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      "title": "chainlink is not suitable Defi project",
      "body": "In our extensive coverage of Chainlink and the intrinsic value of the network’s native LINK token, we touched on how prohibitively expensive the service is and the narrow addressable market its architecture implies.\n\nIn this article, we will take a deeper look into why the leading DeFi lending protocols (which inarguably are Chainlink’s most suitable use cases as of today) diverge away from Chainlink.\n\nFirst, let’s recall how Chainlink works:\n\n\n\nChainlink takes pride in retrieving data from aggregators rather than primary sources. They argue that by relying on (yet another) middleman specialized in data collection, cleaning, and weightings, Chainlink can focus on the development of its core features and transfer the data quality assurance to a third party. This approach is inherently flawed and comes with numerous drawbacks:\n\nEach additional layer of intermediaries adds latency to the data, rendering Chainlink useless for high-frequency data applications (think of DEXes);\n\nThe aggregators are black boxes over which neither Chainlink nor the integrator has any power or visibility. Chainlink acts as a gatekeeper by performing \"extensive security checks\" on each node operator before onboarding. This approach goes against the fundamental principles of the blockchain technology, gradually turning Chainlink into a highly centralized ecosystem, which by design is under the full control of SmartContract;\n\nFurthermore, the aggregators, all of which pull data from the same primary sources, represent a new pressure point open for exploitation by bad actors, compared to an algorithm directly connected to the data generators. Albeit, the current architecture results in slower and more expensive data delivery;\n\nChainlink is not a blockchain. It is simply a software running between a level 1/2 infrastructure and external APIs, which makes the network highly dependent on the costs of the underlying blockchain and its potential shortfalls. The Chainlink community is arguing that the approach makes the service blockchain agnostic while lowering the hardware requirements for node operators. In reality, this creates layers and layers of unnecessary intermediaries each adding new complexities into the system. To put it into perspective, a Chainlink integrator running on Ethereum must own ETH (to trigger the log event) and LINK (to pay for the data request) to receive a simple HTTP request.\nWe are not the first to reach the conclusion that Chainlink’s is not a commercially viable solution.\n\n\n\nMakerDAO\nDigesting Chainlink’s latest fiasco with MakerDAO confirmed our conviction, as industry insiders and oracle experts are bringing Chainlink’s shortfalls we have pointed out. The public discussions also shed some light on Chainlink’s user acquisition strategy, and key selling points and techniques they are using.\n\nWhat exactly happened? First, an official Chainlink representative (Johann Eid) posted a formal proposal, window-dressing Chainlink’s shortcomings as advantages and discretely mentioned that if integrated, MakerDAO will take full advantage of Chainlink’s loyal army. The response was muted so the heavy artillery was summoned.\n\n\nThe ringleader arrived and started heavily selling Chainlink’s only real asset - the community, taking full pride in the exponential growth Aave experienced following the integration with Chainlink.\n\nOnce again, the Maker community was reluctant to cheer the proposal so ChainLinkGod had to try harder, and came up with a 6,000-word essay. We find his efforts entertaining, giving a textbook example of how an actual FUD should be executed. First, he posed as a true friend of MakerDAO, a \"user of DAI\" himself, who advised the project to focus on its core proposition while leaving their oracle initiative behind. Otherwise, he warned, MakerDAO risks losing market share to competitors. Then, he went into great detail of the \"superiority\" of Chainlink’s \"technology\", and the \"experienced\" team they assembled.\n\nFinally, Nik Kunkel from MakerDAO’s oracle team arrived and pointed out what Chainlink actually is:\n\n\n\n\nIn defense of Chainlink, Johann said that the address mentioned by Kunkel is a multisig contract with eight independent signers. Now, how independent the signers might be if all of them are preselected by SmartContract?\n\n\nChainlink is trying to dismiss MakerDAO’s Oracle initiative, as a non-core business within their operations. This is the same as saying Amazon should abandon AWS because their core business is selling stuff online, and let Google or Microsoft take care of the cloud. MakerDAO’s Oracles is not a separate business line, but a reinforcement of the project’s core proposition. As such, Maker can better utilize its oracles and have a competitive advantage over pure play competitors like Chainlink. The same way Amazon can cross-utilize their hardware and provide cloud services better and cheaper than me and you.\n\nWith regards to the quality of the data, we cannot state it clearer compared to Nik’s explanation:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs we stressed in our original report, MakerDAO is not a potential client but a rival with a clear competitive advantage against Chainlink. And Maker is not alone.\n\n\n\nCompound\nThe Compound protocol previously relied on a price feed, maintained by their team, to determine each user’s borrowing capacity and to measure liquidation thresholds. Compound recognized that such a solution presents a potential single point of failure and went on to develop the Open Price Feed (OPF).\n\nOPF is designed as a permissionless, upgradable price feed for the Compound protocol which can operate perpetually without reliance on any one project and allows any developer to reliably access on-chain prices.\n\nThe Open Price Feed allows a data provider (Reporters) to sign price data using a known public key, which any Ethereum address (Posters) can submit on-chain. Coinbase Pro is the first functioning Reporter using the Open Price Feed format for all assets traded on their platform.\n\nHow does it work?\n\nCoinbase reliably signs price data, every few minutes. Upon posting, the prices are checked against a 30-60 minute time-weighted average price using the assets/ETH pair on Uniswap v2. To be accepted, the Reported price must fall within 20% of the reference price on Uniswap. The long 30 minutes time frame makes Uniswap price manipulation attacks prohibitively expensive.\n\nWhy Compound is not using Chainlink?\n\nPrice feeds are a critical risk for most DeFi projects that rely on price data to enforce the rules of the protocol, including Compound. Chainlink would like to position themselves as the highly secure industry standard for such use cases, so why are Compound not using them and developed an in-house solution instead?\n\nRobert Leshner, the founder of Compound explained: \"Alternative solutions like Chainlink present their own risks; technical risks (whether or not their contracts have been audited), centralization risks (who can edit/replace the contracts, e.g. a centralized company), etc.\"\n\n\n\nConclusion\nNone of the large DeFi projects is willing to integrate Chainlink. We already showed that most of Chainlink \"integrations\" are either grossly exaggerated or plain fake. If no respectable blockchain organization finds use of Chainlink, what is the chance of a player outside the crypto ecosystem picking Chainlink as a service provider?\n\nClose to zero.\n\nWe maintain our short position in LINK.\n\n\n\n\nOther news:\nChainlink fears competition so much... and they should\n\nThe Aftermath of the \"Liquidate Zeus\" Campaign\n\nWhat Determines the LINK Price: A Crash Course on Economics\n\nWhat Stands Behind Chainlink’s Actual Integrations?\n\nExposing The Chainlink's Ponzi Scheme - The Army of Paid LINK Marines\n\nIndustry Insider Exposes Chainlink’s \"Partnership-as-a-Marketing\" Scheme\n\nExposing Chainlink's Pump & Dump Scheme\n\nDon’t Let Chainlink’s LINK Manipulation Ruin You\n\n15 Red Flags To Identify a Big Disaster\n\nCopyright © 2019 - 2020 - Zeus Capital LLP. All Rights Reserved.",
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      "title": "LINK is overpriced and destined to fall by as much as 99%.",
      "body": "ChainLink Unfazed By Report that Calls for $0.07 per LINK 16\nCHAINLINK (LINK) NEWS\nChainLink Unfazed By Report that Calls for $0.07 per LINK\nA report by Zeus-Capital suggests that ChainLink (LINK) is overpriced and destined to fall by 99%.\n\nAvatarJOHN P. NJUI·JULY 17, 2020\nIn brief:\n\nA report by Zeus-Capital claims that ChainLink (LINK) is more or less vaporware.\nThe report hints that LINK is overpriced and destined to fall by as much as 99%.\nThe questionable origins of the report and Zeus-Capital have led many to believe that it was penned with malicious intent.\nChainLink (LINK) seems unfazed by the news and is holding steady at $8.40.\nApproximately 24-hours ago, a report by the team at Zeus-Capital emerged that suggested the ChainLink (LINK) project was pure vapourware. Furthermore, the report explained that the team behind the project was faking its progress and also selling their stash of LINK to unsuspecting crypto investors.\n\nThe explained:\n\nThe report diligently proves the point that the sole purpose of LINK is to enrich Chainlink’s development team instead of being a vital unit of exchange in a next generation infrastracture for data transfer. Behind the shiny facade of the miltibillion dollar project we have exposed signs of absolute lack of interest in building the technology, team that is incapable on delivering what is currently reflected in token’s market capitalziation and a series of market manipulations and plain lies targeting naive investors.\n\n$0.07 LINK Price Prediction\nThe report went on to state that ChainLink was destined to be the WireCard of the Crypto-Verse in the sense that it would eventually collapse. In terms of price, the report gave a $0.07 future price prediction of LINK and expected the digital asset to drop by as much as 99.1%.\n\nBased on our finding we have opened a short position in LINK and recommed you doing the same with a target price of USD 0.07 and potential upside of nearly 100%.\n\nCrypto Twitter and Analysts Question the Origins of the Report\nAs soon as the report was released, Crypto Twitter questioned the origins of the report with many suspecting it was authored with malicious intent. Timothy Peterson, an Investment Manager with Cane Island Alternative Advisors, poked holes at the origins of Zeus-Capital and their analysis via the following pair of Tweets.\n\n\nLINK Unfazed by the Report that Claims ChainLink is Vaporware\nFurther checking the crypto markets, LINK seems unfazed by the report and is still ranked 8th on Coinmarketcap. Additionally, LINK is trading at $8.40 with the daily LINK/USDT chart suggesting that the digital asset could be due for a correction or sideways movement above $8. However, given the level of FOMO surrounding LINK and the crypto markets being in the midst of an altseason, LINK might not be done wowing us in the crypto markets.\n\nSHARE\nFACEBOOK\n the effects of the Twitter hack. \nThe King of Crypto is still trading within a tight range above $9,100.\nWith the weekend about to kick off, $8,900 is the level to watch as losing this support zone would lead to more losses.\nBitcoin seems to have handled the news of the Twitter hack pretty well. This is despite slight indications of Bitcoin dropping as a result of the Twitter hack that painted BTC as the choice of digital asset for hackers and criminals. When news of the Twitter hack hit fever pitch, Bitcoin dropped to the $9,050 support zone momentarily before fighting to push back up above $9,100. At the time of writing this, Bitcoin is valued at $9,163 and is now above the $9,150 support zone.\n\n$8,900 is the Level to Watch This Weekend for Bitcoin\nToday being Friday, the weekend is hours away and the Bitcoin trade volume should see a level of reduction. This is based on the fact that the crypto markets have recently adopted patterns seen in traditional stock markets where trading reduces over the weekend as institutional investors and professional traders take a break from a week of working. Such patterns are proof that institutional investors are knee-deep in the crypto trading game.\n\nTherefore, and with the anticipation of low Bitcoin trade volume, the chances of BTC testing the $9,050 support zone are high. Furthermore, if this level is broken, Bitcoin could visit the $8,900 support zone where also the 100-day moving average lies for BTC.\n\n\n\nBitcoin Losing $8,900 Support Would Lead to More Losses\nA recent report by the team at Crypterium states that a drop of Bitcoin below the $8,900 price level will most likely lead to additional losses for BTC. They explained that losing this zone would definitely lead to Bitcoin testing $8,600.\n\nWe are still waiting for BTC to enter the $9,000 — $8,900 range. The dynamic inside that range will likely determine the future of the currency.\n\nIf buyers are unable to show serious activity, then the price will go lower. A breakdown of the $8,600 mark will most likely result in further losses to $8,000 and even $7,800.",
