Smart contracts are used currently to purchase tokens...

But vitalik said chainlink was extremely overvalued

YOU ARE NOT REPLYING TO MY QUESTION REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

Vitalik said ethereum should be worth around 15 dollars.

lol, if the oracle problem was critical to ethereum, it would get its own oracle layer.

Tuning in to hear from smart old fag Ph.d

Because I do not know the answer. you should ask vitalik.

Gonna open my mouth about it.

I think the just of it boils down to these reasons:

1.) A decentralized oracle is necessary because a centralized oracle defeats the purpose of decentralization. A decentralized oracle removes the centralized oracle weakpoint for attack.

2.) Middleware designed to interact between blockchain and legacy APIs will allow for a wider range of smart contract conditions, and allow for interaction between onchain and offchain items/transactions.

3.) A consensus based oracle increases the chance for receiving accurate data by distributing trust amongst a series of nodes instead of relying on a third party.

how'd i do?

Because we are the chosen ones. This is an industry coin, and though it was open to the public in the spirit of decentralization, it was still meant to be on a need to know basis (no marketing, NDA theories, tin foil hat Sergey lore). Kek’s Meme energy has brought Veeky Forums together via its autistic tenDenices to be the earliest adopters in a key factor to the fourth industrial revolution. $1000 eoy.

Ah, so it's not essential to the network, only essential for commercialization of network data. right? Please continue.

Actually they are TOO autistic. There is such a thing.

Look at cardano. Everyone wanted it to be real - but the academics are too obsessed with trivial bullshit, so it's vaporware.

Same with this: those Phds are too busy formulating theorems and contemplating the deeper mysteries. Mundane concerns like "But how do I just call a regular REST api from Solidity?" just aren't on the radar.

Vitalik is a tard when it comes to value. He fudded his own project.

link marines are the only ones talking about it openly. those ETH phds are still discussing link behind closed doors. just like biz, they want to accumulate more. plus, sergey hasnt marketed for shit, because he's been working with those industry leaders to have an actual deliverable product. the ethtards on twitter are distracted with hypecoins like VEN. if everyone was talking about link, then it would be too late user. don't get fudded out of making it

crypto gave me brain damage:
I just visualised me becoming a millionaire, and all I thought was 'I could invest in so many coins'.

This will never happen as long as Ethereum's price isn't pegged to the Dollar. Too unstable. I don't want my concert ticket to be worth $45 one week and $35 the next.

I'm shorting 100k

Every major blockchain project is working on the "oracle problem" as a small side project
I was recently talking to a developer a project under development (they had an ICO last summer and big names are involved) and he said chainlink looked like absolute shit.

its a useful feature, but its just that, a feature, something ethereum itself will have to have its own version of.

theres no way ethereum is going to be relying on some other network for data that directly affects consensus.

>Kek’s Meme energy confirmed

Link doesn't solve the Oracle problem. Not even close.

What a shitcoin. There is no oracle problem lmao. It's already dumping, better get out before it returns to 4.5k sats kek.

basically it is offering a way to connect execution of smart contracts with data. like, lets say you want to enter into a contract to trade BTC for ETH if BTC were to fall to a certain price. link would offer a way to connect the price data of BTC to your contract so that it automatically executes once the price hits that number. so what? you might say--we already have automated contracts like that. the difference being i guess you wouldnt need an exchange market middle man? not certain on this point actually

the other purported benefit is the data pertaining to these contracts are decentralized. i think the benefit here is making the link between the data and the contracts transparent and redundant. as a counter-example, a party that had a monopoly on information could exploit that by, say, fabricating or fudging the data relevant to the contract.

all that said, i think the claims about how revolutionary chainlink is are vastly overstated, and the connection that revolutionary = dollar value is presumed too quickly as well. carbon fiber is a technologically superior material in many applications, but we still use plastic and steel

Fudders aren't even trying anymore. The singularity is close.

>trust is built into the mutual benefit of trade

that's not entirely true. for the most part, trust is a western phenomenon. it does indeed stem from side effects of the mutual benefits of trade, like you said, but with most societies that enter this mode of organisation the information has first to penetrate through all layers.
you can see it in china where scams, albeit still ubiquitous, are getting fewer and fewer, just because you're losing customers when you 'poison' them.
this proliferation of trust often times is misattributed to government regulation. that you can for example see in the industries demands for regulation of crypto currencies, despite it being obvious that those demands serve other interests. anyway, that's where smart contracts come in: smart contracts are another layer of decentralisation of trust, taking away responsibility from the government and giving it to more effective actors in the market and every time something becomes more effective, there's money to be made. a lot.

