Actual ChainLink Explanation Thread

Thanks for explaining anons. What is the timeline for this? blow up any minute like WTC?

I can get quicker profits else where, long term holds suck

i need my house and organs...
i can only put in 2btc right now. i hope that's enough.

>long term sucks
Cmon dude, all you gotta do is sit on your ass and wait.

Start sucking old dudes for pocket change, force your mom into prostutution as well, sell drugs, put all profit into LINK DO IT

LINK will be up there with btc and eth in no time. They will form the big 3.
-store of value
-smart contracts
-real world usage

OP you should know that the thoroughness of this post and the informative and level-headed way in which it was articulated has me harder than a diamond in an ice storm right now.

I second this. Do the Lord's work OP

Nice, just sold my boipuccy for 100 sats

Please don't do this. Let your fellow Veeky Forumsnismen accumumlate

...

When this hits $2 I'll have 7 figures. Can you say the same?

Is it weird I'd rather this doesn't blow up too quickly like Walton? I need time to accumulate

I wouldn't love one more dip to get in before SIBOS

has anyone posted this on ethtrader yet? I don't want to look like a spamming troll. But I will if nobody else has

Would*

you're saying you have > 500k link?

I'm happy to do it in a bit. I'm pretty decent at reddit

Math is magic.

>TFW you barely have 200k link
Will I ever make it?

What was ICO price in cent?

yes do it

You will defo make it. I'm holding 121k LINK and I'm more than happy

about 11c

>tfw 500 link
Im not gonnq get a lambo but how about a nice 2001 honda civic?

What happens to decentralized oracles if ETH eventually gets hoarded by a handful of entities, and they won't sell it?

I'm new to crypto, poor, and in college. I bought a prepaid gift card with $20 as to not dive too deep instantly.
Where do I buy link?

Is there a similar project to chainlink?

Yes, please be /our/ guy

Vitalik can just create more and destroy the holdings of the holders lol

no

Anyone decent in the twitter / facebook / bitcointalk game ?

We need you to share this info from OP everywhere

Thanks user, may we find our path to riches

>tfw when just below 2k link
i wanna kms

Where can i buy this? When are big news coming for this?

Buy on Binance

Not sure about big news, but they will be giving a live demo at SIBOS: sibos.com/conference/conference-programme/bridging-dlt-and-swift-messaging-smartcontractcom-innotribe-industry

Maybe I'm a brainlet, but I still don't get it. How does Chainlink replace the oracle?

Let's say I buy ether and pay with real currency. Where does my fiat money go? Does it just disappear? Does Chainlink have its own bank account? Is Chainlink a bank?

> (You)
>Vitalik can just create more and destroy the holdings of the holders lol

Like the federal reserve does with fiat?

What happens to the oracles if there is not enough supply of LINK? Like if people or entities buy it but won't sell it.

The price rises to the point they will sell it. That and the nodes lower their prices.

To verify bank account transaction banks can now(or in near future) use ETH blockchain to handle the calculation, at the same time they will use LINK as means to feed the data to ETH blockchain.

> (You)
>The price rises to the point they will sell it. That and the nodes lower their prices.

What if a LINK competitor buys up a ton of LINK and won't sell, no matter what the price?

Another stupid question:

Why does Chainlink need its own tokens? Why doesn't it just accept BTC or ETH or fiat money?

what are you, retarded?

So it relies on banks adopting Ethereum? But why exactly is Chainlink needed then? Can't banks directly buy ETH?

because you dipshit it wouldnt be another of the hundred useless tokens if it didnt have its own. this is why only a handful will have value and the thousands of other coins will fall and never rise back during the approaching normie crash.

the price goes up a lot because of reduced supply
to pay node operators. it is a utility token, a major reason people are investing

BEND THE KNEE

meh even though you're a troll here it goes: ETH does not have built in a way of importing off chain data for it to use in its smart contract functionality. Now Chainlink is a layer on top of ETH with its own economy (nodes and users), that is able to take off-chain data (like json file for example) and feed it to ETH blockchain, where the data stored in the json file are used by smartcontract.

Aye, this, please wait a bit. Thank you kindly.

it already mooned

this is going to crash during the weekend

In two-three years, people will be talking about "linking" transactions, meaning they'll automate their agreements with blockchain backing.

When you buy and hold LINK now, you have the legal right when you overhear these people to approach them, interrupt their conversation, and proclaim loudly that you knew about and bought link when it was less than half a dollar.
And they will be legally obligated to clap.
These are the rules.

Good enough to reinvest and make more later, with crypto we're all gonna make it eventually. Don't worry bro.

yup. people will be like, whoa, you're one of the cool chads who got rich off LINK??

it'll be even cooler than being a bitcoin millionaire.

