Chainlink spoonfeed thread

Why is there no enterprise use

What's a realistic EOY on LINK?

Does chainlink actually have any working function right now in any capacity? Are the oracles (if they even exist and work yet) used at all? Or is it currently an ERC20 shitcoin sold on broken future promises and hype?

Two answers:
There currently is enterprise use but fully closed and admittedly little pressure to transfer volume to CL at current (if you want to send a bank payment with a smart contract you now have to be a bank and integrate yourself)
The real reason is that there's no ability to sustain enterprise volumes. For that kind of throughput you'll really need AnyTrust to be proven over a few million transactions for people to even consider
If you want some hopium:
explorer.offchainlabs.com/#/

When I give price predictions they are disappointing because they have appropriately wide confidence intervals
Two to four digits
It is the reason defi exists and is expanding

bump to buy me time

autocode.com/?twclid=11362783085708902407

dont need things like linkchain

The data has to come from somewhere...

How does chainlink solve the problem of data manipulation at the source?

Will the current BNB fuckery affect LINK/ETH in any way?

If the main coins are already established isn’t it pointless to keep propping up new coins?

When is staking coming?

And how will Chainlink team solve the issue with giant pool oracles like LinkPool gobbling up all the oracle jobs and effectively centralizing the oracle service?

investing your money in the most disappointing coin at top 10 must hurt, op. if chain link is so good how is it being surpassed by every other fucking shitcoin in existence this bull run? what prevents you from selling your stack of this already irrelevant piece of tech that's essentially abandoned?

BTC/XMR maxi here. Most of defi seems like a scam to me, but I acknowledge it maigth become important in the future and in turn chainlink (or something similiar) will be important.

- Do you have a link to any good introduction? Text or video, both is ok (also for the other questions).
- Is there any important material you'd like me to read/ watch?
- With what other chains does it work together, or can it even work on it's own?
- For what purpose is the token payed or can be earned?
- How did the initial emission work?
- Does it require any central entity, like for eg. orcals?
- How is the current performance (tps or whatever metric you guys use) and how will it scale?
- How is development funded?

dumb retard

> "not delivering anything announced a year ago is okay because they called it smartcon 0 and not 1"

Jesus i was joking but this is beyond sad.

81,000

this

what makes a smart contract special? what does self-executing mean, quick rundown?

May not need linkchain
But the world needs chainlink
Depends entirely on whether the data source is intrinsically single source or can be verified by a secondary data derivative
Sergey's implicit vs explicit staking video does a great job of explaining this
What is the designated oracle network for BinanceSC?
bravenewcoin.com/insights/chainlink-oracles-go-live-on-binance-smart-chain
This was why Chainlink was the only project that survived the Dab Forums 2018 crucible. We don't have to pick a winner, the winners line up to pay us
This question doesn't make sense
Don't know
You realize nodes are allowed to set prices for their services, right?
Chainlink has outperformed BTC since its inception by more than a factor of 10
BTC is widely viewed as the best performing investment in the world right now
It's not hard
Normally I'd lie to you because I've met hundreds of BTC maxis and never once have they been able to sustain an intelligent conversation

Start with searching youtube for sergey nazarov and watching all videos in chronological (oldest first) order
It's a valid question, albeit one that has been answered hundreds of times
That would be ambitious

>You realize nodes are allowed to set prices for their services, right?
Thanks, someone in a thread a few days ago was posing this problem, and I said it was a market fix but I didn't know if it was node set or if the reputation affected the price.

You're a corn farmer and need a contract that pays you if the price of corn falls below the point where your farm would go under. Currently you buy this from a financial firm that will delay payment in the event of this happening and you still might lose your farm, even though you hedged appropriately.
If you bought a smart contract based hedge, it pays you the instant the corn price drops below that price.

Now realize that the entire modern economy runs on risk modification and hedging like that in literally every industry that exists.

