if LINK will work with Swift to connect 11000 banks to blockchain, what’s stopping banks from eventually cutting out Swift and just using Link once everything eventually runs on the blockchain?

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Anonymous Mon Dec 19 04:59:54 2022 No.52929685 [Reply] [Original]

if LINK will work with Swift to connect 11000 banks to blockchain, what’s stopping banks from eventually cutting out Swift and just using Link once everything eventually runs on the blockchain?

>>	Anonymous Mon Dec 19 05:03:09 2022 No.52929719 maybe just worry about link getting above $10 first

>>	Anonymous Mon Dec 19 05:04:06 2022 No.52929726 >>52929685 whats stopping swift from cutting link and make their own token for 11k banks?

>>	Anonymous Mon Dec 19 05:06:26 2022 No.52929742 >>52929726 What's stopping Link from cutting Banks and make their own swift?

>>	Anonymous Mon Dec 19 05:13:09 2022 No.52929790 File: 965 KB, 783x810, C4C76C3A-9005-44ED-A34C-CAD53F3700DF.png [View same] [iqdb] [saucenao] [google] >>52929719 it was already over $10 you imbecile

>>	Anonymous Mon Dec 19 05:20:03 2022 No.52929841 >>52929790 And hasn’t gone back over since.

>>	Anonymous Mon Dec 19 05:20:57 2022 No.52929850 >>52929685 Only place link is going is to zero.

Anonymous Mon Dec 19 05:28:37 2022 No.52929903

>>52929685
that would be a project of its own. as it stands, link can communicate with the swift routing network using iso20022. i guess it would be possible eventually for each bank to have some kind of communication gateway connected to link but that seems like too much trouble.

Anonymous Mon Dec 19 05:35:17 2022 No.52929937

>>52929685
that's the thing exactly, and why the current state of the market is basically irrelevant and why 2023 will be so big for us
chainlink is basically swift's project
>The Society for Worldwide Interbank Financial Telecommunication (SWIFT), legally S.W.I.F.T. SC, is a Belgian cooperative society providing services related to the execution of financial transactions and payments between banks worldwide. Its principal function is to serve as the main messaging network through which international payments are initiated.[2] It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "SWIFT codes".
this market binge and purge we just had was a massive stress test of the network

>>	Anonymous Mon Dec 19 06:02:37 2022 No.52930102 >>52929685 Swift was created by banks, and is currently ran by banks. Cutting out swift would be cutting out themselves. https://www.swift.com/about-us/organisation-governance/swift-board-directors

>>	Anonymous Mon Dec 19 06:09:24 2022 No.52930139 >>52929685 >if LINK will work with Swift check the price. tells you everything you need to know

>>	Anonymous Mon Dec 19 06:13:20 2022 No.52930158 >>52929685 >once everything eventually runs on the blockchain Meds unironically

>>	Anonymous Mon Dec 19 06:16:02 2022 No.52930172 >>52930139 tells me i need to buy as much as possible ?

>>	Anonymous Mon Dec 19 06:20:36 2022 No.52930198 >>52930172 sure you and some other retards can keep buying while it plunges to cents

>>	Anonymous Mon Dec 19 06:34:55 2022 No.52930284 >>52929685 Banks are not going to use LINK.

>>	Anonymous Mon Dec 19 06:38:13 2022 No.52930307 >>52929685 A blockchain is a ledger, anon. Banks know ledgers, Chainshit and ghost chains DON'T INTEREST THEM.

>>	Anonymous Mon Dec 19 07:33:53 2022 No.52930644 >>52929685 Even better; what's stopping regular people from cutting out banks and just using Chainlink among themselves, choosing the best and most reputable contract providers?

>>	Anonymous Mon Dec 19 07:43:32 2022 No.52930720 >>52930644 It's overly complicated, has no fail safes, one error condition is "all your money is gone", fees are higher and unpredictable, etc.

Anonymous Mon Dec 19 07:46:21 2022 No.52930738

>>52930720
>overly complicated, has no fail safes, one error condition is "all your money is gone"
All of this is easily integrated into the service level agreements.

>fees are higher and unpredictable
It's like you have no idea what Chainlink has been doing these past years.

Anonymous Mon Dec 19 08:08:26 2022 No.52930886

>>52930738
>It's like you have no idea what Chainlink has been doing these past years.
That's the great thing about Chainlink, it's very easy to keep up because they never release production software of any real complexity, only previews. Please, point me to the fee reduction technology that is available now. Preferably one that doesn't require two cryptocurrencies to transfer value as well, because that's also a dealbreaker for any potential user.

>>	Anonymous Mon Dec 19 08:10:32 2022 No.52930901 File: 39 KB, 796x458, 1646910701167.png [View same] [iqdb] [saucenao] [google] >>52930886 >Please, point me to the fee reduction technology that is available now

>>	Anonymous Mon Dec 19 08:18:14 2022 No.52930945 >>52930901 that's just for price feeds, silly. not usable anywhere else, but maybe in, let's say, two more years?

