Now that the retards are out of the way, here's a little comfort in these times:
Peter Lynch discusses back testing stories for how your investments will pan out. if you actually take the time to do this for smart contracts, you'll come to a number of conclusions that aren't discussed here because most of you morons don't have the patience to think deeply.
Namely:
- Trust is an asset of a transaction which costs resources - Just as other technologies have decreased the cost of food, electricity and entertainment, smart contracts will decrease the cost of trust - There will still be varying levels of trust needed and varying cost tiers for those levels of trust
I'm actually more qualified to talk about this than most anons.I'm employed with a cyber-techno machinations company, I do a lot of security analyst programming type work. Open source, decentralized, APIs, partnerships, you name it. We'd be one of the first companies in line for something like Chainlink, if the decentralized smart contract space had more value over traditional data exchanges. There's a catch though, an underlying flaw more deeply embedded in the bedrock of LINK than the very code itself. The flaw is with the concept, and it's this: Companies won't actually go through the hassle of trusting their data API's through crypto.
Now I can already hear your keyboards going frantic, but hear me out. Jow Forums hates banks, and traditional data providers. But actual companies, businesses, and investors do not. There's an old saying you might have heard of: "If it ain't broke, don't fix it!". The idea that any of our bosses would give us the go ahead if we approached them to put our companies valuable data in a smart contract on a cryptocurrency called Chainlink, that they've never heard of, we'd be laughed out at best and fired on the spot at worst. We already have API data buyers and providers we trust.
'But Chainlink is trustless!' I hear you cry, but is that really a good thing? Just listen to the sound of it. Businesses don't want to spend millions of dollars on something that is trustLESS, they want something trustFUL. 'But the reputation system!', doesn't that defeat the whole point of your coin? If companies only trust nodes with high reputation, what's the difference between trusting banks and data providers that already have reputation, but in real life not on a computer screen.
The fact is, LINK is going to share the same fate as ETH will. A lot of 'real world application' hype, with a lot of 'crypto world application' reality. Only, this billion supply coin isn't going to come close to the $1k that Etherum hit. Happy gambling though anons.
Oliver Wood
i kind of get what youre saying
Robert Gomez
Most of you, despite your great efforts to research chainlink, don't understand what the real value of the network is, and more importantly, who will benefit most first from its use.
If you took the time to think about the team and the problem, you'd notice that they both point in a single direction: towards high-value, low frequency transactions with easily externally verifiable data triggers which have parties with an extremely large incentive to act at least partially dishonestly.
People are talking about automated payroll and IOT like these applications make sense at current. They don't, because the technology has decreased the cost of trust 100x, not 100,000,000x. The first people to use cellphones were the ones who could afford 20 bucks a minute because they made more money off that communication advantage than it cost them.
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Jason Davis
Bunch of 4channers tried to force it as /ourcoin/, during the presale ico phase of chainlink there was a minimum requirement of 300eth to enter the presale. Bunch of anons pooled up together and shared presale links to fill them with their eth.
Coin continued to get shilled and pumped up and hyped for the sibios event that link was attended, whole event turned out to be a flop chainlink had a presentation in a room of like 18 people next to the public toilets, literally no news or partnership came from the event and the coin dumped back to below ico prices and created 1000's of bagholder anons.
Now during this alt bull run lots of anons and took advantage of this and shilling this coin to all the new money and newfags that joined in december and don't know this story.
The coin is HEAVILY manipulated and the supply is dried up from huge whales who accumulated below ICO price to create a artificially lower supply (a lot like REQ) and these people have so much room to dump on all of you faggots to still be in profit when the time comes.
In regards to actual project that chainlink aiming to achieve it's nothing more than a basic json parser for smart contracts, would take like a day to add to ethereum by itself.. literally making links whole concept pointless and definitely no need for a token. Would take a lot longer to get it working with bitcoin but the bitcoin core devs would be able to work out the solution a lot quicker than chainlink will, think that's something worth noting that literally nothing is completed and you're literally just buying a whitepaper, they have only 2 developers and they don't communicate at all with no proven background on either, in fact sergey was involved in a project before chainlink called NxT that he since been abandoned until it was took over by a new developer team
Everyone thinks the technology unrolling in front of them is somehow magical, but this is literally just another technology: it takes something expensive and makes it lots cheaper. Every other tech follows this path: the people already paying huge amounts for that thing buy up all the early uses and then things trickle down. Think again the adoption of the cell phone or personal computer. For the most part you don't need to have a trustless relationship with your employer, but if it cost you 5 bucks a year to make sure you couldn't get screwed by them, you'd pay it.
The rich first adopters we're talking about here are really stupid fucking rich. Think reinsurance, credit default swaps, basically anything that could transfer asset sizes big enough to wreck institutions. They literally give zero fucks whether their contract costs 100 or 1000 dollars in ETH, they'll just pick the most trustless solution, which will be a public, distributed ledger not run by any entity.
Think about it from the perspective of someone buying a credit default swap: right now their options are to buy the swap knowing that the writer will do everything legal under the sun to delay payment in the event of a payout in order to secure a position first. From your perspective as the purchaser, you losing even a month or two on that payment could end your branch or even your business.
Right now your only options are to buy the swap and take that chance or to go naked, because there are literally no entities that you can trust to act in a perfectly forthright manner, no matter how many lawyers you hire.
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Caleb Hernandez
The link delusion continues. Imagine being the person who believes that a gypsy russian with a philosophy degree and no programming experience is going to instantiate a global, paradigm shifting economic system where banks and other entities are going to willfully funnel hundreds of billions of dollars into and sit around idly while said gypsy russian and his family of neet fags take profits.
Now imagine being the person who believes that the worlds banking cartels, with arguably some of the most brilliant computer scientists out there, are going to sit by and let a gypsy russian take profits they could have had by using a simple JSON parser.
"No wonder that Spread Networks, the company building the fibre-optic connection, proudly boasted: “Round-trip travel time from Chicago to New Jersey has been cut to 13 milliseconds.”
And HFTs were willing to pay through the nose to use it, with the first 200 to sign up forking out $2.8bn between them." These fucking jews spend billions of dollars just to get a 13 millisecond improvement so their algorithms can get the data faster. So you're telling me that if there was any money in the chainlink area these guys wouldn't be all over it? Get the fuck out of here.
So explain to me why this is going to work again? Or is it just a PnD like 99% of other crypto's out there.
