The Need for Objective Crypto Ratings
I’ll invest in digital assets when I can trust them.
In an era where crypto has hit a bottleneck of trust amidst fraud, more than ever in 2019 we need objective means to judge different altcoins and cryptocurrencies. In an era where Coin telegraph PR (or any of the others) can be bought, and crypto journalism is biased, it’s hard to know who to trust.
From China to Weiss Ratings, everyone has their bias.
Weiss Ratings, an investment rating agency, published their first list of cryptocurrency ratings in Jan. 2018. Operating under China’s Ministry of Industry and Information Technology, CCID first launched its monthly crypto ratings report in May 2018. So where does this leave us? We’re still manufacturing hype and fake traffic related to crypto projects. We’re still using airdrops in an incentivize mechanism that essentially turns investors into traffic bots (entirely fake traffic).
With regulation in crypto, ICOs and how blockchain startups fund themselves in such confusion and disarray, how can consumers trust Bitcoin or cryptoeconomic incentives or even dApps for that matter more? If we counted on the SEC, we’d be waiting forever.
In 2019, blockchain enterprise adoption in the Cloud and in banking is overtaking the progress of public blockchains and cryptocurrency prices. Just when blockchain engineers were some of the most in demand software developers, startups have been letting off staff in record numbers. Crypto hype has been essentially killed in the mainstream media with Bitcoin’s crypto winter. This was probably a manipulated event. It doesn’t help that objectivity in crypto is so lacking.
Dr. Martin Weiss established Weiss Research, a firm focused on equipping investors with relevant information and tools for decision-making; Weiss Ratings, an agency providing independent ratings of investment products.
“Objective independent rating systems are sorely needed to empower individual and institutional investors to help cut through hype and fear — to identify the truly promising cryptocurrencies.”
Weiss added that the Weiss rating system for cryptocurrencies was not created only for investors, but for all stakeholders — including users, sponsors, developers, miners and token issuers. In recent times Dapp ecoystems also have more ways to track that evolving ecosystem with RatingDapp (Twitter), Dapp.com (Twitter), and DappRadar (Twitter).
Meta Analysis of Crypto Rating Systems
What is missing for me is a meta analysis of all of these sites that doesn’t just popularize the price of altcoins like coinmarketcap has, but has actual ratings on the various projects that’s trust-worthy and takes into account all of these biases. I have a feeling Bakkt or Fidelity Digital Asset Services will hopefully do something along these lines.
In a world without objective criteria and crypto ratings on blockchain startups, we literally mistake hype and misinformed content has real representations of these products. This leaves investors more prone to fraud and picking projects that have very low probabilities of delivering ROI. I’ve written about this before.
The Stablecoin renaissance of 2020 from internal centralized blockchain walled gardens is going to feel very different. But it will create another important layer of cryptoeconomics on the existing systems. Facebook and JP Morgan and IBM can drive stablecoin adoption. The move of the Western internet towards privacy, walled gardens and crypto is as real as Apple, Facebook, Square and Amazon’s future.
So we are in a transition to the future adoption of blockchain and a more cryptoeconomic friendly world. The token economy and peer-to-peer stablecoins is just part of how the future of the internet will work. I continue to blog about this because as a futurist, I think it’s important. I think the current economic models are not working for young people today.
Crypto articles on crypto prices are pure spam. The crypto publications are cash-cows of the most corrupt kind. If we are to trust crypto again we need more objective crypto ratings and I have a distinct impression such things don’t exist yet. Sorry but I don’t actually trust Binance to give us accurate peer-to-peer ratings on crypto projects. What about cryptocompare?
The Weiss Crypto Ratings do seem like a more professional attempt to rank and rate altcoins. If I’m a real investor, that’s what I need. I need a source I can actually trust. It’s 2019, is that so much to ask?
What are your favorite cryptocurreny ratings and research sites?