LINK token was for fundraising purposes only

[Anonymous No.12499853]

There’s no use for it. MKR can implement the transfer & call functionality and the the LINK token will be volitile regardless. Having a separate token that has a fixed supply doesn’t solve the volatility issue. This is why Augur recently implemented Dai support so that collateral will face less volatility. Thomas says that if you use a stable coin you’re trusting that centralized party. This may be true for USDC and TETHER but DAI is a decentralized solution to this problem.

I really don’t see the need for the LINK token to exist and I’m beginning to think if 2017 ICO boom didn’t happen chainlink wouldn’t have launched an ICO in the first place.

[Anonymous No.12499859]

>>12499853
Link is shit

[Anonymous No.12499882]

>>12499853
They would just be paid out in more LINK at the time of snapshot.

[Anonymous No.12499884]

>>12499853
we actually went full circle with the fud. Congratulations on this, seriously

[Anonymous No.12499889]

>link pumps
>fud starts
coincidence?

[Anonymous No.12499890]

I guess if they didn’t have a token there would be no incentive to spin up nodes and have a decentralized oracle network. But I don’t see why they wouldn’t implement a stable coin. Thomas has said that the SLA will last for however long the duration of the contract is. I thought node operators had to put up collateral at the specific time the data is delivered, closing the window for much volatility but this isn’t the case.

[Anonymous No.12499918]

>>12499890
That is the case. Collateral is required each time a contract wants to execute

[Anonymous No.12499974]

>>12499918
No it’s not.
>The collateral will be put up during the time span the data is retrieved not for like five years or something. Query to query basis.
Thomas:
>This part is incorrect. The penalty deposit will be put up for the duration of the service agreement, not per-request.
This means volatility will be a factor and I haven’t seen a response other than “make the SLA shorter”

[Anonymous No.12500023]

a requester could specify payment in fiat currency off-chain and that amount can be automatically exchanged for LINK at the time of the transaction on-chain.

This can be:

(a) A decentralized exchange that a requester would interface with in order to purchase however much LINK was specified in their agreement with whatever token supported by the exchange. Or...

(b) A listing service that provides this service.

Or maybe a combination of both. This is outside the protocol so these services are not limited by anything in our contracts.

A decentralized exchange would make it possible to perform the transfer of some token to LINK for payment of the request all on-chain, and keep the entire process decentralized.

OP BTFO FOREVER

[Anonymous No.12500027]

If people actually adopt a token for an actual use case (as link clearly has), then the price will never be so volatile as to drop 99.9%.
Volatility will be within acceptable limits for crypto tokens that are more than currency. It only matters for shit like BTC.

[Anonymous No.12500028]

>>12499853
you think the hundreds of companies that are slated to use link dident think of this . try harder faggot

[Anonymous No.12500031]

>>12499974
>the price of LINK suddenly drops 99.99
lmao just stay in discord, holy shit your life is pathetic.

[Anonymous No.12500065]

>>12500028
they will use the network, not the shitcoin.
how dense are you linkies to not be able to understand this?

[Anonymous No.12500073]

>>12500028
Nobody has an answer besides >>12500023
I guess the only way is to perform the function off-chain. Doesn’t this make things more complex than need be?

[Anonymous No.12500074]

>>12500065
This is like saying you will drive a car without gas, usage of the network requires the link token.

[Anonymous No.12500087]

>>12500073
Performing this function as well as others off-chain is actually one of Chainlink's strong points.

[Anonymous No.12500105]

Link would be better without the token bs and I expect it to get rekt by a tokenless copy 1-3 years from now. Detokenization is the next big thing, nobody wants the added complexity of having their contracts deal with acquiring yet another token.

I mean 0x without ZRX, Raiden without RDN, Brave ads without BAT, etc. Chainlink is cool but LINK isn't needed for it to work.

Tokens have their place as long as they represent some real value within the system and not simply fees/payment. Both the staking and the payment could use whatevertoken with no loss of functionality.

