04-16-2020, 09:18 PM
Chainlink is the most overvalued "cryptocurrency" the world has ever seen
<!-- SC_OFF --><div class="md"><p>There are 1,000,000,000 LINK tokens, which gives it a market cap of $3.2 billion.</p> <p>If you remove Tether, that would place it #6 as the most valuable "cryptocurrency". If you remove XRP, which is also not a cryptocurrency, it would place it #5. If you merge bitcoin forks, it would be #3, right under Ethereum.</p> <p>Its current position is #11 according to CoinMarketcap, but that's because 650,000,000 tokens are owned by the team. Those tokens are not locked, nor legally bound by any agreement to not be sold. In fact the team has already started dumping them. They are literally circulating by any technical or legal definition, but for some reason CoinMarketcap decides to mislead investors and say they are not circulating. (<a href="https://beincrypto.com/chainlink-team-accused-of-dumping-530-million-in-link-tokens-over-six-weeks/">https://beincrypto.com/chainlink-team-accused-of-dumping-530-million-in-link-tokens-over-six-weeks/</a>)</p> <p>The team promises in its whitepaper that half those tokens will be "rewards for nodes", but why would you trust the team? They've lied countless times. For example when they plaster in their marketing everywhere that their oracles are decentralized (they are not), Vitalik himself says so. The only "consensus algorithm" they use is to KYC each node manually. (<a href="https://web.archive.org/web/20200416103509/https://www.reddit.com/r/LINKTrader/comments/fyxc23/whats_up_with_vitalik_constantly_bashing/fn35ae0/">https://web.archive.org/web/20200416103509/https://www.reddit.com/r/LINKTrader/comments/fyxc23/whats_up_with_vitalik_constantly_bashing/fn35ae0/</a>)</p> <p>They've also lied about many partnerships. For example, they've said several times that they work with Swift, which is not true. They won some Swift competition in 2016, and radio silence since then. They still claim to be working with Swift today, but they conveniently removed it from their website not long ago. (<a href="https://web.archive.org/web/20190820085402/https://chain.link/">https://web.archive.org/web/20190820085402/https://chain.link/</a>)</p> <p>They also claim to be working with Google, which is also a lie. They did 1 blog post 1 year ago, which was basically a thinly veiled ad for Google Cloud services. It was provably neither a partnership nor integration. The Google employee never even ran a node on mainnet. Yet the team constantly boasts about "working with Google". (<a href="https://web.archive.org/web/20190820085402/https://chain.link/">https://web.archive.org/web/20190820085402/https://chain.link/</a>)</p> <p>They did the same with Oracle Cloud. Fernando (the Oracle employee that organized the "partnership"
bragged about holding LINK after it pumped, got demoted, and all the Oracle startups that were supposed to be part of the "partnership" turned out to be dead or fake companies. It was at best a PR stunt for Oracle Cloud, at worst insider trading by Oracle employees. (<a href="https://web.archive.org/web/20200114062507/https://twitter.com/fribeiro1/status/1213946909464973316">https://web.archive.org/web/20200114062507/https://twitter.com/fribeiro1/status/1213946909464973316</a>)</p> <p>Chainlink has dozens of other "partnerships". I don't have time to investigate all of them, but all the ones I looked into were basically fake. (And by fake I mean they are grossly exaggerated, the tweets and blogposts are real)</p> <p>As of today, even though they are the highest valued non-bitcoin, non-ethereum cryptoccurency in the world, the only project using their centralized KYC oracles are Synthetix (according to someone from their team). (<a href="https://web.archive.org/web/20200416104122/https://www.reddit.com/r/Chainlink/comments/fdwaad/request_examples_of_apps_built_with_chainlink/fjkhsjv/">https://web.archive.org/web/20200416104122/https://www.reddit.com/r/Chainlink/comments/fdwaad/request_examples_of_apps_built_with_chainlink/fjkhsjv/</a>)</p> <p>They apparently have countless big name companies "that will use Chainlink soon", but considering their testnet has been usable for close to 2 years, they have 1-2+ years old "partnerships" that are still not using it, and that their MO is to lie as much as humanly possible, I doubt it's true.