Discussion on Chainlink's newest user - Synthetix.

[Anonymous No.16382071]

Hello biz, just from reading the China blog post today, I saw something that I hadn't noticed before.

https://blog.chain.link/chainlinks-growing-presence-throughout-asia/

>Finally, the team revealed on the Devcon mainstage the new Price Reference Data Oracle Networks soon to be live on the Ethereum Mainnet for the following assets: LINK, BTC, ZRX, USDC, REP, and BAT.

>The new price reference data oracle networks are designed to grow the DeFi ecosystem by giving developers easy access to high-quality pricing data that has been verified by the most decentrally secure oracle networks.

>These new reference data sets provide high-quality data to DeFi leaders like Compound and Synthetix and are available to all projects.

So biz, can someone tell me what Synthetix is/does? I have heard of Compound for a while, but not Synthetix.

[Anonymous No.16382086]

>>16382071

Go ahead and delete this thread OP.

[Anonymous No.16382103]

>>16382071

It’s a scam.

[Anonymous No.16382111]

>>16382071
>discussion

those days are over frendo

[Anonymous No.16382123]

Someone needs to inform Spergy that French Eyebrows is working for Eth and is directly paid by money skelly to shit up this board with flights of fancy

[Anonymous No.16382133]

>inb4 DAPPs schizo-poster

[Anonymous No.16382134]

>>16382103
Alright...pic related.
>>16382111
Nubiz is this bad? We can’t even try and revive early 2018 Chainlink discussion thread vibes?

[Anonymous No.16382137]

>>16382071
>So biz, can someone tell me what Synthetix is/does?
SNX like all other eth defi projects are trying their best to emulate 2007.

[Anonymous No.16382138]

>>16382071
>1+ year test net
>5 months main net
>nobody can name a single dapp with users using Chainlink oracles in production
>(with proof link to dapp.com/dappradar/etherscan)
>Linkers: this is bullish!
not a user, just another fake partnership

no link to dapp.com/dappradar/etherscan? Thank you for confirming there's literally not a single dapp using Chainlink oracles in production.

[Anonymous No.16382155]

>>16382134
you can try but half way into your threads newfags will shit it up with entry level fud and you'll have an actual discussion about the dumbest fud imaginable side tracking your thread. Rinse and repeat for the other thousands of newfags here.

In my opinion, synthetix and all the literarley whos are testing grounds for various aspects of chainlink. Once those prove their worth bigger fish will start using the network and the network effect will ramp up along with actual usage and price.

tl;dr pee pee poo poo link 1000$ eoy

[Anonymous No.16382158]

>>16382137
Can you expand on this? Synthetix is directly targeting the derivatives DeFi market, and they are not just another shit DeFi app (it looks like). Pic related.
>>16382138
Ok....Synthetix will be using Chainlink oracles soon though? Unless the blog post is a lie...

[Anonymous No.16382173]

>>16382155
Still bullish as hell on LINK, pretty excited to see some usage, even though this is only fetching some prices. Wondering if it might be worth it to take a position in any of the dApps building on Chainlink or just stay in Chainlink.

[Anonymous No.16382189]

>>16382173
>>13308744
read this thread

[Anonymous No.16382190]

>>16382189
didn't link

[Anonymous No.16382192]

>>16382158

Repeat after me noob

NOBODY
IS
USING
CHAINLINK
ITS
A
SCAM
COIN

[Anonymous No.16382196]

>>16382158
>Can you expand on this?
I won't pretend it's anything more than my gut feeling. These guys want to be the bankers and I think it will end badly.

[Anonymous No.16382199]

>>16382190
>>/biz/thread/S13308478#p13308744

[Anonymous No.16382216]

>>16382196
They are based out of Australia where regulation is pretty lax. Seems like if regulation were to come it would be certain countries just banning their citizens from accessing Synthetix via IP.
>>16382199
thank you anon, reading now.