>>	Anonymous Mon Dec 19 08:21:50 2022 No.52930969 File: 77 KB, 869x388, 1647949987832.png [View same] [iqdb] [saucenao] [google] >>52930945

>>	Anonymous Mon Dec 19 08:25:09 2022 No.52930992 >>52930969 that's not general use either, that's for randomness, the key customers being gambling and nft scams. don't you understand what you invest in?

Anonymous Mon Dec 19 08:31:30 2022 No.52931020

>>52930992
You're coping terribly.

>general use
At some point something has to be written to the blockchain, the cost savings lie in doing as much as possible off-chain; which directly translates to "using oracles as much as possible".
You can also save costs by using whatever chain is cheapest at the time, which Chainlink also allows.

>>	Anonymous Mon Dec 19 08:34:59 2022 No.52931042 >>52930886 > point me to the fee reduction technology that is available now You were given two fee reduction technologies covering like 95% of Chainlink’s current use cases, but you’re still twisting and squirming.

Anonymous Mon Dec 19 08:39:37 2022 No.52931063

>>52931020
your ridiculous scenario was
>regular people cutting out banks and just using Chainlink among themselves

transferring value is entirely onchain, no oracles needed. price feeds for online token gambling or random numbers are not a banking service, anon

Anonymous Mon Dec 19 08:42:30 2022 No.52931073

>>52931063
>transferring value is entirely onchain, no oracles needed
Value is off-chain.
All you can do on-chain is measure native tokens against each other.

And you're welcome for spoonfeeding you those fee reduction technologies you didn't know about.

Anonymous Mon Dec 19 08:43:58 2022 No.52931082

>>52929790
WAS
KEYWORD

I had to fucking pay rent and sell my link, which lost like 60% of the value I invested.
Say it with me
This isn't a secret club of intelligent schizos who know better than the rest of the internet. This isn't a secret club of intelligent schizos who know better than the rest of the internet. This isn't a secret club of intelligent schizos who know better than the rest of the internet. This isn't a secret club of intelligent schizos who know better than the rest of the internet. This isn't a secret club of intelligent schizos who know better than the rest of the internet. This isn't a secret club of intelligent schizos who know better than the rest of the internet. This isn't a secret club of intelligent schizos who know better than the rest of the internet.

>>	Anonymous Mon Dec 19 08:44:07 2022 No.52931083 >>52931042 and neither apply to the loss fueled fantasy of general use by people replacing banks. stay on topic, please

>>	Anonymous Mon Dec 19 08:46:27 2022 No.52931102 >>52931073 >Value is off-chain. Coherent arguments are off-thread. what is that even supposed to mean? are you saying that the link token is worthless? if so, agreed

>>	Anonymous Mon Dec 19 08:46:36 2022 No.52931103 >>52931083 You asked for fee reduction tech and you got them. Just take the L and sit down.

>>	Anonymous Mon Dec 19 08:50:29 2022 No.52931128 >>52931102 The blockchain has no idea what its "value" is. At best you can see on-chain how many Uni tokens one ETH is worth.

>>	Anonymous Mon Dec 19 08:53:58 2022 No.52931146 >>52931103 you mean the tech that doesn't apply to the retarded power fantasy discussed in any way? since context is such a problem for you, i can understand why "regular people will use this" sounds reasonable

>>	Anonymous Mon Dec 19 08:54:04 2022 No.52931147 Why even discuss this when the price is so bad? Have you checked the price? LINK is down 90% from ATH. Just sell already, you fucking moron.

>>	Anonymous Mon Dec 19 08:55:40 2022 No.52931151 >>52929685 That kind of integration will only make sense when users' on-chain privacy is put in place

Anonymous Mon Dec 19 08:59:13 2022 No.52931177
File: 224 KB, 728x538, 1656860796045.png [View same] [iqdb] [saucenao] [google]

>>52931146
>doesn't apply to the retarded power fantasy discussed in any way?
Except it does apply that the power fantasy.
See pic for instance, it's Chainlink's smart bond proof of concept. The same principles that apply to the price feeds will also apply to the interest rate fees.

>>	Anonymous Mon Dec 19 09:00:54 2022 No.52931184 >>52931146 You asked for cost-saving tech that’s “available right now”. That power fantasy isn’t applicable “right now”, so you’re contradicting yourself.

>>	Anonymous Mon Dec 19 09:01:41 2022 No.52931190 >>52931151 Not really, banks love using their own personal private chains.

>>	Anonymous Mon Dec 19 09:03:59 2022 No.52931203 >>52931128 tokens are a medium of exchange. nobody cares about the exchange rate into other currencies, it's just about the transfer agreed to by the parties involved. they'll agree on the amount of tokens, done. chainlink does nothing to improve this

>>	Anonymous Mon Dec 19 09:05:28 2022 No.52931211 >>52931203 >it's just about the transfer agreed to by the parties involved Value has to be independently assigned to the tokens, or they're literally worthless. And the blockchain has no idea about value; that's literally off-chain data.

>>	Anonymous Mon Dec 19 09:11:38 2022 No.52931237 >>52931211 and that's relevant in what way again? is this just a sad attempt at splitting hairs? i send usdc to my friend, he exhanges it 1 to 1 to usd, done. no need to insert oracles into this

>>	Anonymous Mon Dec 19 09:15:07 2022 No.52931255 >>52931177 >proof of concept ah, so more vapoware then. when was this announce, 2017?

