There is a major flaw with chainlink

ok sure, how many sensor for a small house? 4 -5? i can do the same thing

dont worry dude, i know you have no ideia how to solve this, like prob 90% of the brainlets in this board

you're currently at 110 sry my man

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i know its not a requirement, but how do you feel knowing you are putting you money in something that you dont understand 1/3 of how it works?

i'd feel really dumb

How about fire department sign off/hoa sign off/+plus a jury of arbitors? You going to do the same thing?

This, did you see that cam over there user?

how does that solves the problem, like at all?

nice trustless solution there kek

Hurrrr chainlink doesn’t solve every single real world contract guess it’s useless right? No fuck off

>living in a third world country with a shit government
It does solve it. The problem is rarely the fire department and the jury. The problem is the insurance companies delaying shit all the time. This is of course one of the shittier smartcontract examples. Flight insurance example is much better.

The fire insurance smart contract pays out to a wallet directly linked to your identity. That same contract also automatically sends an emergency call to the local firefighter department. They show up, see that there was never a fire and an investigation is launched. Now there is immutable, tamper-proof evidence recorded on the blockchain that you scammed the insurance contract.

The costs of these follow-up investigations and keeping faggots like you prison is far outweighed by the massive savings created by cutting out the middlemen in the insurance company,

>I can trigger the fire insurance contract by putting a lighter on the fire sensor

Why wouldn't you require a fire report from the fire department that responded???

its gonna but extremely suscetible to the source of inputs

and flexibility, they have zero atm

attorneys aren't going anywhere any time soon

Um yeah, its called insurance fraud and then facing jail time, idiot

Brainlet tier thought process you got there user. Let me help you along.
That "fire" sensor will just start a cascade of smart contract exectutions and if the data does not line up in a single contract, you will not get the payout and in fact may be barred from utilizing any smart contract technology in the future due to your non-compliance.

there is a interaction of the new automated system and the legacy system

the legacy system is the shity one where i can drag a process for years, and its gonna be this system the one responsable to put a faggot like me in jail

on there other hand, the automated system will already have paid me, in crypto

damn, i'd light that shit on the same day the insurance company install the system in my house

also this
The contract might trigger, but insurance company might do an investigation to see if the house burned down or not. All assets seized and time for jail.

because it would not be trustless, so useless in a smartcontract system

Gay Boy OP brings up a specific type of contract out of the thousands of possibilities and thinks LINK is a scam because of this

lol

This thread is trash

ok, so basicle like it is today, where these insurance companies lose a shit ton of money every year due to fraud?

Lmaoooo linkies btfo
I can just smash my tesla car crash sensor with a baseball bat and cash in my insurance fraud payment automatically lmaoooo
Musk btfo

its just a example to show that the moment you sample data of the real world, there is no way to tell its valid data on the interaction of real world/blockchain

Don't worry, the fingerprint scanner on your throwaway lighter will notify the nearby painting via RFID that you are attempting arson while the government automatically taxes you extra for doing so as authority drones are dispatched to murder your entire bloodline, Soviet style.

so what you are saying is that smartcontracts will lead to a dystopian society where big government monitors everything using them?

makes sense actually

>everything I don’t understand is a buzzword
never change biz

Basically the point is that insurance companies can't delay shit if the gov/fire department concludes that there indeed was a fire. At that point contract triggers and you get your insurance money. That's the fucking point. If there are 2 companies where one will have an automatic payout when the gov says yes, and the other doesn't have one, then guess which one the clients are going to choose?

Again that is one of the shittiest smartcontract examples. Flight insurance is better. Multiple sources tracking planes and giving data when a plane has arrived/taken off. If plane is delayed >2 hours, then payout $500. If else delayed >4 hours, then payout $700.

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You will just lose faster and with more certainty in the hybrid system vs our current legacy system and this is just within your isolated, restricted example.
Again that wallet is directly tied to your identity, they aren't going to pay out in XMR. Everything is permanent and traceable. Great plan bro.