Consider that devs could use their own token as oracle stake if using link was not required, instead tying the viability of their calls to their own token's valuation which is better for them. Or their project depends on DAI so they want to use that, cutting their token dependencies from 2 to 1.

I get that it will work with link but I just don't see how it's REQUIRED to use a network token.

Any token can be chain agnostic with wrapping and cross chain transfers, there's no future where link is chain agnostic and other tokens are not.

[Anonymous No.12500106]

>>12500065
How will they pay the node operators?what will be put up as collateral?

[Anonymous No.12500118]

>>12499889
no. discord fags waking up

[Anonymous No.12500127]

Also. No word on the other 650m tokens. They say they’re for node operators? How are they going to audit a bunch of node operators to know they have integrity and won’t just sell them for a quick profit? Then what percentage of the other team holding will be used for continued development? Will they have a set inflation rate etc. nobody fucking knows. It amazes me there’s so much unknown and yet people are so confident it will succeed.

[Anonymous No.12500136]

>>12500073
>nobody can answer my stupid unrealistic gish gallop question about LINK dropping 99.99% in price
he's still trying lmao holy shit pathetic just stay in discord. better yet go buy some XRP you dumb nigger

[Anonymous No.12500150]

>>12499884
Recent growth has brought a lot of newfags.

[Anonymous No.12500151]

>>12500127
>no one gives a shit about his shitty FUD thread so he's forced to talk to himself
lmao just stick to calling LINK a nazi PnD scam on plebbit

[Anonymous No.12500164]

link is a scam you fucking idiot

[Anonymous No.12500180]

>>12500151
I’m bringing up the two points everyone wants to avoid. Stay in the fetal position and hope your lunch money moons for all I care

[Anonymous No.12500210]

>>12500023
This.
>>12500073
No it's not more complex, it's literally a few lines of code more in a simple conversion contract, powered by, guess what, chainlink.

[Anonymous No.12500223]

>>12500106
First everyone thinks collateral will be matched by contract value and this isn’t the case nor great imho because in the beginning nobody will have extreme value contracts on a new network it will take 2-3 years or so for trust to build up)

Still there’s the why is there even a token and what’s going to happen with the other 650m tokens.

Nobody knows if SWIFT is involved. Nobody knows if Docusign or hyperledger(which wouldn’t matter bc private networks don’t need the token) or any big name partnerships are even true.

[Anonymous No.12500241]

>>12500223
>wearing pants

[Anonymous No.12500277]

>>12500180
you've brought up nothing but gish gallop, stop trying so hard it's fucking sad. just stick to trying to scam people with XRP threads you stupid nigger

[Anonymous No.12500398]

>>12499853
Kind of missing the node nerwork which is based on the reward system in Link. Duh.

[Anonymous No.12500460]

link is shit

[Anonymous No.12500462]

>>12500074
>but no muh Tesla came along and made cars different so the gas engine was only the only way for like 80 something years
>have fun with your obsolete technology that won’t last more than 80 years

[Anonymous No.12500494]

>>12500180
Nah m8 u a ritard
You don’t think anyone involved in biz dev works at smartcontract.com?
You don’t think there’s legal agreements that when you lock someone down for something (such as giving them thousands upon thousands of dollars worth of utility tokens) there will be rules as to how they are used and for how long they must be staked? No I bet you believe sergey walks up to random CIOs in line at McDonald’s and throws a wallet at them loaded with Link tokens, screeching and beating his chest, without an explanation or agreement.
Off chain computation is certainly a strong point, unless you want to use a network clogged up like dec/Jan 12 months ago. Sheesh you’re a fucking mongrel

[Anonymous No.12500518]

>>12500494
Kek

[Anonymous No.12500534]

Can anyone actually debunk op though?

