The crypto community is one in which there is much vehement support for certain currencies. Bitcoin, being one of the largest and most popular, obviously has a large contingent of fans who believe that it can not be overcome or intimidated.
However, that point of view must have received a blow while Weiss Rating, a so-called independent securities rating agency, delivered its ratings for several cryptocurrencies.
Bitcoin did not do well, giving an average grade, and being overtaken by Ethereum, but the real story is the difference of opinion between those outside the crypto community, and the path that those involved will go to support their currency.
It is not a fan favorite
The average rating of C + that Weiss puts to Bitcoin in the middle of the class that, from one side of the equation, should seem quite surprising considering the promise and the revolutionary nature of the digital currency.
It is announced that Bitcoin, as a technology that introduced the world to Blockchain, has a great involvement in a number of global sectors, including the economy and finance, but that promise has not yet been proven.
The opinion that the rest of the world, which is just waking up Bitcoin, is not as pleasant as those who were the first to adopt it.
Jamie Dimon, who has had many unpleasant things to say about Bitcoin, is representative of the conventional market type that is still evaluating this new and intrusive technology.
Even at the World Economic Forum, there was a deeper vision of the opinions of those who have economic and financial monopolies. Joseph Stiglitz, at the WEF, said of Bitcoin:
“We have a good exchange medium called the dollar, we can trade with that, why do people want Bitcoin, by secret,” he asked.
Even the former Secretary of State of the United States, John Kerry, showed his apathy towards the digital currency by stating that:
“People are investing in that, it’s a lot of money and it’s valuable, so they’ll talk about that,” he said clearly.
The support of Bitcoin, and other Weiss-rated currencies, from the crypto community was evident when the agency explained the attacks it faced from these vehement supporters.
The agency said in a post on Wednesday that “the staff was up all night defending Korea’s denial-of-service attacks” and cited Korean social media publications that called on others to download the agency’s website.
Then, the hackers broke into the website, took information from him and are distorting it in social networks, the company added.
Views of the other half
Of course, these views must be taken from where they come from, these individuals invest heavily in finance sectors that are essentially under the threat of Bitcoin. These are the traditional money movements, and something like Bitcoin only causes irritation.
When a company like Weiss delves into the merits and values of such things, and also delivers an apathetic rating such as C+, the question arises again where this rating comes from.
However, it also does not help a community that tries to break into the main global economic reach to fight against a researched rating.
Weiss explains it
Weiss’s reasoning to qualify Bitcoin with C +, and then Ethereum with B, was because the digital currency is: “encountering major bottlenecks in the network, causing delays and high transaction costs,” according to a statement. Despite the intense ongoing efforts that are achieving some initial success, Bitcoin does not have an immediate mechanism to quickly update its software code. “