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/biz/ - Business & Finance

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15025598 No.15025598 [Reply] [Original]

PSD2 is the primary reason I became involved with ChainLink. For context, I work in the Financial Services sector in the EMEA region, and I can tell you it is all about PSD2. In 2019, every European Financial Institution must provide API support for payment initiation and account enquiry made by the incoming onslaught of new Fintechs.

The banking landscape in Europe will change radically in a short period as Europeans begin to take advantage of the latest technology offered by Fintechs to meet their banking needs in today's world. Blockchain technology has come along at precisely the right time, and DLT has become almost as big of a buzz-word as Fintech itself. Also, in extraordinarily good timing comes ChainLink, a service that bridges the gap between Fintechs using DLT and Financial Institution APIs.

Behind the shiny new APIs lies the prize that SmartContract have evidently positioned themselves on - legacy payment systems that will accept nothing but the payment formats they were originally designed for. This format is likely to be the new (actually >15 years old) ISO 20022 XML format. Any Fintechs wishing to make use of the new APIs can bet for sure that the Banks will not be converting formats on their behalf and instead will need to submit instructions in ISO 20022 format. Through their PoC with SWIFT, ChainLink has proven themselves as being capable of not just bridging the gap, but supporting the very formats that will run the post-PSD2 banking world.

There is a lot of speculation since the PoC about a partnership with SWIFT. For me, SWIFT has already given ChainLink something very valuable; a platform on the closed stage of the Financial Services Industry. SWIFT is seen in the sector as the keeper and enforcer of best practice for financial messaging standards so when Fintechs and Banks decide which Oracle services to use, ChainLink stands poised as a service made credible by SWIFT.

>> No.15025608

2/2

It's important to note that after the introduction of PSD2 APIs, Banks and Fintechs will not require SWIFT's telecommunications to communicate and therefore can work directly with ChainLink to connect to on-chain/off-chain data.

Often people suggest firms will just build their own oracles, but the reality is Banks will not be providing this service as, unsurprisingly, they aren't going to make the job any easier for 3rd party Fintechs. Meanwhile, Fintechs are often brand new companies who are not going to be spending their start-up funds re-writing Microsoft Outlook just because they can - they will simply engage with the industry standard oracle; ChainLink.

As you can tell, I am bullish about ChainLink. Often in crypto, the old saying about how the guy selling shovels in a gold rush is the one to get rich. Well, I believe PSD2 is another gold rush and ChainLink is the first in the door selling the shovels, the diggers, and the whole wash plant.

>> No.15025618

>>15025598
Fuck off. We know.

>> No.15025622

overcooked

>> No.15025625

>>15025598
LINK IS A FUCKING SCAM YOU MORONS

>> No.15025694

>>15025598
Banks will use centralized oracles.

>> No.15025708

>>15025598
TLDR

Not selling

>> No.15025716

>>15025694
No they wont because it's illegal for them to do so.

>> No.15025722

>>15025694
> banks like a proven worse system
> autist
> you

>> No.15025758

>>15025716
So do you think neet nodes will be making queries to bank PSD2 APIs to get/send data?

>> No.15025784

>>15025758
nobody thinks that.

>> No.15025792

>>15025758
No, neetnodes are a meme. They will use high reputation KYC nodes that have been verified by the SmartContracts team, such as the ones already running right now, the 50 ones Oracle is currently creating (which is where all the 700k batches are going) plus others we don't know about yet.

If you want to stake as a neet and get node profits, you will have to use a node that offers a pooling service like Linkpool or Coinbase's node pool service.

>> No.15025797

>>15025758
if neets have enough link to stake, yes.
if neets get the contracts, yes.
if neets fail, they lose link.

pretty stupid to run a neet node unless you know your shit

would rather sell at 10k/link

>> No.15025828

Jewish banks won't use neet racist nazi nodes.
/thread

>> No.15025829
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15025829

imagine not being all in in chainlink

>> No.15025901

>>15025784
Some people (>>15025797) obviously do.

