Can one of you chainlink fanboys tell me what the hell link actually does?
Seems pointless to have an erc-20 token when you could just fund the oracles with eth. Why does the chainlink token exist? What is its purpose
Genuinely serious I see the the gains it making recently and can’t understand why anyone would invest in something without a use.
DYOR
also saged
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Why do you need the chainlink token to do any of that over the ethereum network? Why not use ethereum.
ChainLink get decentralized real-world data from the Internet and LINKS it to Smart Contracts using the BlockCHAIN
I have faggot and there’s no information or reason why chainlink as a token needs to exist. Obviously chainlink as a service with decentralized oracles makes sense but why do they need an erc 20 token to do it when they could just use eth? Seems like a money grab or scam
That still doesn’t answer what purpose the chainlink token itself serves. That can easily be accomplished using ethereum as the payment method and the technology developed by smartcontract the company - but doesn’t explain why a token is needed.
Link holder here. Just read something about the token itself. Will they even need the token? I'm scared now. How does this shit work. Blockonomi says that the network might operate without the token. Any fellow Stinky linkies can help me?
so the tokens value is tied to the networks value, not whatever bizarre and perverse tweets Vitalik puts out that week.
Assumes you use ETH. What if you use BTC, NEO, Hyperledger or something not seen yet. A token's a good thing.
This is exactly what I’m asking, I want to believe and be a link holder but just can’t find any information about why the token needs to exist.
The technology being developed by smart contracts is without a doubt extremely useful but what is preventing them from releasing that product without utilizing the chainlink token? That’s a scary thought for a potential investor
kek
As it stands the token wouldn’t work on either of those block chains so I don’t see how that is a good thing
To pay data suppliers and node operators.
To anyone who is worried about the lack of "muh twitter", see attached.
What's preventing any of the companies that put out a product from using another token? This is fud that extends to literally every other token and kind of silly in that regard, they'd be shooting themselves in the foot especially since they already have a shit ton of capital via the reserved tokens to kickstart the network and pay themselves, which is another reason to have their own.
See my other response for why have their own token as well
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Why do you need a token to accomplish this? You can just as easily pay them using eth if they plan to operate on the eth network
It extends to almost every token because almost every token is a blatant form of platform lock and money grabbing. There has yet to be a single reply in this thread that gives a concrete reason for the existence of the chainlink token other than blatant money grabbing. You can perform all of the aforementioned tasks using ethereum
Some FUD is really good. Thanks though. You explained it good. When can we setup our own nodes
I gave a reason no one responded to. It ties the tokens value to the chainlink networks value and the money flowing through smartcontracts that are relying on it.
This will provide stability and less currency risk than if it's some arbitrary token that's value has nothing to do with the success of the chainlink network. Imagine trying to cash out some chainlink tokens you earned operating your node only to find out the value halved because Ethereums status as the number one smart contract platform was lost to Neo or EOS. It makes the system more stable.
Setup your own node right now.
youtube.com
The best response was the casual one about not linking it to Vitalik.
Having a token is a really simple way to articulate value in a closed system like the ChainLink network. Movements and distribution of value can be directly framed by looking at LINK holdings, instead of constantly having to assess the price of Eth at it fluctuates, and then translate that into a form that is meaningful in the context of chainlink.
Closed networks like this are the perfect ecosystems for tokenised value transfer.
This at least makes sense to me, chainlink definitely needs to have a somewhat independent valuation from the network it’s being utilized on.
The scary thing is it still doesn’t stop smart contracts themselves from releasing their product in a manner that doesn’t not include the actual chainlink token.
You can definitely write a smart contract that doesn't use the chainlink network, ZeppelinOS will certainly let you do that, there are just other inputs that trigger the if-then statement. But in order to actually use the chainlink network, which is THE product that SWIFT for example is interested in and finds value in, you have to use the token to pay the node operators.
This is kind of a weird thing, because it means that much fewer tokens are useless scams or cash grabs than people think, but at the same time it feels odd to have hundreds of different "currencies" to pay for each individual service.
