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Fatal flaw on LINK. Anonymous Thu, Jan 25, 2018 22:59:42 No.6942213 [Reply] [Original]

>only 350million LINKs can be mined

What happens when they're all mined and nobody runs an oracle node any more? They should have made it 350 billion.

But, what happens if they run out of that amount too (350 billions)?

Does the whole link network collapses on itself destroying countless financial institutions that decided to use it's system, generating losses of billions and billions of dollars in an instant?

Why didn't Sergey thought about this? It's an incredible retarded flaw on the system, and I don't see any solution.

Please, answer this seriously, no memes.

>>	Anonymous Thu, Jan 25, 2018 23:00:47 No.6942243 >>6942213 fuuuuck just sold 100k thanks

>>	Anonymous Thu, Jan 25, 2018 23:01:26 No.6942256 >>6942213 kindly delete, want one more pump before i sell

>>	Anonymous Thu, Jan 25, 2018 23:01:38 No.6942270 >>6942213 don't worry the shadowfork has 10% yearly inflation

>>	Anonymous Thu, Jan 25, 2018 23:01:52 No.6942277 omg this will collapse link very sure beter sell now in quick hurry friends

>>	Anonymous Thu, Jan 25, 2018 23:03:02 No.6942299 Holy fuck... Just market sold my bags. Thabks for this.. seriously.

>>	Anonymous Thu, Jan 25, 2018 23:03:04 No.6942301 File: 61 KB, 1354x889, 1515352437081.png [View same] [iqdb] [saucenao] [google] >>6942243 >>6942256 >>6942270 >>6942277 no memes please, this is a serious question

>>	Anonymous Thu, Jan 25, 2018 23:04:23 No.6942330 >>6942301 we said that you sell NOW this coin dead as se continua living

>>	Anonymous Thu, Jan 25, 2018 23:05:25 No.6942357 My guess is Sergey will split LINK like stock split. Each LINK will be converted to 10 LINK2, the version 2 LINK token.

>>	Anonymous Thu, Jan 25, 2018 23:05:37 No.6942360 >>6942330 I don't want to sell, I want link to succeed, but sergey needs to know about this flaw. Can someone communicate with Rory on the slack? maybe he can tell him before it's too late.

>>	Anonymous Thu, Jan 25, 2018 23:05:57 No.6942372 >>6942301 yeah seriously this is a HUGE flaw and I can't believe we didn't notice this before. I just hit market sell.

>>	Anonymous Thu, Jan 25, 2018 23:06:21 No.6942382 >>6942360 there not time for that friend collapse very soon

>>	Anonymous Thu, Jan 25, 2018 23:06:43 No.6942387 Link is mineable? That info isn't even mentioned in their whitepaper. I'm going to head out first thing in the morning and buy a pick axe, shovel and bucket. How did you find out about this?

>>	Anonymous Thu, Jan 25, 2018 23:08:52 No.6942436 >>6942387 >Link is mineable? That info isn't even mentioned in their whitepaper. Then how do you get link? If you can't mine it then you simply can't acquire link. There would be lieterally 0 linkies in circulation.

>>	Anonymous Thu, Jan 25, 2018 23:09:58 No.6942452 That's it I am out! Thanks op you probably saved my children from a life of poverty.

Anonymous Thu, Jan 25, 2018 23:19:13 No.6942686

14 replies and 0 answers. this is a SERIOUS problem.

really, how did Link get this far without anyone noticing the limited supply will doom the project?
fuck fuck fuckkkkkkk we were the only part of the internet that fell for it fuuuck are we the dummies?

>>	Anonymous Thu, Jan 25, 2018 23:23:42 No.6942811 >>6942686 Haha thanks OP! I was 1.4 MM into LINK and was about to sell everything my family had but your humble post made me sell everything!

>>	Anonymous Thu, Jan 25, 2018 23:35:16 No.6943104 >>6942213 >Only 21 million bitcoins can be mined >When they are all mined nobody mines anymore >transactions can't be processed >Bitcoin worth $0 That just means LINK is deflationary too you retard, all the more reason to go up in value.