>> No.15026004

ALL IN

>> No.15026034

>use shiny API to for everybody to check your bank accounts
>enjoy getting irs letters, interpol letters and ads
I hope I can at least get rich from the upcomming dystopia

>> No.15026045

>>15025792
>Coinbase's node pool service
Coinbase Custody is still speculation right? I know link was listed as an asset, but there hasn't been any official news on whether or not Coinbase will go through the trouble of setting up their own chainlink nodes and maintaining them right? Staking link is very different from staking something like tezos.

>> No.15026052

fuck off we are full.

>> No.15026309
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15026309

Good post OP. Thanks for summing it up nicely again.

>> No.15026328

PSD2 has nothing to do with LINK,
way too early

>> No.15026361

>>15026045
I am pretty sure they will be staking. Either way they wanted 1MM worth of Link to even bother letting you put Link on there so it must be a high value staking service. Otherwise they'd just take everyone's Link. What's the purpose of holding Link in a bank account earning no node gains as well when you could do the same thing keeping it in a node. Coinbase isn't dumb.

>>15026328
Dumbass.

>> No.15026391

Imagine the dump when PSD2 turns out that it has nothing to do with LINK

Don't get me wrong, but you better be fucking right on this one. It is going to be a fucking deathblow triple corpse hammerblow to Chainlink's price if all of it turns out that Chainlink is not involved

>> No.15026393

>>15026361
>1MM worth
Doesn't this apply to all their assets? Or only chainlink?

>> No.15026394

>>15025694
That will be difficult considering every centralized oracle provider has already bent the knee and will be operating a node in the chainlink network with all the other big boys

>> No.15026405

>>15025598
I read the whole thing but can't comprehend it.
Still not selling though.

>> No.15026418

>>15025758
Banks will only use the most reputable and highest security (Town Crier) nodes, none of which will be operated by neets. Neet nodes will be competing over the lower value contracts. Also, you're a faggot and you should go back to where you came from.

>> No.15026449

>>15026361
$1M is only like 10k LINK a year from now tho. I have 6x that.

>> No.15026453

>>15026391
No serious person thinks anything will happen. For this reason the dump won't happen in September. It is happening right now.

>> No.15026464

>>15026391
>>15026328
Chainlink working with SWIFT is confirmed via providing them enterprise grade oracles, it even says so on their website...and the website was recently updated with Google and Oracle partnerships so it's not like the website is outdated or anything of that sort. If the Chainlink team put false info it would lead to serious legal issues. With that said, I think September will be a nothingburger because Chainlink most likely won't be mentioned by name. Even if they are, Chainlink in it's current form can't handle any huge tasks yet, the penalty and reputation system is not even close to being complete, so it would be prudent to be realistic with our expectations.

>> No.15026502

>>15026464
It should go back to around $0.5 fairly soon

>> No.15026512

>>15026393
Not sure, but the way people were meanting it, it's likely only Chainlink.

I think it's stupid to assume CB wont be running a node. Coinbase isn't dumb enough to think people will over 1MM in Link will want that sitting in a no interest secure wallet instead of a high interest secure node. They are gonna be running an insured node.

>>15026449
Yeah I think it's pretty bullish actually. Coinbase obviously has high expectation of the price. Because going by the top wallets there are only a few hundred people with over a million worth of Link. Not enough to be a sizable market at this point, and half of them are exchange wallets, team wallets, node wallets or business's wallets too.

>> No.15026545

>>15025598
You've given a lot of thought to this. What are your thoughts on price?

>> No.15026546

>>15025598
DELETE THIS GARBAGE ITS ALL A SCAM
DEVS DUMPING
THIS IS A SCAM
SELL SELL SELL

>> No.15026566

>>15026502
You're more delusional than people who think we will go to 1k in September.

>> No.15026651

>>15026512
>Not sure, but the way people were meanting it, it's likely only Chainlink.
I just browsed through the Coinbase Custody site and its 1MM worth for every asset, not just chainlink.