01-13-2018, 02:00 PM
(This post was last modified: 01-13-2018, 02:05 PM by JackOfHearts.)
I agree that chain link seems to have a very good potential.
They have very good partners, the CEO is questionable but seems very talented.
And everything you have said make me think that there is a potential to grow in the top 30 cryptocurrency.
But my main concern is the banks. They have never invested in projects that are decentralized and open. And they will never do it as it's against their monopole.
Currently they are trying to bypass this by creating a lot of alternative that are not decentralized (Ripple; Stellar, Mobius, etc)
The problem when it's centralized is that you can't trust them, same reason I won't invest Ripple, I would only used it for short transaction. With what's in Ripple it could get hacked and no one would know like when a banks gets hacked.
If bitcoin gets hacked, everyone that is running a full node will know, if Ripple gets hacked there is only the full nodes of Ripple that would know.
The fulls node know every transaction thats has ever happened. In Ripple this things doesn't exist for customer which means they can change every number in the database and you wouldn't notice.
Also what makes Bitcoin reliable doesn't exist in Ripple, as it's not decentralized and maybe it has already been hacked but no one noticed anything.
If chainlink is backed by banks, they aren't going to make smart contract decentralized, and their API will send unreliable data that you can't verify as you don't have access to the database. Which means it defeat the whole point, it won't be reliable, it won't be a new technology derived from bitcoin. The Ethereum team certainly won't accept that it's not decentralized. Which means they are probably going to work with Stellar.
They are copying Bitcoin and ethereum while removing the decentralization part. It won't work, it will be easily corruptible like how banks and government are today.
The smart contract in Etherum is really innovative because everyone can check in their full node server the details of the every smart contract every day without asking for permission to any authority.
If you do a smart contract but the data of every smart contract is only available on the server of the ripple network you have to trust them. It's exactly like you do a contract with paypal today, there is nothing new about it.
With that said it doesn't mean Chain link value won't increase and be at the top of the ranking, just look at Stellar and Ripple.
It's a moral issue mainly. I'm not sure I want to invest in a company that plans to do that kind of thing.
They have very good partners, the CEO is questionable but seems very talented.
And everything you have said make me think that there is a potential to grow in the top 30 cryptocurrency.
But my main concern is the banks. They have never invested in projects that are decentralized and open. And they will never do it as it's against their monopole.
Currently they are trying to bypass this by creating a lot of alternative that are not decentralized (Ripple; Stellar, Mobius, etc)
The problem when it's centralized is that you can't trust them, same reason I won't invest Ripple, I would only used it for short transaction. With what's in Ripple it could get hacked and no one would know like when a banks gets hacked.
If bitcoin gets hacked, everyone that is running a full node will know, if Ripple gets hacked there is only the full nodes of Ripple that would know.
The fulls node know every transaction thats has ever happened. In Ripple this things doesn't exist for customer which means they can change every number in the database and you wouldn't notice.
Also what makes Bitcoin reliable doesn't exist in Ripple, as it's not decentralized and maybe it has already been hacked but no one noticed anything.
If chainlink is backed by banks, they aren't going to make smart contract decentralized, and their API will send unreliable data that you can't verify as you don't have access to the database. Which means it defeat the whole point, it won't be reliable, it won't be a new technology derived from bitcoin. The Ethereum team certainly won't accept that it's not decentralized. Which means they are probably going to work with Stellar.
They are copying Bitcoin and ethereum while removing the decentralization part. It won't work, it will be easily corruptible like how banks and government are today.
The smart contract in Etherum is really innovative because everyone can check in their full node server the details of the every smart contract every day without asking for permission to any authority.
If you do a smart contract but the data of every smart contract is only available on the server of the ripple network you have to trust them. It's exactly like you do a contract with paypal today, there is nothing new about it.
With that said it doesn't mean Chain link value won't increase and be at the top of the ranking, just look at Stellar and Ripple.
It's a moral issue mainly. I'm not sure I want to invest in a company that plans to do that kind of thing.