Anonymous Thu, Jan 25, 2018 23:39:17 No.6943211

>>6942213
I have a PhD in crypto economics and mathematics. Crypto incentives in Chainlink are a legitimate concern. I saw Ari Juels speak at a conference recently where he mentioned tokens and asked him about the token economics of a node staking system like the Chainlink network is planning to use. The problem is that node operator incentives are fuzzy at best and not even figured out fully by the team (see the gitter for Steve stuttering about this). When I brought it up to Ari Juels, I told him that in the way the network is expected to be used, the fees payable to node operators would actually decline as requests become more ubiquitous because as the network grows it becomes cheaper to use. This makes sense if you took a few advanced cryptoeconomics courses. Ari admitted that it was a great question but that they were "actively pursuing research in that area." I sold my LINK immediately after that and saw a significant dump on the binance charts. It's pretty clear these guys are pulling you along making you think they're doing something revolutionary when the incentives aren't even fully determined yet.

>>	Anonymous Thu, Jan 25, 2018 23:39:53 No.6943228 >>6942213 holy shit why didnt we think of this? Jihan Wu & and his army of miners are going to fuck this whole thing up. LINK is BTFO

>>	Anonymous Thu, Jan 25, 2018 23:41:58 No.6943290 >>6943211 Copy paste of a previous FUD post. Kys faggot

>>	Anonymous Thu, Jan 25, 2018 23:42:24 No.6943304 File: 19 KB, 122x160, justmonika.jpg [View same] [iqdb] [saucenao] [google] Fuck fuck fuck, I just bought a bunch of link miners, and I think it's too late to cancel the order.

>>	Anonymous Thu, Jan 25, 2018 23:42:40 No.6943308 >>6943211 Even if one day that shit happens, LINK tanks from $500 to $250 or whatever. Now it's 80 cents and isn't even being adopted. You are getting ahead of yourselves aren't you.

>>	Anonymous Thu, Jan 25, 2018 23:43:24 No.6943326 You faggots are so good at confusing stupid cunts, this is not a concern at all too any newfags who read this and are panicking

>>	Anonymous Thu, Jan 25, 2018 23:47:49 No.6943439 >>6942213 Total sup says 1T: >Total Supply >1,000,000,000

>>	Anonymous Thu, Jan 25, 2018 23:48:56 No.6943463 File: 162 KB, 900x900, 1516916209947.png [View same] [iqdb] [saucenao] [google] >>6943439 1,000,000,000 is 1B not 1T

>>	Anonymous Thu, Jan 25, 2018 23:49:27 No.6943478 File: 20 KB, 306x306, pepe.jpg [View same] [iqdb] [saucenao] [google] >>6943439 omg. there's 1 trillion LINK. we've found a new avenue for FUD.

Anonymous Thu, Jan 25, 2018 23:51:55 No.6943546
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>>6943104
If there are no more linkies mined it means that no one will produce linkies, which means that the linkies will start to get used till we reach a point of 0 linkies in circulation because they get burned each time a transaction processes.
In the end the whole network goes down because there's not enough linkies.

>>	Anonymous Thu, Jan 25, 2018 23:52:27 No.6943558 >>6943463 My mistake, reading the OP and is late. Even still, 1B total, not the 350k OP is stating.

>>	Anonymous Thu, Jan 25, 2018 23:53:09 No.6943578 thanks OP just marketsold all my link

Anonymous Thu, Jan 25, 2018 23:54:09 No.6943606
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>>6943558
The same point applies. All linkies will get burned in transactions. My estimate is that the CL network will last only 1 year, after that it's just a total colapse.

>>	Anonymous Thu, Jan 25, 2018 23:56:36 No.6943676 File: 6 KB, 225x225, facepalmpepe.jpg [View same] [iqdb] [saucenao] [google] Holy fuck this board is literally filled with retards Not even funny anymore

>>	Anonymous Fri, Jan 26, 2018 00:01:45 No.6943813 File: 53 KB, 403x448, 1514864694507.png [View same] [iqdb] [saucenao] [google] >>6943606 Why do they get burned in transaction? Aren't they just transferred to another party?

