Thread 61122209

Uh oh stinky!

>it's like, not decentralized and shiet
none of it is. not even bitcoin

>>61122209 (OP)
you should tell this to swift dtcc euroclear, mastercard, s&p and a few other big names, we're only gambling on this board

They already have cope for this anon, they think that oracles will be held liable for their stake as an independent verifier even if the data source itself was centralized. I broke this down about 2 years ago on this board how the LIBOR scandal shows doracles are fundementally useless at what they claim to do. Unfortunately this company is worth billions now and can just pivot, and has pivoted, and buy their way into any industry they want so it doesn’t matter it was hyped and founded on complete lies.

>>61122209 (OP)
It's an obvious scam by Euro oligarchs to try and save the SWIFT system.
Literally Klaus Schwab pushing it.
kek

The issue with LINKies is that they are retarded and don't understand tech at all. They are easily wowwed by people speaking jargon but they have no understanding of what is actually useful.

Swift was a dream of literally 70 and 80 year old oligarchs who were sold on whatever they though might save their dying and decaying middle man service.
Unsurprisingly they chose a wrong solution.

>>61122651
>euro oligarchs
Swift keeps the euro obsolete though, it keeps commodity markets solidly trading in USD. Iraq in the year 2000 tried to sell oil in Euro and we know how that turned out.

>>61122209 (OP)
Claim 1:

>Chainlink nodes rely on off-chain reporters like banks, miners, exchanges, vault managers.

Chainlink’s design aggregates data from multiple, independent sources, including exchanges, institutional APIs and even other on-chain feeds. A single exchange going offline or being compromised doesn’t break the oracle feed.

Claim 2:

>Those institutions remain single points of failure

In Chainlinks DON, each node operator sources from multiple APIs and undergoes reputation tracking and staking (with Chainlink Staking v0.2). The aggregation contract filters out outliers and manipulations. Thats the whole purpose of decentralization, to eliminate single points of failure at the data layer.

Claim 3:

>Even if 100 oracles vote, they’re all dependent on the same unverifiable source data.

This assumes all nodes pull from identical sources, which is false. Chainlink feeds intentionally use heterogeneous data sources, not just exchanges, but also institutional grade price aggregators, liquidity venues and proprietary data providers. On top of that, cross-verification between feeds and on-chain proof of reserves allow the data to be cryptographically verified, not just “trusted.”

>>61122696
America and the (((dollar))) is becoming irrelevant as we speak thanks to Orange nigger in chief

>>61122785
I don’t disagree. Swift will certainly be obsolete if we move back to commodity pegged currencies.

>>61122741
Whilst the effort is commendable and sad, the reality is there are a ton of link data feeds with multi-node but single source input.

Beginning to realize I’m never going to make it and I’ve wasted years of my life following and believing in Chainlink.

>>61122209 (OP)
How would you fix this and do the users care?

>>61122824
The issue isnt the single source, its getting that single source safely to a chain. If you cant trust any source, nothing is safe.

>>61122209 (OP)
that guy is a larp

>>61122209 (OP)
Hi Nico

>>61123037
>it’s getting that single source safely to the chain
Which only matters in immutable environments, which there is no financial incentive for given problems like these that Chainlink can’t fix. Suddenly crypto starts looking a lot more like fiat where you will need silo’d book keepers to ensure your economy.

Not that any of this matters since there is lots of incentive to pretend an immutable enviroment exists and move the money from bankers pockets to tech dude bros pockets.

>>61123111
Why do you think Swift is using it?

>>61123188
Because it solves a problem for swift with cross chain transfers. Profitability and efficiency of such a product remains to be seen, and such a product does not capture the industries chainlink originally was originally shilled to revolutionize. As I already said they are a billion dollar company now and can certainly find a nice niche for themselves to turn some profit, even if the original doracle economy idea is a complete fraud.

>>61123044
He literally an OG though. Bought at 15c

>>61122209 (OP)
How did Sergey and everyone at chainlink miss this? Crazy that average twitter posters are smarter than entire teams of computer/blockchain scientists and engineers

>>61123245
So no smart cities? No 4th Industrial Revolution? Just price feeds and transfers?

>>61123282
>why isn't the snake oil salesman who became a billionaire care about this?

>>61122209 (OP)
This retard bought link at $0.15 and doesn't understand what aggregation means?