>Normally I'd lie to you because I've met hundreds of BTC maxis and never once have they been able to sustain an intelligent conversation
Bad wording, ment I hold a mix of BTC and XMR and no other coind beside this. BTC maxis are annoying indeed

>Start with searching youtube for sergey nazarov and watching all videos in chronological (oldest first) order
That's like saying "google chainlink, sort by oldest first" and not that helpful. Anything in particular you'd recommend me? I can pinpoint which xmr sources have the highest information density and hope'd you could do something like that for chainlink

could chainlink smart-contracts prevent divorce rape? for example the couple sign and in the event of divorce the contract executes based on the terms agreed on with no jewish+feminine theft after the fact

Search for smartcontent blog on medium, especially the 'god protocol' intro article, there's also a chain.link blog, search for the 77 smart contract use cases article. You can also check out the Chainlink YouTube and look at Sergey presentations or podcasts.
It's blockchain agnostic meaning it can work on any chain and is already integrated with all the leading chains. It doesn't need its own chain but it could easily move to another chain if eth gets flipped by dot for instance.
It connects to the real world, where everything is centralized so yes but the point is to decentralize every data source with redundancy etc.
The token is used to pay node operators for providing accurate data, once staking will be live each node will staked certain amounts of link tokens to serve as collateral/insurance to cover for the value of the smart contract. If the node fails it loses link, if it does its job it's rewarded.
It's reliant on ethereum network capabilities, scaling with off chain reporting and computation, meaning you can have 100 different nodes signing a single transaction on ethereum instead of 100, reduced gas fees, the first phase just got implemented. See related.
The team owns 2/3 of the supply and dumps a few mils on our asses every week.

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Should I diversify into CL? Currently have a 7500 usd shitfolio
It's currently 85% eth and 15% lowcap (solid investment) moonshot
I don't want to overdiversify but on the otherhand I do think that LINK will grow a lot this year. Also I'm afraid to leave my safe 800 - 1000 avg ethereum buy in

Happy to help
It is not
His entire published career is building smart contracts networks
During the early years of CL/SC he was much more transparent about the project because it didn't have the spotlight
If you're actually thinking about making a reasonable investment you need to have at least 80 hours of research, watching those videos at 2x is a good place to start
I could see a way to use the architecture to structure that, but that would be like driving a nail with a screwdriver
Monero is exactly designed for this use case
This is a very reasonable overview

Smartcontentpublication.medium.com
I’m not chainlinkGod but it’s a pretty good resource

Shit didnt mean to reply to that post

what was it that made that impossible until smart contracts? sorry for the super basic questions, I just hear this phrase "self-executing code" thrown around a lot and think "isn't a lot of code self-executing?"

as you seem knowledgable, i want to ask about this whole bsc situation. is it a force to be reckoned with? what happens to ERC-20 tokens?
and also: do you think PNK could be the yin to LINK's yang? subjective oracles.

Never understood you PNK guys desu. It's like you're a car company trying to sell people a car that runs on oats and grass and can only be driven 4 hours a day. The value proposition of PNK, this manual contract operation that moves at the speed of humans, is exactly blockchains are replacing.

I'm also a brainlet though so what do I know.

Its your choice
They are somewhat correlated assets but if you feel chainlink will outperform eth then diversify some reasonable portion, if not, don't
I am a humble farmer without a lawyer
You are a bank with high powered attorneys on retainer
You decide not to pay me and tell me to fuck off

You are effectively asking why the good will of the average money hungry finance guy is less reliable than immutable zero downtime fully transparent code run on a decentralized network of computers spread around the world

>taht feel when so many BNB threads I automatically read chink instead of chainlink

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Damn, that's solid reply, way better than OPs shitposting. Seems like a promising project, only the 2/3 dev share is rather insane. Still, will look into it some more, this should be a good starting point.

>If you're actually thinking about making a reasonable investment you need to have at least 80 hours of research
I know. I sunk 200+ hours into XMR so far. But with literally 1000s of projects you have to validate if a project is at least ok quickly before sinking hours upon hours of research into it.

noted. will spend my saturday reading

well, i do not want to turn this thread into a shill thread, but: i missed the link train and have x10 (in usd value at least) on pnk. i think it's either going to be really big or die as a cool and ambitious idea.
there's this whole deal with subjective oracles though, that's why i'm asking the OP about it.

Checked. What’s the best alternative to linkpool? Is there even one? Unfortunately not a t. 186.

is pic related still accurate / feasible for the project? why and or why not

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If you are new to LINK sell now. You havent even began to understand the horror that awaits you.