</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>There are 1,000,000,000 LINK tokens, which gives it a market cap of $3.2 billion.</p> <p>If you remove Tether, that would place it #6 as the most valuable "cryptocurrency". If you remove XRP, which is also not a cryptocurrency, it would place it #5. If you merge bitcoin forks, it would be #3, right under Ethereum.</p> <p>Its current position is #11 according to CoinMarketcap, but that's because 650,000,000 tokens are owned by the team. Those tokens are not locked, nor legally bound by any agreement to not be sold. In fact the team has already started dumping them. They are literally circulating by any technical or legal definition, but for some reason CoinMarketcap decides to mislead investors and say they are not circulating. (<a href="https://beincrypto.com/chainlink-team-accused-of-dumping-530-million-in-link-tokens-over-six-weeks/">https://beincrypto.com/chainlink-team-accused-of-dumping-530-million-in-link-tokens-over-six-weeks/</a>)</p> <p>The team promises in its whitepaper that half those tokens will be "rewards for nodes", but why would you trust the team? They've lied countless times. For example when they plaster in their marketing everywhere that their oracles are decentralized (they are not), Vitalik himself says so. The only "consensus algorithm" they use is to KYC each node manually. (<a href="https://web.archive.org/web/20200416103509/https://www.reddit.com/r/LINKTrader/comments/fyxc23/whats_up_with_vitalik_constantly_bashing/fn35ae0/">https://web.archive.org/web/20200416103509/https://www.reddit.com/r/LINKTrader/comments/fyxc23/whats_up_with_vitalik_constantly_bashing/fn35ae0/</a>)</p> <p>They've also lied about many partnerships. For example, they've said several times that they work with Swift, which is not true. They won some Swift competition in 2016, and radio silence since then. They still claim to be working with Swift today, but they conveniently removed it from their website not long ago. (<a href="https://web.archive.org/web/20190820085402/https://chain.link/">https://web.archive.org/web/20190820085402/https://chain.link/</a>)</p> <p>They also claim to be working with Google, which is also a lie. They did 1 blog post 1 year ago, which was basically a thinly veiled ad for Google Cloud services. It was provably neither a partnership nor integration. The Google employee never even ran a node on mainnet. Yet the team constantly boasts about "working with Google". (<a href="https://web.archive.org/web/20190820085402/https://chain.link/">https://web.archive.org/web/20190820085402/https://chain.link/</a>)</p> <p>They did the same with Oracle Cloud. Fernando (the Oracle employee that organized the "partnership"
bragged about holding LINK after it pumped, got demoted, and all the Oracle startups that were supposed to be part of the "partnership" turned out to be dead or fake companies. It was at best a PR stunt for Oracle Cloud, at worst insider trading by Oracle employees. (<a href="https://web.archive.org/web/20200114062507/https://twitter.com/fribeiro1/status/1213946909464973316">https://web.archive.org/web/20200114062507/https://twitter.com/fribeiro1/status/1213946909464973316</a>)</p> <p>Chainlink has dozens of other "partnerships". I don't have time to investigate all of them, but all the ones I looked into were basically fake. (And by fake I mean they are grossly exaggerated, the tweets and blogposts are real)</p> <p>As of today, even though they are the highest valued non-bitcoin, non-ethereum cryptoccurency in the world, the only project using their centralized KYC oracles are Synthetix (according to someone from their team). (<a href="https://web.archive.org/web/20200416104122/https://www.reddit.com/r/Chainlink/comments/fdwaad/request_examples_of_apps_built_with_chainlink/fjkhsjv/">https://web.archive.org/web/20200416104122/https://www.reddit.com/r/Chainlink/comments/fdwaad/request_examples_of_apps_built_with_chainlink/fjkhsjv/</a>)</p> <p>They apparently have countless big name companies "that will use Chainlink soon", but considering their testnet has been usable for close to 2 years, they have 1-2+ years old "partnerships" that are still not using it, and that their MO is to lie as much as humanly possible, I doubt it's true.</p> </div><!-- SC_ON --> Kind Regards R