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      "title": "Chainlink's Pump & Dump Scheme",
      "body": "In a series of blog posts, we will take a closer look at the well-oiled Russian pump-and-dump fraud machine, which made the record high price of the otherwise useless LINK token possible. We should admit that the Chainlink’s team has engineered a state-of-the-art self-fulfilling scheme, allowing them to maintain full control over the price and dump as many tokens to their true believers as they wish while keeping them happy. The system works in the following way:\n\n\n\n1. Meaningless, paid, or grossly overstated partnerships between Chainlink and a number of blockchain and tech companies are constantly conjured up, aiming to give substance to the project.\n\n2. An army of paid “followers” (mostly kids btw) roams the social media. They are promoting the project and hunting down everyone who dares to question the technological advantages, capabilities of the team, or the unsustainably high price (we will take a closer look at Chainlink’s fan base in our next article).\n\n3. The predators reach unprecedented numbers of unsophisticated investors who fall for Chainlink’s mass marketing and buy the token hoping to get rich quickly, without understanding the flawed technology or tokenomics behind it.\n\n4. The steady demand for LINK from naive newcomers is met by SmartContract’s endless reserves sitting on the other end of the transaction. The noise generated and disseminated translates into excellent liquidity, which allows SmartContract to divest as many worthless tokens as they like without affecting the price. The proceedings are then used to generously reward Chainlink’s “partners” and “true” followers.\n\n5. The whole process is repeated again and again, and again, driving exponential price growth.\n\nBy using this seemingly simple scheme, Chainlink managed to turn its otherwise unpretentious 40-million ICO project into a multi-billion behemoth. As more and more people become aware of the fraudulent scheme Chainlink is, we will reach a point where there are no more naive “investors” buying SmartContract’s bullshit, and the price of LINK will fall like a rock.\n\n\nThe \"Partnerships\"\nUndeniably, Chainlink is among the most active crypto projects with more than 140 \"partnerships\" announced to date. A more careful look, however, reveals that the majority of them are highly exaggerated or plain useless. What’s more, there are outright lies about collaborations with leading technology companies or blockchain projects, which never took place.\n\n\n\n\nI. The Game Changers\nBy far, the most effective trick in Chainlink’s arsenal is flashy announcements of “partnerships” with technology giants, such as Google, Oracle, and T-Systems. How does it typically work? A large company is showcasing some of their products (usually via a blog post) and casually mentions Chainlink as a theoretical intermediary in delivering the product to blockchain clients. Remember, Chainlink’s core proposition is to connect APIs with blockchain, so a pretty good number of legacy players can easily be involved. SmartContract and the people behind Chainlink are taking it from there, loudly announcing how #[insert a big tech company's name] is eager to do business with them. It is the game-changer Chainlink’s community waited for so long!\n\nLet’s see it into play. In 2019, Chainlink proudly stated on its landing page that it would be partnering with companies like SWIFT and Google.\n\n\nSource: chain.link as of 13 December 2019\n\nA few months later, there is no reference to either SWIFT or Google on the project’s website. Looking from hindsight, these “announcements” have been part of a cleverly crafted pump and dump scheme, serving as a tool to enrich Chainlink and corporate insiders at the expense of unsophisticated LINK investors.\n\n\nGoogle\nWhen Chainlink announced the “integration” with Google, the price was USD 1.19 per LINK. A few hours later, Google also tweeted, and the price skyrocketed to USD 1.93, up by a staggering 62% in less than 24 hours.\n\n\nSource: Twitter\n\nIndustry-leading outlets deliberately or unintentionally played their role in the process, too:\n\n\nTaking a closer look at the actors, the author of Google’s blog post was Allen Day, Science Advocate at Google. He simply posted an explanation of how Google’s products can interact with decentralized applications using a combination of Ethereum, Google Cloud, and Chainlink — similar to how a client app can interact with a standard database server.\n\nKnowing that the Chainlink community never got the time to critically review the news coming from the supreme master and their beloved project, we will dissect Allen Day’s blog post for them:\n\nRight from the title, Allen makes clear that the focus of the article is use cases of Google Cloud with Ethereum-based applications:\n\n\nIn the opening paragraph, Chainlink is simply mentioned as a necessary yet generic middleware. No hints or statement of a partnership between Google and Chainlink is made:\n\n\nMoving down, Allen talks about the history of smart contracts, how they work, and the freely available public blockchain data available throughout Google Cloud Public Database Program. Chainlink comes into the light once again just to describe how the process works from a technical standpoint. It is presented as a commodity, not a vital element of the infrastructure:\n\n\nNext, Allen talks about three use cases. No mentions of Chainlink whatsoever.\n\nFinally, the conclusion clearly states this is an example of using Google’s product via Chainlink, not the other way round.\n\n\nA mention has never meant a partnership nor an endorsement. Throughout Allen’s article, we are unable to find a single evidence of Google announcing any kind of official collaboration with Chainlink.\n\nTwo weeks later, the rally was further amplified when Coinbase Pro disclosed it would be listing LINK on its platform, lifting the price another 23.30 percent within a few hours. Then, on June 28, Coinbase added the coin to its core platform, inflating the LINK with yet another 104.49% in 24 hours.\n\nTaking a look behind the curtain, AnChain.AI, a blockchain analytics firm, has been vocal about the manipulative nature of the trading activities surrounding LINK’s rapid price appreciation. In their first post, the company argued that a small number of addresses (linked by a common source of ETH gas) have performed a coordinated pump and dump involving LINK 4.2M in the period April 1 to July 26, 2019.\n\nThe second post reviews the on-chain activities surrounding the Coinbase onramp. AnChain found that a group of linked accounts purchased 11 million LINK via Binance between 27 and 29th June. The relation between the accounts is once again the funding ETH addresses.\n\nIn the meantime, 1.4M LINK tokens were transferred to Binance from one of Chainlink’s development addresses. While AnChain is reluctant to conclude that Chainlink’s founding team is related to the price manipulations, we believe that the timing, sophistication, access to extensive resource and information, as well as the outflow of LINK from the development addresses points straight to the people directly related to the project.\n\nThe Google “partnership” is a clear case of the pump-and-dump schemes Chainlink regularly orchestrates. Bold, misleading statements are loudly announced, resulting in euphoria among the Link Marines and retail crypto investors. Blindly believing the “news”, these unsophisticated investors are buying the worthless LINK tokens in bulk without questioning the legitimacy of the information. In the meantime, SmartContract is moving large quantities of LINK to exchanges that are almost instantaneously dumped to their own vulnerable community. Cleverly, though, SmartContract always let the demand outstrip the supply so that the price is going up while everyone is happy.\n\nBut how about the aforementioned Google logo on Chainlink’s landing page? Why was it taken down from the website and other social media? Apparently, Google was not happy playing a role in this Russian scam and kindly asked the project to remove any association between the two from the Internet.\n\n\nOracle\nA month later, another technology giant was listed as a “partner”. This time it was Oracle, and the “collaboration” was in the form of a joint innovation project for startups. Again, the heavily advertised partnership did not go far. The campaign did not have a second cohort of startups, and no successful projects came out of the innovation project.\n\n\nSource: Chainlink and Twitter\n\nActually, there is a much uglier part of the story behind this “partnership”. Fernando Ribeiro, who, according to his Twitter profile, is Principal Solution Architect at Oracle and who is known to be involved in the “partnership” has publicly bragged about holding LINK among other cryptos.\n\n\nSource: CloudEXPO and Fernando Ribeiro’s tweets\n\nEven to people not familiar with what is allowed and what not on the capital markets, such kind of behavior should ring a bell. This is a clear cut case of insider trading in which a bad actor from a large corporation is taking advantage of his/her employer’s brand and collaborate with a bunch of scammers to enrich themselves on behalf of the general investing public. Quite shameful, to say the least. We are wondering whether Oracle will be happy with the behavior of their employee if the case comes to their attention.\n\n\nIntel Corporation\nThe semiconductor giant was also somehow dragged into Chainlink’s pumps and dumps. In an announcement from October 2019, Chainlink explains how its oracles can be used in combination with Intel’s Trusted Compute Framework (TCF) to provide connectivity between on-chain and off-chain environments. However, looking at Intel’s blog post from July 2019, Chainlink is mentioned more as a use case, not as an enabling factor. Intel refers to Chainlink as a potential user of TCF in improving “the integrity of off-chain oracles”. Nothing in Intel’s article points to a partnership in the sense of the technology company using Chainlink, apart from participation in terms of developers along with many other much bigger names.\n\n\nSource: Twitter and Intel\n\nThe pattern is clear: big technology companies explain a product they are working on, briefly mentioning Chainlink’s oracles (this time more as a potential user than an example of integration). Taking full advantage of the opportunity, Chainlink loudly announces a “partnership”, artificially fueling substantial price increases.\n\nIn a desperate move to prevent LINK price crash following the publication of our report, Chainlink started announcing “partnership” after “partnership”. Let’s take a closer look at them as well.\n\n\nFour Major Korean Banks\nA more recent PR trick went even further by hiding behind the shiny facade of a ghost company, to floodlight the community with a “breakthrough” event. Right after our report was published, Chainlink made a big noise about the partnership with CenterPrime, a private hyperledger based chain, feeding foreign exchange rate data network from several major Korean banks. The partner is proudly presented to have “unique” access to the Korean Open Banking APIs, however, a simple Google search for “CenterPrime Korean banks\" returns eight pages of results ONLY about the partnership with Chainlink. Not a single result points to the official page of CenterPrime or any bank affiliations.\n\n\nInterestingly, the official announcement on Twitter does not ping the account of CenterPrime.\n\n\nMaybe this is because CenterPrime Twitter account has just three followers and a single tweet only (of course, about the partnership with Chainlink).\n\n\nTurning to the official website of CenterPrime presented on their Twitter account (centerprime.io is shut down), the partner’s authenticity starts to unravel. Firstly, we notice that the site does not have a Korean version, and the landing page looks as if it has been created in 10 minutes, containing almost no information about the purpose of CenterPrime. In fact, we can safely assume the whole website of this shell company was created in under half an hour, considering the scarce content.\n\nBesides the landing page, there are four others that barely contain any information. Features and Providers present several meaningless “graphs” without information, but with the Chainlink and Google logos in them.\n\n\n\n\n\n\nThe “comprehensive guides and documents” supposed to be found in the Docs are just a bunch of random lines of code hanging in the air, updated months ago.\n\nThe Changelog and Discussions sections are empty.\n\n\nThe blog redirects to the Medium page of CenterPrime which, expectedly, has just one post pertaining to the announced collaboration with Chainlink.\n\nA very good summary of this shallow announcement is found at the end of page 8 of our Google search, which is also the first result not related to the fake partnership.