What is your definition of trustless?
Having multiple sign offs and verification circumvents trusting a single party. It's much harder to game the contract when there isn't a single point of failure.

Not thinking big enough. GPS equipped flow meters in the fire hoses could also be an input. There could be a delay built into the contract, and if enough of the sensors indicate a fire occured, and in the following month the water, electricity, and gas to that unit is shut off as well could also be inputs.

you are too brainlet. you are imagining a smart contract world in such a basic, literal sense that of course it doesnt "work".

Why do you think there will be a "fire sensor" which triggers a payout?
Why do you think that this will be the first iteration of insurance related smart contracts at all?
Hell by the time "fire sensors" are used, technology in general will probably be miles aead of waht we have now, and we cant relaly imagine the details yet. In fact, a lot of smart contracts functionality is yet to be even imagined yet. its scope is to large. like inventing TCP/IP protocol in the early 80s, did they imagine something like Amazon, alibaba of facebook? did they imagine the encomoy of data collection facebook uses? did they imagine blockchain technology and smartcontracts running through the power of the internet, created from that TCP/IP protocol?
No they didn't. they couldn't even fathom anything like that in detail at the time. Yet it all happened. but many smart people probably saw the potential, invested, and know they didnt need to fill in all these tiny gaps right now.
The thing about Chainlink and Smartcontracts in general is that we actually do have a lot of the details and initial usecases already quite doable and reasonable to execute even today.
but your "fire sensor" problem is not one of them. The details will come. Initially that kind of insurance smart contract is probably going to be a little more archaic than you imagine, but eventually we will catch up to your imagination there.

If i were to have a crack at that, i would say something along the lines of a sensor which is triggered, that is linked to the insurances own sensors, which adds the data to the blockchain. the sensor triggering is fact. to verify that it was causing damage and an insurance payout is due. from there a manual process

i agree with the part that we have no idea how this space will work, thats to me the most interesting part about all of this, even if link fails

and yes, my fire sensor example is dumb

wanted to get a glimpse at the thought process of the average link holder

and we are at least 5y of broad adoption of smart contracts, chainlink still has a long road ahead

Oh no, it'll probably be half built in COBOL, Haskell, Pascal and shitty indian/chinese import Java. You're thinking of businesses, governments don't do anything efficiently.

>its just a example to show that the moment you sample data of the real world, there is no way to tell its valid data on the interaction of real world/blockchain

Thats why you take lots and lots of samples. That's why decentralization is so important to the entire process. As an example, you can't get the price of cheese in Wisconsin from somewhere outside of Wisconsin. If it's just one price source, you also can't stop that price source from lying to you. What you *can* do, however, is have a bunch of data points for everything, so that anyone who wants to fraudulently alter the data has to expend an exorbitant amount of resources to do so.

In a similar vein, nano/micro devises and sensors could be very helpful. You could have literally millions of micro thermometers disolved in your paint and then painted on your walls and ceilings. The only way to defraud that system would be to deliberately burn your house down. Which I guess you could still do.

It will be many years before anything like house fires will be insured, and before that you'd need the mass installation of sensors.

This is kind of a bad example though, as it's a system that's best used with numbers when you need really reliable data

How about this? It doesn’t make any fucking sense to pay out insurance for fire damage through a smart contract so a fucking smart contract is never used in this situation. Fucking brainlet scum, get the fuck off this board

>there are ppl on biz unironically believing the insurance companies will accept to die just because better alternatives exist
Yeah good luck with that, insurance companies are literally owning the fucking world. If they put in place smart contracts it will only be at their advantage. Instead of the current system where they bury you under an avalanche of paperwork to not pay you they will bury you under an avalanche of smart contracts to not pay you. The only difference is you wont be able to reach someone from the company to insult via your cellphone to unload your frustration of having been scammed.

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