[Anonymous No.12500540]

>>12499853

when will link go away? i'm guessing after this dump nobody will talk about it anymore

[Anonymous No.12500547]

>>12500462
What is the point of this post? In 80 years blockchain will probably be replaced with something else. Technology is always evolving, are you implying we should not invest in technology because it will one day be outdated?

[Anonymous No.12500641]

>>12499853
The Link fundamentals haven’t changed one bit since the whitepaper came out over a tear ago. Everything has been covered to hell and back many times over.
Trying to fud the fundamentals only serves to out yourself as a based newfren.

[Anonymous No.12500671]

>>12499853
>ITT: LINK holders fudding LINK holders
No one in their right mind makes fud like this without being a LINK holder themselves.

[Anonymous No.12500714]

>>12500000

[Anonymous No.12500724]

>>12500534
No I’m the only one who’s done my own research therefore everyone else is blindly following the herd like sheep they are.
>price goes up fud starts
>muh you don’t think smart people thought of this before
>muh discord fags waking up
Truth is I can’t find a concrete reason for the tokens existence. I’m going to look more into game theory and bootstrapping protocols but I still don’t see why have a MKR platform on top of chain links decentralized oracle network wouldn’t be the god tier implementation.

People blindly follow. I’m trying to figure out besides raising money to build a decentralized network of oracles is the token replaceable?

[Anonymous No.12500736]

>>12500724
Plus it works both ways.

Imagine you stake £500k, then Link moons and the penalty is worth more than the contract? Makes no sense.

Link token is useless, it was just to generate funds

[Anonymous No.12500739]

>>12500724
>>12500534
See >>12500641

[Anonymous No.12500743]

>>12500547
It was sarcasm.

[Anonymous No.12500747]

>>12500724
Plus it's supposed to be Blockchain agnostic... So link tokens won't be used on other chains?

[Anonymous No.12500751]

>>12500743
I stand corrected.

[Anonymous No.12500769]

>>12500747
>>12500736
See >>12500641

[Anonymous No.12500774]

>>12500739
Been in since the beginning. I could act smug like I have it all figured out but truth is I don’t and if I’d have to place a wager I’d bet you don’t either. For one the team hasn’t given any insight on how they plan to distribute the tokens to node operators and who these node operators will be. But we can put this one off until later.

PoW needs a native token 100%. But the chainlink token seems replaceable. I’ve been in since day one. I’ve seen ab. I’ve been there for oatmealbro. I witnessed the Sibos dump. I was there when everyone else lost faith. Take the newfag shit bag to Reddit. You don’t know anymore then the rest of us.

[Anonymous No.12500782]

>>12500774
See >>12500641
Unironically.

[Anonymous No.12500786]

>>12500747
>>12500769
It’s taken this long for ethereum you think they can just switch over to another blockchain? Fucking brainlet.

[Anonymous No.12500796]

>>12500786
I'm not kidding when I say see >>12500641

[Anonymous No.12500806]

>>12500796
See
>>12500786

[Anonymous No.12500813]

>>12500786
Can’t disagree with this.

[Anonymous No.12500818]

>>12500806
It doesn't matter what you say, newfren.
The basics are all in the white paper, and nothing has changed.
There isn't a single piece of fud that you can bring up regarding the fundamentals that hasn't been covered many many many times over during the past year.

ESPECIALLY the blockchain agnosticism or the token volatility.

[Anonymous No.12500827]

Yes it’ll be blockchain agnostic. But I don’t think it’ll be like “ok let’s just switch over here now” it’ll prob take some time. How much I’m not sure.

[Anonymous No.12500828]

>>12500813
Funny, I sure can.

[Anonymous No.12500859]

>>12500827
If these kinds of things were already resolved and sure things, that would probably mean it's too late to make any money.

[Anonymous No.12500871]

>>12500827
See this >>12500859
Chainlink is still a work in progress, many things will be ironed out when mainnet is released the the network matures.