\n\n\n\n\nT-Systems\nThe second recent announcement that fell into the category, which involves a big corporate name was the T-Systems “partnership”:\n\n\nThe announcement drove Chainlink’s fans crazy, yet the effect on the token price was neglectable:\n\n \nAt first glance, Chainlink was once again invincible but what exactly is the partnership about and is it material for Chainlink? T-Systems will simply operate a node in Chainlink’s ecosystem and won’t use its product in any other form:\n\n\nThe statement above clearly says that Chainlink will be a client to T-Systems and not the other way round.\n\nAs thoroughly explained in our report, Chainlink’s problem does not lie in the insufficient number of node operators, but in the lack of network users. Currently, there are more approved operators than are actually needed, which is evident in the particularly low node operator utilization:\n\n\nWhy is there such a lack of balance? Because of the subsidies. Node operators get 1 LINK (approximately $7) for each completed job. This reward is multiple times higher than the operating expenses incurred, which makes it highly profitable for them to be a part of the ecosystem. In this sense, is such a partnership critical for the development of the project? Absolutely not. Why was it announced? To support the LINK price from absolute collapse upon the publication of our report.\n\nUnfortunately for the LINK community, this kind of “news” are also quite rare as all high profile companies seem to try to avoid association with the blockchain star. So what is the alternative? Machinated “news” involving high profile blockchain projects.\n\n\nII. \"Partnerships\" Never Meant to Happen\nThe second type of “partnerships” are those with projects, which apparently cannot be integrated with Chainlink yet are more or less famous in the crypto sphere. Despite the lack of real added value, both projects benefit from the announcement as it acts as a visibility boost. Expectedly, they do not disclose details of the exact nature of the integration, nor how exactly it is going to work. After the announcement and the consequent price movements, the crypto community “forgets” to ask questions about the progress as new PR stunts are hitting the wire. Such a “partnership” includes the one with Ethereum Classic.\n\n\nEthereum Classic\nEthereum Classic and Chainlink presumably partnered in February 2020. ETC Labs did not provide specific information about the projects they planned to develop using Chainlink. Some possible use cases were described, such as integrating blockchain with traditional payment systems, market data, and IoT based insurance data. However, following the announcement no new developments or further details were disclosed. What’s more, Ethereum Classic reannounced the same news in early July. Why would they do that? PR.\n\n\nSource: Twitter (1), Twitter (2)\n\nEverything leads us to conclude that there isn’t anything going on between Chainlink and ETC, at least not yet. And even if something is cooking, this does not automatically imply a real partnership.\n\n\nThe Pay-for-Plays\nMoving on, we have the \"partnerships\" resembling pay-for-play schemes with lending operators, in which the so-called “partner” enjoys Chainlink’s deep pockets while receiving a boost in its presence across the crypto community. In exchange, Chainlink gets some sort of credit line which could be utilized when/if needed. More importantly, the LINK HODLers could access instant liquidity without touching the secondary market. Examples of such symbiosis include Aave, Celsius and Nexo.\n\n\nAave\nChainlink announced its partnership with the decentralized lender Aave in January 2020 on Twitter. The post described Aave as “one of the first DeFi lending protocols to leverage off-chain data for calculating lending rates via decentralized oracles”.\n\n\nSource: Medium, Twitter (1), Twitter (2)\n\nAt the time, Aave was utterly unknown, with just a hundred of thousand dollars locked in its contracts:\n\n\n\nAs the partnership kicked in, Aave quickly entered in exponential growth. What we find interesting is that LINK is the most borrowed asset on the Aave platform, with a total volume of USD 22.9M, which is close to a third of the total borrowed amount. Digging deeper, we found that a substantial amount of LINK has been transferred from this wallet to Aave, while withdrawing stablecoins in return. Assuming these tokens are somehow associated with SmartContract, then the company is able to access instant liquidity without interrupting the secondary market, simultaneously increasing Aave’s visibility.\n\n\nSource: Aave\n\nA proof of the hot relationship between the projects is Aave’s quite emotional reaction to our report:\n\n\nWe are yet to hear which part of our data-supported findings is “garbage”.\n\nOur hypothesis is that Aave is getting the data feeds from Chainlink for free and “manages” a ton of SmartContract’s assets, once again, out of charge. Chainlink is promoting Aave to its community, who can borrow against the LINK token without putting pressure on the price. The result is stratospheric growth for the DeFi project and a new “best partner” for Chainlink.\n\n\nCelsius\nAt the end of March 2020, Chainlink partnered with Celsius Network, another crypto lending platform that will use the Chainlink’s decentralized oracles to strengthen the security and reliability of their lending services. We find these claims comical because the latest crypto crash made it apparent that Celsius’s liquidation policies are not automated. If most of their operations are performed manually, then why would they integrate Chainlink? Because of SmartContract’s deep pockets.\n\nCelsius’s CEO, Alex Mashinsky, revealed that in return to Celsius using Chainlink, they will offer treasury management services to Chainlink, amounting to “several million dollars” worth of cryptocurrency. Additionally, Celsius is paying out weekly interest on their deposits to its partner. At the same time, Chainlink and more importantly, the Link Marines are able “to borrow dollars when they need them so they do not have to sell coins”, meaning Celsius will give Sergey and his cohort fiat when needed. We guess now is a good moment to “borrow” in order to support the falling LINK price. And what will happen if the LINK drops and SmartContract is unable to repay Celsius credit? Their clients will cover the costs we guess.\n\n\nSource: Twitter and Reddit\n\nNexo\nThe latest series “pay-for-play” partnerships happened a few weeks ago when Chainlink announced a partnership with yet another crypto lender - Nexo. What are Nexo’s benefits for adding LINK as a collateral option while “integrating” the decentralized oracles network? Let’s take the benefits it straight from ChainLinkGod, who recently (yet unsuccessfully) pitched Chainlink to MakerDAO:\n\n\nHe proposed DAO to integrate Chainlink for LINK/USD only (giving the limited use case with Set Protocol as an example). In exchange, he promised a visibility boost, taking pride in what Chainlink has done for Aave.\n\nApparently, Nexo has fallen for it. Remember that Nexo is centralized. Why would they need decentralized oracles? And have they or Celsius integrated something at all? To assess what these relationships brought to Chainlink, let’s take a look at on-chain data. The number of calls in the TransferAndCall function has not changed a lot following the announcements:\n\n\nCan we see an increase in the On-chain activities following the “integrations” with Celsius and Nexo? No. These partnerships simply give SmartContracts and the LINK HODLers access to fiat liquidity without the need to touch the secondary market. In exchange, the lending plaforms are promised a visibility boost and access to SmartContract’s deep pockets. We won’t be surprised if Nexo also offers “treasury management services” to Nazarov’s fishy company.\n\n\nIII. The “Flagship” Projects\nSo far, so good but we can almost hear the voices of the Link Marines screaming “What about Chainlink’s flagship projects?! Set Protocol? Synthetix?” The truth is, these projects do not pay for Chainlink’s service at all and/or use the oracles for a very small part of their operations.\n\nChainlink and Set Protocol have been collaboratinged since February 2020. Set Protocol included LINK as an underlying asset for its LINK RSI token set and started using LINK/USD data feed from the Chainlink’s oracles. Although the project offers other sets with other underlying assets which also require price feeds, apparently they are not utilizing Chainlink’s price data:\n\n“For Bitcoin and Ether, we actually work with MakerDAO to utilize their price oracles. For the LINK-USD pricing, we have worked with Chainlink to provide the LINK-USD price. For other oracles like the compound token, we actually build our own oracles—what we call meta oracles—on top.” - Felix Feng, Founder and CEO of Set Protocol in front of Clay from Nomics.\n\nSynthetix, on the other hand, uses Chainlink’s oracles to ensure greater decentralization and security in the pricing of its synthetic assets. However, the trading pairs for which Synthetix uses Chainlink are rather illiquid as they represent a very small percentage of the total traded volume of the exchange. Since December 2019, when the first iteration of the integration with 7 FX trading pairs was announced, no further developments have occurred. Having in mind that Synthetix supports more than 50 trading pairs, this seems like a rather small-scale adoption of Chainlink’s oracles. In its roadmap, Synthetix has further integrations with Chainlink planned, but from the lack of more recent announcements, it is evident that they are at best yet to happen.\n\n\nIV. The Projects that “Diversified” Away from Chainlink\nNext, let’s look at a few projects which chose to work with Chainlink but due to various reasons decided to “diversify” away their data feeds with BAND Protocol.\n\n\nBet Protocol\nIn January, Bet Protocol announced a partnership with Chainlink to provide decentralized Esports and Sports data to its operators. Reading from the press release, “Sportsbook and Esports operators on BetProtocol will have Chainlink oracle integration as an option to receive their odds and data.”\n\n\nSix months into the partnership, BetProtocol announced a new partnership, this time with Band Protocol - one of Chainlink’s major competitors. The functionality of the integration is apparently the same.\n\n\nWhat can be the reason for this? Here are a few quotes from the second press release:\n\n“BetProtocol has chosen Band Protocol as the go-to decentralized oracle solution as they are the only oracle provider allowing our team to create personalized and customizable oracle scripts that are connected to numerous selected credentialed API providers in a scalable, decentralized and highly secure manner.”\n\nThis once again proves our point that Chainlink is not so functional as marketed. In addition, developers describe the network’s integration as “pain in the ass”, claiming that the technical progress of the project is minimal compared to the size of the team and the funding the company managed to secure.\n\n\nICON\nSimilar is the case with ICON - also known as the Korean Ethereum. Six months after announcing its partnership with Chainlink, the project integrates Band Protocol. Wondering what could be the reason? According to Chainlink’s supporters - freedom of choice. According to us - the second option is considered a cheaper and more scalable alternative.\n\n\n\n\nbZx\nBack in February, bZx, the DeFi lending protocol was hacked twice due to faulty oracles. Needless to say, Chainlink was quick to capitalize on this:\n\n\nNow the question that emerges is - weren’t they partners already?\n\n\nMaybe it has been one of those “partnerships” where Chainlink is used for a fraction of the operating activities of the project (reference - Set Protocol).\n\nWhat’s more, almost simultaneously bZx has partnered with Band Protocol in a “diversification” attempt (the more oracles, the better they would say):\n\n\n\nHow can the latter be interpreted? On the one hand, it proves our statement that oracle services are in fact a commodity and there should be many providers, such as Chainlink in the end game. On the other hand, we believe that bZx chose BAND as a key partner because it is much cheaper to run an application on COSMOS than it is on Ethereum.\n\n\nEnigma\nIn December 2019, Chainlink started a collaboration with Enigma, a privacy networks developer. The areas of collaboration were extremely vague, with a short term goal of “exploring” how Chainlink oracles can be integrated with Enigma’s protocol. In May 2020 Enigma dropped Chainlink for Cosmos as it better fits in their ecosystem.\n\n\nCan Kisagun, co-founder of Enigma, said the collaboration between Chainlink and Enigma was based on “getting ETH/ENG pricing for network fee abstraction” for its users. However, Enigma is not working with Ethereum at the moment and has no concrete plan on working with Chainlink, making the collaboration “no longer valid”, Kisagun said in another post, which says enough how blockchain agnostic Chainlink is.