Weiss Cryptocurrency Ratings released a post last week warning against the forks of Bitcoin and Z-Cash while praising altcoins Cardano, EOS, and NEO for their impressive showing during the week. Weiss claims to be the World’s First Ratings of Bitcoin and over 70 Other Cryptocurrencies by a Financial Rating Agency.
Altcoins – The WEISS Winners
The cryptocurrency market continued its positive tone during the week in review; bitcoin and most cryptocurrencies enjoying their best moments since the turn of the year. The rally shows signs of confidence in the market after a downturn that around January.
Notable winners were Cardano and NEO, the top two rated coins by Weiss Cryptocurrency Ratings. Interestingly, these coins had their best week last week. Another impressive performer noted was EOS.
Excerpt from Weiss’ article read:
“Our highest-rated cryptocurrencies on fire […] Cardano rose from its 2018 low of US$0.14 to a recent high of $0.38. NEO went from $44.62 to a $92.63. EOS has surged from $4.01 to its recent high of $21.13!”
Forks – the WEISS Losers
In the article, the author warned against forks describing them as “deceptive, imitation coins to avoid”. The ratings added forks of ZCash—ZClassic, Bitcoin Private—and bitcoin Prime a fork of Prime Coin to its list of imitation coins to avoid.
ZClassic, Bitcoin Private and Bitcoin Prime – works of a Serial Imitator
The article turned critical on Everett Forth, also known as Rhett Creighton labeling him a serial imitator. It chronicled the work of Creighton from the creation of ZClassic from the innovative Zcash project, to the forking of the same ZClassic to create Bitcoin Private and finally a planned fork of Prime coin to create Bitcoin Prime. Creighton was accused of taking advantage of the innovation of projects like Zcash and the popularity of the bitcoin name.
Bitcoin Forks – Flawed Copycats
The author referred to previous advice on the Rating website where Bitcoin Cash termed intellectually dishonest and forks of bitcoin, Bitcoin Gold, Bitcoin Diamond, and Bitcoin God were proven to be flawed. A previous article had detailed the flaws of these ‘copycats’ which claim to solve bitcoin’s flaws whereas they seek to cash in on its popularity.
Three Basic Rules to Follow
The analysts at Weiss concluded with three rules for investors:
- Focus your investment dollars on the coins at the top of our list, meriting a grade of B- or better.
- Avoid — or promptly get rid of — any coins you may have that merit ratings of D+ or lower, like Bitcoin Gold (D), DigiByte (D+), Electroneum (E), Nebulas Token (D+) or ReddCoin (D+).
- Don’t touch the cheap imitation coins with a 10-foot pole. We don’t even bother to rate them.