See above
BSC uses chainlink oracles
Link can be locked on Eth and ported to BSC
The literal apex of cross chain wrapping projects is wBTC
wBTC was made by Benedict Chan
Benedict Chan now works for Chainlink
Do you see?
Thinking that pnk will represent a viable oracle solution is like thinking that reddit will come up with novel insight

good thread op

Something like this would be reliant on subjective conditions, you need to think about more objective use cases. Unless we start developing IoT that can track your sexual history etc. Fun to think about but realistically it's the finance industry transactions that will benefit from this tech, not normal people's daily social contracts.

The way I see it right now BSc only value is in its pseudo dex being cheaper to use than uniswap, this only attracts the gamblers but serious devs will keep innovating on eth. Wash trading and marketing are cz strengths, not innovation. I think this bubble could be very bad for the industry if it keeps growing simply based on gamblers hype and market manipulation.
Pnk is a joke but ironically would be useful for the divorce smart contract use cases. Useful for idiotic use cases.

serious question.
I have been following link since it was 3$. (less than one year into crypto).
I see it as the next 1000$ asset, because the price action is so consistent.
I'm srsly thinking of investing now holding long term even tough i don't fully understand the technology.
I unironically see this as a safe bet.
Your thoughts?

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Retard here. The diagram in the op suggests the nodes aren't on the blockchain. How is the communication between them and the oracle contract happens? How is it secured?

Should one with 5 figures in Link weather through the next bearmarket or sell in new paradigm phase to potentially double the linkstack? 5 fihures is not life changing money and 1k links certainly is woese than 2k links in 5 years.

what is this garbage supposed to mean

There's a lot of weird disinfo or misconception about staking, nodes and linkpool. Linkpool is just one node, there are many different nodes. They will all offer staking in some way, you will eventually even be able to use coinbase etc to delegate. Linkpool having its own token is an anomaly, not the rule for node operators.

hold it until 2026 and see what happens

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Bump. Please op I want to learn

kek same

>If you are tired you can take a nap
kek'd

That's a good question and no one can tell you what to do because we're in uncharted territories, while link still follows btc and the market and will inevitably crash with it, it has also been the best performing asset in the previous bear market and the smart money now has incentive to remain in the market because of functional defi yield so it could recover quickly against btc.

have you ever worked in a bloated company, or observed government?
have you noticed how long it takes to do anything or achieve policy change?
bearucratic red tape, and often open to manipulation and misinterpretation/disinformation.

2017 etherdelta Link oldfag here, how effectively do you think LINK will be able to adapt to changes to the crypto ecosystem with the rise of centralized things like BSC to fill the role eth used to for defi? That's assuming BSC sticks around of course.

my plan personally is to get back into linkies once bobo starts showing up
Link was an amazing bearcoin, don't see why it wouldn't be against
and so far its a dogshit tier bullcoin

Transfer and call function. Read the white paper.

Chainlink has everything to make it: good team that avoids hype, highly motivated online community, amazing use case, massive interest from both legacy finance and crypto, some of the greatest minds in the world working on it (Juels, Zhang, ...), rapidly increasing adoption in Defi, etc.

The only thing it doesn't have is actual technical progress.
Almost none of the features promised since 2017 (staking, reputation contracts, enclaves, threshold signatures, ...) have been released.

This is likely due to the fact that Sergey lost most of his drive since he's already rich.

>i missed the link train
you didn't miss the LINK train, you're just missed the chance to board first class

When staking?

Price top 2021?

You literally titled the thread "Chainlink spoonfeed thread". And that's the only technical question. Come on.

So, are the nodes onchain or offchain? Let's start with that?

Do you think smart money will use centralized chink aave fork or other more complex or high value defi besides shit coins trading? The volume is fake, the projects are half baked with no serious devs to maintain and innovate. Not saying it couldn't happen but bsc will always reek of curry and be a kiddie table.

