As mentioned in my previous post (Bitcoin and Altcoins Will be RATED Starting WEDNESDAY!), cryptocurrency ratings were finally released today to the dismay of many crypto fans. However, I view this as positive for several reasons.
First, we know that bitcoin, ethereum and the rest of the altcoins aren't perfect at this point. The above ratings are therefore reflective of the current state of cryptos. To rate bitcoin a tripple "A" would have been catastrophic in the long run as many are already convinced of the bubble that is about to explode. It could invite more scrutiny, more skepticism, and more grudge towards cryptos especially from bankers and politicians who are just waiting for reasons to attack and put down the bitcoin revolution.
Second, "C+" and "B" are good starting points moving forward. As bitcoin and altcoins solve the problems besetting their platforms, this should create a more positive outlook which should results to a better rating. As the saying goes, "strive for continuous improvement instead of perfection".
The Weiss Cryptocurrency Ratings Explained
The new Weiss Cryptocurrency Ratings are the first by a financial rating agency. They are based on a groundbreaking model that analyzes thousands of data points on each coin’s trading patterns, technology, and usage.
The new world of cryptocurrencies has delivered astonishing profits to investors and holds great promise for the future. Millions of new investors have rushed in. Hundreds of self-declared experts have appeared to advise them. But the market suffers from lax standards, murky operators, marketing hype, and periodic market crashes. It desperately needs the clarity that only robust, impartial ratings can provide.
We’re proud to be the first financial rating agency to bring that benefit to investors – to help avoid the hype, while identifying the few solid and promising cryptocurrencies that truly merit their hard-earned cash. Full article here.
Korean Cyberattack Fails to Foil Crypto-Ratings Release
Weiss Ratings staff was up all night last night fending off denial of service attacks from Korea, as evidenced by numerous mentions on Korean social media of a concerted call to bring down the Weiss Ratings website. “Earlier commentary on social media expressed considerable fear we were about to release negative ratings on their preferred currencies,” said Weiss Ratings founder Martin D. Weiss, Ph.D. “So this may be an attempt to thwart our release today.”
Separately, Weiss experienced a surge in friendly visitors to the site. “Since our customers are almost entirely in the U.S., we rarely get more than small amounts of traffic from Asia. But last night, we had more than 100,000 unique visitors in a matter of hours, almost entirely from Asia, until early this morning, when more of the traffic rolled over to Europe. To handle the volume, our staff instantly expanded its server capacity on the cloud many times over,” Weiss said. Full article here.