\n\n\nV. Chainlink and the Dead Projects\nLast but not least, the vast majority of Chainlink’s \"partnerships\" are with projects that are no longer active.\n\n\nGravel Coin\nGravel Coin, whose initial proposition was to bring together the mining sector and the blockchain technology in order to improve efficiency, supply chain and operations, is a good example. From a closer look at their Twitter page, one can easily see the last activity was on Dec. 26, 2019. Similarly, Gravel Coin’s Telegram community currently consists of 221 members, most of which are inactive together with the admin. The discussion is centered mainly to convince users that the project is not dead. Gravel Coin’s GitHub repository is no different. The project is not even listed on CoinMarketCap.\n\nBack in the days, the GravelCoin was among the favorites for Chainlink’s proponents:\n\n\n\n\nPractically dead, the Chainlink community is now shilling other coins (more on this in our next article) while Gravel is a taboo.\n\n\nClinTex\nClinTex, a solution provider to the pharmaceutical industry, announced that it partnered with Chainlink in July 2018 to enable the transfer from off-chain to on-chain data. The integration was later confirmed by Chainlink on Telegram. However, as community stats reveal, ClinTex seems to be one of those companies which exist but on life support:\n\n\n\nAccording to Alexa Web Rank, the website of the project has had no traction in the past 90 days. The same goes for the Twitter account of ClinTex, which although quite active with a few posts per day, is of little interest to the community as the posts see almost no likes or reshares. Absurdly enough, as of July 28, the project’s latest Twitter post is about its partnership with Chainlink, initially announced 2 years ago:\n\n\nSource: Twitter\n\nApparently, Chainlink is mobilizing all its “partners” to show some support in an attempt to prevent price crash following our report.\n\n\nKatalassos\nIn January 2019, Katalassos, a decentralized platform running a small set of financial contracts, announced that it will integrate Chainlink to provide financial contracts with access to off-chain data feeds. Currently, the link towards the official announcement is unavailable. Nevertheless, back then the partnership was confirmed by Chainlink on Twitter:\n\n\nSource: Twitter\n\nNowadays, the project shows nothing but a complete lack of activity. The Twitter account once tagged by Chainlink is no longer available, just as the project’s Medium page. A closer look reveals, however, that the platform was renamed to Katal Chain. The stats of the rebranded project are not impressive and its official Telegram group is quite limited in terms of discussions. This doesn't seem to discourage them from promising an ICO next year. Strangely enough, a simple Google search does not reveal any connection between Chainlink and the rebranded Katal Chain.\n\n\n\nThese are not isolated cases. Instead, these examples of dead projects is what the average Chainlink “user” looks like - small, doomed, inactive blockchain project that will most likely never ever make it.\n\n\nConclusion\nMost of Chainlink’s “partnerships” are bogus. These include:\n\nOutright lies about the size and type of the relationships between Chainlink and widely recognizable names like Google, Oracle, and T-Systems\nPure PR stunts where both projects take advantage of basically free coverage, without intention to ever work together\nPay-for-play schemes in which a lender gets the advantage of SmartContract’s deep pockets while Sergey and the LINK investors have access to fiat currencies against their worthless tokens, implying they don’t have to sell (push the price downward)\nA plethora of “integrations” with dead projects\nThe current tokenomics and lack of commercial applications cannot justify LINK’s price. As a result, we recommend short selling LINK with a target price of 7 US cents.\n\nFinally, we would like to thank all Link Marines and retail investors for creating this short selling opportunity. In our next article, we will extensively cover the interrelated Twitter accounts, 4chan and the toxic community behind Chainlink.\n\nDisclosure: We hold a short position on LINK.\n\n\n\n\nOther news:\nChainlink fears competition so much... and they should\n\nThe Aftermath of the \"Liquidate Zeus\" Campaign\n\nWhat Determines the LINK Price: A Crash Course on Economics\n\nWhat Stands Behind Chainlink’s Actual Integrations?\n\nWhy Big DeFi Will Never Use Chainlink\n\nExposing The Chainlink's Army of Paid LINK Marines\n\nIndustry Insider Exposes Chainlink’s \"Partnership-as-a-Marketing\" Scheme\n\nDon’t Let Chainlink’s LINK Manipulation Ruin You\n\n15 Red Flags To Identify a Big Disaster\n\nCopyright © 2019 - 2020 - Zeus Capital LLP. All Rights Reserved.",
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      "permlink": "chainlink-fake-partnerships",
      "title": "Chainlink Fake Partnerships",
      "body": "![ImageCorp_20201018145341.jpg](https://cdn.steemitimages.com/DQmWaKpsMpLiLoZzK8fo65WG5X3kFDdWiZMAtZBK9EkrKvB/ImageCorp_20201018145341.jpg)\na series of blog posts, we will take a closer look at the well-oiled Russian pump-and-dump fraud machine, which made the record high price of the otherwise useless LINK token possible. We should admit that the Chainlink’s team has engineered a state-of-the-art self-fulfilling scheme, allowing them to maintain full control over the price and dump as many tokens to their true believers as they wish while keeping them happy. The system works in the following way:\n\n\n\n1. Meaningless, paid, or grossly overstated partnerships between Chainlink and a number of blockchain and tech companies are constantly conjured up, aiming to give substance to the project.\n\n2. An army of paid “followers” (mostly kids btw) roams the social media. They are promoting the project and hunting down everyone who dares to question the technological advantages, capabilities of the team, or the unsustainably high price (we will take a closer look at Chainlink’s fan base in our next article).\n\n3. The predators reach unprecedented numbers of unsophisticated investors who fall for Chainlink’s mass marketing and buy the token hoping to get rich quickly, without understanding the flawed technology or tokenomics behind it.\n\n4. The steady demand for LINK from naive newcomers is met by SmartContract’s endless reserves sitting on the other end of the transaction. The noise generated and disseminated translates into excellent liquidity, which allows SmartContract to divest as many worthless tokens as they like without affecting the price. The proceedings are then used to generously reward Chainlink’s “partners” and “true” followers.\n\n5. The whole process is repeated again and again, and again, driving exponential price growth.\n\nBy using this seemingly simple scheme, Chainlink managed to turn its otherwise unpretentious 40-million ICO project into a multi-billion behemoth. As more and more people become aware of the fraudulent scheme Chainlink is, we will reach a point where there are no more naive “investors” buying SmartContract’s bullshit, and the price of LINK will fall like a rock.\n\n\nThe \"Partnerships\"\nUndeniably, Chainlink is among the most active crypto projects with more than 140 \"partnerships\" announced to date. A more careful look, however, reveals that the majority of them are highly exaggerated or plain useless. What’s more, there are outright lies about collaborations with leading technology companies or blockchain projects, which never took place.\n\n\n\n\nI. The Game Changers\nBy far, the most effective trick in Chainlink’s arsenal is flashy announcements of “partnerships” with technology giants, such as Google, Oracle, and T-Systems. How does it typically work? A large company is showcasing some of their products (usually via a blog post) and casually mentions Chainlink as a theoretical intermediary in delivering the product to blockchain clients. Remember, Chainlink’s core proposition is to connect APIs with blockchain, so a pretty good number of legacy players can easily be involved. SmartContract and the people behind Chainlink are taking it from there, loudly announcing how #[insert a big tech company's name] is eager to do business with them. It is the game-changer Chainlink’s community waited for so long!\n\nLet’s see it into play. In 2019, Chainlink proudly stated on its landing page that it would be partnering with companies like SWIFT and Google.\n\n\nSource: chain.link as of 13 December 2019\n\nA few months later, there is no reference to either SWIFT or Google on the project’s website. Looking from hindsight, these “announcements” have been part of a cleverly crafted pump and dump scheme, serving as a tool to enrich Chainlink and corporate insiders at the expense of unsophisticated LINK investors.\n\n\nGoogle\nWhen Chainlink announced the “integration” with Google, the price was USD 1.19 per LINK. A few hours later, Google also tweeted, and the price skyrocketed to USD 1.93, up by a staggering 62% in less than 24 hours.\n\n\nSource: Twitter\n\nIndustry-leading outlets deliberately or unintentionally played their role in the process, too:\n\n\nTaking a closer look at the actors, the author of Google’s blog post was Allen Day, Science Advocate at Google. He simply posted an explanation of how Google’s products can interact with decentralized applications using a combination of Ethereum, Google Cloud, and Chainlink — similar to how a client app can interact with a standard database server.\n\nKnowing that the Chainlink community never got the time to critically review the news coming from the supreme master and their beloved project, we will dissect Allen Day’s blog post for them:\n\nRight from the title, Allen makes clear that the focus of the article is use cases of Google Cloud with Ethereum-based applications:\n\n\nIn the opening paragraph, Chainlink is simply mentioned as a necessary yet generic middleware. No hints or statement of a partnership between Google and Chainlink is made:\n\n\nMoving down, Allen talks about the history of smart contracts, how they work, and the freely available public blockchain data available throughout Google Cloud Public Database Program. Chainlink comes into the light once again just to describe how the process works from a technical standpoint. It is presented as a commodity, not a vital element of the infrastructure:\n\n\nNext, Allen talks about three use cases. No mentions of Chainlink whatsoever.\n\nFinally, the conclusion clearly states this is an example of using Google’s product via Chainlink, not the other way round.\n\n\nA mention has never meant a partnership nor an endorsement. Throughout Allen’s article, we are unable to find a single evidence of Google announcing any kind of official collaboration with Chainlink.\n\nTwo weeks later, the rally was further amplified when Coinbase Pro disclosed it would be listing LINK on its platform, lifting the price another 23.30 percent within a few hours. Then, on June 28, Coinbase added the coin to its core platform, inflating the LINK with yet another 104.49% in 24 hours.\n\nTaking a look behind the curtain, AnChain.AI, a blockchain analytics firm, has been vocal about the manipulative nature of the trading activities surrounding LINK’s rapid price appreciation. In their first post, the company argued that a small number of addresses (linked by a common source of ETH gas) have performed a coordinated pump and dump involving LINK 4.2M in the period April 1 to July 26, 2019.\n\nThe second post reviews the on-chain activities surrounding the Coinbase onramp. AnChain found that a group of linked accounts purchased 11 million LINK via Binance between 27 and 29th June. The relation between the accounts is once again the funding ETH addresses.\n\nIn the meantime, 1.4M LINK tokens were transferred to Binance from one of Chainlink’s development addresses. While AnChain is reluctant to conclude that Chainlink’s founding team is related to the price manipulations, we believe that the timing, sophistication, access to extensive resource and information, as well as the outflow of LINK from the development addresses points straight to the people directly related to the project.\n\nThe Google “partnership” is a clear case of the pump-and-dump schemes Chainlink regularly orchestrates. Bold, misleading statements are loudly announced, resulting in euphoria among the Link Marines and retail crypto investors. Blindly believing the “news”, these unsophisticated investors are buying the worthless LINK tokens in bulk without questioning the legitimacy of the information. In the meantime, SmartContract is moving large quantities of LINK to exchanges that are almost instantaneously dumped to their own vulnerable community. Cleverly, though, SmartContract always let the demand outstrip the supply so that the price is going up while everyone is happy.\n\nBut how about the aforementioned Google logo on Chainlink’s landing page? Why was it taken down from the website and other social media? Apparently, Google was not happy playing a role in this Russian scam and kindly asked the project to remove any association between the two from the Internet.