Wall Street is known for being a cut throat place where shrewd business people play as tough as possible in order to make gains or their destroy opponents. However, the crypto ecosystem can be at times far more nasty than any other market. One company that had the audacity to rate everyone’s favorite cryptocurrency somewhat poorly learned this recently, but it still stands by the rankings.
Weiss Ratings, an independent U.S. rating agency which recently issued letter grades for cryptocurrencies has published a new report to explain its decision to score bitcoin a mere C+ (“fair”).
The company obviously felt it needed to counter attack against critics after its rankings caused it to get hurled insults from many cryptocurrency people and opinion leaders on social media. It even suffered a cyber attack which took down the Weiss site temporarily. The 14-page report is meant to answer the outcry by revealing key factors and data behind the rating.
Where is my A?
“For investors,” explains Weiss Ratings founder Martin D. Weiss, PhD, “an A rated crypto would be one that rarely crashes, and right now, there’s no such thing. But we do understand where developers are coming from. They tell us they don’t care about market fluctuations. They feel our ratings should reflect strictly the quality of their work and its relative success in the real world.” […]