CCIP: too big to fail or too big to succeed?

[Anonymous No.49291685]

Anyone else unironically worried about CCIP? It's like nobody realizes what a huge fucking deal this is.

Chris Blec, as much as I love making fun of him, isn't entirely in the wrong. He, without fully understanding it, pointed out one thing: Chainlink really underpins most of the defi economy. It is used on all the chains, by thousands of dapps at this point. How the market or the VCs haven't realized that this the biggest monopoly in all of crypto, man, I don't get it, it baffles me, but it's not important. We know CL Labs prefers the low-key and stealth approach, so they can capture as much customers and grow value secured as discreetly as possible; it's due to the lack of hype from VCs and retail, due to it being "boring" backend/infra that no viable competitors have spun up. I mean it's the textbook example of a sleeping giant.

Now so far, their track record has been nothing but stellar, with just a couple of tiny fuck-ups since mainnet. With all the exploits discovered left and right in defi, it's really mind blowing tbqh. But with cross-chain bridges and staking, the network will evolve in a completely new territory. There will be major attack attempts. There will be smearing campaigns. It will all escalate and accelerate. And because Chainlink is already so fucking big, a single successful hit, could result in absolutely disastrous consequences for both Chainlink itself and the entire sector. You've seen Wormhole. All the biggest exploits so far have been bridges-related, and before that they were oracles/flash loans-related. Chainlink successfully sidestepped the later but the former is orders of magnitude more dangerous and complex to get 100% right, which is why they've been delaying it forever. You've seen Luna. You've seen how a project successfully entrenching itself deep into other core projects could result in a major system risk.

[Anonymous No.49291694]

who is chris blec?

[Anonymous No.49291702]

>>49291694
Chainlinkgod's halflin brother from the shire

[Anonymous No.49291717]

>>49291702
wut... that doesnt seem right

[Anonymous No.49291726]

>>49291717
I am 90% HIV positive Chris Blec was of the extras in the Hobbit movie

[Anonymous No.49291734]

>>49291726
no way man which one was he?

[Anonymous No.49291738]

>>49291694
An ancap/libertarian who polices defi for Twitter fame.

>>49291685
Yeah I'm concerned too. How could ccip prevent the sol wormhole hack? They would have to discover and tell sol to patch their shit code before even allowing a bridge

[Anonymous No.49291743]

>>49291734
The retarded bald one

[Anonymous No.49291757]

>>49291743
oh no shit I remember the retarded bald hobbit from the hobbit movies... so how is he related to chainlinkgod?

[Anonymous No.49291758]

[Anonymous No.49291765]

>>49291685
I'm often contemplating how unfair it is that CL carries such an immense weight on its shoulders, without recognition.
People see "Chainlink secures near 100 billions in crypto" and because it's not shilled by VC marketers, no one bats an eye.
But if it ever comes to "billions lost due a Chainlink failure", the market will be absolutely vicious and unforgiving.
Sergey isn't a Do Kwon figure promising bullshit to retards. He isn't backed by the corrupt VCs like Zhu or the evil hebrews like the Bankman who just seek to dump on, rug and liquidate all the plebs. Refusing to partake in the marketing and hype sham is his greatest strength but also his weakness. Only people who understand actual fundamentals, an incredibly tiny portion of the crypto community, the ones with the highest IQs and who conducted the deepest research, can subscribe to his vision. The curse of the autistic INTJs.
Chainlink is the public good without which there would be no defi in its current state. They carry all of the risks on their shoulders. Yet it's an unspoken tale, understood only by the few og's. It's such a thankless duty when you think about it.

[Anonymous No.49291766]

>>49291757
I made that part up.

[Anonymous No.49291781]

>>49291738
sucks his acting career didnt work out but at least he got to be the retarded bald hobbit in the hobbit movies
>>49291766
bro dont lie on the internet like that

[Anonymous No.49291797]

>>49291781
Sorry. It won't happen again.

[Anonymous No.49291806]

give me the quick rundown why is Chainlink so important? How can it be like Atlas holding up the cryptosphere, while also constantly being memed as token not required?