[Anonymous No.12501036]

>>12499884
It’s all the fucking new fags taking interest. We have had this discussion time and time again and slowly it dies down then price pumps, people take notice, research the network and come up with this idea they think is genius about the network not needing a token. It gets answered, the question slowly dies down again, the price pumps, new people take notice and the cycle starts all over again.

You can tell it’s newlinkers because this question is always the first sort of exsistential question people ask when they first learn about LINK.

[Anonymous No.12501100]

>>12500828
and who the fuck gives even the tiniest shit about your fucking excuse of an opinion?

[Anonymous No.12501164]

>>12500774
I don’t know why everyone thinks you must be a newlinker to have real talk. This kind of conversation is sobering and should be encouraged. We have to start using our hive mind for good, and that means always being critical of chainlink. Maybe we can actually help the network succeed if we are always turning over every stone.

[Anonymous No.12501191]

>>12501164
Talking about the same shit over and over serves no purpose. No matter how you want to justify spewing your rehashed fud for the millionth time.

[Anonymous No.12501282]

>>12501191
I can’t help but feel that it’s the anons intolerant of fud who are the real newlinker scum

[Anonymous No.12501334]

>>12501282
You can reheat the same old turds as much as you want, cowboy.
Just telling you how dumb you look doing it.

[Anonymous No.12501653]

OP is right that this is something to worry about. There's no way of knowing owing if the friction of a special erc-20 token will be too much and kill the network, while a native token like MKR might succeed due to not having that friction.

This is new technology built on a new ecosystem that is built on a new technology. There's no way to know if the erc-20 functionality will prove too much of a burden or not and it's reckless to tell people it's nothing.

[Anonymous No.12501685]

>>12501191
You’re a mentally weak sheep. Unfortunate!

[Anonymous No.12501707]

>>12501653
See >>12500641

[Anonymous No.12501751]

>>12499890
>No incentive to have a decentralized oracle network
Node operators can be paid in DAI and can have node collateral in DAI.
There is no need for a seperate token. The only reason they had the ICO was the quick money grab, they could hve easily done it without the extra funding. Sergey was already a multimillionaire from mining BTC in 2011.

[Anonymous No.12501759]

>>12501707
You’re a child. Let the grown ups talk.

[Anonymous No.12501763]

>>12501759
>let the demented elderly repeat the same pointless stories over and over
ftfy

[Anonymous No.12501764]

>>12501707
>>12501334
>>12501191
>>12500859

>waaaaa it’s already been solved waaaaa
>waaaa read the white paper
>stop saying mean things about stinky linky waaaa

Just fuck off you inbred queer. Nobody gives a shit about your terrible “muh whitepaper” line that you autistically repeat like a fucking parrot. Let people discuss LINK, discussion about strengths and weaknesses of shitcoins is one of the best qualities of this board. Fuck off back to your hugbox if you can’t handle people saying mean things about your shitcoin.

[Anonymous No.12501773]

>>12500074
It's like saying you will hook up an electronic switch to a car that requires payment to activate the car. Its not related to the car at all.

[Anonymous No.12501786]

>>12501751
Yes moron, successful well respected individuals like Ari Juels, Gavin Wood and Tom Gonser are supporting a scam to screw over the neets on biz. Web3, Kaleido are in on it too as is SWIFT. Do you have any idea how ignorant that sounds? Only a complete moron would believe that drivel, stay poor no Linker or fudding swinglinker, this is the bottom.

[Anonymous No.12501787]

>>12501764
>waaaaaaah! You have to let me rehash the same old fud for the millionth time or I'm going to get really upset waaaaaaah!

[Anonymous No.12501802]

>>12501751
What happens if a critical bug is found in the DAI contract, or the peg collapses like has happened in every single decentralised stablecoin ever created?

[Anonymous No.12501852]

>>12500105
0x and Raiden tokens are completely pointless. Chainlink fundamentally needs a token to work. The question is which token, and the only sensible choices are eth, link or dai.
Eth and dai tie the network performance to externalities. That leaves you with one option.

