Why I’m Skeptical on ChainLink
Earlier, I was a fan of ChainLink (to some extent). However, lots of my original bullishness changed to more of a bearish position. This isn’t because I’m working on my own forms of blockchain technology. I have already been doing that for nearly 9 years. That fact doesn’t give me confirmation bias again ChainLink. The reasons I changed to more of a current short position will be outlined in this article.
When looking at the price correlations for ChainLink, I see a non-traditional pattern. The sudden bearish and bullish periods don’t seem to be consistent, and it does feel like people may be over-speculating much of the growth patterns.
Outside of this, there are problems I see with the technology. I thought this offers a developer friendly smart contract platform. I also liked lots of the API documentation. However, their technology as it stands seems too decentralized. The codebase also doesn’t seem too impressive. The whole live financial data with smart contracts can be better accomplished with many different free and open APIs and simple JavaScript. I’m not sure why a crypto has to be universally tied to all of this.
Also, I don’t like how they are a smart contract. They are a smart contract platform that doesn’t have an independent blockchain. Imagine a smart contract platform being hosted on another smart contract platform. To be fair, I’m not a huge Ethereum fan either. However, with ChainLink the technological implications they want to offer versus how it is hosted currently, doesn’t seem so promising. The fact that there are also going to be a billion tokens set as the total supply, given the 350 million tokens circulating seems like too much.
In order to reel me in, ChainLink needs to dramatically change lots of the current core of their codebase while keeping true to many of its promises in technological offerings. They also need to be more stable. Lots of ChainLink’s fanbase seems to be the toxic kind, and I get that this might be out of their reach. That part I’m not going to fully blame on them. That being said, it will be interesting to see how ChainLink emerges technologically and patternwise in the future.
Please keep in mind, everything I say is on an opinion based basis. This is not meant to be taken seriously or as actionable financial advice. Do your own due diligence and any trades you do is at your own risk. We are not responsible, proceed with caution and we are trying to voice an opinion not meant to warrant action. This is solely meant to be viewed as a non actionable opinion not meant to be taken as seriously or as a form of actionable advice.
