Weiss rating of cryptocurrencies is due today at 8AM UTC - #CryptoTrading

Published in Reports · Labeled as ·

Updated with some commentary on the whole event.

Weiss Ratings is the US leading independent rating agency of financial institutions. They are due to publish their letter grades rating of several cryptocurrencies on January 24 at 8 AM UTC. Subscribe to their mailing list to receive the report as soon as it’s out.

Weiss will rate not only the market leaders such as BTC or ETH but they will also analyze the altcoins that are the flavour of the month - potentially overhyped vaporware. In their announcement they mentioned cryptocoins such as Ripple, Cardano, Stellar, EOS, TRON or Bitcoin Gold but they also added many other cryptocurrencies will be included.

Traders expect the ratings to be rather negative, in the best case scenario negative only for cryptocoins that are mainly valued based on promising tech backed by nothing more than a cute landing page. However, the headline on weissratings.com actually explains the grades are meant to identify the most promising cryptocurrencies which goes to show how one-sided marketing still runs the crypto show in 2018. Some traders are naturally expecting a fresh dose of turmoil in the currently choppy markets.

This post will be updated later with new information.

Updates

  • The free preview can be found here
  • Full report in PDF downloaded from wcy.weissratings.com/media (now defunct)

BTC: C+ “fair but full blocks™”

ETH: B “good because readily upgradeable”

Novacoin (D) and SaluS (D) are “weak”

STEEM B- “moderate strength in all key factors”

Week after the report, on January 31st, Weiss Ratings sent out a newsletter declaring overall victory:

Your timing for getting our alerts couldn’t be better.

Last week, we caused global outrage with our C+ rating for Bitcoin. We were cursed, ridiculed and laughed at. One group even tried to mount a cyberattack against our Weiss Ratings website.

But yesterday, the price of Bitcoin plunged from $10,908 to $9,723. Nearly 11% in just 13 hours.

Crashes of 10% or more in a single day are not uncommon. They happen pretty frequently, actually. […] That’s why most bitcoin lovers are long-term buy-and-hodlers. […] “Bah! We don’t care,” say Bitcoin veterans.

No word about how the rest of the market moved along with bitcoin. They could have added a note saying something like “this coin we gave a green rating to retraced as well but only this much, plus on the 1D timeframe it kept above the MA which could signify stronger market”. That would also support their sales objective while they would come off as a serious business. They opted for a simple exuberant exclamation though.

Breaking Down Old News

For those who subscribed for the email notification from Weiss Ratings, there was an email quite late in the day when the report had already leaked. The subject read “Korean Cyberattack Fails to Foil Crypto-Ratings Release”. The email went to explain why the website was down for most of the day: a surge of visitors and an attack or two, the usuall stuff. At Weiss, they threw more money on the problem (“our staff instantly expanded its server capacity on the cloud many times over”) which is probably impressive in finance circles but rarely smart when it comes to system administration. In this case it apparently didn’t work either but everyone gave them a break once the PDF was found unprotected in a marketing folder somewhere (the link is now redirected as it probably should have been the whole time). So, were they even a bit aware what kind of thing they were getting into? Or did they expect that Reddit, 4chan and Kakao will each delegate a single representative to take care of the news distribution while the rest of the crowd will obediently refrain from F5-ing weissratings.com? This is the internet, people. Look down from your ivory tower.

Now for the ratings. The best ratings (B - “good”) were given to smart-contract platforms made to host apps: ADA, EOS, ETH, NEO, STEEM. As for Bitcoin, they criticized that it has “no immediate mechanism for promptly upgrading its software code”. Given that all public cryptocurrencies use the same mechanism for upgrades of the code (it is called Github), do they really mean that Bitcoin is not a value investment because there is not a CEO in charge? I thought this would be a bit off base.

Either way, something should be said about the system of the ratings before the internet forgets: The report is supposed to only touch the fundamentals, it is meant as rating of the current investment opportunity. For those who purchase the full paper, the ratings will be updated regularly. Maybe that sounds familiar already? Some figures: out of the 74 cryptocurrencies rated by Weiss these are the coins that have 30-day change at or over 25% - ADA, XCP, ETN, EOS, ETH, NLG, IOC, NEBL, NEO, NXS, QRK, XRB, XRP, SKY, SMART, STEEM, XLM. Out of those, Ripple and Stellar are the only two coins that have over a billion USD market cap and didn’t get a green grade.

