It's all a crock of shit and makes a mockery of boxing. It's practically impossible to take this sport seriously anymore. Every fighter seems to have a strap of some kind or other. It's meaningless.
I follow the fighters that interest me and beyond that I really pay no attention to the belts involved. The system is all in my head, I know who the best fighters in any division are and a meaningless strap has no bearing upon that. "Oh, Joe Bloggs was a 20 division champion, he is so great". It's meaningless and really doesn't mean anything anymore.
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