First we see futures markets opening, now we have the first ever ratings agency releasing a special report dedicated to cryptocurrencies. This is what happens when a market sector is worth hundreds of billions of dollars.
The new Weiss Cryptocurrency Ratings website launched on Wednesday 24 January 2018 with its first ever report.
The first response was a cyberattack from Korea. The buzz on social media was that some coins were given a poor rating and could tank.
Steem was given a rating of B-; this is the same as NEO and Cardano. Only EOS and Ethereum scored higher with a B. Every other coin was below this, with the flagship Bitcoin limping in at C+. The (unverified) data appears to be available on twitter.
This now explains the 60% spike yesterday, seeing STEEM go from about $4.30 to $6.80; as of writing it remains at $6.60.
With so much money now involved, cryptocurrencies will continue to come under the same kinds of scrutiny as other financials.
But this has been great news for STEEM!
What do you think about having rating agencies for cryptos?
With some 1500 coins, will it shine some much-needed light on the market, or will it introduce unwelcomed external bias?
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@rycharde manages the AAKOM project and the MAP forum.
Seems a bit unfair to give etherium a B when it has such issues with network performance much like Bitcoin, and Eos a B when it doesn't actually work yet meanwhile steem which is a battle tested and proven technology a B-... But then I am biased
The Weiss FAQ explains that the overall grade is composed of 4 sub-grades, so a coin could be, for example, AACC and end up with a B. For an individual, it then depends whether the As are more important than the Cs.
wham bam ty weiss !
Thanks for the post. I have been following this and am curious to see how this will play out in the future.
I think it is a good development that this has come from an agency such as Weiss that prides itself in being independent and taking no money from the companies it rates. We all know what happens when ratings agencies are in bed with the companies they rate. The same as when government agencies are staffed by corporate insiders.
Again we see the finance industry trying to bring some order to the wild west!
Fascinating! I have been a reader of Martin Weiss for over a decade, but was annoyed pretty hardcore when I saw that they were going to rate cryptos. These are doom and gloomer publishers. I couldn't imagine how they could possibly view any crypto other than centralized crap coins like ripple or stellar as having any fundamentals. I'm glad to see they did their homework and found projects with real potential. Yay Steemit!
You thought Weiss would barge in as a party-pooper?!
I'm slightly annoyed as their top 5 coins are precisely those I was looking at over the next month. damn! I'm in the wrong job!
The full report is paywalled at almost $500 pa, but no doubt will slither out. I appreciate the doom and gloomers, so long as it doesn't turn into a marketing posture; one has to pay for real research!
thanks for sharing. By read this post I have know something new.
8.22% @pushup from @rycharde
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Long overdue. That is an awesome resource. Glad to see someone is taking point on this. I am heading to check it out now.
This post has received a 14.7 % upvote from @boomerang thanks to: @rycharde
Great post Neo to the moon!!!