Is the link token itself necessarily useful? If link becomes the future, and all that like you guys are saying, is it possible the coin itself stays cheap? Some projects sound more like a great business idea, but I don't know for sure if the coin itself is necessary to the business. Chainlink sounds awesome, but what is the token for?
I don't know much about link. In some projects, the coin is incidental to success. In others, the coin is the project. I'm genuinely curious. Is the token used to settle contracts? If the project becomes the defacto Oracle standard for tons of projects, will that mean forced widespread adoption and usage of the token, or will most things be settled in other coins, particularly stable coins, or possibly in fiat using SWIFT? I don't mind being called retarded, I'd just like to know why.
These are smart contracts we’re talking about, guaranteed and immediate compensation is absolutely vital. And using an asset that is anything but wholly integral to the network (like ETH) would be a bad idea since the value of the method of long-term staking and compensation would be susceptible to a range of factors that have nothing to do with the network itself; like ETH-specific fud or changing supply through mining.
Also, if you read the white paper, it clearly indicates that the token itself allows for two-way communication tied to the compensation.
Adam Young
Without the token Sergey can’t scam you so it’s essential to the business
Cameron Bennett
Link has the best tokenomics of any project. Everything will be staked in nodes. The longer and bigger the project gets the more link will be permanently staked, driving up the price due to constsntly falling supply. 18 decimals.
Sebastian Cruz
This. The token has to basically represent a fractional value of all of the money running through the network for it to be meaningful, especially as a form of collateral or an intermediary of exchange between other cryptos and fiat. If snags a small piece of the derivatives market it could have trillions of dollars going through it. It's not even a meme.
I've thought about why they can't just use Ethereum or $ backed crypto instead of LINK, like why is LINK needed. The reason is that LINK represents Chainlink's network and nothing else. ETH on the other hand represents/depends on Ethereum, so if Ethereum hits the fan you will have trouble with ETH fluctuations and it hitting 0. Same thing with $ backed crypto. You need to trust some other project, that is why it's best if Chainlink has it's own token so it's price and stability depends only on the Chainlink Network. If you have smaller projects then creating a token isn't really necessary(unless it's purpose is to act like a stock), but decentralised oracles IS a big project.
coins like this are no different to an IPO by a startup trying to raise capital. if the banks offer sergey a deal for the tech, he'll take it and the coin will either crash or stay the same.
chainlink isn't a currency, nor a store of value. at best it can be said to be akin to holding shares in a startup.
Zachary Reed
>I dont know much about link
Stopped reading there. You've had an ENTIRE FUCKING YEAR.
William Price
It’s just a rehash of the ‘you don’t need tokens to run a node’ fud that was in vogue for a while. The facts of the matter are: you need to stake tokens as collateral and payment to nodes will be done via the token so yes you do need the token. If people would just read the damn white paper...
Caleb Johnson
Why read the white paper when you can have a team of autists do the heavy lifting
David Moore
Absolutly no mention of chainlink.
Liam Phillips
if a bank bought out the tech it would ruin the entire decentralization concept behind the network you idiot. he would not let that happen. this is not your average VC acquisition.
Nathaniel Smith
you cannot "buy out" something that's open source. The only thing valuable in the crypto space is the network effect, if CL manages to establish a good network effect then we made it, that's the only thing that matters. The code itself is "worthless" meaning you cannot monetize the code itself due to its open source-nature.
Evan Bailey
>he would not let that happen
of course. when offered a couple billion to sell the underlying tech he'll refuse because he wants to protect the investments of a bunch of autist neckbeards on a weaboo forum.
makes perfect sense.
Ryan Martin
explain to me, you brainlet, what exactly would Sergey sell for billions of dollars? the code that I can copy for free? are you retarded?
Tyler Hall
>if a bank bought out the tech
There is no tech you retarded autistic faggot
Cooper Rodriguez
>thinks an open source project cannot be made closed source >has faith in someone he's never met to protect his investments at the cost of his own selfish interests
Ryder Gray
>>thinks an open source project cannot be made closed source and you think someone needs to pay Sergey to do that? you think all the permissioned eth-forks had to pay billions of dollars to Vitalik? do you even open source? The code/tech is useless in terms of moentization, the only thing that matters is a network effect
Dylan Jones
holy fuck - never saw this one - made my fucking day
Jacob Phillips
>The only thing valuable in the crypto space is the network effect, if CL manages to establish a good network effect then we made it, that's the only thing that matters. The code itself is "worthless" meaning you cannot monetize the code itself due to its open source-nature.
