The much acclaimed US Agency Weiss Ratings, issued a first of cryptocurrency ratings. While already there is much buzz on Bitcoin, Ethereum, etc, this ratings validate their values and standing in the market. The hype of these ratings was so high, that the site initially crashed to the onslaught of the unpredictable number of visitors!
Once the initial rush subsided, the agency released information that there were several attempts from Korea to undertake service attacks on the site, hours before the ratings were to be released. The agency further stated that the Korean social media was also abuzz with FUD (Fear, Uncertainty and Doubt) as they feared a low or a negative ranking on certain Cryptocurrencies. The few hackers that did manage to break into the site stole information and posted a distorted version of it on social media.
The founder of this company, Martin D Weiss, a PhD from Columbia University, has previously released ratings on Banks, Insurers and Saving Associates. He and his team, is notorious for its strict ratings even though it is technically an independent financial ratings agency. They rate based on a computer model that is aimed on four merits.
- Fundamental aspects of Adoption and Security.
Keeping these criterias in mind, they have listed 74 of the top cryptocurrencies ratings.
Image Source: weissratings
In a turn of events, Bitcoin has been given a comparatively a lower rating than Ethereum. Before the inbox of the agency could be bombarded with zillions of hate mail, they were quick to justify this decision in a released issued by them. They said, “ (Bitcoin is) encountering major network bottlenecks, causing delays and high transaction costs” They further stated that “ Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”
Another shocker from the list, was that, not even a single currency was given an ‘A’ grade. They justified with the reason, that more than their technology, it was the adaptability of the currency in a marketplace where its tradeability comes into play and for that reason alone, they awarded Ethereum a B+.
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Ethereum provides it users a platform to further grow and develop independent projects and hence wins big in the the 4th category ie. Fundamental aspects of Adoption and Security.
On a lighter note, Dogecoin rated higher than Bitcoin Cash! Also, there is no mention of TRON.
The reflection of these ratings on the value of Cryptocurrency trading may be known only in the long run. We can just hope they bring about a better sense of clarity in this uncertain and volatile sector.