I'm writing this thread to evangelize RSR to those who hold LINK but not RSR. That means I assume: - you've already DYOR on LINK (thus I won't explain oracles, staking, etc). - you want a conceptual overview of RSR (thus I won't try to shill you on the team, the listing breadcrumbs, the investors, etc). Right now we're seeing an explosion of value in LINK's value due to a mix of speculation, partnered nodes, and real world use in the DeFi bubble. For those of you who were around in 2017, you'll recall this being similar to ETH's role in the ICO explosion. Now if we're honest with ourselves, there's another similarity to 2017: pretty much all of these DeFi projects, and DeFi as a whole, are completely worthless. I'll stop short of calling them "scams," but even if these projects 100% deliver on their goals, no one really needs stuff like "decentralized loans." Not even techies are interested in this stuff! Don't take it from me - search Hacker News for any DeFi-related term for a pulse check on how little anyone outside of moonboys care about this stuff (and no, that does not mean "we're still so early").
Enough about LINK for the moment. If you step away from speculation/euphoria brain and think about this from a complete outsider's perspective, you'll notice that the blockchain ecosystem has four main "real" value propositions over centralized finance technologies (this includes conventional fiat currencies): 1. Freedom from censorship (no one can block your transactions) 2. Privacy (fungible digital replacement for cash) 3. Low-fee day-to-day transactions and remittances 4. Trustless store of value Note that I do NOT include "decentralization," "open ledger," "programmability," "application support" etc above. These are implementation details. No one says "if only my bank transactions were decentralized, programmable and transparent!" These things only matter insofar as they support real-world use-cases like the ones described above. So let's think about which coins actually support these use-cases currently. I'll ignore #1 because pretty every coin or token has freedom from censorship (with some notable exceptions). Number 2, privacy/fungibility, is interesting: not every coin needs it, but there will always be a darknet and that means things like Monero will always have a niche. Note though that this implies nothing about their tokenomics - e.g. Monero's are pretty much the same as Bitcoin's (PoW/scarcity creating upward pressure) but the inconvenience of the technology plus the lower relative volume means it's not really a great bet for the crazy ass pumps you can get from other coins.
2/4
Brayden Nguyen
Now let's talk about #3 and #4 because here's where things get interesting. The first time I ever learned about RSR was February of last year, when I wrote this thread: warosu.org/biz/thread/12832566 Since that's pretty tl;dr - I basically did a mental exercise of "using Chainlink, wouldn't it be possible to create a truly decentralized stablecoin, the price of which is anchored not to fiat currencies but to the relative worth of commodities in developed nations?" Now think back for a moment to February 2019. My frame of reference at that time was basically Brexit and the Eurozone crisis - who would want to anchor a stablecoin to a single national currency, or even multiple national currencies, if shock political events could cause them to go up and down in value? Of course, there's always USD, but... Are you getting the picture? If I'm living in Buenos Aires or Caracas or Beirut and: - need somewhere to store my salary and make payments - want to avoid getting fucked by forex rates - want to avoid getting fucked by government currency regulations - want to avoid obvious scams like Tether - want to avoid getting my funds locked if Coinbase gets hacked, goes under, changes hands and stops working with my region, gets under US pressure, etc etc - want to make my savings resilient against fluctuations in the price of USD/EUR/GBP/etc when COVID (or some future event) threatens to completely wreck asset markets what are my options?
3/4
Matthew Ross
LINK & RSR community supports GIZEM FEET
Blake Brown
This is the problem RSR/RSV is trying to solve: a *truly* decentralized currency making use of fiat, commodity and asset value data feeds (supplied by Chainlink) to be *truly* resilient against value depreciation AND be suitable for everyday exchanges. This thread is long enough as it is, so I won't get into further details on how RSR works to stabilize RSV, how arbitrage works, etc. Your main takeaway as a LINK holder at this point should be that RSR/RSV: - make LINK more useful than any project going in DeFi right now - will realize the full potential of the blockchain in a way no other project ever has and this is before getting into the team, investors, etc.
4/4
Michael Bailey
bump for interest
Josiah Price
Good post
>t. 800k holder
Wyatt Russell
RSR could be huge if the team can pull it off 100k is suicide stack
Gabriel Richardson
The whole basket of commodities thing is awkward to me. I know it will be better than the USD peg, but commodities fluctuate as well. I know this project is way beyond my feeble brain, but I do hold some and do understand that if this works, it will be massive on a scale we can't comprehend.
Their aim is to get a basket of low volatility commodities with the idea that some will fluctuate up, some down, but it will be averaged out.
Camden Davis
Even the founders concede this is a really hard problem to reason through, technically and conceptually. That's because it's never been tried before. The important thing to keep in mind is that if the team achieves even a small subset of its goals, the "main takeaways" I named above are still true and that means great things for both LINK and RSR holders.
It's curling downward. Get ready to buy at a great price. Looking on the daily, I say the next 2-3 candles will be its new support. That's where you wanna buy.
Isaac Martinez
I hope you are right OP. I hold 500k, idk what I would do if if this shit actually reached LINK heights (or even half as much).