This user is dropping truth bombs. The value in the NBA is not the rules. I can copy the NBA rulebook and start my own league. The reason people watch the NBA is because that’s where the best players are, which means that the best players all want to play in the NBA, which means more people watch it and it makes more money.
James Cox
Nice analogy user, also checked
Mason Murphy
sergey's company could get bought and then they shutter the chainlink project.
Cameron Edwards
We already went through this retard. Amon above said you can't buy out said tech because it's open source
Jacob Scott
Didn't someone say Australia is the key in all of this at some point?
Luke Jenkins
>Didn't someone say Australia is the key in all of this at some point? Seem to be lots of interesting developments in Australia right now. (1) Australian Stock Exchange replacing its current clearing and settlement system, CHESS, with a new DLT built by Digital Asset, (2) Aus government investing in blockchain infrastructure. Seems like Australia could really position itself to be a major hub. Kind of an interesting development. Don’t mean to hate on them, but up to now, they have had a reputation as (1) amazing place to live but (2) NOT necessarily a hotbed for innovation, e.g. don’t really think of many global companies coming out of Australia. Who knows, but seems like, with their embrace of blockchain, they may be able to change that.
Adam Evans
They're embracing it at the top corporate level but they have zero support for entrepreneurship and startup culture. They scared Coinjar to London by introducing an absolutely retarded double taxation on BTC and basically killed any local industry. It's literally hard to explain just how fucking retarded and backwards Australia is.
Hunter Rivera
>Main net launches >weirdos start launching nodes and looking for jobs >I post a job >Wow it's a contract moving $80MM of ETH >Collateral required for each of the 10 nodes: $8MM LINK >No problem, that's only 8k LINK these days (early January) >Nodes query the API in the smartcontract >Whoops I own the smartcontract AND the API >API programed to give out correct answer of "1" >API also programmed to give out false answer of "0" 4/10 times >6 nodes submit 1, 4 nodes submit 0 >Contract closes ($80MM eth sent to my other wallet) >6 nodes get a pittance of a fee >4 nodes get their $8MM swept into my contract as penalty for trying to defraud me
The first week is gonna be a lot of fun before this whole thing collapses.
Robert Collins
I'd be surprised at it ever becoming a hotbed of innovation with it's shitty immigration rules
Chase Lopez
Was not aware of the Coinjar story. Appreciate your sharing this.
Christian Thompson
As much as I think you are being overly negative, I do think they will have to have thought through how answering jobs is going to play out in the early days. It could easily go tits up and get bad press from the start.
Luke Scott
Can you say more about this. Don’t know much about their rules but my IMPRESSION was that they were always held up as an example of how to do immigration right, i.e. point system means only the best and brightest get in.
Jeremiah Cooper
link is a scam. they have 30 mil and only hired 3 devs.
why would you ever do that if you were not a scam? Consensys/Ethereum had hundreds of devs, even just 1 year in.
And they didn't own 60% of the coin lol. Linkies are so retarded, LINK is so obviously a scam. With that money they should have at least 15 full time devs.
Parker Diaz
Wow, thanks for this. I really appreciate the research you have put into this, etc. Also I think it's highly likely that not only do you have $80 million in ETH, but that nodes will be staking $8 million dollars as collateral before the reputation system is even up in order to move $80 million of a literal who's money from one wallet to another. This is such a likely scenario that I have literally sold 100k and burned my blue plaid shirt.
Robert Lopez
>great, there’s a job here to move $80m worth of ETH! >looks like I just have to set up this adapter to www.hahaiwillscamawayurmoniesfaggot.com >totally looks legit, let’s set that right up..
Parker Anderson
Great analysis. I’ve never heard that about the devs before. I’m market selling 82,494 immediately.
Can someone explain to a brainlet how LINK is supposed to make biz rich? I don't doubt the 1000 eoy meme but how does other people using the LINK api actually increase the value of the token?
a legit project would hire a big team and finish it in 6 months.
whereas a scam project (like link) would hire a tiny team and never fully finish it, while pocketing 90% of the money. They wouldn't outright exit scam, that's too risky. They just hire a team small enough to never have a fully working and compelling product, while they slowly steal the money.
