The crypto community is one where there is a lot of vehement support for certain coins. Bitcoin, being one of the biggest and most popular, obviously has a large contingent of die hard fans who think it cannot be bested, or browbeaten.
However, that view must have taken somewhat of a knock as Weiss Rating, a supposed independent securities rating agency, handed out its grades for a number of cryptocurrencies.
Bitcoin did not fare well, claiming an average grade, and being outdone by Ethereum, but the real story is the difference of opinion between those outside the crypto community, and the lengths those involved will go to to support their coin
Not a fan favourite
Weiss’s rating of C+ put Bitcoin square in the middle of the class with that average grade, which, from one side of the equation, must seem pretty surprising considering the promise and revolutionary nature the digital currency possesses.
Bitcoin, as a technology that introduced the world to Blockchain, is heralded to have far reaching implication in a number of global sectors, including economy, and finance, but, that promise is really yet to be proven.
The view that the rest of the world, that is only just waking up to Bitcoin, has, is not as pleasant as those who were early adopters.
Jamie Dimon, who has had numerous unpleasant things to say about Bitcoin, is representative of the type of mainstream market that is still evaluating this new, and intrusive technology.
Even at the World Economic Forum, there was a deeper insight into the views of those who have monopolies economics and finance. Joseph Stiglitz, at the WEF, said of Bitcoin:
“We have a good medium of exchange called the dollar. We can trade in that. Why do people want Bitcoin? For secrecy,” he asked.
Even Former US Secretary of State John Kerry, showed his apathy towards the digital currency stating that:
“People are investing in it, it’s serious amounts of money and it’s got value so it’s going to be talked about,” he said plainly.
The support of Bitcoin, and other coins rated by Weiss, from the crypto community became evident when the agency explained the attacks it faced from these vehement supporters.
The agency said in a release Wednesday that “staff was up all night last night fending off denial of service attacks from Korea” and cited Korean social media posts calling others to bring down the ratings agency’s website.
The hackers then broke into the website, took information from it and are distorting it on social media, the company added.
Views of the other half
Of course, these views are to be taken from where they come from, these individuals are heavily invested in a sectors of finance that is essentially under threat from Bitcoin. These are the traditional money movers, and something like Bitcoin only causes irritation.
When a company like Weiss delves deeper into the merits and values of such things, and also hands out an apathetic rating like C+, it again begs the question as to where this rating is coming from.
However, it also does not help for a community trying to edge its way into mainstream global economic reaches to fightback on a researched rating.
Weiss’s reasoning for rating Bitcoin a C+, and then Ethereum a B, was because the digital currency is: “encountering major network bottlenecks, causing delays and high transactions costs,” according to a release. “Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”