>>61122785
Here's the thing. Literally everyone has dollars. Private citizens and the world of regular rich people everywhere have dollars.
Cash dollars can be used anywhere in the world. That simply isn't the case with any other currency.
So it can only go so low because there are so many vested parties. Also the other countries are printing too.

The reason it's dropping is because a dollar in the US has actually become LESS valuable to US citizens relative to their own dollar NOT in the US.
US citizens and companies are holding dollars that basically trade at a discount relative to dollars in other countries because everything is imported and subject to tariffs.

The point is that this lessens the advantage of printing it. Big changes. We are still in for a ride.

>>61123291
Not with decentralized oracles playing an intermediary of immutable truth at least. Or worst case scenario some sort of facade of immutable truth whereby actually the levers of control are hidden in plain sight and manipulated at will.

>>61123245
>such a product does not capture the industries chainlink originally was originally shilled to revolutionize
Which is what?

>>61123282
>muh credentials
ngmi

>>61123373
Mainly for me, derivatives. Chainlink was shilled to me as revolutionizing the way that the OTC derivatives industry works and it has completely abandoned this.

More broadly trading in general. IoT. Law. Insurance. As I said they got rich and pivoted to new talking points.

>>61123437
>it has completely abandoned this.
How so?

>>61123469
Derivatives are not even mentioned in the V2 paper. Not mentioned at all anymore. It fundamentally won’t work in the way it was originally described and talked about. They’ve shifted to defi, swift, settlements, everything promised about revolutionizing collateral, opaque markets, trading, all dropped.

Probably fundamentally because it won’t work and the original idea was a pipe dream, but I’m sure you won’t be seeing the chainlink team saying anything about this until after they get some verifiable products.

>>61122209 (OP)
that’s why… you use… multiple sources of data… aggregated in a decentralized way…

how the fuck do you think any of this works without real world data?

“ReAl WoRlD dATa CaNt bE tRuStEd”

What’s your solution retard? If you have one, you’ve solved a 1 quadrillion dollar problem across blockchain and the legacy API space

>>61123540
https://chain.link/education-hub/synthetic-derivatives

whats this then?

Linkcucks must be getting pretty scared if they're fudding their bags this hard

>>61123593
>we’ve created a pricing feed for synthetix
>this unlocks quadrillions
Yeah sorry but this is not the immutable derivatives smart contract staked by chainlink that was promised. This is Chainlink saying quadrillions must price, and relying on synthetix to do everything else. Again fundamentally different and complete cop out from the future promised. This does not turn all systems into autonomous smart contracts.

>>61123437
I kind of disagree. The issue is that for all of those other use cases, they needed the regulatory parts ironed out. I think the resistance they faced was “known unknown”, they knew they’d face resistance but it was unclear how much they’d face and for how long. With the regulatory part finished soon hopefully, staking 1.0 can launch and all the other usecases become viable again.

>>61123889
Your welcome to disagree but the logic doesn’t logic. Immutable smart contract ecosystems are not logically viable and the product chainlink is delivering is a shell of the idea it started as, as the OP shows. They lured people in by talking about their quadrillions and the new future they envisioned and then parsed their idea down to what’s actually reasonable to accomplish once they got paid.

>>61123679
>Yeah sorry but this is not the immutable derivatives smart contract staked by chainlink that was promised.

What else were you promised?

>>61123257
kek people don't even know the lore, if he were an og he'd have said he bought 17 cents (ico price) or 11 cents (where it very, very briefly dipped to a low), it likely never spent more than seconds at 15 cents. Saw another post recently someone claiming they bought link at 20 dollars in 2019... its all astroturfed, people don't even know the price history. Either paid fud, or schizos who don't even take a few minutes to do their research.

>>61123924
Not sure I see your point. Your article directly supports what I said, they’ve completely abandoned the immutable smart contracts ecosystem. The entire article is just about how synthetix will be doing what they set out to do, except they’re providing the price feed for it so this means they’re enabling quadrillions technically and can advertise it lol.

>>61123997
>they’ve completely abandoned the immutable smart contracts ecosystem.
Do you work for chainlink?

>>61124135
No. Do you

>>61124185
So how do you know theyve completely abandoned it? Did they tell you this or just assuming?

>>61124332
From analyzing the information available. What’s funny to me is you immediately run to appealing to the authority of chainlink when the “truth” of looking at their own material shows the pivot clear as day.