If only there were an ERC20 token with stable value... Wait, aren't several different gubments working on that? Plus DAO and (((tether)))?

current dispute procedures are adequate but they could be made much more cheaper and efficient

tell me more

So you think link is not going to be big?
I would argue that commercialization/law was never the goal for ETH. ETH seems more like the underlying infrastructure, which can be expanded by tokens like LINK

Check out V's own trading record for ETH - the guy should obviously stick to programming

how?

so why does the lack of oracle stop people for creating tokens for concert tickets?

Dumping json into a smart contract doesnt solve the oracle problem. You don't even need a shitcoin like Link for that.

Link is going nowhere. It has stagnated, and once the whales have dumped their bags completely, it will die down and be forgotten.

While you might be right there is no privacy in smart contracts so if people who want privacy for their contracts they will have to rely on other services. Like medical records for example, you don't want your data on the chain. What you want on the chain is ownership transfer to another provider when you switch. So any service that needs off chain computation will have to use an oracle like service. Also the block chain is not well suited for computation since it's slow as fuck.

why couldn't you keep encrypted data on the chain?

Because if you rely on encryption alone and you open yourself to brute force attacks. Having a service that limits the number of attempts over time will put a full stop to that.

you need a token to track the transactions

bitch nigga

>brute force

hate to tell you, but you might be retarded.

What are quantum computers ? What is unknown advancement in hardware design and manufacturing technology. Just because you can't imagine it happening with todays hardware doesn't mean it's not gonna happen in 5-10 years.

we've had quantum proof encryption for decades mate

sick FUD faggot

What is the oracle problem and why does it need solving?

The real world application of a smart contract is just too much work for something that is just not needed

What you end up with is multiple pointless middle men. Compare this to Applepay and you will see the major problem.

Lots of good technology never makes it to the consumer market because it just doesn't work in a practical application

Now that I've read the thread I see the point of the technology or at least the aim but I still don't see why this needs a token. If this catches on why can't other tokens just fork with this feature included?

>why can't I create a new coin that is a fork with all the good features of a coin to make the ultimate coin?

For you.

give me your email so I can bully you in a few year's time when link has mooned

...

You are propably right. Actually no one knows about chainlink in outside world. Imagine when iot and smartcontract is taking place for mainstream adoption? And then someone big company mentions chainlink.

>Everything will have chainlink running in the background
That's real fucking neato but what is the point of the token?

To run nodes

LINK is such a fucking shitcoin it's not even funny. Sure, oracles are nice, but it doesn't need a fucking token. They will be paid in ETH and will stake ETH in nodes, rendering LINK useless. RIP linkies.

Besides being at least or more than the value of a big mac, the token is to pay the node operator or ChainLink network, for the proper execution of the contract. It's also necessary for node operators to put some LINK at stake as collateral, in case of the failure to execute the proper data retrieval or send the necessary payment messages etc. Basically, the usual elements of a decentralized network, except now used for the purposes of purchasing secure data feeds and payment output messages. I'm a brainlet though, there are deeper elements I'm missing here

LINK IS USELESS POOP COIN

STINKY LINKY USELESS POOP

BUY MOBIUS

>Brainlet thinks you can plug in and play a decentralised oracle into ethereum

>Chainlink
so bored of the shlling of this shitcoin algo bot bidding up, moon threads and shilling on biz and then dumping on the retarded assholes who suck this shit up. Smartcontract.com nodes don't need link to exist at all. They can be staked with ethereum which is a far better hold. So link is entirely bullshit as are the PnD shillthreads. Enjoy getting raped by a 15 year old with a python trading script he cut and pasted off free scripts for kiddies. You all entirely deserve to be

try harder man, need new FUD

Thanks user, just sold 100K

he has a good point though. In the short-term, this shit is going to fuck over any new buyers who don't know what they're doing. But that's basically most of crypto:

youtube.com/watch?v=xJXooD_a57o

Decent technical analysis here. If you believe in the tech hold. If you know what you're doing, swing-trade. Don't jump to extremes

But if you use ehthereum instead of link then it won’t be trustless

Because Augur will solve the oracle problem, not reggie chainlink

Bretty guud

Because they understand that link is a shitcoin that doesn't even work.

The oracle problem is inherently external and can only be solved by traditional contracts in which the oracle company is liable for damages if they provide false data.
It's impossible to even verify the correctness of returned data in link, nevermind getting any damages.

Link is an interesting case because it's a project that appeals to those intelligent enough to understand whan an oracle is, but dumb enough to not realize why link isn't going to work. I would approximate this as 100-115 iq.

Because by the time the oracles are needed the transaction limit of eth has been exceeded this it has become an outdated legacy coin

So it can happen?

If can but maybe. You can downoad the smartcontract.com node software an install it and it has the option to stake just ethereum and not use link at all. Top tip if you are not competent to do this then what the fuck are you doing spending money buying link tokens?

kek

>hurr it doesn't need a token durr.
So we came back to the fud from October, nice job you brainlets, kek

>>hurr it doesn't need a token durr.So we came back to the fud from October, nice job you brainlets, kek

OK brainlet. Download the node software. Install it. Note that you can choose ethereum staking and go with no link whatsoever. Realise you are wrong. Fuck off and kys.