You'll see, in 5 years LINK will still be in development with 0 adoption and Sergey will have 15 mil in his offshore bank accounts.
Easton Taylor
we're long past the point of spoonfeeding this shit, dyor
Brayden Hernandez
brainlets BTFO
Julian Taylor
>LINK api yep, you're indeed a massive brainlet spoonfeeding sessions ended in november 2017
Aus banks and govs to push for open banking and digital identities.
Open Banking: afr.com/business/banking-and-finance/financial-services/banks-and-fintechs-welcome-governments-open-banking-plan-20180509-h0zvf7 >All the major banks will have to make credit and debit card, deposit and transaction account data available by July 1 next year, and MORTGAGES by February 1, 2020. PERSONAL LOANS and all other banking data will be included from July 2020, the government said on Wednesday. The regime will apply to consumers and business. ALL REMAINING BANKS will be have an extra 12 months for each phase
explaining, "ASX Limited (Australian Securities and Investments Commission) today announced that it has selected US-based firm Digital Asset Holdings, LLC (Digital Asset) to develop solutions for the Australian market utilising Distributed Ledger Technology. "
Large Australian Financial institutions in coordination with Blythe Masters are checking out blockchain technology to save billions using smart contract-powered stocks and bonds. That technology is very much Chainlink. Now that we have all of that out of the way, lets look at SIBOS 2018, taking place in SYDNEY AUSTRALIA and their list of exhibitors here: sibos.com/conference/exhibitors
SIBOS 2018 exhibitors: >typical aus banks >Reserve bank of aus >swift >ibm >hyperledger
SIBOS SYDNEY IS TOMORROW ALSO WEB3 SUMMIT WHERE SERGEY IS SPEAKING SOMETHING BIG IS ABOUT TO HAPPEN
So I'm guessing this is what Drunkanon was talking about, regarding Australia. He also mentioned a big announcement in late 2019. I wonder if there will be more clues at SIBOS.
Fucking kek. If only that were the case. No, the reality is that these days Australia is importing African niggers and they’re starting to seriously impact all our major cities for completely unexpected and unforeseen reasons. Australia used to be nice, but they’ve been selling us out for many years now. It’s a nanny state, it’s a terrible place for start ups, Australians are so politically complacent they go along with whatever the government decides to fuck them in the ass with.
Ethan Bennett
Ah yes, thanks user. I remember when Biz was discussing this. Did the autists come to a conclusion? From memory there was some doubt as to whether it was actually related to Sergey's Chainlink.
Elijah Flores
He already has million in offshore bank accounts, some in the Cayman Islands, some in Swiss accounts, he also has millions in ETH, BTC, XMR, and JPY
I spoke here a while ago about his lavish lifestyle too, the shirt is to fool the gullible investors that he's a "simple man"
Nolan Nguyen
Holy fuck...buy now boys. Not even memeing.
1000 EOY.
Levi Peterson
It's nothing. Check the archives from march or april, there was a lot of autism on that lead for about 3 days and nothing came of it.
Juan Moore
This is truth right here. Best answers when it comes to why it needs its own token. It insulates the system so the price on the network isn't subject to other project token price swings. It's a closed loop ecosystem which bring stability to the network and we can make better calculation on the price of the token and budgeting for businesses.
Ryan Morgan
wrong.
Kevin Reed
Sounds like ripple desu
Thomas Perry
No, it's unrelated to Link.
Matthew Flores
This was the conclusion I remember. Can't recall the basis though.
Ian Hughes
There was simply no indication that it had anything to do with Link specifically. And, while this isn't good evidence, one brave user talked to the guy who made the SEC filing and asked if the fund had anything to do with Link. The guy said no.
But the token literally has no other use than being a cashgrab to make incels think they can get rich. The entire issue would be much easier done with Ethereum instead
Mason Gonzalez
yikes and cringepilled
Logan Nguyen
I can explain how it will make /biz rich, fren; it will go up in price.
Parker Roberts
I'm 100% on board, but waiting and wagecucking is so fucking hard.
