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I've always thought the best implementation of ratings would be an 'open-source' approach: make public the raw data that go into calculating the ratings, and allow many people to set up their own algorithms for processing the data into ratings. So users would have a 'Duniho rating' and a 'FIDE rating' and 'McGillicuddy rating' and so on. Then users could choose to pay attention to whichever rating they think is most significant. Over time, studies would become available as to which ratings most accurately predict the outcomes of games, and certain ratings would outcompete others: a free market of ideas.