Forget Crypto ratings... the best tech doesn't always win!

in cryptocurrency •  4 months ago 


betamax-vs-vhs.jpg

So the Center for Information and Industry Development (CCID)( https://news.bitcoin.com/china-rankings-37-crypto-projects/) in China released the 13th update of its crypto project rankings yesterday.

The ranking had Bitcoin outside the top ten, in eleventh place, with EOS top of the rankings. Steem was above Bitcoin, in 9th however down from 4th where it was rated in May.

I'm really not a fan of the various ranking systems that are out there. Weiss Crypto Rating being another one.

In the case of CCID, looking at their criteria, it appears heavily weighted in favour of 'basic tech'. For me, this misses the point. Cryptocurrency and blockchain technology is more than basic technology.

The CCID appears to not take into account critical components of cryptocurrency, such as decentralisation and security. It completely ignore market sentiment and network effect.

If we learn anything from the history of technological battles, e.g Betmax vs VHS, the winner is often the one that is 'just good enough'. It is very difficult to do a rating system based on that criterion!

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Sad to see that their rating system is moving in this direction. Any idea of the motivation behind this ratings slant? Do they benefit or dies it glorify a Chinese state sponsored entity?

I've no idea. I wouldn't be surprised if they were intending to be genuinely useful. However, for me, the criteria are off. It is like judging a footballer's ability purely on how fast he can sprint. It isn't that simple.

🙂🤔

  ·  4 months ago (edited)

Absolutely, betamax is something I remember. Watching my favourite film when I was 8 years old 'the labarynth' over and over again. Until, no one stocked any of the videos for that technology.

We still have our betamax video player in the attic at my mum's house... with a box of videos that I get out and watch now and again. It's important to recognise that even though the technology became redundant, you can still use it if you want. Scart lead, 4:3 ratio on the TV... and I'm watching labarynth' or 'time bandits' on the same sofa I did 30 years ago 🙂

Who knows what blockchain I'll be accessing in 30 years, with the same feeling of nostalgia and grainy screen time 😉

I suspect more blockchains than we imagine will be up and running in 30 years time. Probably supported by a handful of nodes, as people's 'pet projects'. Occasionally, someone will fire up a wallet, and send a transaction or two... for nostalgia sake!

Improving the network effect is always something to take seriously. 3speak.online uses Sia, another blockchain project for video storage. Multi-chain apps are a great way to ramp up the network effect.

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  ·  4 months ago (edited)

Totally Agree! Damn, you had to say Betamax... brings back memories! haha

Remember blue-ray vs HD DVD? Now it’s all streaming 🤣

Remember blue-ray vs HD DVD? Now it’s all streaming

Yep, no-one cares if Blue-ray is better quality than streaming... Streaming is 'good enough' for most. With 10 times the convenience.

Apart from even the CCID ratings, I think when we generalize ratings all over the world, we'd find out that they're hardly a reflection of all round adjudication of altruism. They hardly reflect stats, reflects fact or even whats matters, infact the rating may be simply based on market value for all we know, and the fact that Steem is making the breakthrough of the century in blockchain and dapp is hardly recognised or reckoned with. I still think they can do better. Cuz I wonder what was their basis for steem's drop on the ratings. EOS and all the noise really I still don't think they're real winners. Damn the ratings

Damn the ratings

Lol... no-one likes ratings that doesn't show them what they want to see!

Exactly really, at least consider the things that matters really.

Exactly really,
At least consider the things
That matters really.

                 - josediccus


I'm a bot. I detect haiku.

I feel like crypto is in the time frame between single colour DVD's and multi-coloured DVD's. That wonderful year where many of us wasted our money on Laserdisks players and started throwing out our LP's to make room for the similarly sized LD's.

Multi-coloured DVD's won the technology battle, but now LP's are back in fashion - turntables can now plug into USB... but I digress.

We won't know who is the winner until long after the race is complete.

STEEM far exceeds these standards.. 3rd gen blockchain for sure!

That sounds super sketch they are probably EOS bag holders lol

I think the only way I can see this happening is if people end up using BTC without actually knowing about it, through btc being what a new national currency is backed by for example. Or prehaps national ID being validated by blockchain. I guess a pension fund buying in would mean technically everyone in the fund had some exposure so if we consider things like that it sounds more plausable.

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