- By Jeff Ostrowski Palm Beach Post Staff Writer
Unveiling its cryptocurrency grades, Weiss Ratings said Wednesday that Ethereum rates a B, or “good,” while Bitcoin gets just a C+, for fair. No virtual money earned an A, or “excellent.”
Meanwhile, Weiss Ratings founder Martin Weiss said his staff was up all night fending off denial of service attacks from Korea. The Palm Beach Gardens company’s responded to the cyberattacks by expanding its server capacity.
“Commentary on social media expressed considerable fear we were about to release negative ratings on their preferred currencies,” Weiss said. “So this may be an attempt to thwart our release today.”
In addition to swarming its servers, Weiss said, cyrptocurrency partisans also spread phony ratings of their preferred alt-coins.
The new Weiss Cryptocurrency Ratings evaluate alt-coins on price risk, reward potential, blockchain technology, adoption, security and other factors. Some of the grades:
• Bitcoin (C+) gets high for security and widespread adoption but low grades for network bottlenecks and steep transaction costs.
• Ethereum (B), the second most popular cryptocurrency, “benefits from more readily upgradable technology and better speed, despite some bottlenecks,” Weiss said.
• Novacoin (D) and SaluS (D), subpar grades driven by a lack of technological innovation and meager adoption.
• Steem gets a B-, thanks to “a relatively good balance of moderate strength in nearly all the key factors considered along with a social network feature,” Weiss says.
While Weiss doled out no As, he doesn’t consider himself a hater of virtual money.
“Despite extreme price volatility, cryptocurrencies have a bright future and the potential to deliver unusually large profits to investors,” Weiss said. “However, the market is hectic and confusing for investors. They need the clarity that only robust, impartial ratings can provide.”