It's kind of something we've never seen before and hard for me to wrap my head around. No preblockchain service has ever operated like this, i.e., you need to pay for each specific service with a specific token and they seem to have operated fine. So I wonder why couldn't all of these services just operate using USD, like every single other service before blockchain?
Because were not all in America anymore Dorothy. There are hundreds of fiat currencies in the world and they can now be easily converted to LINK.
This. It would be absolutely fucking terrible for business if some retarded assfuck shit unrelated to ChainLink suddenly dumped the price of the coin/token you were using to make link network work. Frankly OP you're a gigantic retard for even asking this.
I guess so. This will either be the paradigm shift meme for real, or a huge flop where we wake up hungover 1 year from now wondering what we were thinking.
Lmao you are the retarded one my friend.
So not only are you retarded you're wilfully stupid as well. Just kill yourself.
Willfully stupid? Lmao keep telling yourself that deluded link bagholder. The only reason anyone can give in this thread is
>muh price stability
That’s not even a decent reason. Enjoy getting dumped on when smartcontracts decides to deploy their decentralized oracle network in a way that doesn’t utilize your shitty chainlink token bags. It’ll be better for the banks they wants to work with anyway
Sergey and smartcontracts doesn’t give a fuck about you, they already have your money. They care about banks and swift and will do whatever is most profitable for themselves and their target market.
I can't tell if you're really this hopelessly dumb or just pretending to be retarded, but I'll humor you.
Sergey is already in control of 700 million LINK. 350 million of that is for him and the other 350 million is to be given free to big clients like banks and other financial institutions.
It's in Sergey's and those insitution's best interest to use something they own a ton of already and give it value by utilizing it. This is the most profitable way for them.
Now shoo.
Someone didn’t buy link under dollar :DDDDDD
Or Sergey and his company could be building their entire product behind the scenes with plans to release it in a way that doesn’t utilize link. And that 700k uncirculated link is just to keep you retards buying into a token for a product that he never plans on releasing.
Then when Swift and Sergey decide to drop their decentralized oracle solution, they will also dumb all 700k link on you and collect the profits.
Enjoy being deluded and poor.
Didn’t Sergey own 1/3th? If so, it’s probably on his best financial interests that Chainlink’s price is going to explode.
Or Sergey has Swift and large banking institutions in his back pocket already and link was a very easy way to raise multiple millions to continue to fund development?
Then Sergey and Swift can each dump their 350K link for a great price all the while they have a fully functioning decentralized oracle network they can deploy and collect more money on again. Except this tim Swift and their other bank friends will have their hands in it from the get go and can shape it however they like.
Do you really think Swift or any bank wants 1/3rd of their precious currency held by disgusting neckbeards? Think again
Can you guys stop answering this brainlet? He'll invest all he's got when Link tops it off at 50$. Just let him kys with "why muh token" questions. gtfo op we dont want ur investment. we comfy as SWIFT and AXA buys links in banches and we dont care about ur measly 10k$
Companies can more easily set up good smart contracts with the linksystem, which would save them money and time.
it solves the oracle problem, duh
the entire point of decentralization is that any neckbeard can run a node you retard
>dude they will make it private for themselves lmao
congrats you just invented a centralised oracle, something that's been out there for years and somehow smart contracts are still not mainstream
You mean like stock companies care about their shareholders?
top kek
If you think your link is anything even close to holding a share in Smartcontracts the company, then you are truly the deluded brainlet and I implore you to do some more research on erc-20 tokens.
Of course companies care about their shareholders lmao
Kek sounds like you’re the brainlet. Swift isn’t buying a single chainlink token you deluded bag holder.
Nobody said they would centralize the Oracle you retard. Do you think Swift will simply be happy with the 350k link Sergei has to offer them? Why wouldn’t they just demand Sergei offer his product and through a different token and give them 10x as much? We are talking about Swift here
You dumb fuck you really dont have any idea how tokens work do you? You actually think that because ChainLINK is an ERC-20 it must work on the Ethereum network. That is because computers and internet is just a bunch of tubes in your mind. You do not have the ability to understand that an ERC-20 token simply uses a Smart Contract to dispense things like dividends from staking in a node and that the nodes themselves can run on an entirely different network and are in fact blockchain agnostic. It probably is beyond your grasp to realise that the LINK token and the ChainLINK network of nodes are separate entities that work together, you probably think the tokens actually 'do' something besides keep track of dividends. You probably think that a whitepaper is just a blank piece of paper from the printer.
