THREAD WRITTEN BY A RETARD
It goes in all fields

>> No.11481459

>>11481313
Smart contracts are instantaneous, guaranteed and automatic.
Any platform that will provide them, will require instantaneous, guaranteed and automatic compensation.

Oracles for instance will receive payment the very instant their services are completed.
This is absolutely essential.

A crypto is by far the best solution for this.

So why a token then, and not something like ETH?
Because Chainlink is its own network, with its own requirements and functionality.
Thus, its currency will need to be exclusive to this network.
Otherwise the value of the currency will be subject to a vast amount of external factors that have nothing at all to do with the network.
If Chainlink used ETH or BTC for instance, the price of Link would fluctuate based on fud specific to ETH or BTC; or because of the changing supply of ETH or BTC through mining.

This is why tokens exist to begin with: to provide crypto functionality without requiring a separate blockchain (which would make no sense in the case of Chainlink, since oracles work off-chain by definition).

>> No.11481484

you're right there really is no point and this is a shitcoin banks will implement supercomputes in every city anyway not to mention link is essentially a 32million shadowforked json parser

*flush*

>> No.11481491

WE ARE ALL IN THIS TOGETHER

DO NOT UNDER ESTIMATE THE POWER OF POSITIVE THOUGHT! ESPECIALLY COLLECTIVE POSITIVE THOUGHT!!

THIS SHIT IS GOING TO REACH $1,000 EASILY! HOLD THAT THOUGHT AND VISUALIZE IT IN YOUR MIND EVERYDAY AS OFTEN AS POSSIBLE STARTING NOW AND IT WILL MANIFEST INTO REALITY. DO IT! I'M NOT JOKING!

VISUALIZE AS OFTEN AND AS DETAILED AS POSSIBLE!

>> No.11482165

>>11481484
>implement supercomputes in every city
*ON every city

>> No.11482178

OP here (not sure if ID changed)

I just read the white paper

>In order for a smart contract on networks like Ethereum to use a ChainLink node, they will need to pay their chosen ChainLink Node Operator using LINK tokens.

Makes sense, but why not just pay in ETH or Bitcoin, or currency related to whatever blockchain they're linking APIs to? I don't see the need for an actual token for this

>> No.11482190

>>11482178
>why not just pay in ETH or Bitcoin
See >>11481459

>> No.11482209

>>11481394
this
dont even think about buying op

>> No.11482233

>>11482190
I see the idea, but it just seem to complicate things regardless. So imagine this, I'm a business that is about to work out a deal or a contract with another firm, we need a lawyer to oversee the terms, instead of paying the lawyer dollars, we have to exchange our dollars to lawyer coins in order to pay him.

I can perhaps see the idea of having one unified token if there's going to be a shitton of mainstream cyptos in the future - it doesnt matter if the oracle is processing things into the blockchain for ETH, bitcoin, zimbabwecoin, animecoin, trumpcoin, you'll pay us LINK.

Am I missing the point?

>> No.11482287

>>11482233
>it just seem to complicate things
Chainlink is the key to mainstream smart contracts.
Mainstream smart contracts will allow for instant fiat-crypto conversion (a bunch of Chainlink partners like OpenLaw are planning on using Chainlink exactly for this).
Many Chainlink users will barely even know they used the token.

>one unified token
Read the post again.

>> No.11482582

>>11481313
Link token usage is forced, bagholders are actually expecting big corporations to exchange sound money for links in order for this trainwreck of a project to work lmao

>> No.11482645
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11482645

>>11481491
you are a MANIAC