Anonymous Mon Dec 19 09:21:23 2022 No.52931299

Banks are pretty retarded when it comes to technology, they need a middle man to outsource all the trouble to. SWIFT would be their integration partner, support center and at the same time would probably handle compliance questions. Banks are getting more and more constrained by regulation so it's just much easier for them to partner with a trusted company like Swift instead of integrating Blockchain stuff themselves, that would raise red flags with regulators
>t. works at a mid sized bank really close to compliance

Anonymous Mon Dec 19 09:21:45 2022 No.52931302

>>52931237
>and that's relevant in what way again?
You brought up the value argument lol

>usdc
Stablecoins are one way to get "value" on-chain, but they require intricate back-ends of their own.
usdc for instance proves its reserves.

>>52931255
>more vaporware
Just like the fee reduction technologies? lol

>>	Anonymous Mon Dec 19 09:22:57 2022 No.52931310 >>52929726 >>52929742 Go back. These are Reddit antics.

>>	Anonymous Mon Dec 19 09:25:05 2022 No.52931324 >>52929726 Its called sybil resistance - basically a lack of security. Decentralization is important for a reason.

Anonymous Mon Dec 19 09:27:01 2022 No.52931337

>>52931299
What I found very interesting was the fact that counter parties distrusted each other and betrayed see FTX and Binance but I am sure there are other examples. What if this middleware idea translated to greater trust between counter parties? Seems valuable to me
t. the blackest midnight nigger you never saw coming

Anonymous Mon Dec 19 09:28:01 2022 No.52931343

>>52931302
>Just like the fee reduction technologies?
since they don't apply to general usage, yes exactly. more vaporware, promises never realized after 5 years development time. it's the star citizen if crypto, but instead of ships you get to finance the grift via tokens

Anonymous Mon Dec 19 09:30:49 2022 No.52931361

>>52931343
>they don't apply to general usage
They apply to the vast majority of Chainlink's usage right now.
Which is exactly what you asked for; "point me to the fee reduction technology that is available now".

Stop moving the goalposts.

>>52931184
exactly

>>	Anonymous Mon Dec 19 09:31:53 2022 No.52931366 >>52931343 >it's the star citizen if crypto >>/biz/?task=search&ghost=yes&search_text=star+citizen+chainlink

>>	Anonymous Mon Dec 19 09:33:17 2022 No.52931372 >>52931366 kek based

>>	Anonymous Mon Dec 19 09:38:48 2022 No.52931404 >>52931366 >>/biz/?task=search&ghost=yes&search_text=replace+banks+chainlink

>>	Anonymous Mon Dec 19 09:40:32 2022 No.52931417 >>52931361 >vast majority of Chainlink's usage which is price feeds and random numbers for nft scams, not "replacing banks with chainlink"

>>	Anonymous Mon Dec 19 09:41:02 2022 No.52931420 >>52931404 Crypto as a concept is partly about replacing banks. Satoshi created Bitcoin largely motivated by this. >>52931417 You asked for fee reduction technology that is available now.

>>	Anonymous Mon Dec 19 09:47:37 2022 No.52931452 >>52931420 ... and received technology that is not applicable to the discussed fever dream. seems like there really is nothing there, huh

Anonymous Mon Dec 19 09:49:19 2022 No.52931459

>>52931452
>... and received technology that is not applicable
It's literally fee-reducing technology that's available now.
It's extremely applicable to exactly what you were asking.
And as a bonus, these technologies apply to the vast majority of Chainlink's usage "now".

Stop having mental problems.

>>	Anonymous Mon Dec 19 09:57:08 2022 No.52931527 >>52931459 so there really is nothing that reduces the fees for people replacing banks with chainlink (lol, say that out loud)? pretty telling that you try to weasel out of this

>>	Anonymous Mon Dec 19 10:04:10 2022 No.52931570 >>52931527 The same principles of OCR apply to the things people need to replace banks, yes. But you asked for fee reduction technology that is available now.

Anonymous Mon Dec 19 10:56:35 2022 No.52931861

Nobody answered the question correctly.
The correct answer to the question is that swift provides the legal framework. Swift is basically agreements/contracts between banks, you need this. Even if the technology part is replaced, you still need these agreements

>>	Anonymous Mon Dec 19 11:04:52 2022 No.52931905 >>52931861 who cares? >6.02

>>	Anonymous Mon Dec 19 12:12:04 2022 No.52932283 >>52931102 kek you are so out of touch

Anonymous Mon Dec 19 14:17:27 2022 No.52933385

>>52931082
>This isn't a secret club of intelligent schizos who know better than the rest of the internet.

Nigger . This is 4chan. Where the fuck do you think you are.?
We figure everything out years in advance. It's not our fault normalfags and
Real life takes this long to catch up.

>>	sage Mon Dec 19 15:04:42 2022 No.52933952 >>52930102 lol imagine thinking the tribe won't fuck itself over....

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