No seriously, I've been ignoring you guys for two or three years now.
Can someone bring me up to speed on what the current events are regarding chainlink? What problem is it trying to solve (why would it have value?) and what events are you guys banking on would drive the price of it up?
What is chainlink anyways
Jayden Perez
Easton Perez
Like every other cryptocurrency besides Bitcoin it's just a digital age Ponzi scheme. People figure if they spam it enough suckers will buy in which covers their own exits.
Chase Campbell
So are you telling me no one here is probably knowledgeable on the technology or reasoning behind it and people are only spamming it hoping to scheme the next guy out of some money?
James Hill
Thesis: Blockchains are able to transfer ownership of things between people at a fraction of the cost of current business. Blockchains don't know what things are, which is why we need oracles to tell the blockchain useful data
Problem: Oracles represent a point of failure by which fraudulent or incorrect data can be put on the blockchain if you're relying on singular oracles.
Solution: Make a decentralized network of oracles so bad data can be disregarded while still inputting good data. This is what Chainlink attempts to do. So far, they've succeeded.
Isaac Taylor
Thank you for the reply. I am going to read the white paper. Based off what you know, would you be able to guess if the chainlink token currently under or over valued based off the service it provides?
Brody Howard
What's it's value relative to bitcoin? As in- is there a statistic in crypto analogous to P/E ratio?
Parker Powell
Under (massively)
Easton Campbell
Chainlink is likely currently undervalued. We're 30% down from ATH, even though Chainlink continues to onboard more customers of its network. Valuing Chainlink in terms of Bitcoin is as simple as looking at the trading pair. LINK's sats value keeps climbing.
Michael Hall
What are the biggest factors driving the price? Chainlink onboarding customers?
Parker Myers
something something oracles sybil and shit
who cares
Josiah King
Right now, value is primarily driven by speculation. After staking is implemented, there are expected to be significant reductions in available supply, driving up price.
Noah Wilson
Go fuck a nigger
Luis Moore
It's a cube, bro. Would you pay $3.50 for a digital cube?
Landon Martin
This one... yes
Christian Stewart
Shut the fuck up faggot he’s from reddit
Tyler Gonzalez
You sound like a faggot. Kill yourself faggot
Isaiah Carter
Who cares? If he's a redditor then when he gets back to his hivemind he'll be downvoted into oblivion and sell. That's the beauty of LINK: Redditors are fundamentally incapable of holding it.
Kevin Gomez
Stop making this fucking thread every single fucking day. Nobody gives fuck about your shitstink, seriously.
Evan Bailey
Israel has no right to exist.
Gavin Green
So am I haha
William Cruz
An easy 40x, and to take out 1,000% of your money for more BTC and wait for autists to grow your gains.
I knew it'd happen. Not holding more than 50K Link long term tho. I think LINK is the new ICX.
Buy UND.
Dylan Taylor
Too late faggot. Stay poor
Hunter Peterson
I cannot even find the white paper on their shitty ass website
docs.chain.link
William Walker
I go on reddit everyday and I bought link in 2017. I guarantee my stack makes yours look pathetic you degenerate faggot.
Camden Roberts
don't bother, they've removed it long ago since there were too many things in there that showed it was a scam
the whitepaper no longer exists
Ryan Adams
Smart contracts, despite being ran by online nodes, do not have access to data outside the blockchain (i.e. data on the internet). This is because nodes should be able to run each smart contract on their own and come up with the same result. This can't be done if it needs to query an outside api that can have different responses each time it is queried.
Hence "oracles", which bring outside data into the blockchain.
Centralized oracles can easily be made by anyone, you just need a small program that sends outside data into the blockchain in a transaction. Any programmer can make such a script with pyethereum or metamask etc.
Decentralized oracles though, that's Chainlink's proposal. Except their solution to decentralization is to KYC the nodes.
Imagine if bitcoin was released, but instead of having mining and proof-of-work to solve the double spend problem, they instead used KYC to "prevent" double spending.
That's basically what Chainlink is doing.
The part about decentralization is an afterthought, they don't actually have a solution to decentralized oracles (which is an unsolved computer science problem), it's just something they'll eventually "get around to".
Also, the devs hold 650 million of the tokens (which has 1 billion total supply). Only 350 million is circulating on the markets. There is no lock period or condition, they can dump anytime (they once dumped 700k tokens every other day for like a week or two, which became a meme in itself, but even funnier, they dumped 70k, followed by 630k, implying they are doing this by hand and made a typo).
Also, the founder, who controls the 650m tokens, Sergey Nazarov, has previously exit scammed on his past crypto project, NXT.
Also, $1000 EOY is a meme from 2018, due to the get, which you can see here:
warosu.org
$1000 EOY in 2018, 2019, and EOY is still running up to now in 2020.
Chase Jenkins
If i decide to buy, should i wait for another dump like last month or start averaging in? thx again for the insight
Ok then bend over
idk man thats what im trying to find out
mad
mad
agreed
first time and last time i will make this thread
mad
i found it. thank you. link.smartcontract.com
what things showed that?
Tyler Thomas
>Fraction of the cost of..
Data management on a is not cost effective to a point that it even means anything, especially in the business world. The main value is the decentralization itself, which doesn't have an inherent use case for the corporate world.
Tldr chain link big gay Ponzi
Only niggers who smell their own farts own it
Xavier Garcia
Here is the wallet in question in the 700k and 70k+630k fiasco
Samuel Barnes
I would just start averaging in.
>Data management isn't important for keeping costs down
Based retardbro, businesses have long been at the forefront at making recordkeeping better, faster, and cheaper. And yes, theres absolutely an inherent use case for decentralization in the business world, chief among them: You can't lose that data if your data center goes down.
Nathaniel Gutierrez
I'll tell you the true value of chainlink OP: an army of deluded brainlets on Yas Forums and social media that will hold it to 0.
The problem of oracle data having centralized points of failure is unsolveable in essence because event the decentralized network in between the blockchain and the centralized oracles gets their data from: the centralized oracles. Redundancy can (and in the real world is already) solved by storing data in more than one place but the base problem is still a problem of reputation.
Grayson Ward
Case in point: thinking that data centers don't already implement redundancy and that this is solved with decentralization.
Joshua Martin
I think there was a combination of you misinterpreting my post and me having an autistic glitch where I missed a word.
Obviously keeping data management costs low is a concern.
But tracking data on a blockchain does not lower costs, not enough to even be a foot note.
Justin Hall
the one up now is completely different from the old one
the old one had stuff like the moon being made of cheese. Maybe they left some of that stuff in by accident kek, I didn't check