Recently, Weiss Ratings released the first evaluation of digital currencies, including the most outstanding ones as bitcoin and ether. The firm claims to have published the ‘fist,’ ‘unbiaseed’ cyber money ratings, which have been met with a lot of outrage online and even a cyber attack.
On Wednesday, January 24, Weiss Ratings issued an evaluation, according to which such assets as ethereum and EOS are better than the commonly top-rated bitcoin. Having received a B grade, ether and EOS made the top list, leaving bitcoin and 71 other cryptos pull up the rear. It also means that no cyber currency at all managed to get an A rate.
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Bitcoin, in its turn, obtained, according to the firm, a “fair” C+ grade. The reason why the evaluators gave it such a rate lies in the BTC network overload, which has caused the rise of transaction fees as well as the prolongation of the waiting time in the mempool. In a press-release, Weiss Ratings stated:
"Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code."
On the other hand, despite some troubles, ethereum was put at the forefront due to its technology, which is capable of streamlining, providing high transactions speed.
So why is the assessment have no ‘A’s? Such out-and-out approach seems to be a peculiar feature of Florida-based Weiss Ratings. According to The New York Times 1992 report, as well as the one from Barron's 2002, Weiss Ratings’ so-called “greediness” for high grades, can be explained by the coverage of investment funds, actuarial stocks and other types of financial assets.
Commonly, it goes off the grid in the light of such rating giants as Standard & Poor's and Moody's. However, the firm with 47 years of decentralized financial rating experience claims that it does not receive rewards from the firms it grades for conducting the evaluation.
Firing Back at Negative Rating
As CNBC reported, international cyber money investors were obviously concerned a lot about Weiss releasing the unpleasant evaluation of cryptos. So no wonder that those who were dissatisfied with Weiss attitude could have come out with backlash.
On January 23, the rating firm stated that users on South Korean social networks were urging others to attack Weiss’s site. The agency informed that later the cyberattackers broke into the site, stole data and now juggle with it on the internet. Nevertheless, that did not stop the agency from releasing the rating.