[Anonymous No.49291852]

>>49291806
its a subtle joke

[Anonymous No.49291920]

>>49291806
Think of it like this:
Blockchains are offline computers -- infrastructure on which you can build. But self-contained, disconnected from other chains and real world data. What you can build is limited. Databases without data.
Oracles are the internet connection -- complimentary infrastructure, control the flow of data, allow devs to build actually useful things.
Dapps/defi are websites/programs/applications -- built on top of both layers of infrastructure

There are dozens of chains, thousands of dapps, but only one oracle standard

[Anonymous No.49291934]

>>49291685
just too fat to code

[Anonymous No.49291966]

>>49291685
Go ride a Chinese elevator Chris you fat virgin faggot

[Anonymous No.49292038]

chainlink tvs dropped to 37bn. damn, defi really shit the bed.
sergey said it will grow to a trillion within a year lol

[Anonymous No.49292042]

Too unneeded not to hold

[Anonymous No.49292049]

All the fud faggotry we deal with now is just training for the years of attacks and furious, foaming at the mouth hatred to come.

[Anonymous No.49292067]

>>49291806
>while also constantly being memed as token not required
That's also a very interesting and unique phenomenon.
Because there's such a fundamental difference between infrastructure layers and applications layers.
Infrastructure layers like chains require tokens for on-chain operations, payments to reward miners/node validators, etc.

Besides L1s, you saw every other crypto projects spin up their own tokens. Applications spun up tokens. For what purposes? Their decentralization is already executed by the underlying chain layer. Just a cashgrab funding model, most only amounting to the DAOs/governance meme. Useless.

Very important to understand: Chainlink isn't an application nor a blockchain, but a secondary infrastructure layer, part of the same stack as the blockchain but different altogether. Oracles have different consensus/validation mechanisms and in Chainlink's case would require their own equivalent of a Proof of Stake mechanism.

What's very unique to Chainlink, is because generating adoption and growing the security model for oracles is such a complex problem (the infamous "Oracle problem"), since it's not closed-off and deterministic like blockchains but rooted in the real-world -- oracles cannot jump from 0. Centralized to 1. Decentralized instantly unlike blockchains, but have to slowly progress from Trust minimization to Trustlessness, it's very much a slow process, chicken and egg problem -- Chainlink as a protocol rolls out in different phases. The initial phase was released without staking and therefore very limited tokenomics. Now that they've sufficiently bootstrapped adoption in a centralized manner, they are ready to implement staking and allow the protocol to grow more and more decentralized, with actually useful tokenomics.

It's extremely unique to Chainlink, because once again, it's neither a blockchain nor a dapp, unlike 99% of projects out there. There are no other projects that release tokenomics 3 years after mainnet.

[Anonymous No.49292113]

>>49292067
>It's extremely unique to Chainlink, because once again, it's neither a blockchain nor a dapp, unlike 99% of projects out there. There are no other projects that release tokenomics 3 years after mainnet.
And the phenomenon this creates is something you really need to get through your skull.

Because it's the equivalent of PoS tokenomics for a layer with millions of transactions daily, that secures billions in value, with thousands of dapps as customers. It'll be like flipping a switch. From "token not needed" to "what the fuck, this is a token that captures value from the biggest value capturing layer in the entire crypto ecosystem?!?" in an instant.

There has never been anything like it, which is why the market still doesn't understand this.
Market, even influencoors, can only comprehend events in terms of what has already occurred. They understand L1s token utility, they understand speculating on useless governance tokens as long as the dapp itself generates hype.
But they cannot understand this.

[Anonymous No.49292183]

>>49291685
>There will be major attack attempts
Amusing.

[Anonymous No.49292199]

>>49291685
Why do you think biz/ was the first to know? The pre sale of link token was fair af and was anti bf desu. Vcs pretend to not know it as they were left behind.

[Anonymous No.49292217]

It might be unfair - but security is what link is. It can't survive a fuck up. It can't survive a hack an oversight or a mistake which L1s might. That's what it is. Hence why they are being slow.

[Anonymous No.49292245]

>>49292113
Yeah but there's failure risk there too. Sybil threats are real and legitimate. I'm worried sergey delayed staking due to increasing uncertainty over sybil resistance

[Anonymous No.49292280]

>>49292245
Is that why the dumps stopped? He was worried about someone being able to buy too much of it because the price was too low to guarantee security?

[Anonymous No.49292306]

>>49291685
>CCIP: too big to fail or too big to succeed?
Loaded question.
Reword and try again.

[Anonymous No.49292328]

There's a concept I intuitively envision but struggle to adequately formalize into words. But it's the idea that in the crypto markets, market participants lack the ability to discern and properly hierarchize projects and their tokens. A token is a token is a token. No. Not all tokens are created equal. UNI has a high mcap because people know Uni (it's a retail-facing platform so retail speculators know it) even though the token itself is pointless. Chainlink is a backend-facing infra, only used by dapps engineers, retail users don't directly interact with it, so they don't pay attention to the LINK token. A few years ago, the focus was on building the infrastructure, we need better chains with faster txs, scalable, etc.