[Anonymous No.16382276]

>>16382158
>Ok....Synthetix will be using Chainlink oracles soon though? Unless the blog post is a lie...
Chainlink has something like 50 fake partnerships claiming they will be using Chainlink soon. All fake. Literally not a single one. NOT ONE is using Chainlink in production.

no link to dapp.com/dappradar/etherscan? Thank you for confirming there's literally not a single dapp using Chainlink oracles in production.

>>16382173
>1+ year test net
>5 months main net
>nobody can name a single dapp with users using Chainlink oracles in production
>(with proof link to dapp.com/dappradar/etherscan)
>Linkers: this is bullish!
kek how low is your IQ?

[Anonymous No.16382338]

>>16382199
Thx anon...thread was good even though it turned into a CLCG shill. Had a good chuckle remembering that they tried to raise $7m for their coin offering. Does put things in perspective as far as APIs though. Much appreciated, I will continue researching.

[Anonymous No.16382356]

Chainlink is a KNOWN scam

[Anonymous No.16382414]

>>16382071
You know how Maker/dai works? Synthetix is the same except you can mint the USD equivalent of any asset (limited to forex, cryptos, and gold/silver currently). However the synthetic assets aren't collateralized by ETH but instead by SNX, the synthetix token. The token enjoys demand not because it's gas for a smart contract network or deflationary money (I suppose it could be, idk how/if new SNX is minted) but because by staking it one earns trading fees on the synthetix network. So instead of paying to open (close) a CDP with Maker you *get paid* to keep a staking position open with synthetix.

[Anonymous No.16382426]

>>16382071
>>16382414
Naturally, secure price oracle's are fundamentally vital.

[Anonymous No.16382431]

>>16382276
>NOT ONE is using Chainlink in production.
Not many of them had a use case that hinged entirely on the USD price of ETH you dimwit.

>fake partnerships
Yeah, Google Cloud and their darn fakery lmao.

[Anonymous No.16382447]

>>16382414
Gotcha....so how does Synthetix ensure that it will not only be people buying the token expecting profit as its main draw? How will the team bring on more traders and trade volume onto the platform? I know its very early (it looks like) for Synthetix but it kind of looks like it could just undergo a speculative bubble without the trading volume to justify the token price increasing - aka people just buying to profit rather than using the platform.

[Anonymous No.16382449]

Here's their integration spec:
https://github.com/Synthetixio/synthetix/issues/293

[Anonymous No.16382460]

>>16382449
Very nice, any idea if this will be implemented before EOY? Would be good for both Chainlink and Synthetix if this collaboration happens sooner rather than later.

[Anonymous No.16382468]

>>16382447
Well as long as SNX earns staking rewards and the network is liquid it will have non zero demand, and the bet that we're all making is that defi will be in demand due to pseudonymity and trust cost reductions offered by blockchain. Once privacy tools mature (see mixicles, deco, additional zk protocols, etc.) then we're golden.

[Anonymous No.16382471]

>>16382447
Also there are plans to offer other collateral options, including ETH

[Anonymous No.16382484]

>>16382468
So something like a Synthetix will actually take business from Binance/BitMex? This would be pretty good for burgers considering they are not allowed to access BitMex. Any plans for Synthetix to have leverage in the future? Couldn't find any margin trading on the platform.

[Anonymous No.16382491]

>>16382471
Sorry for brainlet question (first time hearing about Synthetix today), but why does it matter that ETH is included as collateral?

[Anonymous No.16382492]

>>16382071
ponzi scam

[Anonymous No.16382500]

>>16382338
we are all in this together frendo

[Anonymous No.16382513]

>>16382484
I don't think there's leverage right now but I'd be shocked if it wasn't in the works. Who would provide liquidity? That's an interesting question that makes one think of kyc.

[Anonymous No.16382531]

>>16382491
People get antsy when collateral is of a single type and whose demand seems arbitrary (it's not in this case). Also SNX was minted from nothing and through a cursory look I couldn't find the token policy. Also ETH has more price history and utility, that sort of makes it more robust as collateral.