[Anonymous No.12501864]

>>12501751
The strange situation in using DAI as the currency in chainlink is that the stable value of DAI would be secured by relying on chainlink nodes to supply the reference value. So chainlink nodes being paid in a currency they are helping to secure could lead toward an incentive for collusion. As difficult as it might be to pull off in practice, there might be a real benefit for node operators to artificially manipulate the DAI value

[Anonymous No.12501873]

>>12501852
Winner, fud officially debunked.

[Anonymous No.12501882]

>>12501802
Stablecoins aren't actually stable anyway, they follow fiat.
Using a stablecoin for Chainlink would be like fixing the price of oil, corn, land, ... at a certain price.
It's just not how shit works. Different things do different things.

[Anonymous No.12501905]

>>12501864
This.
A number of projects that partnered with Chainlink have explicitly stated they were going to use Chainlink specifically for stablecoin purposes.
A decentralized oracle network is the absolute ideal solution for that, so the conflict of interest (Chainlink nodes ensuring the stability of the stablecoin used to incentivize Chainlink nodes) would be pretty real.

[Anonymous No.12501907]

>>12501882
Dai has the potential to be more than just a fiat substitute, it's a beautiful project. But it wouldn't be prudent to build the link platform on it at this point. It's not mature enough. They dont even have mcd yet.

[Anonymous No.12501918]

>>12501882
I think Reserve Protocol are looking to do something like this.

Have a look at their website, and their long list of investors

The cherry on top is they mention link in their white paper too.

[Anonymous No.12501932]

>>12501905
Hot Dog!

You might be interested in my reply here
>>12501918

[Anonymous No.12501940]

>>12501907
Pricing is pricing though, that is always going to follow the rules of supply and demand (i.e. psychology) at some point.

[Anonymous No.12502800]

>>12500241

based and no pilled

[Anonymous No.12503414]

Link 1000 sats eoy

[Anonymous No.12503629]

>>12501852
>eth and dai tie the network performance to externalities.
Like attacks on the network or what?

[Anonymous No.12503648]

how do construction firms manage the volatility of steel? Treat link tokens as a commodity

[Anonymous No.12503657]

>>12503629
Like if their devs screw up the code or their networks stop being used, suddenly through no fault of your own your product is useless too.

[Anonymous No.12503658]

>>12503648
What type of hedging principles would you use?

[Anonymous No.12503872]

>>12503657
There’s going to be link futures?

[Anonymous No.12503906]

the blackpill is that ethereum developers, both of the protocol and contracts are never going to offload something as important as the integrity of data on their chain or contract, into a completely separate chain thats security relies entirely on it's own funding token.

[Anonymous No.12503921]

>>12503906
>chainlink is a blockchain

[Anonymous No.12504041]

>>12500786
It’s blockchain agnostic you faggot. Kys

[Anonymous No.12504073]

>>12481344

This thread just happened on Friday

[Anonymous No.12504078]

>>12500534
Honestly, there is a good chance link tokens are going to be worthless. Sergey will succeed in building his decentralized oracle to an extent, but i'm not sure there will be any purpose of the token in the end. It will end up like ZRX.

[Anonymous No.12504102]

>>12503906
https://ethereum.stackexchange.com/questions/301/why-cant-contracts-make-api-calls

[Anonymous No.12504134]

[Anonymous No.12504151]

>>12504134
Kek. Well done

[Anonymous No.12504165]

>>12499853
Why are we giving out loans when it's api data we're focused on??

[Anonymous No.12504199]

>>12501036
This. Don't they understand that if DAI is dependent on an Oracle, it can't itself be the collateral for the Oracle? I don't know though - is their actually any new linkers? Pretty sure we're all just shitposting to each other for a while now.

[Anonymous No.12504241]

>>12501763
Kek

[Anonymous No.12504247]

>>12501036
>link
>pumping

its happened like 1 time and then it bled back down to 25c