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Cryptocurrencies’ scorecard by Weiss- find here.

Cryptocurrencies’ scorecard by Weiss- find here.

January 30, 2018 7:15 am,

On January 24 this year, investment rating company Weiss Ratings released its ratings of 74 cryptocurrencies.

However, the list is only available for purchase, it was possible to access it for free under a specific subdomain on the company’s site, which allowed many individuals to download, share, and read the list.

The official report has Bitcoin coming in with a “fair” C+ rating. The rating agency says bitcoin faces major challenges that have resulted in delays and high transaction costs, without immediate plans for an upgrade than other cryptocurrencies. Weiss Ratings also said it suffered denial of service attacks from Korea in the hours heading into the rating announcement, and blamed Korean social media posts for raising fear the agency would release negative ratings on certain cryptocurrencies.

Ethereum, on the other hand, was given a “good” B grade, as the second most widely adopted cryptocurrency, benefits from more readily upgradable technology and better speed, despite some bottlenecks.

The only other coins to receive a B- or B rating include Cardano, EOS, Neo, and Steem, while most coins garnered C-, C, or C+ “fair” grades in the same vein as Bitcoin.  There were a few poor performers in the group with D ratings, including PotCoin and Matchpool, but none of the 74 rated coins aced Weiss’ initial review as not a single one was given an A for “excellent.”

What happened during the rating phase was-

On the eve of the ratings’ inauguration, Weiss Ratings’ website fell prey to a distributed denial of service attack. The DDoS attack, which Weiss claims originated from Korea, left the site out-of-order into the morning of January 24th.

To add fuel to the fire, fake copies of the report began circulating online bearing a January 25th release date instead of the actual January 24th date.  In addition, the fraudulent copy appears to have been drafted on Microsoft Excel, and it gives Tron an A++ rating, while Weiss Ratings highest grade is A+.

While these ratings did not appear to have a major effect on the majority of coins listed, this event does have larger implications. The role of institutional investors has been a hot topic since more and more entities have entered the fray. If these ratings reflect the capability of institutional traders in the world of blockchain, then traditional investment experience plays a minute role in the ability of a cryptocurrency trader.