To anyone who is falling for the banks having a problem with a centralized oracle is a moron.

just sold 100k, thanks

Nice, just sold all of mine LINK from your comment. Price is rising bcause o one wants to sell, but I definitely made the right move listening to your on line rebuttal made from bs.

lol kys

>Use centralized oracle
>Oracle gives tampered data
>Send $1bn to nigerian prince by mistake

Thanks just sold 100k centralized oracles

Fiat money goes to whoever was selling.

just sold all my LINK thanks

Banks are tripping over themselves trying to adopt blockchain tech. Why? Because blockchains are decentralized; there are hundreds of thousands of full versions of proof called "nodes" out there on people's computers.

Adding an automated centralized point of failure between traditional business/finance and the blockchain would defeat the purpose entirely.

guys before I go balls deep into this stuff I have some questions
wasnt omg ripple or iota (not sure of the last one) supposed to pretty much do the same? which is being the connector bwteen different ways of payments? how's chainlink superior?

I suggest you reread the post (and whitepaper) if you are asking a question like that.

Chainlink is pretty much plug and play.

lol...

btw ripple has 9b market cap. If chainlink gets anywhere near that we are talking about 50-100x gains

trips confirm
we gon' be filthy rich

Question: Are the LINK/BTC and LINK/ETH pairs linked together in some way by Binance, or does it rely on trading arbitrage to keep them both in line?

I guess what I'm asking is, if I'm getting ready to buy some LINK with fiat, is it necessary to check whether buying ETH or BTC would be more advantageous to start with? Or should it not matter?

You are thinking of Ripple.

Ripple is a disruptive force that believes it can replace SWIFT and many traditional institutions. Obviously they are enough of a threat to provoke a reaction out of SWIFT.

Whether or not ChainLink is that reaction or part of it, no one knows, but there are major industry players looking for a middleware like this.

Ripple wants to force the old guard out, SmartContract wants to bring the old guard into the light.

You do realize you just SAY it solves some Oracle problem right?

How does it do This?

Aren't all of the 3rd party things which could inform data on a smart contract EXTREMELY varied?

It could be weather data. Financial data. Amount of gas in a tank. Location data.

How does Link provide a one size fits all solution to these things?

I actually want an answer not just
>it does

There will be a slight difference in price but it will probably be negligible, no harm in checking though, and yeah you're right, its due to arbitrage.

thanks for explanation
either this project is really good or you guys are on some next level of shilling, but I'm in, I remember Ants being shilled like crazy here when they were worth pennies, can't miss the rocket twice

>
This coin is shit. Nobody fucking cares about smart contracts anymore. BORING. The fad is over. Stop being a wagecuck and excavatin' shatcoins nugga.

You know SHA-256/512 doesn't solve the collision problem in hashing algorithms but it is use pretty much in everything right?

You do realize any oracle solution that can reduce the edge case by massive factors would be incredibly valuable right?

>muh oracle problem

You are fucking retarded

put the goddam gun in your mourh and pull the trigger you goddamned piece of shit. theres already 20 link threads stop polluting biz with your niggercoin. gtfo and seriously go fucking commit suicide you fucking nigger

Kek easy with the threads guys. I understand chainlink is and will be a crazy wild ride and I want my fellow Veeky Forumsraelis to be in on it. But at one point if people don't see the light after so much time, maybe they don't deserve valhala. Also I want to accumulate more

Woah user, woah

Guys do I sell my WTC to buy more LINK or hodl WTC? (I think its gonna have another good week)

>I actually want an answer not just
>>it does

You could just read the documentation yourself, which will probably be better than getting an answer from someone here that doesn't know what they're talking about: dev.smartcontract.com/#overview

tldr: you extend the oracle with custom adapters.

Thanks, now I know a little more about the thing I'm dumping money into because Veeky Forums told me to.

DEEP BREATHS!

Can't use BTC or ETH or any other cryptocoin because the point is for Chainlink to be used with a variety of blockchains.
Using the underlying blockchain's coin would unnecessarily burden the blockchain anyway.

And can't use fiat because that would require another network again. With tokens the system is integrated.
Same way you use tickets to board flights instead of paying in fiat at the gate; you pay and print out the ticket in advance, and the ticket holds the necessary information to allow for much quicker processing.

dude looks like a pothead

He lives in San Francisco. He probably is.

>Vitalik looks like a crack head
Confirmed for more mainstream.

Enough about fucking link coin. Reeeee

U wot m8

>15k link
This isn't enough is it. The fucking pre scale was scary as it is with those random presale links. :'(

Thanks. FYI for anybody else who may be wondering CoinMarketCap gives an easy display of the fiat price equivalent for comparison on the "Markets" tab. Right now the price in the ETH market is lagging by about .3 cents, which could conceivably be enough to matter if you were buying enough in one shot.

Fuck it. I have been ignoring these threads for a while but Ark isn't doing shit. I'm divesting half my Ark into this.

Where do you guys hold it? Myetherwallet?

yeah MEW

Successfully implementing blockchain tech into their transactions means they can fire entire departments of compliance employees

Yes -- buy on Binance, transfer to MEW. And if you have or will get a significant amount, get a Trezor or Ledger hardware wallet (they work with MEW).