4/ The second makes an agency untenable. It takes a diverse team and long time to analyze a single project. Developing expertise takes time.
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5/ Analysts that would be able to properly rate ICOs can make much more money investing or advising projects instead. Leads to turnover.
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6/ (I extended offers to three analysts while running CoinDesk. Two are starting funds, the third an advisory business.)
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7/ Finally there's the pace of change at the projects themselves. Impossible to predict how a white paper will evolve. All depends on team.
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8/ If you're an agency, can you make good qualitative assumptions about crypto team strength? You probably would've shorted the 19 year old.
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9/ But he assembled amazing talent, led through a hard fork & massive hacks, and intends to switch monetary policy *and* consensus algo.
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10/ Ethereum failed a lot of my ratings agency tests, for sure. Now it's $20bn+
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11/ Instead, there is a LOT of information that can be consolidated and organized more effectively, and with relatively little effort.
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12/ Things like annual inflation rates and monetary supply curves, corporate treasury policies, etc. can be aggregated if they are demanded.
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13/ It just takes a bit of collective effort to set standards and do the valuable work that might not necessarily pay out.
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Agree except for the part about ETH being fairly valued. Market can stay irrational for a long time. ETH = all hype, little substance.
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