It's right under your nose user, you can't stake LINK unless you're a node operator, coinbase wants you to store your LINK with them and earn rewards (similar to tezos).
Coinbase is producing a data feed which it plans to provide in the chainlink oracle network and will offer your staked LINKs as collateral for you to earn rewards, minus their fee too.
Swingers now's the time to stop swinging, fence sitters now's the time to get in, the announcement could happen at any moment. Actually I don't give a shit, but this is a heads up.
>probably is what will end up happening is we'll consume their API.
Chase Morris
>scamlink no thanks
Jacob Harris
Checked. There's nothing more to 'go on' with desu.
Coinbase is going to be offering staking services from their wallets, it's part of their strategy as a source of income, they know there's a chance users migrate away from centralization, that way they'll still have income as a staking platform. Tezos was their test bed.
I thought we'd see ETH staking before LINK, but given the announcement and that they now have data to provide to the chainlink oracle network, I'm sure they're already an initial approved provider, I can see them announcing staking for LINK very soon.
David Allen
This timeline is max comfy and about to get a whole lot better frens
Zachary Ward
Coinbase has created their own oracles making Chainlink obsolete!!!
Anthony Sanders
That's hot. What else can you see?
Liam Reyes
Well unless there is actual demand for Coinbase prices onchain, I doubt we'll see staking amd even if there is a lot of demand, why would Coinbase give some of that profit for users? Staking will most likely happen if there is a need for it.
Jose Nelson
>Well unless there is actual demand for Coinbase prices onchain
There will be when DeFi continues to grow, we don't know who's asking for this, other than Chainlinks partners, we have no idea who's asking for this data from coinbase.
Incentive drives everything, coinbase is doing this for money, the only way they can make money in a defi ecosystem is selling their data is on chainlinks oracle network, and they know if they incentivise users with rewards they can use their LINKs as collateral and take a cut.
Also, don't be surprised to see a defi lending product soon from coinbase.
Easton Wright
pretty sure coinbase is creating an oracle service using a competing technology (Open Oracle).
Brainlet tier posts like this is why I hardly ever come here anymore.
Open Oracle is a specification, not a technology. Chainlink are leading the way by a long margin, I'd even bet they've collaborated on the specification.
Chainlink have the most experience and have encountered the most scenarios and use cases compared to anyone else in the oracle space, their design is therefore the most robust.
It is straightforward for any provider to change the format of their payloads to any specification. I would only consider open oracle a decent spec of I knew chainlink helped design it.
Until then, it's not a us vs. them, they'll use the network to monetise their data and increase users hoping to stake and earn rewards.
Anyone debating this in this thread are either swingers hoping it drops or nolinkers, cope more.
Benjamin Brooks
This actually and unironically, makes sense.
Jason Lopez
kek, learn to code, you have dunning–kruger.
Open oracle is a standard that makes Chainlink obsolete. It's literally made to replace Chainlink.
It doesn't make "chainlink more robust". It removes the need to use Chainlink altogether.
Sure, you could use it with Chainlink, but why would you? Open Oracle does everything Chainlink does on its own, but FREE, without a parasitic token and without KYC. (It does the medianizing/averageing/whatever)
It also makes TEEs obsolete because the data is already signed by the API provider himself. (If you think that's incorrect, learn to code brainlet) It is literally the Chainlink killer by any definition.
Of course Sergey claims it's not. Guess what? Sergey is a known liar.
I recommend you learn to code and stop embarrassing yourself brainlet.
Bentley Brooks
>Says learn to code 3 times, unironically been coding for 15 years and collaborated with Sergey at the beginning when everyone was shouting scam and all I wanted was data into my smart contracts.
Not going to entertain you faggot, without incentive for people to play fairly, entities can manipulate the game. The collateral (token) is necessary to prevent bad players, monopolies and ensure trustlessness.
Otherwise you might as well just talk to their apis yourself. You want to know someone's balls are on the line and have to suffer the consequences if they break trust.
Jonathan Perry
you are a low IQ brainlet that believes reading just shit and repeating it makes him smart, it doesn't. Fuck off to where you came from
Christian King
quality thread and analysis OP
James Garcia
what happens if Coinbase uses customers LINK as collateral and their system shutdowns during a job? we lose our stinky LINKy?
Alexander Williams
I'd imagine that's be up to the terms of service from coinbase, something tells me they'd use their earnings to compensate loss to keep people using their staking platform.
Brody Young
Based OP. Please give price predictions, timelines, and any other predictions. How much link to make it
Ryan Green
bump OP seems like a smart guy
Brayden James
Estimates on staking profits by the end of 2020?
Cameron Edwards
GIBE PRYE PREDICTION OP
Owen Torres
It's incredibly bad.
Coinbase chose to use a standard called Open Oracle which is a direct competitor to Chainlink (despite what the Chainlink team claims).
They could have easily used Chainlink. Yet they decided not to. They decided to go with a better competitor, one that doesn't require a parasitic token or KYC to function.
Note that this is not surprising. Anyone with a brain knew as soon as there would be demand, big companies would make their own oracle solutions, not use Chainlink (it's trivial to copy).
Open Oracle allows you to do exactly what Chainlink does (a network of oracles with average/median/etc) but better, free (token not needed) and without KYC.
Jaxon Jenkins
So you’re telling me I can stake my 3k link on Coinbase and don’t need link Pool? So Coinbase node is akin to linkpool?
Anthony Stewart
Toyota has created their own cars making roads obsolete!!!
Anthony Rogers
>Toyota has created their own cars making roads obsolete!!! Lol at the now useless ERC-20 token.
Henry Flores
Linkpool has, and always will be, a waste of money. If linkpool was decent they'd have signed up coinbase as an operator on their platform, instead coinbase, and any other big player, will just run their own node.
If you're holding LP, I'd suggest dumping it for more LINK while you still can.
Jonathan Phillips
thanks for connecting the dots op
coinbase is working on defi, if anyone wants to see more look at the coinbase wallet and how they've added smooth compatibility with existing dapps, you can see that there is a robust product there the only downside at the moment is the limited number of defi products immediately accessible through their app worth noting you can currently use aave with it
this is a valid argument
coinbase is all about security and friendliness to the user so this makes sense, anyone doubting read coinbase's documents laying out their goals and priorities
if you have to ask
linkpool shares is like sending money to a kickstarter except when that product eventually comes to market it immediately faces competition from the biggest players. we'll look back and wonder why we didn't expect coinbase etc to run huge cl staking services it's early yes but cl have always kept things under wraps so you have to expect that big things will come seemingly out of nowhere
John Thompson
If Coinbase creates their own single node, how do we each stake on Coinbase given they only have 1 node t.brainlet
Benjamin Bennett
>you can't stake LINK unless you're a node operator
You can't stake at all. Jesus Christ do you know what the point of staking is here?