\n\n\nOracle\nA month later, another technology giant was listed as a “partner”. This time it was Oracle, and the “collaboration” was in the form of a joint innovation project for startups. Again, the heavily advertised partnership did not go far. The campaign did not have a second cohort of startups, and no successful projects came out of the innovation project.\n\n\nSource: Chainlink and Twitter\n\nActually, there is a much uglier part of the story behind this “partnership”. Fernando Ribeiro, who, according to his Twitter profile, is Principal Solution Architect at Oracle and who is known to be involved in the “partnership” has publicly bragged about holding LINK among other cryptos.\n\n\nSource: CloudEXPO and Fernando Ribeiro’s tweets\n\nEven to people not familiar with what is allowed and what not on the capital markets, such kind of behavior should ring a bell. This is a clear cut case of insider trading in which a bad actor from a large corporation is taking advantage of his/her employer’s brand and collaborate with a bunch of scammers to enrich themselves on behalf of the general investing public. Quite shameful, to say the least. We are wondering whether Oracle will be happy with the behavior of their employee if the case comes to their attention.\n\n\nIntel Corporation\nThe semiconductor giant was also somehow dragged into Chainlink’s pumps and dumps. In an announcement from October 2019, Chainlink explains how its oracles can be used in combination with Intel’s Trusted Compute Framework (TCF) to provide connectivity between on-chain and off-chain environments. However, looking at Intel’s blog post from July 2019, Chainlink is mentioned more as a use case, not as an enabling factor. Intel refers to Chainlink as a potential user of TCF in improving “the integrity of off-chain oracles”. Nothing in Intel’s article points to a partnership in the sense of the technology company using Chainlink, apart from participation in terms of developers along with many other much bigger names.\n\n\nSource: Twitter and Intel\n\nThe pattern is clear: big technology companies explain a product they are working on, briefly mentioning Chainlink’s oracles (this time more as a potential user than an example of integration). Taking full advantage of the opportunity, Chainlink loudly announces a “partnership”, artificially fueling substantial price increases.\n\nIn a desperate move to prevent LINK price crash following the publication of our report, Chainlink started announcing “partnership” after “partnership”. Let’s take a closer look at them as well.\n\n\nFour Major Korean Banks\nA more recent PR trick went even further by hiding behind the shiny facade of a ghost company, to floodlight the community with a “breakthrough” event. Right after our report was published, Chainlink made a big noise about the partnership with CenterPrime, a private hyperledger based chain, feeding foreign exchange rate data network from several major Korean banks. The partner is proudly presented to have “unique” access to the Korean Open Banking APIs, however, a simple Google search for “CenterPrime Korean banks\" returns eight pages of results ONLY about the partnership with Chainlink. Not a single result points to the official page of CenterPrime or any bank affiliations.\n\n\nInterestingly, the official announcement on Twitter does not ping the account of CenterPrime.\n\n\nMaybe this is because CenterPrime Twitter account has just three followers and a single tweet only (of course, about the partnership with Chainlink).\n\n\nTurning to the official website of CenterPrime presented on their Twitter account (centerprime.io is shut down), the partner’s authenticity starts to unravel. Firstly, we notice that the site does not have a Korean version, and the landing page looks as if it has been created in 10 minutes, containing almost no information about the purpose of CenterPrime. In fact, we can safely assume the whole website of this shell company was created in under half an hour, considering the scarce content.\n\nBesides the landing page, there are four others that barely contain any information. Features and Providers present several meaningless “graphs” without information, but with the Chainlink and Google logos in them.\n\n\n\n\n\n\nThe “comprehensive guides and documents” supposed to be found in the Docs are just a bunch of random lines of code hanging in the air, updated months ago.\n\nThe Changelog and Discussions sections are empty.\n\n\nThe blog redirects to the Medium page of CenterPrime which, expectedly, has just one post pertaining to the announced collaboration with Chainlink.\n\nA very good summary of this shallow announcement is found at the end of page 8 of our Google search, which is also the first result not related to the fake partnership.\n\n\n\n\nT-Systems\nThe second recent announcement that fell into the category, which involves a big corporate name was the T-Systems “partnership”:\n\n\nThe announcement drove Chainlink’s fans crazy, yet the effect on the token price was neglectable:\n\n \nAt first glance, Chainlink was once again invincible but what exactly is the partnership about and is it material for Chainlink? T-Systems will simply operate a node in Chainlink’s ecosystem and won’t use its product in any other form:\n\n\nThe statement above clearly says that Chainlink will be a client to T-Systems and not the other way round.\n\nAs thoroughly explained in our report, Chainlink’s problem does not lie in the insufficient number of node operators, but in the lack of network users. Currently, there are more approved operators than are actually needed, which is evident in the particularly low node operator utilization:\n\n\nWhy is there such a lack of balance? Because of the subsidies. Node operators get 1 LINK (approximately $7) for each completed job. This reward is multiple times higher than the operating expenses incurred, which makes it highly profitable for them to be a part of the ecosystem. In this sense, is such a partnership critical for the development of the project? Absolutely not. Why was it announced? To support the LINK price from absolute collapse upon the publication of our report.\n\nUnfortunately for the LINK community, this kind of “news” are also quite rare as all high profile companies seem to try to avoid association with the blockchain star. So what is the alternative? Machinated “news” involving high profile blockchain projects.\n\n\nII. \"Partnerships\" Never Meant to Happen\nThe second type of “partnerships” are those with projects, which apparently cannot be integrated with Chainlink yet are more or less famous in the crypto sphere. Despite the lack of real added value, both projects benefit from the announcement as it acts as a visibility boost. Expectedly, they do not disclose details of the exact nature of the integration, nor how exactly it is going to work. After the announcement and the consequent price movements, the crypto community “forgets” to ask questions about the progress as new PR stunts are hitting the wire. Such a “partnership” includes the one with Ethereum Classic.\n\n\nEthereum Classic\nEthereum Classic and Chainlink presumably partnered in February 2020. ETC Labs did not provide specific information about the projects they planned to develop using Chainlink. Some possible use cases were described, such as integrating blockchain with traditional payment systems, market data, and IoT based insurance data. However, following the announcement no new developments or further details were disclosed. What’s more, Ethereum Classic reannounced the same news in early July. Why would they do that? PR.\n\n\nSource: Twitter (1), Twitter (2)\n\nEverything leads us to conclude that there isn’t anything going on between Chainlink and ETC, at least not yet. And even if something is cooking, this does not automatically imply a real partnership.\n\n\nThe Pay-for-Plays\nMoving on, we have the \"partnerships\" resembling pay-for-play schemes with lending operators, in which the so-called “partner” enjoys Chainlink’s deep pockets while receiving a boost in its presence across the crypto community. In exchange, Chainlink gets some sort of credit line which could be utilized when/if needed. More importantly, the LINK HODLers could access instant liquidity without touching the secondary market. Examples of such symbiosis include Aave, Celsius and Nexo.\n\n\nAave\nChainlink announced its partnership with the decentralized lender Aave in January 2020 on Twitter. The post described Aave as “one of the first DeFi lending protocols to leverage off-chain data for calculating lending rates via decentralized oracles”.\n\n\nSource: Medium, Twitter (1), Twitter (2)\n\nAt the time, Aave was utterly unknown, with just a hundred of thousand dollars locked in its contracts:\n\n\n\nAs the partnership kicked in, Aave quickly entered in exponential growth. What we find interesting is that LINK is the most borrowed asset on the Aave platform, with a total volume of USD 22.9M, which is close to a third of the total borrowed amount. Digging deeper, we found that a substantial amount of LINK has been transferred from this wallet to Aave, while withdrawing stablecoins in return. Assuming these tokens are somehow associated with SmartContract, then the company is able to access instant liquidity without interrupting the secondary market, simultaneously increasing Aave’s visibility.\n\n\nSource: Aave\n\nA proof of the hot relationship between the projects is Aave’s quite emotional reaction to our report:\n\n\nWe are yet to hear which part of our data-supported findings is “garbage”.\n\nOur hypothesis is that Aave is getting the data feeds from Chainlink for free and “manages” a ton of SmartContract’s assets, once again, out of charge. Chainlink is promoting Aave to its community, who can borrow against the LINK token without putting pressure on the price. The result is stratospheric growth for the DeFi project and a new “best partner” for Chainlink.\n\n\nCelsius\nAt the end of March 2020, Chainlink partnered with Celsius Network, another crypto lending platform that will use the Chainlink’s decentralized oracles to strengthen the security and reliability of their lending services. We find these claims comical because the latest crypto crash made it apparent that Celsius’s liquidation policies are not automated. If most of their operations are performed manually, then why would they integrate Chainlink? Because of SmartContract’s deep pockets.\n\nCelsius’s CEO, Alex Mashinsky, revealed that in return to Celsius using Chainlink, they will offer treasury management services to Chainlink, amounting to “several million dollars” worth of cryptocurrency. Additionally, Celsius is paying out weekly interest on their deposits to its partner. At the same time, Chainlink and more importantly, the Link Marines are able “to borrow dollars when they need them so they do not have to sell coins”, meaning Celsius will give Sergey and his cohort fiat when needed. We guess now is a good moment to “borrow” in order to support the falling LINK price. And what will happen if the LINK drops and SmartContract is unable to repay Celsius credit? Their clients will cover the costs we guess.\n\n\nSource: Twitter and Reddit\n\nNexo\nThe latest series “pay-for-play” partnerships happened a few weeks ago when Chainlink announced a partnership with yet another crypto lender - Nexo. What are Nexo’s benefits for adding LINK as a collateral option while “integrating” the decentralized oracles network? Let’s take the benefits it straight from ChainLinkGod, who recently (yet unsuccessfully) pitched Chainlink to MakerDAO:\n\n\nHe proposed DAO to integrate Chainlink for LINK/USD only (giving the limited use case with Set Protocol as an example). In exchange, he promised a visibility boost, taking pride in what Chainlink has done for Aave.\n\nApparently, Nexo has fallen for it. Remember that Nexo is centralized. Why would they need decentralized oracles? And have they or Celsius integrated something at all? To assess what these relationships brought to Chainlink, let’s take a look at on-chain data. The number of calls in the TransferAndCall function has not changed a lot following the announcements:\n\n\nCan we see an increase in the On-chain activities following the “integrations” with Celsius and Nexo? No. These partnerships simply give SmartContracts and the LINK HODLers access to fiat liquidity without the need to touch the secondary market. In exchange, the lending plaforms are promised a visibility boost and access to SmartContract’s deep pockets. We won’t be surprised if Nexo also offers “treasury management services” to Nazarov’s fishy company.\n\n\nIII. The “Flagship” Projects\nSo far, so good but we can almost hear the voices of the Link Marines screaming “What about Chainlink’s flagship projects?! Set Protocol? Synthetix?” The truth is, these projects do not pay for Chainlink’s service at all and/or use the oracles for a very small part of their operations.