None that i see at current, though I would expect that for the baseline (non-service agreement) portion of staking there will be competition from staked and coinbase.
I think LP will be the best because I would guess they will have explicit and baseline staking revenue for their customers
I tend to like it, but I'm biased because I wrote it
Still can't believe i misspelled sybil
Glad to be here
It is my biggest holding, though no project is ever guaranteed
This is a picture from the original whitepaper that has been fleshed out a lot in sergeys most recent slides, I'd watch all of the videos on his twitter for an idea of how each functionality now works

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I threw some money into crytpo in 2017 and am enjoying my gains. Should I put more fiat into crypto now, or assume that things will be bearish soon and wait to put my fiat in then, when prices are lower?

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Realistically, when are we getting OCR integration, and Arb rollup on mainnet? When will uniswap covert to rollup? And finally, when staking?
>the team doesn't give timelines so no one knows for sure
yeah, but I mean, realistically what do you think the time frame is for these

Ok so spoonfeeding now is just answering iS iT Too Late to bUY

I started by saying I was a retard.

I've been thinking about this as well. Assuming the s2f chart is at least semi accurate, once BTC hits the 50k-60k area you're officially in at ATH/2 and should expect to sell the approximate s2f top and come back in a few years.

Thoughts on this in reference to link?

What is your take on holding on link vs. dcaing out during this bull? If we get staking in the next months the downside should be reduced due to passive income?

Chainlink's strongest performance relative to the overall market was during the bear market
If you are anticipating a bear market, does it make sense to sell an asset with continued development that has historically done best (alpha wise) when vaporware projects are going to zero?
Checked. This is good advice
See below
You beat me to it
This is a good point as well, especially if you have seen these kinds of organizations in action
See above
execution chains are competing for a value per trigger that is asymptotic to zero
Chainlink is a natural monopoly that wins regardless of which execution layer/layers ends up on top
Make sure you're hedged with rope
It has been slower than anticipated on these features
And faster than anticipated in making chainlink use a requirement for any defi project to be taken seriously
The real reason for this is their approach to security which is 100% focused on being safe and 0% on fast. It does suck on our end but is likely the right idea long term.
Yes
Staked guy hinted at Q3, others have hinted at q1
I don't know
See above about price predictions
Chainlink nodes require an eth instance and write to eth, so in that sense they are on chain
They also grab data and perform non chain functions like VRF, so in that sense they are off chain
It's almost like they're the thing that links chains...
Depends on what you mean by smart money
Defi innovators?
Enterprise?
Who specifically?

s2f chart? ATH/2? Are you talking technical analysis here, can you explain this?

Ocr is basically live already.
Arbitrum and Optimism are basically ready but still under audits, getting tested by defi teams etc. Yeah it's taking forever and we're all angrily waiting. But they can't afford to fuck it up.

I wouldn't expect any staking related news this year, or before smartcon. Scaling is the absolute priority this year.

This depends on how much of your NW is in crypto now
>75% no

what do you hold besides link? Please give an idea about one orthogonal investment.

Thank you. So when they report data to the contract aggregator, how does it work? Do they write something on chain and the contract reads it?

How about using Google when you see a term you don't understand? Projection charts for Bitcoin based on the halving cycles.

Are the best times for me to buy from here on taps on the 100 and 200 day moving averages, and should I continue buying until $100 or even higher? 2k Linklet here.

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The link token is a modified ERC token with a unique property called transfer and call, basically able to carry data payload on-chain.

github.com/ethereum/EIPs/issues/677

Are you the guy that wrote the “fortunately the world did exist before blockchain” link pasta?

Who are LINK's competitors, and what advantages does it have over them other than first-mover?

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Ah, there it is. Your writing style is somewhat unique. Thanks for all the help, I’ve enjoyed your content

is this infographic bullshit?

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There is literally nothing innovative behind an "oracle", if I can manipulate then the data is fucked anyway, unless you have a way to secure the source data then you're fucked. Chainlink is just adding a new layer which is unnecessary

There are no competitors. Some of the smartest people in blockchain work at chainlink labs and those guys have connections everywhere else. Chainlink code is also open source (to an extent) and Sergey has said they’re likely to become the industry standard. And as far as I know, Sergey has lied yet.

What's a link suicide stack?

What do you say to people that call chainlink centralized?

What are your thoughts on other oracles such as api3, band and tellor?