>>61123111
>>it’s getting that single source safely to the chain
>Which only matters in immutable environments, which there is no financial incentive for given problems like these that Chainlink can’t fix.

Bro, securely and reliably sending data to and from a blockchain has always been an important issue. DeFi didn't take off until Chainlink's pricefeeds is proof of this. The hundreds of millions of dollars in bridge hacks is proof of this.

Yes, making sure the data itself is not faulty and is reliable is a massive trillion dollar problem. But securely moving the data and ensuring it doesn't end up tampered or faulty is also another trillion dollar problem.

>>61124422
>Defi didn’t take off until chainlinks price feeds
I disagree. Plenty of projects existed before chainlink and have been created after that don’t use this.

>the hundreds of millions of dollars in bridge hacks is proof of that
Chainlink can be hacked too though, I don’t think this is a sticking point, we’ve seen malfunctions in Chainlink oracles cause financial loss as well. Chainlink doesn’t solve hacking.

>>61124414
>You mean "From analyzing the information not available". You're just assuming.

>>61124528
K. Your thoughts on my post have been duly noted.

>>61124591
He’s assuming based on what’s not been said not, whats been said. They haven’t said that they abandoned derivatives. Is this a new fud script?

>>61124615
>original concept changed
>business model changed
>latest mention is “we do price feeds for defi” now
Very funny anon, hilarious joke saying we should trust a centralized source over all the data saying otherwise. Keep yourself safe!

>>61124763
>original concept changed
>business model changed

Just because you say this doesn’t make it true.

>>61122209 (OP)
>create a function, inside your mostly AWS-hosted "blockchain", that shows data from centralized sources (a json parser)
>because it runs in le blockchain, the data is suddenly "decentralized"
>yes, cryptobro, this functionality is totally worth billions and all banks will be REQUIRED to use it, which will bring QUADRILLIONS into the blockchain!
This is what crypto mongoloids actually believe. As someone who builds complex datacenter solutions for a living, I have yet to see a single tech solution in crypto that is impressive or at least useful in any way. All crypto "tech" is essentially
>"uhhh this means that you can swap crypto A for crypto B using crypto C, that's actually a marvel of technology and you should totally invest your money into our shitcoin!"
Crypto is propped up by mongoloids with zero IT knowledge. This doesnt mean it can't make you money. It only means that one day, many people might realize all of this shit has no real value. But hey, look at the CEOs, I'm sure they're not all just charlatans, dysgenic mongoloids, pedos and fraudsters.

>>61124779
You’re right, but you think those are only true because chainlink labs didn’t say so. Very very sad state of affairs for linkies, reduced to blog reposters that must accept trust not truth from chainlink labs.

>>61124839
You’re in luck. AWS will be demoing CRE at smartcon and all your questions will be answered!

>>61124472
>>Defi didn’t take off until chainlinks price feeds
>I disagree. Plenty of projects existed before chainlink and have been created after that don’t use this.

You are right, doesn't refute how valuable securing delivering data is.

>>61124472
>Chainlink can be hacked too though, I don’t think this is a sticking point, we’ve seen malfunctions in Chainlink oracles cause financial loss as well. Chainlink doesn’t solve hacking.

The most recent "exploit" I can think of is a datafeed that was in a super volatile low liquidity market that Chainlink even had a warning for using. You'll be best waiting on some critical exploit that would bring chainlink to its knees.

>>61124887
>that doesn’t refute how valuable securing data is
Only in an immutable environment do you need the security a doracle brings. Hence the JSON parser meme, hence my complaints of the doracle network being not needed, hence the comments of we will see profitability and efficiency. Securing the data of a financial transaction over swift is approximately thousands of a cent so that’s what you’re competing with.

>>61122209 (OP)
>trusting biz shills

Stay white!

>>61122237
FPBP

>>61124915
>Only in an immutable environment do you need the security a doracle brings.

https://x.com/TypusFinance/status/1978465485395304778

Just happened today. And it was a running meme how some DeFi protocol would get whacked by a flash loan attack and then say they were partnering with Chainlink to prevent it from happening (I even yield farmed on one protocol that got flash loan attacked).

>>61125256
also, finally a fresh meme.

>>61125838
I’ve said in this exact thread already the fact that immutable environments are not needed will not stop the vast interest in pretending they are to move more money into their pocket.

>1k end of year WAGMI


https://www.federalreserve.gov/conferences/payments-innovation-conference.htm

>>61124925
stay white!