[Anonymous No.49292348]

>>49292328
Once we had solid enough chains, the focus moved to building dapps on top of them. The market kept applying the same speculative value to dapps tokens than to chains tokens, despite dapps not capturing value through their tokens, being much simpler, having no moat, having much stiffer competition, etc. it became quite absurd. I think in this regard, Chainlink is still wildly misunderstood and underrated because its proper hierarchy in the overall stack, (50% blockchain+50% oracles=defi dapps) is not discerned, as it's much, much bigger than a dapp and perhaps even than a chain. And because Chainlink had this very unusual model, where the tokenomics didn't kick in from day 1, it just remains overlooked, despite adoption metrics being UNLIKE ANYTHING ELSE in the space.

[Anonymous No.49292391]

These metrics were meaningless for retail holders, since no immediate value capture for them. No differences between ten defi customers in 2018 vs 1000 in 2022

[Anonymous No.49292415]

>>49292391
While the price stagnated: frustration for retail. But what occurs when these adoption numbers become the basis for steak tokenomics?

It won't be tokenomics for a newborn network trying to create adoption through grants and printing, but a network already wildly adopted, profitable, self-sustainable, with a complete monopoly, and a finite yet dried up supply in high demand. My mind is full of fuck that almost no one realizes this.

[Anonymous No.49292459]

Crypto markets, market participants lack the ability to discern and properly hierarchize projects and their tokens. A token is a token is a token. No. Not all tokens are created equal. UNI has a high mcap because people know Uni (it's a retail-facing platform so retail speculators know it) even though the token itself is pointless. Chainlink is a backend-facing infra, only used by dapps engineers, retail users don't directly interact with it, so they don't pay attention to the LINK token. A few years ago, the focus was on building the infrastructure, we need better chains with faster txs, scalable, etc.

Once we had solid enough chains, the focus moved to building dapps on top of them. The market kept applying the same speculative value to dapps tokens than to chains tokens, despite dapps not capturing value through their tokens, being much simpler, having no moat, having much stiffer competition, etc. it became quite absurd. I think in this regard, Chainlink is still wildly misunderstood and underrated because its proper hierarchy in the overall stack, (50% blockchain+50% oracles=defi dapps) is not discerned, as it's much, much bigger than a dapp and perhaps even than a chain. And because Chainlink had this very unusual model, where the tokenomics didn't kick in from day 1, it just remains overlooked, despite adoption metrics being UNLIKE ANYTHING ELSE in the space.

These metrics were meaningless for retail holders, since no immediate value capture for them. No differences between ten defi customers in 2018 vs 1000 in 2022, while the price stagnated: frustration for retail. But what occurs when these adoption numbers become the basis for steak tokenomics?

It won't be tokenomics for a newborn network trying to create adoption through grants and printing, but a network already wildly adopted, profitable, self-sustainable, with a complete monopoly, and a finite yet dried up supply in high demand. Unique. My mind is full of fuck that almost no one realizes this.

[Anonymous No.49292528]

>>49292415
You are concerned because you intuitively feel smart money would have been buying enough LINK to push the price at least for the last 6 months if your expectations of CCIP and staking were correct.
So you search for possible ways to resolve this conflict, like for instance you worry how dangerous for LINK would be if a CCIP bridge gets hacked and exploited. After all, anyone targeting LINK would only need to be lucky once, and the team needs to be perfect every time - and human error can cause problems even when the code is flawless. Chainlink does have powerful enemies after all.
But consider the most boring explanation - maybe smart money did the math and decided that staking won't create a LINK shortage for years, so 2023-2024 would be the proper time to load up, and that there are faster, easier money to be made right now by scamming retards.

[Anonymous No.49292534]

>>49292459
So how much do you think one LINK will be worth in 3 years? 5 years? 10?

