-betting contracts. right now to bet on e.g a sports game, you have to go through bet fair or a bookmaker. both charge high fees. now imagine a smart contract betting platform which uses chainlink. the fees would be so much lower and there would be so much more competition. the problem with bookmakers is you need a lot of capital to get started, because you need to be able to take the other side of the bets. with smart contracts, I could just create a smart contract which sources data from my chainlink node, and two people could place their bets this way. fees would be a small fraction, and there would be no trust issues, regardless of size.
heres the thing - there is NO way to do this without blockchain/smart contracts/ethereum.
right now to trade options you have to do everything through an exchange. exchanges obviously cost money to run, have a lot of employees and therefore charge fees. the exchange acts as a clearing house in case one counterpart defaults
this could be replaced with a chainlink smart contract. the link node could source market data from multiple sources and options would settle based on these nodes.
Andrew Wilson
1000$ EOY
Nicholas Rodriguez
Here’s one. Let’s create a smart contract using link to say link will never get to $2. The reward is I take the staking dividend from biz nodes
Leo Allen
Being above $1.00 defeats the purpose of the project
Julian Sullivan
DDOSing other nodes so I can accumulate linkies
Brandon Thompson
WUZ
Juan Rivera
Example 3 (and this is the big one): If you insure your warehouse against theft, an insurance company would want to use ChainLink verify if you tell the truth in case of a theft.
So the biggest risk an insurance company has is the risk of it getting scammed by the same people who seek the insurance in the first place.
The insurance company can then use ChainLink to verify if you locked your warehouse door, when you locked it, if someone tried to break it etc. There are many more use cases.
Ultimately the whole idea of ChainLink is simply: It will drastically be cost efficient to use ChainLink and that's why companies will want to use it. The need for lawyers in these instances will be completely wiped out.
Carson Hernandez
ITT: Ideas men who can't code
Eli Ramirez
Trading options go through exchanges because they require regulated markets where both buyers and sellers have proven ID's and legal obligations.
Joseph Lewis
A lot of us learned from last time, LINK may be between $5-10 EOY
Jacob Martin
>Chainlink doors detecting damage >first black man to get caught by link will be instantly shelved due to msm
Xavier Sanchez
there is no fundamental reason why buyers and sellers should have proven IDs and legal obligations. if there's a smart contract, you can just put up the money and the smart contract does the rest
Brayden Allen
Here’s a gambling example I realized in real life Chainlink would actually solve:
I was at the horse races, and I realized how incredibly inefficient the whole process of gambling on horses is. You have to: -find a line or kiosk -wait (sometimes 10+ minutes) -tell the cashier how you want to bet -receive a paper ticket (could easily be lost/stolen, plus a huge waste of paper) -after race, results take a few minutes to reach the computers -stand in line or at a kiosk again to collect your money (if you’ve won)
If this process was on a blockchain using chainlink, all you’d have to do would be -go online and select how you want to bet -finishing places are recorded by some sort of sensor -results are published on the blockchain instantly, and you’re paid automatically into a personal gambling account if you’ve won. Easy.
Isaiah Wright
But that's not how options work.
Matthew Flores
And the cashiers will be jobless, even more cost efficient for the gamble company. Win-win.
There's already sports betting tokens on the ethereum network Deluded link bag holders think a two man team can serve every single possible use cases.. Lmao
Bentley Turner
But they aren’t trustless smart contracts because they don’t have oracles
Jayden Ross
Well ethorse uses Oraclize but that’s a central hot mess
Josiah Garcia
We'll need some major IoT advancements for this scenario, but I like it.
Juan Wilson
fuck u mason faggot u tricks don't work here
Jack Perry
oh fug
Leo Bell
Uh yeah
Kayden Brown
Muh oracles
Caleb Jackson
this example doesn't need a decentralized oracle at all
Jonathan Ross
Yes but the one in OP does
Lincoln Cook
hmmmm
Brayden Lopez
that doesn't need a decentralized oracle either. for example: betting on NFL scores. the information will come directly from the NFL api. why pass it through a decntralized oracle network before feeding it into the smart contract? that doesn't make any sense, it's utterly pointless.
Landon Phillips
There is already a football betting dapp using oraclize. If I was making something similar I would use oraclize as well. Link is for banks, insurance, financial instruments, and cross blockchain smart contracts.
Colton Bell
Wow how genius! What if smart contracts just used APIs directly!!
That is so smart wow man, you really figured it out Let me go tell that to Vitalik, I can let him know ETH doesn't need oracles at all, they can just trust random APIs with no way of verifying credibility!
Nathan Brooks
Yes it does. You need a way to get the data onto the blockchain, don’t you?
Xavier Watson
but it's not random apis retard. these are the apis offered by the actual entity hosting the sporting event. why would nfl or a horce racing arena falsify result information through an api? they are the actual source from which the data should be most trusted. I'm not saying decentralized oracles aren't useful, im saying there's no point to have them in betting contracts. there's no advantage to using a decentralized oracle for this purpose
Kevin Moore
>I could just create a smart contract which sources data from my chainlink node You're going to pay your node to give your contract api data? Do you realize how stupid that sounds? Also, in this sense, that's not even a decentralized oracle at all. It's just you using your own oracle to feed data into a smartcontract. Which is exactly the point: there's no need to gather the API data from multiple oracles since it's coming from one API provider, eg. the event host.
James Rogers
Holy fuck you Linkies are retarded What source other than the NFL would you pull scores from?
