The general idea of producing ratings isn't bad, but I agree those are garbage. First, it is way too early to come up with any kind of reliable rating. Second, centralized rating agencies failed in the past big time and, hence, a decentralized rating agency might be a better solution. Then again, what is a decentralized rating agency? To me, that concept sounds very similar to the market itself driven by supply and demand. A centralized rating agency just puts an artificial price tag to an asset. Maybe prediction markets are the future rating agencies.