\n\nChainlink and Set Protocol have been collaboratinged since February 2020. Set Protocol included LINK as an underlying asset for its LINK RSI token set and started using LINK/USD data feed from the Chainlink’s oracles. Although the project offers other sets with other underlying assets which also require price feeds, apparently they are not utilizing Chainlink’s price data:\n\n“For Bitcoin and Ether, we actually work with MakerDAO to utilize their price oracles. For the LINK-USD pricing, we have worked with Chainlink to provide the LINK-USD price. For other oracles like the compound token, we actually build our own oracles—what we call meta oracles—on top.” - Felix Feng, Founder and CEO of Set Protocol in front of Clay from Nomics.\n\nSynthetix, on the other hand, uses Chainlink’s oracles to ensure greater decentralization and security in the pricing of its synthetic assets. However, the trading pairs for which Synthetix uses Chainlink are rather illiquid as they represent a very small percentage of the total traded volume of the exchange. Since December 2019, when the first iteration of the integration with 7 FX trading pairs was announced, no further developments have occurred. Having in mind that Synthetix supports more than 50 trading pairs, this seems like a rather small-scale adoption of Chainlink’s oracles. In its roadmap, Synthetix has further integrations with Chainlink planned, but from the lack of more recent announcements, it is evident that they are at best yet to happen.\n\n\nIV. The Projects that “Diversified” Away from Chainlink\nNext, let’s look at a few projects which chose to work with Chainlink but due to various reasons decided to “diversify” away their data feeds with BAND Protocol.\n\n\nBet Protocol\nIn January, Bet Protocol announced a partnership with Chainlink to provide decentralized Esports and Sports data to its operators. Reading from the press release, “Sportsbook and Esports operators on BetProtocol will have Chainlink oracle integration as an option to receive their odds and data.”\n\n\nSix months into the partnership, BetProtocol announced a new partnership, this time with Band Protocol - one of Chainlink’s major competitors. The functionality of the integration is apparently the same.\n\n\nWhat can be the reason for this? Here are a few quotes from the second press release:\n\n“BetProtocol has chosen Band Protocol as the go-to decentralized oracle solution as they are the only oracle provider allowing our team to create personalized and customizable oracle scripts that are connected to numerous selected credentialed API providers in a scalable, decentralized and highly secure manner.”\n\nThis once again proves our point that Chainlink is not so functional as marketed. In addition, developers describe the network’s integration as “pain in the ass”, claiming that the technical progress of the project is minimal compared to the size of the team and the funding the company managed to secure.\n\n\nICON\nSimilar is the case with ICON - also known as the Korean Ethereum. Six months after announcing its partnership with Chainlink, the project integrates Band Protocol. Wondering what could be the reason? According to Chainlink’s supporters - freedom of choice. According to us - the second option is considered a cheaper and more scalable alternative.\n\n\n\n\nbZx\nBack in February, bZx, the DeFi lending protocol was hacked twice due to faulty oracles. Needless to say, Chainlink was quick to capitalize on this:\n\n\nNow the question that emerges is - weren’t they partners already?\n\n\nMaybe it has been one of those “partnerships” where Chainlink is used for a fraction of the operating activities of the project (reference - Set Protocol).\n\nWhat’s more, almost simultaneously bZx has partnered with Band Protocol in a “diversification” attempt (the more oracles, the better they would say):\n\n\n\nHow can the latter be interpreted? On the one hand, it proves our statement that oracle services are in fact a commodity and there should be many providers, such as Chainlink in the end game. On the other hand, we believe that bZx chose BAND as a key partner because it is much cheaper to run an application on COSMOS than it is on Ethereum.\n\n\nEnigma\nIn December 2019, Chainlink started a collaboration with Enigma, a privacy networks developer. The areas of collaboration were extremely vague, with a short term goal of “exploring” how Chainlink oracles can be integrated with Enigma’s protocol. In May 2020 Enigma dropped Chainlink for Cosmos as it better fits in their ecosystem.\n\n\nCan Kisagun, co-founder of Enigma, said the collaboration between Chainlink and Enigma was based on “getting ETH/ENG pricing for network fee abstraction” for its users. However, Enigma is not working with Ethereum at the moment and has no concrete plan on working with Chainlink, making the collaboration “no longer valid”, Kisagun said in another post, which says enough how blockchain agnostic Chainlink is.\n\n\nV. Chainlink and the Dead Projects\nLast but not least, the vast majority of Chainlink’s \"partnerships\" are with projects that are no longer active.\n\n\nGravel Coin\nGravel Coin, whose initial proposition was to bring together the mining sector and the blockchain technology in order to improve efficiency, supply chain and operations, is a good example. From a closer look at their Twitter page, one can easily see the last activity was on Dec. 26, 2019. Similarly, Gravel Coin’s Telegram community currently consists of 221 members, most of which are inactive together with the admin. The discussion is centered mainly to convince users that the project is not dead. Gravel Coin’s GitHub repository is no different. The project is not even listed on CoinMarketCap.\n\nBack in the days, the GravelCoin was among the favorites for Chainlink’s proponents:\n\n\n\n\nPractically dead, the Chainlink community is now shilling other coins (more on this in our next article) while Gravel is a taboo.\n\n\nClinTex\nClinTex, a solution provider to the pharmaceutical industry, announced that it partnered with Chainlink in July 2018 to enable the transfer from off-chain to on-chain data. The integration was later confirmed by Chainlink on Telegram. However, as community stats reveal, ClinTex seems to be one of those companies which exist but on life support:\n\n\n\nAccording to Alexa Web Rank, the website of the project has had no traction in the past 90 days. The same goes for the Twitter account of ClinTex, which although quite active with a few posts per day, is of little interest to the community as the posts see almost no likes or reshares. Absurdly enough, as of July 28, the project’s latest Twitter post is about its partnership with Chainlink, initially announced 2 years ago:\n\n\nSource: Twitter\n\nApparently, Chainlink is mobilizing all its “partners” to show some support in an attempt to prevent price crash following our report.\n\n\nKatalassos\nIn January 2019, Katalassos, a decentralized platform running a small set of financial contracts, announced that it will integrate Chainlink to provide financial contracts with access to off-chain data feeds. Currently, the link towards the official announcement is unavailable. Nevertheless, back then the partnership was confirmed by Chainlink on Twitter:\n\n\nSource: Twitter\n\nNowadays, the project shows nothing but a complete lack of activity. The Twitter account once tagged by Chainlink is no longer available, just as the project’s Medium page. A closer look reveals, however, that the platform was renamed to Katal Chain. The stats of the rebranded project are not impressive and its official Telegram group is quite limited in terms of discussions. This doesn't seem to discourage them from promising an ICO next year. Strangely enough, a simple Google search does not reveal any connection between Chainlink and the rebranded Katal Chain.\n\n\n\nThese are not isolated cases. Instead, these examples of dead projects is what the average Chainlink “user” looks like - small, doomed, inactive blockchain project that will most likely never ever make it.\n\n\nConclusion\nMost of Chainlink’s “partnerships” are bogus. These include:\n\nOutright lies about the size and type of the relationships between Chainlink and widely recognizable names like Google, Oracle, and T-Systems\nPure PR stunts where both projects take advantage of basically free coverage, without intention to ever work together\nPay-for-play schemes in which a lender gets the advantage of SmartContract’s deep pockets while Sergey and the LINK investors have access to fiat currencies against their worthless tokens, implying they don’t have to sell (push the price downward)\nA plethora of “integrations” with dead projects\nThe current tokenomics and lack of commercial applications cannot justify LINK’s price. As a result, we recommend short selling LINK with a target price of 7 US cents.\n\nFinally, we would like to thank all Link Marines and retail investors for creating this short selling opportunity. In our next article, we will extensively cover the interrelated Twitter accounts, 4chan and the toxic community behind Chainlink.\n\nDisclosure: We hold a short position on LINK.",
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      "permlink": "chainlink-bubble-bust-soon",
      "title": "Chainlink bubble bust soon",
      "body": "![ImageCorp_20201018132039.jpg](https://cdn.steemitimages.com/DQmYbV3rLjgYZBx7SVfj9Q4atVANZ6B5w5dVzorP53yRcsW/ImageCorp_20201018132039.jpg)\n\n\n\"Price is what you pay and value is what you get.\" Warren Buffett\n\nOver the past month, LINK has turned into the most discussed cryptocurrency on social media outstripping both BTC and ETH. The community is debating Chainlink’s integrations, technology and competitors.\n\nHowever, no matter where we start from, the dispute eventually converges towards a passionate fight over LINK’s price. The LINK marines have been particularly sensitive about our intrinsic valuation of their beloved token. How could it be worth a few cents when the price is 15 USD?\n\n\n\nWhat Determines the Price: A Crash Course on Economics\n\n\nPretty much every single transaction is motivated by a simple law of supply and demand, which explains the interaction between willing sellers of a resource/asset/service and the buyers for it. Generally, low supply and high demand increase the price and vice versa. Indeed, holding everything else constant - the higher the price, the fewer buyers are willing to buy and the more sellers are willing to sell.\n\nSupply and demand pull against each other until the market finds a price where the number of sellers exactly meets the number of buyers. We call this an equilibrium price.\n\n\nFinally, the slope of the supply and demand curve/line is determined by the pace of increase/decrease in the number of sellers/buyers for a marginal change in price. On the demand side, if the product is a basic necessity the drop in demand given a price increase will be smaller compared to a product that is not that essential to the buyer. On the supply side, depending on the product and the cost structure, producers might not be able to increase their supply immediately as they need time to react.\n\nTo put it in economic terms, if a small change in price leads to a large difference in the number of buyers, we say that the demand is elastic. Otherwise, the demand is inelastic.\n\n\nUnderstanding the Supply and Demand Dynamics of the LINK Token\nShifting the focus to the LINK token, the supply should ultimately be driven by node operators’ propensity to hold/sell the LINK earned. The demand, on the other hand, comes from Chainlink integrators sourcing LINK to pay for the data requests they are making. In practice, however, the supply and demand are primarily determined by SmartContract, the company behind the Chainlink project.\n\nSitting on a hefty reserve of 350,000,000 LINK created out of thin air, SmartContract is obligingly selling LINK to the Chainlink users at a staggering 90%+ discount. Presented with the options to either buy LINK for 15 USD in an open market transaction or purchase it for less than a dollar, SmartContract is the natural choice. The price, however, is not the only difference between the two options. Each time an integrator takes advantage of SmartContract’s subsidy, a new LINK token is added to the circulation, slowly but firmly putting pressure on the supply side.\n\nLet us explain the process in more details:\n\n\nTo reward the node operators for the work delivered (namely, the data retrieved), each operating user of the Chainlink network needs LINK tokens (remember, it is the only acceptable unit of exchange within the ecosystem). The two sources presented to integrators are either buy LINK from the secondary market (the tokens traded on exchanges like Binance, Huobi, and 1inch) or purchase it directly from SmartContract at a 90% discount.\n\nWhen choosing the obvious option, SmartContract quotes and charges the integrators in USD per job done. At the same time, SmartContract is rewarding node operators in LINK. Where are these LINK coming from? They are newly minted tokens from the reserve that is fully controlled by SmartContract. As more and more jobs are performed, the LINK in circulation is increasing, putting pressure on the supply side of the equation. Hence, the current LINK demand is speculators’ ability to absorb the existing supply and one coming from SmartContract’s reserves. Will integrators start buying LINK from the secondary market anytime soon? No. As calculated in our initial report, considering the current level of Chainlink adoption and assuming aggressive user growth of 5% per month, SmartContract will be the primary seller of LINK at least until August 2027.