The community for digital currencies usually backs up coins they are in favor with. Cryptocurrencies like Bitcoin, which are the leading and most popular ones have a large fan base supporting the coin. The Weiss Ratings given by Weiss agency, an independent securities rating agency, stirred up the hype on leading cryptocurrencies. This happened as the agency gave out different grading to several cryptocurrencies.
Weiss Ratings on Bitcoin
Bitcoin received an average grade of C+, to be outdone by Ethereum. This was in a way surprising to the community as the cryptocurrency showed promise and a revolutionary outlook on the digital currency processes.
Bitcoin made a good impression on global sectors such as finance and economy with the introduction of blockchain. But the utility of Bitcoin have more to prove in years to come.
The views of those who are just getting into Bitcoin are not good as of those who came in as early adopters. Jamie Dimon had lot of negative things to tell about Bitcoin. Jamie is also in the sector of ones who still evaluate the new, intrusive technology.
Joseph Stiglitz at the World Economic Forum, mentioned the importance of cryptocurrencies for monopolies of finance and economics;
We have a good medium of exchange called the dollar. We can trade in that. Why do people want Bitcoin? For secrecy.
John Kerry, Former US Secretary of State expressed his view on cryptocurrencies by stating;
People are investing in it, it’s serious amounts of money and it’s got value so it’s going to be talked about.
The Weiss Agency explained about attacks by crypto community after the release of Bitcoin and other cryptocurrency ratings. On Wednesday (24th January 2018), the company mentioned that “staff was up all night last night fending off denial of service attacks from Korea”. There are reports of posts on Social media in Korean websites requesting help to bring down Weiss Agency website.
According to the company release, hackers have managed to break into the website and steal information. The hackers later distorted the information and published in social media.
Explanation by Weiss
The reason provided by Weiss for giving a C+ grade for Bitcoin, while Ethereum received a B was because as a cryptocurrency Bitcoin was, “encountering major network bottlenecks, causing delays and high transactions costs.” The release further mentioned the following;
Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.