Solume’s Weekly Crypto Digest #3
Hi and thanks for following Solume.io! While market is recovering from last week’s bloodbath, check out this new edition of our Crypto Digest!
Ethereum is The New Bitcoin
“The Weiss rating is what happens when traditional bankers think they understand crypto.” —Ran Neuner twitted. And you can be sure, he wasn’t alone in this wave of outrage over the recently published first-ever rating of 74 cryptocurrencies from Weiss Ratings.
So what’s the madness behind it?
- None of cryptocurrencies received A “excellent” rating.
- Bitcoin gets C+ “fair” rating, as well as DASH and ARK.
- The only coins rated B “good” are Ethereum and EOS.
- Cardano with yet-to-be-released product gets B-, as well as STEEM which enjoys growing adoption of its Steemit platform.
- Ripple received “fair” C rank along with Dogecoin that initially was launched as a Joke Coin.
- Electroneum with plagiazed whitepaper gets C-, while Monero is rated C.
Weiss based their ranking on four factors: risk, reward, technology, and fundamental aspects of adoption and security. But if Weiss are so smart, they have known they had it coming from the crypto community:
But jokes aside, Charles Hoskinson from IOHK tweeted:
Some of the ranks were surprising, and social volume for featured coins went up 200%. Take EOS for an example here:
The strongest reaction without a doubt came from James Clayton who decided to take matters in his own hands and release his very own version of crypto rating awarding nine coins, including Bitcoin, Ethereum and Monero, with the highest A rating. Very generous of you James!
What are your thoughts? Are you a Weiss’ or a James’? Please comment below.
Bitcoin.org Update — The Latest BTC — BCH Drama
Since Bitcoin first hard forked in 2017, we’ve seen millions of “what-real-bitcoin-is” discussions between Bitcoin Core and Bitcoin Cash holders. Seems that pointing out slow transactions, poor adoption, high fees, lack of decentralization, etc never gets old in crypto.
This week the world has seen another page of the BTC vs BCH saga. On Monday, users spotted minor update on Bitcoin.org, that eliminated “fast transactions” and “low fees” part of BTC’s features.
Fair enough, Bitcoin’s transactions fees have been extremely high, and strong emphasis webside had made on “fast and cheap” operation doesn’t seem to meet the reality anymore.
Minor website update sparked major reaction in social media.
And here we go again:
Despite the fact that now description on the website is less misleading, social media voices still have something to complain about:
BTC supporters however pin their hopes on upcoming Lighting Network proposed as a solution to the Bitcoin scalability problems and said to be capable of millions to billions of transactions per second across the network at a low transaction fee.
Throughout this entire mess, our algorithms successfully spotted a 64% growth in BTC’s social volume:
The Dogecoin’s Story
If you’re around crypto for a while, you’ve probably also wondered what is up with that coin with a dog logo.
Started off as a meme-based joke coin, Doge unsurprisingly got lots of love from the crypto community (and a lot of humor, too). It’s supposed to be a fun and easy to use internet currency. And that’s it. There is a strong philosophy behind the coin: “1 Doge = 1 Doge, so why worry about USD/BTC exchange rates?”. And there is a strong community responsible for bringing much value to the coin. Such wow.
Despite the joke, Doge broke 2-billion market cap on early January. Later on, it lost more than half of its value during the last week horror show and is now touching 800M.
Feel like you need some Doges in your crypto pocket? That’s how you get them:
- Buy them on one of the exchanges
- Mine them
- Get tipped in Goges.
According to our data, Dogecoin’s social volume reached amazing 2235 points on January, 8, which brought it to our hot TOP 5 for a few days (just check out the chart below).
Thanks for reading! Don’t forget to follow us on Twitter and have a great weekend!
Community Manager at Solume.io