Okay this is interesting. This functionality allows to pay and request data in the same transaction if I understand correctly? So the contract owner sends this to a node, the node gets the link, reads the call and answers with the requested data? How does the node send the data, is it in a transaction?

I don't talk about other investments in these threads but I did discuss another crypto above by saying that it did something really well that chainlink probably shouldnt
Very oversimplified:
Standard- all nodes report and are averaged on chain
OCR- all nodes report to each other and a randomly selected node reports the average on chain with other nodes watching
Tsigs- Any number of nodes reach consensus through a cryptographically secure scheme and can write either just the price or a hash that reflects the price to chain
If you have a steady income and aren't overleveraged just buying every paycheck is reasonable
This doesn't sound like much, but how many projects do you know that have a specific token standard written for them?
See above
Any oracle network
Advantages:
First mover
Brand recognition
Recode in go so can actually handle enterprise volumes
Track record
Connections to highest value users
Monopoly on highest quality data sources
Monopoly on business product APIs
Monopoly on allowing bank/fiat payments as outputs
Best team in all of crypto
Nearly infinite warchest to buy up top talent
Firstmark wolf in sheeps clothing running the show

Blockchain industry is finally seeing some real life use case compared to the bullshit that was 2018 and before. Every one on the planet produces data, and you can produce even more data from that data. You know the phrase “data is gold”? If chainlink accomplishes what it has set out to do, then that infographic is likely to be within the realm of possibility. Think about how much money the internet has produced because of https/ssl etc. Chainlink isn’t just a data feed provider, it also works as a security protocol. Based on that alone, any value that is gained by blockchain will be siphoned by chainlink. Now think about what you can do with chainlink tokens and you will have your answer.

Should I swap my ETH with Linkies for the short term? I find it more likely for Link to reach 70$ than for ETH to reach 4000$

It's a very ambitious take on what the project could do in the short term
It seems you don't understand the project at all
Yep
Depends on how much money you have at current
I would point them to links feeds which are supplied by independent node operators
I think they are facing a very very hard road to capture any significant portion of the oracle market

Thanks very much. I finally understand what OCR means now. What's best to read to understand how it all works? The whitepaper is too outdated isn't it?

If you think link will outperform eth, sure swap some of it
Yes,
There are a lot of people now building a reputation for explaining high level chainlink stuff to non technical people eg
news.reputation.link/article/off-chain-reporting

when $1000 link>?

Thanks

I have 50k Link and would love to contribute to a liquidity pool for a return, but am utterly terrified of something horrible happening eg economy collapse, hyperinflation etc and I somehow lose my linkies. Am I being over cautious? I could afford to retire if I did it, but I'd rope if I lost it all due to some fuckup with the LP

>he doesn't know what is about to happen next

Regardless of what op says don’t do this. You will be rich as fuck if you simply hold, you’re already a millionaire. Don’t risk your golden ticket like that

Why isn’t there a Wikipedia article for Chainlink when there is for most other cryptos?

No one wants to let normies in.

I think I need to hear this, actually. I've been flirting with the idea a lot lately but I think I will stay strong. It a bit annoying being a millionaire on paper but being unable to enjoy it. In 7 years i've never cashed in any crypto though, only swapped, and am now all in on Link. Hope to god we're not still here in 2 years waiting..

Happy to help
No idea
I have the same concerns which is why I hold mine in cold storage
It hasn't been worth someone's time to write one and deal with the censors thus far

How do I make it chainlink bro? I have just crossed 100k. I need to 10x from here

It could but how would you prevent the real world courts from trying to fuck the guy even if the terms of the contract were not breached?

If you decide to do this, look into insurance covers first: nexus and armor

This is a great thread. I'm seriously late to the party but have got 680 link. I am prepared to hold for the next couple of years. Is it best to just keep dca in every month as opposed to a lump sum?

neither do you retard

Do you think Binance suppresses LINK price?

I'll let others speak up, but the general idea (coming from stocks) is that lump sum is better than DCA - "Time in the market is better than timing the market". so, as an example, if you dump $5k into LINK right NOW, as opposed to $1k for the next 5 months, you're better off having done the former. maybe. arguably. this is all of course assuming LINK will be worth way more than $35/coin many years out

>token not needed
>node software not found