ETHDenver 2019 Chainlink 2AM rant

So basically Sergey vision is to create an Oracle Network which will provide trust worthy nodes depending on the need of the smart contract.

It can be insurance, market price feed, exchanging goods, you name it.

So everyone is invited since it's Open Source, many joined, more to come.

After listening to this, I went to Rhombus website. This shit looks like a 1:1 copy of Chainlink with a "cool looking" website, with some 2 minute shill video, which is laughable.

Competition is so far behind, that everything compared to Chainlink, is just copy of Sergey vision with a different name on it.

They will all bend the knee eventually and join the network, they will just be a node.

All bootleg Chainlink networks are just a mirage.


Interesting thing is that "community" will choose the price they are willing to pay for contract triggering, and security of it.

As i'm writing this, Chainlink Market Cap is
$168 043 680 USD.

Considering that You need 1 LINK token per job, per contract, per agreement, per sale of goods, per shipment.

0,48 cents for such a service ? Nah.

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youtu.be/KG4Qx84fMag
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This project will be literally applicable for every contract in the world.

What i'm thinking is, different nodes for different branches would value answers/security differently.

I won't pay 10 bucks to secure a 100$ website contract between me and some dev.

Link payment for securing such a contract will be fraction of a value of the job itself.

The bigger picture of Oracles and their purpose is so hard to grasp, that I change my mind about LINK being TOP3 after BTC and ETH.

Chainlink Network will be what CMC is right now, just with the difference.

You will not look at the price of tokens. It will be LINK/Job :
LINK/Insurance
LINK/Law
LINK/Cargo
etc.

Every branch of business will have a different price for a contract. That means LINK price will stabilize at some point in time. Even with scarcity, the ecosystem with tokens locked in nodes and everything.

At least from what I'm thinking of right now. If the whole system is up and running, LINK won't be a token that's traded like is right now.

Nodes will release tokens for USD/BTC/ETH, but the price won't fluctuate that much after.
Companies that will implement smartcontracts with oracles will buy them to stay within the system.

What's the point for average Joe to invest in LINK token, when only companies and node operators will trade within the system itself?

Joe won't buy LINK on Binance, just so he can secure the contract with insurance company.
That will priced in , in the contract that Joe is paying for with a fixed price, and that's the extra on security of it.

To summarize. People will choose how much they are willing to pay for LINK service.
So there will be a set price for LINK, just different prices between industries/jobs.
Fractions of LINK or full token, but LINK has to have a USD value which won't see big ups or downs after system is filled with nodes.

Or I am a brainlet after all.

Stop letting potheads speculate on crypto. Its fucking embarrassing. $0.25

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Basically the maker guy says he created an oracle in 2 weeks and has more customers than Oraclize and link combined even though doing oracles wasn't even their purpose and the Oraclize guy said no one wants to pay more than 5 cents for oracles, also everybody agreed that trustlessness wasn't achievable because data sources are centralized points of failures so basically decentralized oracles are just a worthless scam, lmao

chainlink's competiton is every large contract out there, and every large api service that will do anything to avoid the middleman.

unlike ethereum, which is able to capture value on-chain because it's a closed loop, chainlink is incapable of capturing any value, because api sources are centralized, and contracts are hosted on other platforms where their value is captured by the parent chain, i.e. ethereum.

all it takes is a few large contracts to not want to deal with/trust a third party network, to crreate some protocol like erc-20, and chainlink now has competion they have no way to curb, because the value, the api data, is there for everybody to use in their own platforms, and it has to be available to everybody, because that's how chainlink's oracles are verified.

How the fuck can I be on this shithole website all day long and not know they posted this youtube video? youtu.be/KG4Qx84fMag

$1000 eoy

>Sergey vision

won't the team themselves and early big corporate investors run most of the nodes and be able to control the price initially?

Listen to him starting just before 20 minutes. I'm still all in.

And how will these API providers have their data processed onto the blockchain

>Considering that You need 1 LINK token

Stopped reading right there.

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I prefer Thomas's fork of link or even Steve's fork. Sergey's Vision is dead in the water

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This is good normie fud to pull out when plebbit starts talking about chainlink

He's so confident. :D

you can see the others feel intimidated by Sergey

Sergey is god

I don't think it is necessarily "1 token"

It will be a USD price or other fiat. like $5, $10, $15 and then that will equate to the number of LINK paid to the node operator.

oh the misinformed

You are not understanding the purpose of smartcontracts.