\n\nNow, let’s focus on the supply. As network activities intensify, the node operators are accumulating more and more LINK tokens. With no incentive to hold them (apart from purely speculative one), it is a matter of when not if these tokens will hit the secondary market and put pressure on price. Do they sell their LINK at the moment? Yes:\n\n1. SmartContract is transferring tokens to addresses that pay the node operators;\n\n2. These addresses are paying the node operators;\n\n3. The node operators are constantly accumulating tokens, that are later sent in chunks to 1 inch, Aave, or Binance.\nThe extra supply/tokens coming in circulation from the reserve is the lesser evil, however. On top of the 350M LINK that should foster adoption, SmartContract also controls 300,000,000 LINK that are meant to fund the development of the project. Unlike Ripple, which has set an escrow in place to limit the XRP that could be released at any given quarter and regularly reports the number of tokens sold out of it, SmartContract has full discretion over the total 300M LINK it will eventually sell. The company cannot be less transparent about the timing, size, and use of these funds when these LINK are sold.\n\nTaking advantage of the on-chain data from the Ethereum ledger, it is evident that SmartContract is regularly transferring 500,000 LINK from a developer’s address to Binance through a series of jump addresses:\n\n\nNow, if users are buying from SmartContract and large quantities of LINK is sold by the founders - who is sitting on the other side of the deal? Where is the demand coming from? Speculators. The overwhelming supply of LINK is absorbed by naive investors who are either:\n\nBuying with an intention to sell LINK to operating users at a higher price (as pointed above), the holding period, in this case, should be 7+ years. Moreover, it is foolish to think that a data retrieval could be worth more than 50 USD, which is the all-in price at the moment, or;\nAre hoping to sell LINK to a bigger fool at an even higher price.\nWe believe the second is the case for the vast majority of LINK HODLers. If so, the ecosystem is a textbook example of a bubble. A modern version of the Dutch tulip mania.\n\n\nLINK Valuation\nRather than throwing unjustified numbers against the wall and see which one sticks, we calculated absolute and relative valuation of the Chainlink service based on adoption, cost of replication and expected yield for the LINK stakers.\n\nThe valuation approach that we find most intuitive to the Chainlink network is related to the highly anticipated staking rewards.\n\n\nRelative Valuation: Staking Rewards as Alternative to Dividend Yields\nAccording to Chainlink’s die-hard fans, the staking feature will be the catalyst that will drive LINK’s price to the moon. Let’s assume for a second that the functionality is live and make some calculations. For simplicity, we will be working with US dollars and assume the price of a LINK is $15.\n\nTo arrive at a fair value of the LINK token, we will be using a variation of the dividend yield model. But first, let’s start with the basics. According to the efficient market hypothesis and the modern finance theory, investors should be rewarded for the risk they take. As it is proverbially said, the higher the risk - the higher the return.\n\nPutting it into figures, the annual yield (this is, the return) of one of the safest assets on earth - the US 3-month treasury bills is just 0.1%. Moving to more risky assets - the expected return for 10-year US treasury bonds is just shy of 0.7% while the implied return for the companies in the S&P 500 composite is slightly higher than 5%.\n\nNow, let’s assume that because of its \"tremendous\" potential and \"limited\" risk, the LINK token holders should be satisfied with just a 3% annual return for their investment in the LINK tokens. What does this mean? There are roughly 400,000,000 LINK in circulation. At a current price of $15 per LINK, the market capitalization of the tokens outstanding is roughly 6 billion USD. To deliver 3% yield, the Chainlink project should generate 180 million USD in staking rewards (the equivalent of dividends).\n\nIf the cost to run a job is assumed to be 2 USD and node operators are distributing 75% of the earnings to the LINK stakers, there should be 120,000,000 job runs per annum. How many job runs are there right now? Slightly more than 2 million for the past 12 months, according to bloxy. Even at a price of 4 USD per call, the LINK token will be 30 times more expensive than its fair value. The approach suggests an intrinsic value range of LINK token between 25 to 50 US cents, implying 96% to 98% downside potential.\n\n\nAbsolute Valuation: Cost of Replication\nIn our primary report on Chainlink, we argue that the service offered by the so-called network of decentralized oracles should be commoditized, as there isn’t much the project could do to differentiate its product. This will inevitably be reflected in the LINK price as users are becoming more and more price-sensitive (those - elastic in economic terms) with each competitor popping up on the oracle scene. And this shouldn’t surprise anyone - if any of the users pay large premiums for the Chainlink service, they will be put in a competitive disadvantage against rivals utilizing cheaper alternatives.\n\nHaving said that, an appropriate valuation method is the cost of replication to which we add a generous premium for Chainlink’s first-mover advantage and brand name/network established.\n\nConsidering the relatively low hardware requirements, a Chainlink node could be run on pretty much each and every personal computer or laptop. Those are available for an upfront investment of less than 300 USD and operating cost of less than 16 cents per day. Assuming we need 7 such \"oracles\", the daily cost of the setup will be 1.11 USD.\n\n\n\nGetting back to node level, at 250% premium to its operating cost, the expected daily node income is 56 cents.\n\n\n\nAssuming relatively good utilization of 150 data retrievals per day and cost of 0.16(6) LINK per job performed, node operators are expected to earn 12.5 LINK per day. Equating the two leads us to the conclusion that the fair value of the LINK token should be less than 5 cents to satisfy the logic above.\n\n\n\nConclusion\nPrice and value are two different things that cannot be further apart than the Chainlink case. We believe that the current price of the LINK token is a result of unjustified hype and a series of market manipulations rather than actual economic activities and prospects the project holds. As such, we remain bearish on LINK.\n\nLast but not least, the next time you place LINK buy orders, recall that Chainlink’s GitHub has around 140-200,000 lines of code (not counting CSS, HTML etc). At current valuation, it comes to 17,500 USD per line of code. Do you think this is a fair price to pay for an open-source protocol with a limited number of doubtful users?",
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      "parent_permlink": "chainlink",
      "author": "xnice",
      "permlink": "exposing-the-chainlink-s-ponzi-scheme",
      "title": "Exposing The Chainlink's Ponzi Scheme",
      "body": "Exposing The Chainlink's Ponzi Scheme\n\nOur in-depth research on Chainlink exposed the technical limitations of the network, its centralized architecture and prohibitively high costs that heavily curtail commercial applications.\n![ImageCorp_20201018114730.jpg](https://cdn.steemitimages.com/DQmSCniRufgentU6jG8ecQ3fMsJcaxmYaZ9cJFnExbP6zKs/ImageCorp_20201018114730.jpg)\n\n\nIn a previous post, we examined how Chainlink uses grossly exaggerated, even fake \"partnerships\" to camouflage its deeply flawed fundamentals and to creatExposing The Chainlink's Ponzi Schemee a sense of legitimacy.\n\nThis would hardly be possible without their faithful to death supporters who make heavy noise around every new announcement, a.k.a PR stunt with no follow through and traction.\n\nBesides playing cheerleaders, the LINK Marines are utilized to attack in swarms when the community feels threatened. Their true face was revealed shortly after we published our report. Instead of addressing the well-formulated points of concern that we raised, the troll task force was quickly mobilized to discredit Zeus Capital in an attempt to shift the focus away from the exposed problems. A world-old, cheap tactic used to avoid answering tough questions. To this date, Chainlink has not come forward with any official counter-arguments. We understand their struggle, as it is quite hard to \"debunk\" findings supported by tons of publicly available data and even previous \"partners\" coming forward to show that Chainlink is an empty shell.\n\nIn this article, we do the dirty work of uncovering how the Link Marines operate through lies and propaganda to keep the Chainlink price bubble inflating.\n\nA Puppet Community\n\n\nBut who are the Link Marines? At the core, there is a self-proclaimed leader group of paid trolls tasked to fabricate a sense of large and engaged community, with the ultimate goal of misleading unsophisticated retail investors into buying more LINK. These puppet \"followers\" create a smokescreen of hype by constantly spamming multiple distribution channels, including Twitter, Reddit, Youtube, and the infamous 4chan message boards, arguably the birthplace of Chainlink.\n\nThe Link Marines are gunpowder for the fictitious partnership fireworks and a driving force of the Russian pump-and-dump machine. Their accounts are connected, all their comments sound the same, their profile pictures are alike. This is a paid XRPArmy on opioids. They have even come up with a ranking, which, of course, is not based on any meaningful contribution to the community, but solely on the amount of LINK held. Naturally, the supreme leader of Chainlink is \"5 Star General\" Sergey Nazarov. It hardly gets any more ridiculous than that.\n\n\n\nNonetheless, the army analogy can serve well for explaining how the Link Marines operate. At a more basic level, the ranking exploits the human need to belong and be accepted in a closed community and effectively encourages new \"recruits\" to accumulate more of the useless LINK and fund \"general\" Sergey’s taste for yachts and expensive condos. Upon command, the puppets are called to arms and attack anyone who threatens the financial wellbeing of the Chainlink founders by exposing their scam scheme.\n\n\nArmy of Sheep\nThe herd instinct is carefully nurtured throughout the Chainlink community. Lines between the self and the group are blurred in order to discourage independent thinking and create a brainwashed mob that obediently follows the orders of \"general\" Sergey. The true Link Marines heavily resist opinions that deviate from the \"universal truth\": Chainlink is the future. Buy Link or stay poor. I am never selling. The result is a loyal army of sheep led by a wolf.\n\nJunkoSuzuki, a \"champion\" of the Chainlink community, establishes the code of conduct: Don’t Read, Never Sell.\n\n\nBlissful ignorance and denial are strongly promoted as a primary reaction when the utility or the unsustainably high price of LINK are called into question.\n\n\nAll criticism of Chainlink, supported by data or not, is immediately cast as FUD designed to rob the LINK holders from their bright future.\n\n\n\n\n\n\n\n\nThe true Link Marine should be concerned with nothing else but Chainlink, Sergey and Big Macs.\n\n\nWe can see from the next tweet, where eating Big Macs and holding LINK should lead to. In reality, however, there could be just one possible end for holding LINK long term - financial ruin.\n\n\nBeyond the comical and infantile \"DR;NS\" (Didn’t Read, Never Selling), lies something more disturbing though. The paid \"missioners\" of Chainlink are building a cult of personality, representing Sergy Nazarov as a god, promising richness to the most faithful followers who keep \"stacking\" LINK no matter what.\n\n\n\n\nSimilarly to the totalitarian regimes, this is made possible by employing various propaganda techniques, especially Big Lie, which was coined by Adolf Hitler to describe a lie so \"colossal\" that no one would believe that someone \"could have the impudence to distort the truth so infamously\". Remember all those fake partnerships, including Google and friends?\n\nThe religious zeal is gradually but firmly established throughout the Chainlink community.\n\n\n\n\n\n\nSuccessful projects are driven by a strong and diverse community, not frog memes and blind believers resembling a sect. Any person with self-respect and a basic level of critical thinking would disassociate from this.\n\n\n\nSeek and Destroy\nChainlink is not a stranger to criticism, often coming from well-known names in the industry. Here are just a handful of examples to give you a perspective:\n\n- Charlie Lee (819.8K followers) grossly disregarded Chainlink for not being anything of importance.