Chainlink threat

[Anonymous No.49320813]

TerraLuna collapsed due to an app on its network, Achor, creating a vulnerability by promising a 20% return which was eventually exploited.
Could the same thing happen to Chainlink where an app on the CL network serves as a trojan horse which will lead to Chainlink's demise?

[Anonymous No.49320828]

>>49320813
Kek
newfag

[Anonymous No.49320880]

Lmfao no, you’re misunderstanding the staking mechanism. For link, the staking value comes from the tokens needed to pay for data requests for the network. For luna, the staking value came from a big bucket of money they had to “bootstrap the network” which they ran out of; in essence, a ponzi scheme.

Not a totally dumb question though

[Anonymous No.49320957]

>>49320813
Yes Chainlink is going to fucking zero, but not because of some network error but because we are all shorting the Great Reset back to the depths of Hell. BEHOOOOOOLD! anons:

The Great Short draws near.

[Anonymous No.49321011]

>>49320957
would you recommend buying @ $.75?

[Anonymous No.49321113]

Solana had a network outage again recently.
Could the same thing happen to chainlink? A collapse in the chainlink network would be disastrous. Is chainlink the next bitconnect?

[Anonymous No.49321114]

>>49320880
So LinkPool, for example, has no way of un-intentionally fucking over Chainlink in any way?

[Anonymous No.49321356]

>>49320813
Not directly to Chainlink, but to the DeFi platforms using CCIP and depends on which other platform they use.
Imagine if AAVE used Thorchain and it shat the bed destroying the collateral on its side.
Now AAVE has a problem because the collateral staked on a shitty platform has no value, effectively bankrupting its investors who have to pay the losses.
They can mitigate these risks by creating separate risk pools so that one specific pool going under does not affect the others.

In all of this the Chainlink network will keep working properly and not cause any slashing mechanism because the network will keep reporting everything properly.
They only own the responsibility of giving the right data from all the chains, but if for example UST was to go to 0 they would report the price accurately as defined in their contracts.

The risky part is if someone tried to find a bug in hybrid contracts to exploit a contract weakness in a shitty platform to borrow with a loan on a higher security platform.
That's what the anti fraud network is for, but here again most of the responsibility lies on the platform builder not on Chainlink.
It's possible Defi platforms will use hybrid contracts in a less risky way and not combine everything like degens.
For example using CCIP most DeFi platforms can exist on all chains with reduced maintenance efforts and don't need to combine with other concurrent platforms.
This will effectively limit their risk to risk inherent to the L1 chain itself like SOL shitting the bed and going offline.
But even in this case Chainlink would have no responsibility as their network would continue to work.
It's even possible for the Chainlink network to create a shadow L1 temporary replacement with fair sequencing by saving all the operations and continue to run them as if the network was still running. The operation would then be recorded on the chain after it is restarted with minimum issues for the general network.

[Anonymous No.49321464]

>>49321011
Shhhhh no more buying now, just perpetual shorts.

[Anonymous No.49321500]

>>49320813
If Chainlink were to assume such a role as a safety net against L1 chain failures this would mean that nodes would need to stake a collateral with an amount higher than the complete TVL of every L1 chain it aims to support, including the market cap of the supported L1 chains.
This would mean the Chainlink quadratic collateral would have to be higher than the total crypto market cap for the insurance to work.
And this includes the price of the Chainlink token itself.
It could create an infinite price increasing loop as the required collateral increases with the token price.

If you thought Luna was a ponzi imagine what the real thing would do as it ate all the value in the world and became the collateral for everything.
Imagine the Big Bang. That's what that moment would look like.
Infinitely expending market.

[Anonymous No.49321608]

>>49321356
This is what I was looking for, thank you.

>The risky part is if someone tried to find a bug in hybrid contracts to exploit a contract weakness in a shitty platform to borrow with a loan on a higher security platform.
>That's what the anti fraud network is for, but here again most of the responsibility lies on the platform builder not on Chainlink.

Even it is not Chainlink's fault, and the network continues to function properly, could the price of the LINK token tank as a result?

[Anonymous No.49321712]

>>49321608
Not directly because only a slashing of the staking collateral would create forced sellers.
However it could be used to create mass media fud the same way as some of the platforms not using the Chainlink price feeds properly for the UST price got reported as a Chainlink issue despite being properly written in the contract.
The DeFi devs didn't do their work properly and then looked for someone to point their fingers at to ignore their own responsibility.

[Anonymous No.49321723]

>>49320813
nChain advances the potential of blockchain technology through ongoing research and development of inventions, maintenance of a robust patent portfolio and by offering commercial solutions such as Kensei, a developer-friendly set of APIs built on the BSV blockchain. nChain also offers solutions in the digital payment space as well as professional services to assist enterprises of all types benefit from blockchain technology.
this is the chainlink killer
>https://kensei.nchain.com/

[Anonymous No.49322584]

>>49321500
>Infinitely expending
hehe very good

[Anonymous No.49322660]

>>49320813
The token isn’t needed some this risk is removed

[Anonymous No.49322784]

>>49320957
Anon I see your tinfoil hats getting a bit too tight faggot...watch out for those pizzagate baby blood drinking vampire elite reptilians...no seriously fag go back to \pol...mind all the 5g attacking you on your way. Seriously how can so many people be so retarded

[Anonymous No.49322793]

>>49321723
CSW fucking over Sergey and all the green haired HR cunts he hired and making Eric Schmidt look bad in the process would be probably the most based thing to ever happen in crypto.

[Anonymous No.49322806]

>>49322784
Nigga thats just schwabanon
He is our village jester

[Anonymous No.49322843]

>>49321723
Mfw I hold link and bsv

[Anonymous No.49322884]

>>49322784
Cringe.

[Anonymous No.49323135]

>>49322884
no serious dude its the Rotcherfellas and the bilderburgers and the queen they are literally eating a baby right now and what are you doing buying chainlink...dont you care the lizards are taking over your planet man

[Anonymous No.49323212]

>>49323135
Ngl that’s pretty fucking cringe to read. Also token isn’t needed, tranny.