God I hate brainlets like you who have stumbled into the next 100x in crypto.
>ducks
that's correct, they will get them for free from Sergey's stack
Also stop clinging onto muh SWIFT like it's the only use case, lmao
>hurr the tokens are useless
yea people are gonna run nodes without any incentives
>b-but why not use eth tokens
yea, someone develops a platform for years and will let it run on someone else's token, kek
Do you think Swift will simply be happy with the 350k link Sergei has to offer them? Why wouldn’t they just demand Sergei offer his product and through a different token and give them 10x as much?
you retard, this will be open source. Everyone will be able to copy the software, and who's gonna use it without the token incentives?
it's like saying, dude let's copy project XYZ and make it run on our token
Same thing about all the other tokens. Why are all these developers using crypto currency as their platform?
Could just be because it’s the new thing to do
he thinks that the software itself is a magical thing that will run for free forever
kek
the entire point of decentralization is that regular joes will be involved.
That's why it's called the biggest transfer of wealth
Same thing applies to any coin or stock for that matter. You had some interesting questions in the beginning, now you’re just being a FUDer
Is it beyond your grasp to realize everything you just mentioned could be accomplished using ethereum and not another shitty worthless erc token?
Stop trying to sound smart and just kill yourself brainlet
this
tell me you stupid motherfucker who is gonna develop a product for years, and then let someone else benefit from that by letting it run on his token?
I know you're probably the type of a cuck that would do it, but you're retarded
Is it really that bad to buy LINK with BTC instead ETH/LTC?
>dump 700k LINK
Lol they'd extract almost no money buy doing this. I doubt they'd even make more than a few million USD since most link is off exchange and there's gonna be much depth int he buys. And it would destroy their chances of ever working again since EVERYONE will know they exit scammed people in the least sensible or lucrative way possible. So they'd have to be not only completely unethical, but also retarded.
The beauty of having a closed system functioning entirely on the exchange of a token is that it incentivizes every actor in the system to act in a manner which provides maximum benefit to the system. Deceitful behaviour, while impossible to gain from, also harms any investment made by the deceiver in the form of penalty payment as well as the depreciation of the token's value. Having a singular token to run the network produces a kind of prisoner's dilemma, except it's in all parties best interest to perform the network's function correctly. Having the network run on USD, ETH or something incentives behavior that can harm the network for short term, individual gain, since the value of your USD or ETH isn't tied to the function of the network.
see above
Smartcontracts would provide maximum benefit to themselves and Swift by pulling one over on all you deluded bagholders. Enjoy it
No ones gonna use link because ethereum is volatile. This is all fantasy, no ones gonna buy cars with eth lmfao
ah, so you're just salty
keep crying, dance for me a little bit more loser
Yeah fucking great idea, SWIFT should destroy it's entirely company for a few million dollars by defrauding people for literally no reason.
lol I actually hope you get hit by a train in front of your entire family. Even they'll be happy to see the death of such a horrendous retarded faggot.
Thanks for the giggle
If the BTC is already on exchange then it doesn't matter what you buy it with since intra-exchange transactions are instant but there is no reason to use BTC over eth if the BTC is coming from off exchange since the transaction time is much longer and the fees are much higher.
fucking loser
Lol because swift pulling one over on a bunch of nobody neckbearded NEETs will totally make major news and hurt swift as a company. You got me
Also you mad bud?
Wow really bad trolling. What a shame.
Im asking because its so hard to buy ETH where i am, so i was thinking to buy BTC then transfer to Binance and finally trade my BTC to LINK. Is there any problem doing that?
I mean, there is no fee for deposit into Binance.
I did, I found they stopped development a month ago...
Fucking brainlets wont respond
Genuinely not trolling I’m still waiting for someone to tell me why the link token is needed
see this post, you dunce
Can’t buy eth on Coinbase?
Unfortunately not.