[Anonymous No.49292602]

>>49291765
i call this the germany syndrome
it is the most ridiculed country in EU but without it there wouldnt even BE an EU

[Anonymous No.49292621]

>>49292199
It was "only" 32 mil at the peak of the ICO bubble when every stupid whitepaper was selling like hotcakes (enough to piss off skelly tho kek). Reigning crypto ventures at the time invested in complete garbage like funfair instead - and how would we forget that Chainlink remained stuck behind THE DENTIST COIN for a whole year afterwards. We've dug up about this enough for the years, Framework was the only fund that retained a sizeable investment in LINK and they were just small-time, late-comers at the time and made it big off LINK and the first defi wave. There was that Bruckhman "coin advisor" retard who sold off way too early, as many others did because of the brutality of the 18 bear, who then had to grovel for APU3. Krug, Burniske, Wall, 3AC, etc and all these other charlatans, hell even CZ who manipulated the hell out of it at the peak while backing Band. They all fucking missed it and it's been the bane of link's existence ever since. Yes it was only biz.

[Anonymous No.49292650]

>>49292621
Biz was truly magical at the time; been a complete cesspool since the GME tourists invasion.

[Anonymous No.49292744]

>>49292280
The dumps likely stopped because sergey got adequate runway

[Anonymous No.49292932]

>>49292534
>3 years
$3
>5 years
50 cents
>10 years
1 satoshi

[Anonymous No.49292969]

>>49291920
>>49292067
>>49292113
>>49292415
>>49292459
>>49292621


I've learned a lot now, thanks for you time to explain all this.

[Anonymous No.49293036]

>>49292650
Do you think the flip will be switched at consensus?

[Anonymous No.49293095]

>>49293036
Probably some type of announcement there, yes. Leading up to smartcon. Will be a slow, safe rollout.

[Anonymous No.49293203]

>>49291920
One oracle standard oh god you are high on your own supply. It's literally a data feed. That's all it is. It is centralized. It is secured using the token. But there is no technical innovation there. Because it's tied to ethereum cl nodes have to be subsidizes by constant link Token dumps by Sergey. Any blockchain worth its salt should have native oracle's. Meaning multiple nodes that can communicate over http to retrieve external data with consensus. Economic guarantees can be done with any token, it doesnt need to be link.

All link has is first mover, but its development is so slow and has so many hr roasties it will get out competed and die a slow death. Why does staking take 4 years to develop??

[Anonymous No.49293699]

>>49293203
>just a data feed
CCIP, keepers, deco, fss, etc. Oracles are far more than data feeds, including scalable computation, cross chain monitoring and routing layers, etc. Not that data feeds with 24-7 uptime and reliability across extreme market conditions aren't extremely complex and valuable.

>no technical innovation
Smart contracts and defi are the most important legal and financial innovation of the post 2008 world, all reliant on oracles just as much as blockchains, the entire point of crypto. There would be no defi without oracles.

>have to be subsidized
Networks have reached self sustainability and profitability

>native oracles
All the chains with their own native oracles have utterly failed at generating adoption, even vitalik had to acknowledge the necessity for oracles to have their own token models as they have their own security and adoption specificities. Also, chain agnostic + cross chain require a neutral token.

>why slow
Already mentioned, complex chicken and egg problem where they had to generate adoption without subsidies before scaling security and decentralization.

>hr roasties etc
You own link and knew all that. You are a pathological self fudder. You had enough time.

[Anonymous No.49293933]

>>49291685
vc's have to be the biggest dunning kruger fags anywhere in tech. imagine making big bags of some speculative luck and then going on to grift as a VC so you can feel like you have value or some bullshit, when all u really do is get grifted by devs who could care less if the project rugs and know you're a faggot retard giving them six figs to copy paste some retarded shit that you're going to astro turf with flashy design and buzzwords.

[Anonymous No.49294490]

>>49291685
It will be helluva ride. Imagine all the fud we have had so far. It will be 10x worse. They will do anything to attack Chainlink. They will want to find any little exploit possible and smear it all over ct. Funny thing is that they probably want crypto to strive but dont understand that without Chainlink it cant.

[Anonymous No.49294571]

>>49291685
>Chainlink really underpins most of the defi economy
No, the many nodes that are part of Chainlink do.

[Anonymous No.49294922]

>>49293203
>It's literally a data feed. That's all it is.
Yeah but it's kinda important lmao

[Anonymous No.49295268]

>>49292602
>but without it there wouldnt even BE an EU
The EU is a fucking cancer and Germany needs to go full National Socialist and start Anschluss Austria so we can sort that shit out.

[Anonymous No.49295406]

>>49293699
Based effort poster. It's because of spoonfeeding like this that I've been holding Link for almost 5 years and still don't doubt it in the slightest.

[Anonymous No.49295555]

>>49291685
>>49291765
>>49291920
>>49292067
>>49292113
>>49292415
>>49292459
>>49292621
Good effort posts, saved for posterity.

