Rating agency Weiss kicked the hornets’ nest with its first release of a cryptocurrency rating list. If the “leaked” report that’s been doing the rounds on the net is anything to go by (fake ratings have been known to pop up), then the company has given it’s first A rating to a project.
Blockchain platform, NEO, appears to have gotten a gold star on its forehead, which raises some serious red flags about the validity of the rating list. The cryptoverse wasted no time attacking the ratings as soon as they were posted on r/CryptoCurrency and other subreddits, with many going as far as questioning Weiss’s credibility.
NEO’s A rating, if the ratings are real, would be the first A given a project as the highest rating Weiss has ever given a project was a B+. A reality that casts doubt on the veracity of the rating list. A user who goes by the handle ‘stalkingyou07’ even went as far as suggesting that the ‘leaked’ report was cooked up by a NEO user. Perhaps attempting to drive a raise the NEO token’s value.
Other crypto projects the rating list smiled benevolently upon include Bitcoin with a C+ rating, Cardano with a C-, Decred with a B-, EOS walking away with a B-, Ethereum and Lisk getting a B+ and B respectively, payment rails Ripple and Stellar both scoring a B+ and blogging platform Steem claiming a B.
If the list really is the concoction of someone who isn’t in any way connected to Weiss then one could speculatively say that the coins most favoured by this rating list are the list its creator shows most bias towards and by virtue of that, most probably owns.
These sort of lists, especially when being purported to have been released by a recognized institution can be very dangerous as many speculators could use them as the foundations of their next buying decision. Which could lead to massive wipe-outs?