Remember how the "aggregation" code was renamed "Service Agreements" in Chainlink Pivotal? I was wondering whether this was changed in order to match with other institutions.
It seems to be a commonly used term, but anyway in my search I found this
Consider this: Bart Cant is the blockchain community leader for Capgemini and works for IBM. This FiatRelay system is made by Capgemini (who have talked about LINK before) and "other banks" (??) and it would, if I understand correctly, allow you to be paid in LINK but have that instantly converted to USD. This means that banks don't have to worry about dealing with the crazy price fluctuations of the LINK token - they just buy and sell what they need, when they need it.
Are there any other autists who will look into this? I think it could be fruitful.
being above $1 defeats the purpose of the token. ffffuuuuuuuuuu
Matthew Brown
>all buy pressure is instantly met with sell pressure >the banks essentially just wash trade LINK >LINK stays at $.30 forever
Jace Rivera
NANO is the only cryptocurrency that might reach $1000 EOY
Angel Young
Doesn't this mean LINK price won't moon even if widespread adoption occurs?
Michael Rodriguez
Link isn't an currency dumb ass.
Hudson Barnes
>allow you to be paid in LINK but have that instantly converted to USD. This means that banks don't have to worry about dealing with the crazy price fluctuations of the LINK token
But its still converted via the link token price, right?
Ayden Collins
Not everyone wants to convert to USD, probably just banks. They wouldnt wanna hold LINK but they would wan to use the network.
Jaxon Myers
Wow, this is bad
Isaiah Ramirez
Bearish
Dominic Martin
how??
Kayden Garcia
Checked
Jack Smith
As long as nodes are incentivized to "stake" link and link purchase is required to interact with the system, increased use should drive the price up.
Tyler Jenkins
They're misunderstanding the premise and assuming link will only ever be held for seconds at a time. It would mean that the token either varies incredibly second to second (cause hurr durr gonna buy 100 million link at a penny each to put up 1 million usd collateral and that won't move the market and make link not a penny cause hurr durr). If this were the case, you could just swing trade link for 1000s of % and make more than 1000 EOY.
Aaron Davis
Yeah it would be a good thing - if the only think that's stopping banks from using the link network is that they dont want to hold meme coins, that problem is eliminated!
Hunter Collins
so ur saying... 10000$ eoy? WE ARE FLITHY RICH
Connor Wilson
The Relay Bank would never be able to make the payment. Indirect banking like this is not allowed these days due to fraud. That said my compliant is about this implementation design; there are other methods to enable Chainlink users to work in USD.
Aaron Fisher
This is actually extremy bullish for link. This was my biggest concern that owning link would be so uncomfortable for banks and institutions etc..
No that it's solved it's huuuge buy signal.
Sold 100k though
Christian Ross
Pretty sure PSd2 means this is exactly what is allowed
Adam Thompson
do you own LINK?
Thomas Jackson
>Indirect banking like this is not allowed these days due to fraud It is allowed now, check PSD2
Dylan Ramirez
LINK is psd2 compliant
Logan Bennett
who is eoy?
Grayson Howard
$1000 usd
Camden Flores
Are you all fucking serious?
The only connection between the Bart Can github and Chainlink github is the words "Service Agreement", am I correct?
If so this is the weakest breadcrumb yet.
Or is there some other connection that I'm not getting?
Yea your missing this: no other token is ISO20022 compliant
Samuel Watson
Yeah for banks to trade it out instantly, the market will need to be extremely high and that wont happen unless the token price is really high so billionss of millions of dollars a day is nothing for it to swallow.
Basically high collateral means more secure network, and fixed cost with the option for instant swap to usd requires highly liquid market. Both of these only happen with a very high link token price
Colton Johnson
but is it R2D2 compliant? we must be ever forward-thinking, user.
This is very bullsih for Link. Fixed costs for business mean adoption. Price will have to be super high to so there is enough collateral in contract staking as well as so companies can swap out to usd without moving the market. We Gon Make It Boys!
Sebastian Walker
No, there's Capgemini (who quoted sergey in their smart contract report) and all the people he is connected to on Twitter. Keep up.
David Brooks
This is good as any place to post it.
Accord project are partnered with the UK government. As is Seal software.
Accord is partnered with chainlink. Seal software are heavily rumoured to be using chainlink. This paper here links all 3 together. No cl on ctrl f but strong ties.
Obviously I know about that. What I'm saying is the only connection between the 2 githubs are 2 common words.
Its not a good connection
John Wright
Then who was oracle?
Gabriel Hernandez
A well deserved kek
Ethan Gonzalez
Well that means the smart contract participants don't want collateral in the contract, which for small contracts might not be a big deal but larger ones I doubt that would happen. Collateral is like insurance. If they don't have high collateral then people really trust the network which probably means greater usage.
Anthony Howard
If this all fails I'm going to give tiger mommy gook a golden shower on her face.