[Anonymous No.49295726]

>>49295555
Fuck, I messed it up, I pasted a pic over the end of a post, obscuring a good line. I will fix it.

[Anonymous No.49295827]

>>49295555
>>49295726
Fixed, please disregard the first image.

[Anonymous No.49295840]

>>49291685
>Anyone else unironically worried about CCIP?

me? not at all. i trust the giga brains building it. they're all pretty confident in ccip, there are people that are leaving prestigious universities and jobs at top companies to work on this and furthermore they're saying it's coming out some time this year, which is interesting because the chainlink team has given time tables so rarely in their history that in the last 5 years you can count the amount of times they said "This is coming out next month," or "This is coming out in 3 months" any sort of time table like that, they've done that so few times you can probably count it on 1 hand. now that they've said ccip/staking this year, you can maybe count that on 2 hands. that's pretty rare in the web3 spaces, and it's also pretty rare in traditional companies too.

so yeah i'm pretty confident in them. i trust the people working there a lot more than i trust "some guy on /biz/" or "some guy on twitter"

[Anonymous No.49296320]

>>49294490
to add to this, when the new bullseason started I thought it would be good bet to not try invest in the new L1 or L2 because there are so many so you don't know which one will be the winner. But now we see they were the best thing to invest because the narrative is so easy for retailtards and VCs want to invest first. So they will need there to be the new narrative for oracles. Then they will start pumping all these API3, Band etc shit to get easy money out of retards. They tried this already but the oracle narrative isn't so strong yet. Staking and CCIP will probably change this.

[Anonymous No.49297015]

Man we've been talking about all this shit for fucking years. Are we going to be rich soon or not? Starting to think the chainlink labs team is full of fucking shit.

[Anonymous No.49297174]

>>49291685
I just want to understand the 3/20 multisigs.

[Anonymous No.49297746]

>>49293036
The purpose of Chainlink is in the name. The purpose of consensus is in the name as well. Figure it out.

[Anonymous No.49297842]

>>49291685
It will be dead on arrival, Chainlink Labs’ bankruptcy is imminent.

[Anonymous No.49297956]

>>49292602
hello angela

[Anonymous No.49298192]

>>49291758
Bullish cunny post

[Anonymous No.49298613]

WTF is CCIP? I spent 5 mins listening to Sergey still don't know what he's talking about

[Anonymous No.49298619]

Didnt read
TNN
down 90%
COPE

[Anonymous No.49299127]

>>49298613
>See See I Pee
It refers to one of the incidences when Fatoshi was caught out and about

[Anonymous No.49299601]

>>49298613
It allows gay men like yourself to interoperate in a completely decentralised way

[Anonymous No.49299719]

>>49297746
>The purpose of consensus is in the name as well.

You sonnuva bitch. Didn't think of this.

[Anonymous No.49299826]

>>49298613

[Anonymous No.49299995]

>>49299826
it's not saying anything, why's there no whitepaper?

[Anonymous No.49300597]

>>49292621
>and how would we forget that Chainlink remained stuck behind THE DENTIST COIN for a whole year afterwards.
The moment we overtook them will go down as a key turning point in link history

[Anonymous No.49300676]

>>49299995
Not out yet.

[Anonymous No.49300728]

>>49299995
Niggers, Jews…bad news!

[Anonymous No.49300750]

>>49291685
I have faith that the chajnlink team will be able to pull off something secure enough, but ultimately that doesn't matter. I'd rather gamble on it being successful than sit by through fear of it failing.

[Anonymous No.49302260]

>>49292113
>It'll be like flipping a switch. From "token not needed" to "what the fuck, this is a token that captures value from the biggest value capturing layer in the entire crypto ecosystem?!?" in an instant.

so when does this happen?

[Anonymous No.49302495]

>>49291765
>Only people who understand actual fundamentals, an incredibly tiny portion of the crypto community, the ones with the highest IQs and who conducted the deepest research, can subscribe to his vision. The curse of the autistic INTJs.
Speak for yourself, I bought for the funny memes in 2017 an still have no idea what it does.

t. ENTP

[Anonymous No.49302591]

>>49291685
LINK is not new tech, a hidden gem, or a coming 10-100x. LINK is mainstream and is in Twitter roasties bio. It’s a corporate entity now, so Sergey has to dump another 750k LINK to hire talent managers and diversity officers. LINK hasn’t been the biz token for a year. Just sell anons... i-i-iit’s over. It was a good ride.