China Releases New Crypto Ratings - Steem 7th!
It can be quite entertaining to see financial and government institutions give their two satoshis on crypto
This year alone we've had the Weiss rating of B- which put us in their top 5. Then came along the Chinese government which placed bitcoin as 10th, causing a major uproar among Bitcoin maximalists. Personally, steem not being first place was a bit disappointing.
Well, if you were one of those people who didn't like the first rating released by the Chinese, they've now revised their ratings and they're now way more realistic! Cough kinda cough.
The first thing that becomes very obvious to me is their heavy weighting on the importance of smart contracts and centralization which makes more sense as to why Bitcoin has been rated so low.
Bitcoin
I believe this has been rated far too low, especially in the Application section (14.9). Just look at the Application section of Verge (15.7), a currency which recently lost $18 Million worth of tokens thanks to a 51% attack. Then you remember Bitcoin has trading pairs with every single coin on exchanges and is used as an investment vehicle/store of value... Does it really have no applications?
Also, the Innovation score for BTC has been ramped up appropriately as a gesture of goodwill, but it is clear that the Chinese government is prioritizing current rather than past innovation.
Bitcoin Cash
28! If only I could see Roger Ver's face right now! All in all, BCH isn't a bad coin, it likely doesn't fit the Chinese priorities very well, but made it to 28th thanks to its high market cap and relatively large support base. But don't feel bad Bitcoin Cash fans! The original fork of Bitcoin core (Litecoin) only made it to 24th.
EOS
EOS fans, just be glad the Chinese don't care about mishaps such as launch failures, centralisation and censorship. I will be honest though, I'm an EOS HODLer myself and the technology is impressive (it's almost the same tech we have here at Steem and over at Bitshares - just better received).
Mind, I didn't even realize they'd finally got their mainnet working.
Steem
I'm not gonna lie, this has massively pissed me off! Who gave steem the lowest application score?! Let me just pick a random example, NANO.
NANO's main distinguishing features are that there are no transaction fees, low latency and no block size problem which improves scalability. Cool, so innovation and tech are right up there. But how many people actually use NANO to send and receive payments? Or use it on a daily basis? Not many.
My point is that Steem's application is built in, it's obvious, it's always growing and it's lightyears ahead of any other blockchain. Even Ethereum has less application than steem, seeing as it cannot scale in the face of a couple of stupid dApp games.
