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RE: Weiss Report On STEEM: All Strengths With One Weakness: BASICALLY STEEM IS THE BEST TOKEN BUY OUT THERE
To be honest, I was initially sceptical of the Weiss rankings, as the way they were initially publicised made it seem like they were releasing analysis on crypto to gain an audience for other offerings.
I have since reviewed their methodology, and while it's not perfect, it has a very good chance of picking the long-term winners. That Steem gets such a good grade is very bullish for the long term.
I am the same, sceptical about the company (Weiss) and the whole idea. Mostly for those reasons:
Weiss ranking system was not clear, as even Bitcoin which was around for 9 years, was not ranked No1 coin. Not to mention such projects as Ethereum, Dash, Monero. NEO.
The whole ranking idea is good, but the criterias can be biased. Some of the coins have been around for too short time to compare them one to another.
Some can say, that the best rating system is market capitalisation. But once again, this is not correct, as empty and useless projects can be just pumped up, with small volumes. And market price will be determined higher that the true value of the project.
My personal opinion: the most important are two factors when it comes to cryptos: 1) how viable is the project, if it is needed and what problems solves etc. 2) How the project makes money. Because this determines the growth and demand of the project.
Time will show, if Weiss ratings is a useful tool for evaluations.
It does not matter what they write right now. They understand that 99% of all crypto are scam. As we all do. And this is the best they could do. The most important thing is that somebody started doing it. They are building their brand on cryptos.
Very good points. As you say, time will tell.
I've thought about making a Steem plugin to determining the value of a cryptocurrency. It seems like something this community would be perfect for.
API to show current prices or some quantitative valuation tool?