Bitcoin Gets A ‘C+’ Grade From Ratings Firm, Then Ratings Firm Gets A ‘DDoS Attack’ From Bitcoin Hackers

“Staff was up all night last night fending off denial of service attacks…hackers then broke into the website, took information from it and…”

Gold and silver need no ratings. They have been a a grade above everything else for thousands of years.

Cryptocurrencies, on the other hand, are relatively new, and have not stood any test of time. They’re not even 10-years old.

And since crypto has gone full mainstream, here come some more headaches for Bitcoin fans out there.

The ratings firm Weiss Ratings just put the first official “rating” on Bitcoin.

The cyrpto didin’t do so hot.

Here’s more from CNBC:

Bitcoin received a “fair” C+ rating because the digital currency is “encountering major network bottlenecks, causing delays and high transactions costs,” according to a release. “Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”

None of the 74 cryptocurrencies the agency covers received an “excellent” A rating. B-rated ethereum and digital currency EOS have the highest ratings.

Just how did they come up with that grade?

Here’s Martin Weiss from the same CNBC article:

Interestingly, not happy about the low ratings, hackers have taken feeling into action and launch a “Denial of Service” attack on the agency’s website.

Here’s more from CNBC:

Foreign cryptocurrency investors were apparently very worried that Weiss would issue negative ratings on digital currencies.

The agency said in a release Wednesday that “staff was up all night last night fending off denial of service attacks from Korea” and cited Korean social media posts calling others to bring down the ratings agency’s website. The hackers then broke into the website, took information from it and are distorting it on social media, the company said.

In addition to getting attacked on their website, seems like they were subject to a social media backlash as well, which prompted this Tweet from Weiss:

Of course, it is the Wild Wild West out there.

Between reports coming in that more than 10% of ICO profits have been stolen by hackers, to fly-by-night exchanges, to people trying to take crypto mainstream, to crypto black hat hackers who attack those that do, there is one thing one can do to cut though all the noise: Hedge against uncertainty.

Stack accordingly…

– Half Dollar


 

About the Author

U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.

Paul’s free book Gold & Silver 2.0: Tales from the Crypto can be found in the usual places like Amazon, Apple iBooks & Google Play, or online at PaulEberhart.com. Paul’s Twitter is @Paul_Eberhart.

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