\n- Tone Vays (206.1K followers) called it \"Just another shitcoin of the month\".\n- Nic Carter (54K followers) denounced Chainlink as a \"pump and dump\" scheme designed to turn a few 4channers into billionaires.\n- Ryan Selkis (97.1K) used Chainlink as an example that skyrocketing prices can happen even with non-existent \"crypto fundamentals\".\n- Zack Hess described Chainlink as expensive and unsecure.\n- Trader Monk (1.4K followers) highlighted how absurd it is that \"a bunch of sweaty nerds sharing frog memes on the internet\", i.e. the Link Marines, are able to sustain the cosmically high price by playing wanna-be investors.\n\nHow do the LINK Marines react to these \"threats\"?\n\nA true war story. They mobilize almost immediately both to glorify their favorite cryptocurrency and to defend it when someone brave enough questions the legitimacy of this Russian pump-and-dump scheme. The Marines leave near-zero room for people to speak negatively of Chainlink, its native token or \"General\" Nazarov, without going unpunished. Acting like an authoritarian militia, the cumulative effect of their cheap tactics, should not be neglected.\n\nThe very moment a member of the LINK Marines spots a Twitter post, a video, an article or anything that \"demeans\" Chainlink in one way or another, the alarm is raised immediately by pinging the rest with #Chainlink, #Linkmarines and $LINK. The feral troops are simply waiting for a signal. An attack, resembling a hungry flock of vultures descending towards a small hunk of meat, is immediately initiated.\n\nEvery point raised against Chainlink is buried by an onslaught of hateful replies and Frog memes, which, similarly to letters written in blood, are left under every enemy social media post. Pepe the Frog is a trademark of the community, which originated as an innocent cartoon character in 2005, but then turned into an icon for racist and antisemitic movements after being appropriated by the extreme right group called the alt-right. The Anti Defamation League (ADL), a leading anti-hate organization, added the cartoon to their database, placing it alongside the Blood Drop Cross of the Ku Klux Klan and the Nazi’s Swastika. The hate symbol manifests itself in the heavily disproportionate hostility coming from the LINK ranks. At the same time, LINK devotees are not strangers to Nazi ideograms, which, surprisingly or not, are quite popular among 4chan kids. This vile, extreme-right part of the community is slowly but surely destroying Chainlink’s anyway shaken reputation - a phenomenon that wiser or if you want grown-up members also notice.\n\n\nReading through the 4chan comments, it feels that the main purpose of LINK is not to be used as an unit of exchange between node operators and network users but a funding tool for far-right movement and ideologies.\n\nFurthermore, it seems that a good portion of the Chainlink \"investors\" are underaged. Here is a kid promoting the LINK token:\n\n\nHere are some more examples:\n\n\nThis is a well-known scenario that simply repeated itself after we published our research on Chainlink and its fraudulent activities.\n\n\nConsidering how Chainlink consistently uses market manipulation to support the utterly inflated LINK price, we find the threats for legal action quite ironic and amusing. JunkoSuzuki even takes it a step further and intentionally spreads fake information about SEC investigation, which of course, never took place.\n\n\nWe were accused of impersonating a UK consultancy company which was never the case, as we are neither the first nor the last company to use \"Zeus\" in its name. Examples include the Czech-based equity management, the consulting and financial planning company Zeus Capital SA, the open-ended investment company Zeus Capital Sivac, the London-based investment banking boutique Zeus Capital Limited and the Canadian boutique corporate finance firm Zeus Capital LTD.\n\nIt seems that the Link Marines ran out of imagination as they even started to impersonate us through their personal accounts:\n\n\nThen a made-up story of a user called \"Simeon\"/Georgi Dimitrov, allegedly involved in similar \"scams\" before, tried to draw connections between us and Nexo.\n\n\nAll of this was designed to shift the focus away from responding to the disturbing issues that we unearthed.\n\n\n4Chan\nRecently described as \"99% trolling and 1% gold\", the anonymous messaging board 4chan, is quite a controversial topic. Ridiculously enough, this altar of ignorance is slowly but surely turning into the wheel behind the crypto industry. Moreover, it’s known that having a highly active 4chan community translates into a better token performance.\n\n\nChainlink is not an exception and is even considered a byproduct of 4chan users who tirelessly spammed the message boards about Chainlink.\n\n\n\n\n\nThis vigorous activity taking place in a troll breeding ground like 4chan led some to believe that Chainlink was a joke, much like DogeCoin. Far from being funny now, the joke is currently valued at $3.8 billion, creating a massively inflated Ponzi scheme that rests upon PR stunts, market manipulation and a toxic community.\n\nA search result by keywords reveals that Chainlink is still very popular among 4chaners with a total of 11,834 comments, slightly behind Bitcoin, which is a synonym for crypto for the average person around the world. Having Chainlink right next to Bitcoin in terms of search results on 4chan shows how absurdly biased this platform is.\n\n\nData as of July 30, 2020, Source: 4chan\n\nThis fits quite well with the publicly known information that 4channers hold significant amounts of LINK.\n\n \n\n\nThe Coordinated Pump\nOur persistent efforts to expose the deeply fraudulent nature of this Ponzi scheme have created significant downward pressure on LINK’s price, interrupting the inflating bubble. In order to sustain the falling price and divert the attention from our findings, Chainlink released a barrage of new “partnerships” and ordered a mobilized troll attack. This cheap tactic showed only temporary results and when the whole market plummeted on 2nd of August, the Link Marines reached a new low by distorting the market with an orchestrated price pumping.\n\n\n\n\nSo it turns out it wasn’t Zeus Capital who manipulated the market. Remember that we have diligently disclosed our short LINK position right from the beginning and have presented fact based arguments. Neither Chainlink nor its community ever tried to refute our findings. Instead, they turned hostile and started to openly orchestrate coordinated pumps. We let you decide who the bad actor actually is and whose activities are illegal.\n\n\n\n\nConclusion\nThese toxic actors are here to create a false sense of community by hyping up fake partnerships to lure people into buying a worthless token. Unfortunately for them, by replacing logic and argument with hate and aggression, the Link Marines defeat the purpose of their existence by further eroding the legitimacy of the Chainlink house of cards, destined to fail very soon.\n\nWe are here to accelerate this process and protect uninformed investors from massive losses by exposing the true face of the deeply flawed Russian scam scheme called Chainlink.",
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      "body": "Going through the prolonged list of Chainlink’s \"partners\" and \"integrators\", it was apparent that the vast majority of them are neither using the network nor could have any synergies/joint initiatives in the foreseeable future. Three projects stand out, however. Aave, Synthetix and Kava claim that they are using Chainlink for a good portion of their operations. Moreover, they were among the few industry insiders that publicly supported Chainlink following the publication of our initial coverage and extensive analysis of the Chainlink ecosystem: Apparently, there were actual Chainlink users able to pay what we believe are prohibitively high network service fees (the current unsubsidized price is north of $90 per data retrieval) in the highly competitive DeFi world: Maybe $93.3 for tamper-proof price feed from 7-8 pre-selected data aggregators might be too expensive for users not dealing in hundreds of thousands per transaction. \n![ImageCorp_20201018114743.jpg](https://cdn.steemitimages.com/DQmV29chYcoZUBXJk2zDAeQdccDFU58BR1nm3RwmTiEYgSQ/ImageCorp_20201018114743.jpg)\nBut hey, who are we to judge the decisions of the DeFi behemoths and question the truthfulness of their public statements? Maybe our rationale was wrong? Or maybe not. So what do Chainlink, Aave, Sythetix and Kava have in common? The goal to revolutionize the financial industry? We doubt it. The sticking glue of the Chainlink ecosystem is Framework Ventures. Framework Ventures are betting heavily on the growth of decentralized finance (DeFi), with Chainlink and Synthetix being the main investments in their portfolio. The DeFi market is booming in 2020 fueled by the growing support of major exchanges and investors all over the world cashing in on the hype. The perpetual market speculations and the fear of missing out led to skyrocketing valuations, which stand in sharp contrast with the small markets and transactional volume of the DeFi projects. The bubble is inflating, and Framework Ventures are diligently taking part in the process by nurturing an ecosystem of closely connected and dependent on each other DeFi projects. And Chainlink is the central piece. Michael and Vance have put big money on Chainlink back in 2017 and are trying hard to make the best out of it. So what they do is - they purchase tokens from various DeFi’s and then push Chainlink in the project’s agenda while the LINK marines are set to aggressively shill their new friends. Here’s one example: Ironically, concentration is a major concern in the development of the Decentralized Finance and Synthetix is no exception, with nearly 60% of the supply in the top 5 holders. Framework Ventures are actively contributing to this problem, which undermines the trust in the system, and brag to be the largest LINK and SNX holders outside the core development team: The controlling \"interest\" enables them to play an active role in the governance and establish an intertwined closed system of portfolio companies. Of course, creating synergies and market dynamics between portfolio companies is one of the core propositions of the venture capital industry. What we find alarming, though, is that pretty much all Chainlink integrators and supporters have financial ties with a major LINK holder. From clients’ perspective, Synthetix and Aave are dependent on the price feed data provided by Chainlink Oracles and have their hands tight should better and more competitive options emerge. The \"network effect\" created by Framework Capital has positioned Chainlink as an integral part of the closed ecosystem that is not based on a free market economy but internal synergies. Put outside of this orchestrated \"market\", Chainlink is just a financially unfeasible solution with flawed technology that big DeFi projects will never integrate. Apart from the network effect, what else do 'Framework Ventures' offers to its investments? Market-making and hardware infrastructure. This is, once again a great thing: the nascent crypto market needs liquidity and infrastructure to prosper. Unfortunately, in this case behind the \"market-making\" facade stands extensive price support during sell-side pressure (like the one that followed upon publication of our report) and more importantly, plain market manipulation during hours of low liquidity. How does the second work? Market buy orders of magnitude the current liquidity are placed on the exchanges, which results in an excessive slippage and wide price gaps. Next, the price is supported until the Chainlink propaganda machine floods the social media, claiming Chainlink is the future. Eventually, the FOMO kicks in as retail investors and crypto enthusiasts join the party. At this point, there is enough demand so the people behind the manipulation can dump their token at a higher price. Apparently, Chainlink’s institutional investors have invented the perpetuo mobile. Conclusion One of the few real integrations of Chainlink are with Aave and Synthetix. Chainlink enjoys very loud support from both projects, and the reason behind this is a common investor called Framework Ventures who are the largest owner of LINK and SNX, the native tokens of Chainlink and Synthetix. We believe the investment company is nurturing an ecosystem of \"Chainlink users\" to create a false sense of usefulness around Chainlink’s service. The end goal of Framework Ventures is to take full advantage of their massive LINK position. The investments made in Sythetix, Aave and Kava are minimal compared to the price appreciation of their LINK holdings following the integration announcements. Moreover, we believe the team is capitalizing on its trading expertise and capital on disposal so they can control the LINK price and manipulate it in their favor.",
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