Weiss Ratings released its first crypto ratings and Bitcoin got a C+ while STEEM and Cardano got a lot higher. Nobody on the ratings got a A. Many Bitcoin holders were very upset to hear the news.
(Source)
The company was even attacked this morning by alleged hackers that didn't like the rating. I would post the full ratings, but you have to sign up and use a credit card. So I didn't do that. lol. If you want to, go here.
This guy goes through the prices if you want to see the whole list.
<iframe width="560" height="315" src="
frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>It is interesting that EOS, Ethereum, Cardano and Steem are all in the B to B- range. That is great for Steemit.
But let's look at if Bitcoin deserves the C+ rating.
First of all, I reconize that Bitcoin paved the way for all of us, but looking at things from an investment standpoint, like Weiss Ratings is doing, then it makes a little more sense.
When the price spiked about two months ago, the transaction fees were ridiculous. One of mine was $87. It took longer than any transaction I've done on any blockchain. It was expensive and slow.
When it comes to many other crypto currencies, their goal is to be cheap and fast. Look at Steem, transfers are very fast and always free.
One major factor that limits Bitcoin for the future is the energy consumption to mine. It costs around $1,000 in electricity to mine a coin depending on where you are in the world. That is a lot of electricity and a deterrent. Compared to Steem again, the cost to create a coin is astronomically higher. People can create Steem by using a normal level of computer energy post and reply on Steemit.
Bitcoin is a valuable coin and will go up in value, but the ratings by Weiss are exposing the weaknesses of Bitcoin. Remember Bitcoin was built for the future almost a decade ago. To put that into perspective, the iPhone was created a decade ago.
Bitcoin was made for the future, but we are past that future in a sense. Now Ethereum is built for the future but at some point, Cardano will be the future. Things are moving fast and we are only at the beginning of this. It makes sense that Ethereum and Cardano scored higher than Bitcoin in my opinion. But a C+, I don't know.
With all that being said, I do think that Bitcoin is a wise investment or I would hold what I'm holding. I do think that things like Ethereum, Steem, EOS and Cardano have a lot more room to grow than Bitcoin.
I'm not a financial advisor... remember that. I'm just a guy trying to figure out this crypto market which is impossible to predict and even harder to make sense of. lol Do your own research and do what you think is right. After I buy a house and a car on crypto, then you can ask me for advice. lol
Do you think Bitcoin deserves the C+ rating? Let me know in the comments below.
Thanks for reading.
I have followed Weiss ratings since 2001. They are an interesting firm who has good insights. They are also very bearish all the time. I don't agree with the constant bearishness. I have also been mining BTC and using it since 2013. Do I agree that it is a c+? Absolutely! Bitcoin core developers haven't been able to satiate the greedy Chinese mining pools. That's a serious problem. I personally think the Chinese miners should be banned from the network. Hopefully the great firewall will ban them from using their funds. Fuck them! The bitcoin foundation has also always been a shitstorm and should be dissolved. The community for bitcoin is probably the most arrogant group of humans I have ever interacted with. They flame anyone who asks even the most basic question because not everyone has a phd in math. Every other community I have ever interacted with has had helpful members who want their respective currency to succeed. Bitcoin is great! But it has terrible people trolling the boards. Ripple and stellar are crap and hopefully anyone investing in them get defrauded. They know better than to invest in centralization. That is the one main thing blockchain and Satoshis was trying to fix was to make money usage trustless.
That is interesting and not bad in my opinion. At this stage, it will only move up from here.
I agree. I thought it was wise that nobody on the ratings got an "A". It gives it room to grow.
Ya and because there is still risk involved. Until they can get that out of the public eye, it will be a B at most.
Lol, why do people get butthurt over such thing to even hack the site? I mean the ratings could be worse but it's not like they makers of that chart are crypto enthusiast but more from the traditional business, at least what I got from Crypto Daily's video.
you make a good point. It just goes to show how valuable Crypto is in South Korea. lol.
Thanks for reading and the reply. I appreciate it.
I'm not qualified to understand the context in which Weiss gave their ratings, and they didn't release much to the public about their methods. However I suspect they don't understand the crypto market as well as they maybe should, as evidenced by the fact they considered 100k unique users from Korea a DDoS attack. Given the popularity of crypto in Korea I can see this just being people trying to get the report they heard rumors about. (I've had web-sites I've administered for regional rock bands get as much traffic when they released a new album.) Maybe being DDoS'd sounds better then "ooops we couldn't handle the server load" in their PR material.
That said, and to answer your question, I'd give Bitcoin a C+ too, for high transaction costs and slow transactions.
I think Bitcoin is vastly underrated while altcoins are extremely overrated. Most likely 99% of altcoins will not survive. Bitcoin will. Any thing that altcoins can do will be programmed to Bitcoin if it is worth the effort. Even Cardano has much less chance of succeeding than Bitcoin.