[Anonymous No.16382534]

>>16382500
my linky stay super stinky
>>16382513
So the roadmap for Synthetix over the next few months will be adding ETH as collateral (still not sure why this matters), integrating Chainlink, anything else? Any price predictions? Seems like a huge bubble right now and chart looks dangerous to buy in.

[Anonymous No.16382541]

>>16382531
gotcha, so having ETH as collateral will bring a lot of trust to the platform (at least for me).

[Anonymous No.16382571]

>>16382534
Multicollateral systems just have less risk, and there's nothing stopping Maker from implementing synth assets other than USD, Synthetix would just then be a weaker product imo.

[Anonymous No.16382580]

>>16382534
Yea I wouldn't buy that chart lol

[Anonymous No.16382601]

>>16382580
>>16382571
How big of a competitor is Maker to Synthetix do you think? Can they coexist and yet both still be successful?
When would you buy? I'd maybe pick some up if this went to $1 again or something.

[Anonymous No.16382663]

>>16382601
I'm not good at timing short term entries but I like MKR and SNX mid/long until they start treading on each other: SNX collateralizing with ETH and Maker adding new synthetic assets. While they remain separate they're both good buys.

[Anonymous No.16382666]

a well thought out ponzi that will collapse eventually and slaughter more idiots then bitconnect. Has buttfuck nothing to do with LINK

[Anonymous No.16382691]

>>16382663
Thx anon, will take a look more into MKR as well. What is the time frame of Maker adding new synthetic assets?
>>16382666
Comon, do better at FUDing, I am trying to make biz great again...

[Anonymous No.16382861]

>>16382691
then post pepecopters SHILL
and take your ponzi somewhere else

[Anonymous No.16382877]

>>16382155
Gonna have to check this
NuBiz is dead
Massively Bullish

[Anonymous No.16382928]

>>16382877
checked! nubiz is kill

[Anonymous No.16383185]

>>16382877
C-c-combo Checked

[Anonymous No.16383320]

>>16382155
>>16382877
checked

[Anonymous No.16383358]

>>16382111
>>16382155
>>16382877
>>16382928
>>16383185
>>16383320
Not checked fuck all of you guys
>complaining about lack of discussion because of nubiz
>don’t provide anything value yourselves

Even if you were around back then you were just lurking or shitposting without a thought of your own but all of a sudden it’s nubiz fault
>stupid nulinkers don’t understand not like us in 2017 we so smart

[Anonymous No.16383661]

>>16382414
Just build a normal, working platform and not this game theory bullshit which tries to turn everything into a ponzi game.

[Anonymous No.16383861]

>>16382460
SNX CEO has stated numerous times in the last two weeks they're aiming to complete integration before the end of the year.

[Anonymous No.16384609]

>>16382103

Basically this.

There are no legitimate businesses in crypto.

[Anonymous No.16384668]

>>16382103
>>16384609
fucking stay poor mariana trench brain retards. it's going to explode in value and you'e going to be too stupid and lazy to even read the simple to grasp architecture backing it. just fucking get off this board and go mow lawns you fucking retards, you have no hope.

[Anonymous No.16384731]

>>16382138

Also this.

There isn't a single, revenue-generating, cash-flow postive use case of LINK, which is hilarious because the NEETs REALLY think that steaking is on the horizon for them.

Lmao, "steaking" is just a low-IQ crypto term for dividends. How do you NEETs expect to receive dividends if your parent company has no revenues, no cash flows?

[Anonymous No.16385092]

>>16384668
SNX is a scam but as long as the token is worth more than nothing the ponzi can continue.

[Anonymous No.16385418]

>>16382071
no one cares

[Anonymous No.16385620]

>>16384731
>>16382138
Go back to discord. Weak-ass bitches should have sold $3 and you sold the low ranges instead. How scared of you on a turkey day pump coming and pricing you discord colluding neets out? What's it like to spend all day feeling sickening anxiety while you try to imagine low tier fud every waking moment because you sold the low range?

[Anonymous No.16385646]

>>16383661

Come home white man

We are building real apps on BSV

[Anonymous No.16385670]

>>16384731
Show me a crypto thats cash flow positive please. Better yet show me three