I just realized the following scenario:
>I need to pay for a coffee in BTC, the shop accepts $
>The oracle provides the rate of exchange
>The oracle doesn't check with 5 different APIs for the price WHEN you pay, that would take too long.
>The oracle is steadily streaming average prices from multiple nodes simultaneously
>pic related it's mfw I realize LINK is used like a constanst stream, not a drop
"muh staking won't be that profitable" FUDers BTFO
Simpleton
>chinkerton
am I spoiling your dump, faggot?
How quickly do you think exchange rates change?
Constantly, do you even know what an exchange rate is? How the fuck do you think FOREX traders make money?
I mean except for artificial war and famine
Think about this.
Each job that your node gets called to do will have to put up collateral (and all contracts of any value will require collateral; it's virtually free to run nodes since the system requirements are so low, so this is probably the easiest way to prevent malicious behavior). So contract staking is not a one-time thing. You'll have to hold enough link to satisfy many different ongoing contracts at once (and these contracts can last years, as you see in some of the ones on the old test net). A ton of link will be off of the market, locked into contracts.
Though you're wrong about it being a stream of data. It will depend on the contract and use. Look at the old testnet to see how often the contracts were calling APIs. Many of them are daily.
>Look at the old testnet
>tfw too stupid understand what im looking at
Excellent points, but I was talking about price average oraclizing specifics.
Sure there will exist big jobs and long term contracts and all of that (which will indeed drive prices up by locking up supply), but a LOT of nodes will be needed to be constantly streaming data for various industriest.
I suspect/predict that these will be what is most wildly profitable in the chainlink network
5 different apis would take too long? Itd take like 100ms.
Fucking millennials.
There was an AXA insurance contract that said "if Sony's firewall is on and an intrusion happens, we pay them. If the firewall is off while the intrusion happens, they don't get dick"
This was indeed on for a number of years and it was considered big news in 2017. Not the usecase I'm mentioning tho
i think i saw that. Just wasnt sure wth i was looking at.
I hope we are going down more im going to sink 20k into link . I dont want to miss this shit
definitely closer to boomer than millennial, 100ms is ok for playing retarded tab/click MMORPGs like WoW, not moving billions around daily.
>we
kys norman
Then how does it have anything to do with your autistic cube coin? Exchanges can generate an average price instantly without an oracle or a blockchain. So can retailers or exchange apps.
Exchanges will feed their data to oracles via APIs, it's the whole point of having APIs you foambrain
>100ms
That's the kind of shit latency that results in a bid a cunt hair above yours as soon as you place it.
They use 100x-1000x leverage with massive amounts of cash and trade fractions of a cent... it’s not going to matter with something as cheap as a coffee
kek. nobody is going to use chainlink for fast paced, real time games. and for financial shit, most of the systems we have now take hours at best, and often days to process everything.
How?
Look, just go to netdania dot com and check USD/EUR prices for yourself. Check them now, then check again a few times throughout the day.
Exchange rates are way more volatile than people think, I worked for a year at an exchange office and you'll be surprised.
Even if it's not needed for fiat (hint: it will be), it will certainly be needed for crypto that is even more volatile than fiat.
You're too stupid to post in this thread, trenchbrain.
or perhaps you know nothing about international remittances and back office banking. we're not talking high frequency trading, we're talking massive lump sums of money being transferred between banks in daily back office processing.
LINK will be providing the EXCHANGE RATES not the money in this example. Remitance messaging will be a different aspect of LINK, completely separate from providing exchange rate data between fiat and crypto
Also, it has nothing to do with games wtf was that about. I used it as a random example of where 100ms ping is ok, not saying it has anything to do with LINK.
Rounded my port but I hope I have enough to make it. If I don't make it before 30 years old there's no hope.
Not gonna make it.
look up how exchange rates and interest rates are chosen now for a given time period. If you really think a 100ms delay from the real time price/rate on an exchange is a deal breaker for literally anything you have brain damage or just don't know what you are talking about.
Look into AirSwap. The use case he is describing is exactly why AirSwap plans to use ChainLink.
Hey man can you help me out?
I've not heard about this AirSwap link before. Can you suggest a source please?