The crypto community is one where there is a lot of vehement support for some coins. Bitcoin, being the largest and probably the most popular, obviously has a large number of fans who think it can not be better played. However, this point of view had to be decisive, as Weiss Rating, an alleged independent securities rating agency, distributed its notes for a number of cryptocurrencies.
Bitcoin did not obtain satisfactory results. did most of the cryptocurrencies. Surprisingly, coins such as EOS, Cardano, NEO and Ethereum received notes much higher than Bitcoin. It is really strange that projects like Cardano, which exists essentially as a white paper, can reach a higher score than the oldest and largest digital currency, Bitcoin
Not a favorite fans
C + places the Bitcoin in the middle of the class with this average mark. It does not matter that Bitcoin has the biggest network effects, the biggest brand recognition and the highest market capitalization of any digital currency. Apparently, Weiss's people are not a big fan. This should not be surprising, as most of the rooted financial interests in the world are not really satisfied with Bitcoin,
Jamie Dimon, who has had many unpleasant things to say about Bitcoin, is representative of the kind of mainstream market that is still evaluating this new and intrusive technology.
At the World Economic Forum in Davos, there are a large number of Bitcoin enemies. This is not surprising given that they are the "old guard" who has the most to lose by the success of Bitcoin. Joseph Stiglitz told Bitcoin at the WEF:
"We have a good way of trading called the dollar.We can trade that.Why people want Bitcoin? For the secret."
Even former US Secretary of State John Kerry showed his apathy towards digital currency by stating that:
"People are investing there- in, it's serious "
The Stunning News
The support of Bitcoin and other pieces noted by Weiss became evident when the agency explained the attacks The agency said in a statement on Wednesday: "The staff was up all night to repel denial of service attacks from Korea" and quoted Korean social media messages calling on others to bring down The website of the rating agency
Hackers then broke into the site, took information and distorted it on social networks, added the company.
Weiss's reasoning for Bitcoin notation a C +, a And then, Ethereum a B, was because the digital currency is: "meet bottlenecks" This is a major bottleneck in the network, causing delays and high transaction costs, "said a statement. Bitcoin's lack of governance was also a cause for concern:
"Despite sustained and continuous efforts, Bitcoin has no immediate mechanism to quickly improve its software code."
So, why were there no "A" notes? According to Weiss, they will not assign this rating until the volatility of the cryptocurrency sector has declined:
"This is the first source of Misunderstanding between the results of our model and the highest ratings.people in the expected cryptocurrency space: This great price volatility! It is the main reason why we do not have a lot of money. have no A on our list at the moment. "
It is unclear what is price volatility with the technical merits or fundamentals of a particular digital currency project. that stability is the key to getting a high score, does that mean that Tether would have preceded everyone? Despite serious concerns about the solvency and integrity of the project?