Its about automation. Centralized data can't be used for this purpose. It negates the bennifits of smartcontracts.

If that doesn't make sense to you, you need to do more research.

Also, Chainlink is the ONLY token that will be able to capture the value of connectivity due to the collateralization to run an honest network.

blockchains are developing their own oracle solutions cuz LINK is taking way to fucking long. exhibit a.
>IRC16, a newly-formed token standard for ICON’s blockchain network, is designed to allow for the transparent issuance of tokenized assets and securities. Moreover, it supports the tokenization of physical assets via a modular architecture for built-in compliance for legal regulations related to asset ownership and transactions.

thats your problem you dont think

Thanks, Adelyn!

that's not the point of chainlink mongoloid

chainlinks entire niche is connecting legacy systems to blockchain. The reason it's a big deal is because there's 10000000000000000000000 projects trying to connect blockchains to blockchains/atomic swaps/whatever else but chain link... you know what, nevermind. Just sell your stack.

>1 token per job
>test net
>price feeding contract being almost ready
>mainnet

Kyswag

so this Rhombus faggot just ripped of Chainlink? lmao

Also,
> No one of us on the stage has been around since 2011
> ... it is an unsolved challenge
> applications
Sergey almost couldn't hold his laughter. He looks younger, healthier and more confident then ever. He knows he's gonna win, we're gonna win. Truly on the path to excellence!

if only...

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Look at him next to those slumped, cross legged glasses wearing bugmen. He's clearly relaxed and dominant while the others are threatened and on edge. Look at his face at 15:20, the exact smug cunt look he had the other talk as that balding nu-male drones on and on about "the solution" not knowing sergey has solved that solution. They will all bend the knee

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Can you derive the future price of chain link from this technical analysis of Sergey's behavior?

$1000 eoy

>Considering that You need 1 LINK token per job
LINK has 18 decimals, which means you can set a fixed price in USD like $0.02 per job and just adapt the amount of LINK you need, even if it's $4000 per token

Yeah i was simpliyfing my thought. My point is, they talk on stage, that we don't know what's the price of having oracles in smartcontracts, this is yet to be determined.

So after it will be discovered in branches/businesses, LINK as it itself will stabilaze in price.

Let's say for a Car Insurance contract, the price to secure it will 100$. That could be 1 LINK , but it could be also 2,3,4 LINK since insurance nodes are more expensive than data feed ones for example.

You can't set a price for a service, and then LINK drops 20% beacuse of sume dump.

So I was thinking that price has to stabilaze in one point.

Why would it be 4000 per token
. That's a larp. Sergey has repeatedly stated that link will be tethered to shitty diner coffee.

You could very easily use the CL network to accurately get the price of LINK in USD and do the price standardization there.

Use your brains, anons. Your thinking is always way too down in the details. "You can't build that watch because you have to fit screw #36 underneath that sprint, and that just isn't possible". People have been working on these problems for years now, and they've already moved past so many of the 'issues' that are brought up here.

It's not a question of "will they be able to do it" or "will this be useful". It's a question of "when" and "who".

I'm using my brain actually, but how you present that price on contract from the standard Joe perspective ?

In that contract there has to be a set value of USD for example, and that needs to coorelate with network value.

Sergey is talking here about a standard price that customer is willing to pay for that security, and when that price will be finally estabilished, what is the point/reason of LINK price going up?

If Chainlink is aiming to became a standard, and a network of high trust nodes, price will differ between businesses/node, but LINK has to be somewhat stable to do it.

Not getting into price, but that could be 100 or 10 bucks, but it won't be 100 bucks one day and 50 another, because that will cause a lot of problems in my understanding.

Correct me if im wrong ofc.

treat link tokens as commodities like steel/oil. How do construction companies guarantee that the price of steel stay the same during the entire duration of their projects?

>but LINK has to be somewhat stable to do it
It doesn't, though. LINK could be a sine wave and you could tie it to a stable price in USD using the CL network itself. It could be tied to BTC, even. The price in LINK has everything to do with its demand on the market relative to its supply.

As per "what cost in USD does trustful transaction X take", that could itself be a function of any number of things -- including just a constant specified value.

Think about it. This isn't unique to CL or cryptocurrencies, even -- it's just software mate.

>How do construction companies guarantee that the price of steel stay the same during the entire duration of their projects?
This user gets it. This is what brought about the futures market. This is another solution, but it doesn't even have to be this complex, especially to begin with.

I approached it from a bad way, understood.