Coin / Mkt Cap [B USD]
* ADA 16
XCP 0.14
ETN 0.73
* EOS 9
* ETH 103
NLG 0.10
IOC 0.08
NEBL 0.27
* NEO 9
NXS 0.33
QRK 0.01
XRB 1.7
XRP 51
SKY 0.21
SMART 0.44
* STEEM 1.6
XLM 10.5

So, they are giving us the coins that are already hyped up on a market that is not super-thin. Essentially, this kind of rating is a polished equivalent of your social media altcoin picks group, with each green square being a toned-down version of statements like “TRX abt mewn, get in now for the pamp!!!”, in other words information freely obtainable from every trollbox.

Is that wrong? Well I thought this whole event was a good comedy but not wrong really. The profits that every random South Korean highschool kid made on cryptocurrencies must be hard to ignore for the legacy folks, and if there is more of them focusing on Mastering Shitcoins™ while disregarding the “money-like” cryptocurrencies such as LTC or XMR, maybe we will finally see some decoupling of the charts.

Category: Reports · Label: · Author: Karlvonbahnhof (contact author)

 

Last added to Crypto Airdrops, Bounties & Opportunities
Airdropped Token or Opportunity Airdrop Date About the airdrop Link
$DOT Polka Drop NFT Raffle Live Polka City is a contract-based Polkadot, DeFİ and, NFT cryptocurrency investment platform. They are running a raffle now where purchasing a ticket gets you chance to win an NFT art gallery that pays weekly yield and other commission-generating prizes. Cost of the ticket is 1000 POLC, the main prize generates 1041 POLC per week (50% APY). join
Searching for PIZZA MAN on Phemex Until 22 May (The BTC Pizza Day) To promote their new asset management service, Phemex is opening a quest to search for the og guy who spent 10K BTC on a pizza (Laszlo Hanyecz). They are going to offer him, and 100 winners, to get 1 day of interests on 10k BTC in the Phemex Earn Crypto asset management program. Earn Crypto promises up to 10% APY. Yearly compound rate of 10% translates to about 0.03% daily rate, which could earn up to 3 BTC during that single day. make account on phemex and submit gleam form
Binance to launch NFT marketplace June 2021 If you have not already, join Binance with referral code atnet10perc for 10% lifetime kickback. join
CoinBurp NFT Airdrop Until 7 May Coinburp drops BURP NFT tokens for easy social media follows. It is a governance and utility token and non-custodial NFT app. You gain 10 $BURP tokens for joining our community. gleam form
$ARN token airdrop Until 9 May ARN tokens up for grabs for a set of 8 easy social media tasks. join
$XYM Token giveaway on Latoken Until 10 May Complete simple social media tasks and get a chance to win 1000 XYM tokens ($230) in the giveaway on LATOKEN. join
SafeCovid huge marketing bounty Live SafeCovid is running a vast campaign for all types of content marketing. Blogs, videos, social media - there are categories for all types of content. Submissions need to be posted in bitcointalk thread and recorded into Google Spreadsheets. bitcointalk
Trade tokenized shares of Coinbase on FTX Open The FTX crypto derivative exchange, quickly gaining recognition in the crypto community, added tokenized trading of Coinbase IPO. Loads of other tokenized legacy assets already available. FTX does not require KYC until your total lifetime withdrawals reach 1000 USD. (More about FTX here). see the markets
PYR social media campaign March 14, 2021 for 6 Months till August 14 2021. PYR runs a long social media campaign. You need to engage in various social media channels without mentioning the bounty. Rules in the sign up form. form
Opportunity: Zero fees on DeFi tokens on Bitstamp Until end of May 2021 You can now trade ZRX, MKR, KNC, DAI and GUSD at Bitstamp. Aa a bonus this DeFi-focused batch of cryptocurrencies comes with zero trading fees until the end of May. If you have an old Bitstamp account laying about, might be worth a shot to trade or arbitrage there for a few weeks now. Bitstamp
Blockchain Space Telegram Bounty Until June 2021 Blockchain Space runs a Telegram activity bounty. The most active users will be paid 50 USDT every 15 days. info