There's the next 2-3 hours of your life

token is the backbone of the network. You will transfer your tokens to a contract with some supplementary information, and you will receive data in return.

thats how the network works.

Honestly, I think it's three major reasons.

1 - No one likes Veeky Forums. When people see LINK as being the "Veeky Forums coin" they just disregard it immediately as a meme/scam. Stupid but true.

2 - LINK has no marketing at all. None. Imagine noticing LINK in the top 100 so you look up their twitter and it's a barren wasteland. You're first instinct without doing research is it was just a scamcoin for the devs to make money. TRX is clear as day scamcoin, but it's top 20 just because of marketing.

3 - Most people don't give a shit about whitepapers. Most people just chase green bars. LINK's December/January pump wasn't all that big, so just from looking at the chart why would you hold it. Crypto Oracle just did a video on top binance lowcap tokens, and he didn't even mention LINK. Probably because just from looking at the chart the most return you'd get buying right now is 2x.

Is it also because what this guy is saying is true?

Holy shit I just saw the option. What the fuck this is some 5d chess scam shit Sergey is playing

It sounds like you're losing confidence in LINK because it hasn't mooned yet.

Remember we're buying in early, and this is how you're supposed to invest. You research an investment very early on, and buy in before anyone else catches on. Then you can sit comfortably knowing you'll eventually make money. At this point it's nothing, but patience. Once LINK moons do research on another investment, and sit patiently with another sleeper.

90% of the time the people cashing green bars everyday lose money.

You can use smart contracts without it being trustless

>You can use smart contracts without it being trustless

And that statement is completely irrelevant to the fact that link is NOT required to be staked on a smartcontract.com node as the node software has an install option to use ethereum instead o link. Ethereum is a better hold than some shitcoin and if you want to run smarcontract.com nodes you can do it using your ethereum anyway. Ethereum is massively more liquid an useful than the link token. The link tokens main use is being shilled on biz to retards in coordination with algo-bot artificial price pump and dumps onto retards from biz Link is basically irrelevant. Are you there yet dumass?

Congrats OP, you saw through post december deep bagholding Veeky Forums and realized there's no reason for chainlink to succeed, it's just desperate poor people who bought after everything went 10x trying to get out without losing everything.

Hey I just tried doing this but I don't see an ethereum option? Can you screenshot that part of the install?

Some actual rational investment (not trading) advice.

Eth doesn't have external awareness.
ChainLink doesn't do smart contracts, it makes them feasibly by obtaining external data for them.
It is also blockchain agnostic meaning another currency that supports smart contracts, Neo, for example, could use it as well.

what is staked is staked as a potential penalty, what it is irrelevant, and link is not even necessary to run a node, anything could be staked as a potential penalty including further cryptos. link is not necessary, you get it.

go post general token fud thread, this applies to 100% of tokens run on other platforms.

>applies to 100% of tokens run on other platforms.

So it is correct. Thanks. Link is an unnecessary appendage to smartcontracts, both theoretically and practically.

Absolutely wrong. Never post on my board again.

>So it is correct.
not necessarily. It's still to be determined how it plays out since very few tokens are being used. There are in fact real reasons to use a token instead of the platform coin but also reasons not to including the fact that there's no reason you couldn't. That said it's probably a good idea to buy tokens that aren't purely used for payment but have some sort of "staking" function, of which chainlink has two so it's a better buy in that regard than something like QSP.

Oh fuck no way. The node software from the ruby POC from more than half a year ago has that option? No fucking way man.

I feel like I lost a couple of braincells just reading this thread. I SINCERELY hope that it's just shitposting and fudding and nobody is actually this retarded.

btfo

>I feel like I lost a couple of braincells just reading this thread.

How are you still able to type? Its not like you have got a lot of those spare o loose. Must just a been a feeling. Stick a tampon in an eat some icecream then

that's only for the test net you retarded fuders. Mainnet will only allow LINK tokens

You faggots are getting more pathetic each month

>that's only for the test net
Why test functionality that is not part of release?

Aside from your statement of that where is there any evidence, declaration, statement or announcement that mainnet will be any different?

it'd be a hard sell to investors, like the crypto fund goys buying $2m dollars worth of link, if there wasn't exclusivity in the system.

Codius. Interledger.

>Why test functionality that is not part of release?
lol it doesn't matter what you stake now if it's link or fucking doge, what do you want to test in regard to the token itself?

>Aside from your statement of that where is there any evidence, declaration, statement or announcement that mainnet will be any different?
yes it's been confirmed multiple times in slack by the technical manager