One of the things that the crypto world didn't have so far was a rating agency. You know, that thing that gets up every once in a while and tells you which asset is risky and why.
To be honest, I didn't even notice the crypto space doesn't have a rating agency and I'm pretty sure we could have done better without it. As a matter of fact, the crypto world went on quite nicely for nine years without one.
Oh, and the reason I don't really like rating agencies is very simple: they're centralized. They represent in, and by themselves, unique points of failure. They're fallible and we all saw how ratings could be bought and faked during the 2008 crisis.
Anyways, since the first crypto rating agency is already here, going by the name Weiss Cryptocurrency Ratings, maybe it's better to just cope with it, instead of stepping back in denial.
So, Weiss Cryptocurrency Ratings released a few hours ago their first ratings and, surprise-surprise, STEEM is doing quite well. It's quoted as a "B-", which means "fair", whereas the Darth Vader of crypto, Bitcoin itself, gets a shameful "C+". There are algorithms and stuff on the website to tell you how this is calculated and what exactly means, so if you're curious, go ahead and have a look. Ethereum, by the way, gets a full "B".
The major outcome of this news is that STEEM spiked hard, on significant volume and, something I consider way more important than some volatile news, it spiked in a decoupled way from SBD (which means this is fresh money coming in). I think it's probably the first time in the last two months when STEEM spikes first and then SBD tries to follow.
As always, take this rating stuff with a bit of salt. Especially when it's positive.
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Ratings agencies theoretically have a reputation to protect and if they do a bad job, people stop paying attention to them - like what happened after the 2008 debacle. It worked well for years and years before that, so the conclusion might be that they were all caught off guard once after a very long time having done a good job. In any event, the long and the short of what I want to say is that they have a vested interest in being right, and if Weiss Cryptocurrency Ratings wants to be successful, it'd be a good idea for them to give investors good and accurate ratings.
If they do their job right, I think it'll be one of the best things to ever happened to crypto. In fact, I'll even go so far as to say "it's about time"!
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I was kinda confused at ranking EOS a B. I like EOS, but don't think it deserves a B yet.
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It is backed by a successful @dan, but it's still just an ERC20 token without a mainnet. That's why I said about the salt...
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Agreed about dan and agreed about the salt, but just offering my thoughts lol.
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So if EOS is rated higher than why is it not going up as much as Steem? I must have missed something.
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I think Steem is just undervalued in general.
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Good info! Where did you find out about the Weiss rating?
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7 hours ago
It's all about who you follow.
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Good job :)
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Well, on the internet. You'll be surprised how much stuff is there...
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lol
https://steemit.com/cryptocurrency/@cryptobobby/steem-ranked-5-best-crypto-by-weiss-ratings-top-crypto-rated-by-weiss-ratings
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Well maybe more people will hear about Steem from the rating reports all over the place...
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Rating agency - new centralize way yo manipulate prices in crypto world.
I can say why I understand EOS is good but Ether? It has PoW based algorithm, scales badly and most of the times the blockchain has unconfirmed transactions (not to mention about fees). So yep, good choice, I can see the objectivity of these :))
PS: I may be just a hater this time, but what if I am right?
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Good news! I share your view on the issues with rating agencies and their corruption leading up to the GFC is unforgivable in my book.
But this is a sign of a maturing market and if they do a half decent job this could be a good thing. If it's corrupted it could be yet another tool for market manipulation. I'll have to check the ratings and see if I agree.
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I'm curious where this pump will lead to in terms of price, maybe a new all time high?
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I hope rather than being a spike it is a significant trend upward that will continue all year until we finally hit somewhere around $60 or maybe even $100.
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nice to see STEEM move on its own instead of with the general drift of cryptos (-:
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Dang and I was trying to save enough btc to buy some more steem. It seems to be mooning.
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Steem is here to stay😎
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Thx for the info,i think steem had already a great impact of the world,and it's impossible to anyone to stop it from growing,as the same as facebook
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It can be a useful tool, having a rating on the cryptos.
I don't know if it's worth 450$/year, that is their discounted price for early subscription
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This is good news for steem
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steem to the moon !
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With your help I find the information quickly
Thanks !
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I agree with you, Steem has a very nice graphic.
Promising for the future
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I find it very positive, and the market shows it, Steem is up which is the best news I've had today.
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they just spiked the hell lot of it and did a great thing to take it to the mainstream :D
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