This Week in Tweets
Last week, we had an opportunity to get one of our analysts, Alex Benfield, featured on MarketWatch, discussing the Bitcoin (BTC, Tech/Adoption Grade “A-”) energy expenditure:
June 2, 2021
His stance was closely aligned with what the rest of our analysts think: The fear, uncertainty and doubt (FUD) surrounding Bitcoinmining’s energy consumption is the result of mainstream journalists reporting on something they don’t fully understand.
Bitcoin is not the boogeyman here. Rather, it’s the foundation for crypto as we know it today. We hope to have cleared some of the confusion concerning BTC energy expenditure among traditional investors ... and to have accelerated mainstream adoption of BTC — even if only by a tiny bit. I’m glad our Twitter, Inc. (NYSE: TWTR) community understands this, as the tweet simply linking to the MarketWatch article ended up being one of the top five tweets for this week.
The most popular tweet this week was the one in which we voiced our support for Cardano (ADA, Tech/Adoption Grade “B-”) and crypto in general. We wrote:
Perpetual debasement of fiat money is another reason #crypto will take over the traditional space. Crypto assets are not only led by cutting-edge innovation, but also the dire need for an alternative to the traditional system. You could not ask for a better set of fundamentals.— Weiss Crypto (@WeissCrypto) June 1, 2021
While many of the followers cheered at our continued support of Cardano, the others were wondering as to why our ratings don’t reflect our rather positive stance on the asset.
We receive this question frequently for numerous assets, and the answer is the same each time: Our ratings system is automated and based on a series of metrics that need to improve in order for the grade to go higher. If you want to learn more about how we rate crypto assets, please see our About page, which has a detailed breakdown of the parameters we use for our crypto ratings.
Our next most popular tweet was based on our rather negative outlook on Binance Smart Chain (BSC). Our analysts have found several important issues hampering its consensus algorithm and due to those problems, as well as several other concerns, we weren’t too optimistic concerning its place in the crypto race:
$BSC is a rushed #ETH copycat powered by a lackluster consensus algorithm. It's only a matter of time before more technically robust projects like $ADA or $MATIC take over in market cap terms.#ADA #MATIC— Weiss Crypto (@WeissCrypto) June 2, 2021
We were looking forward to some constructive criticism but instead got a slew of suggestions on which would be the next coin we should take a look at. To our eager followers and commenters, we say, “rest assured.” We’re always on the lookout for best-performing cryptos, as well as underdogs with the most upside potential.
Having said that, thank you for your feedback, and please keep it coming!
I’ll finish this weekly review a bit differently ... by focusing on the LEAST engaging item on my list: a tweet about the Polygon (MATIC) network:
We're starting to see a trend forming with the growing adoption of Polygon. Have you tried out the Polygon network yet?— Weiss Crypto (@WeissCrypto) June 1, 2021
We’ve first recommended this token a month ago to our premium subscribers. MATIC has remained strong in that time, showing extreme resilience in the face of the broad-market sell-off and becoming one of the rare “greens” in the sea of red.
The project has strong fundamentals, and we’re a bit disheartened to see that our followers remain skeptical of it. In our eyes, MATIC still has outstanding upside potential. We can only hope your stance changes in the future.
Do you have comments? Questions? Let us know by using #WeissCryptoAlert or #WCA, and we’ll respond directly on Twitter, as well as in our next weekly Twitter review.
Until then, stay safe and trade smart.