Anonymous Fri, Jan 26, 2018 00:03:25 No.6943842

Guys I have read the whitepaper and your understand of LINK's token economics is completely wrong or you're just trolling.

Nodes require staked LINK, which is only burned upon failed requests according to the smart contract mentioned in the whitepaper. That burned LINK is taken from everyone's nodes, including people providing valid information. Eventually all of the LINK will be burned, but also the smart contract will tell you what each token will be worth. The way the algorithm is written means that the maximum value of a LINK can only ever approximate .9999 dollars.

>>	Anonymous Fri, Jan 26, 2018 00:03:31 No.6943846 >>6942243 >>6942256 >>6942270 >>6942277 Bet these are all OP's comments because he's a massive faggot

Anonymous Fri, Jan 26, 2018 00:05:06 No.6943886
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>>6943813
Each time a node feeds data from the external API to the smart contract, a chain link is burned as a way to pay for the data sent, you must pay in linkies to receive the data and is burned so the price increases.
But after time, it will all get burnt, how can this be?

>>	Anonymous Fri, Jan 26, 2018 00:18:57 No.6944202 >>6943478 Shadowlink didn't work

Anonymous Fri, Jan 26, 2018 00:20:14 No.6944222

Yeah. It's definitely a problem when every god damn LINK thread is nothing but complete memes. You guys are seriously mentally ill.

To answer your question OP- there will always be people who want to sell. And LINK is divisible to the 18th decimal. That means LINK has to reach a price of $100,000,000,000,000,000 per LINK for the system to go to a halt. Good luck ever reaching that number without anyone selling. And if it does, then congrats, your family tree will never be poor again.

>>	Anonymous Fri, Jan 26, 2018 00:24:15 No.6944310 File: 31 KB, 478x356, indian-shitters.jpg [View same] [iqdb] [saucenao] [google] range ban, when????

>>	Anonymous Fri, Jan 26, 2018 00:28:55 No.6944419 File: 221 KB, 568x479, 1505047875933.jpg [View same] [iqdb] [saucenao] [google] >>6943886 Nodes could redistribute LINKies to the stakers instead of burning them. Problem solved.

Anonymous Fri, Jan 26, 2018 00:46:02 No.6944780
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>>6942213
>>6942243
>>6942256
>>6942270
>>6942277
>>6942299
>>6942301
>>6942330
>>6942330
>>6942360
>>6942372
>>6942382
>>6942387

Fucking retards.

>>	Anonymous Fri, Jan 26, 2018 00:46:27 No.6944790 File: 25 KB, 585x470, 345324-1.png [View same] [iqdb] [saucenao] [google] >>6942213 >What happens when they're all mined and nobody runs an oracle node any more? Who fucking cares? By then we're all stinky rich already.

>>	Anonymous Fri, Jan 26, 2018 01:00:07 No.6945078 >>6943886 it is btc all over again

Anonymous Fri, Jan 26, 2018 01:41:54 No.6945949
File: 344 KB, 691x510, 1412375564764.png [View same] [iqdb] [saucenao] [google]

>>6942213
Whenever I look at my folio and start contemplating selling off some of my LINK for short-term moons, I come here and find one of these threads. And I'm reminded why I shouldn't sell.

Thanks, OP.

>>	Anonymous Fri, Jan 26, 2018 01:51:00 No.6946136 >>6942436 Exactly why it's going to be $1000. Because there will be less that a million in actual circulation.

>>	Anonymous Fri, Jan 26, 2018 02:07:48 No.6946483 File: 102 KB, 1080x985, 1516205367440.png [View same] [iqdb] [saucenao] [google] >>6942213 Muh .000000000000000018 decimals

>>	Anonymous Fri, Jan 26, 2018 02:09:36 No.6946520 >>6946483 """"""""""crash""""""""""

>>	Anonymous Fri, Jan 26, 2018 02:38:17 No.6947099 >>6944780 Nice shoop pajeet

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