Weiss Rating Praises Cardano and Warns Against Bitcoin and ZCash Hardforks
According to a report by Coin-Update, Weiss Rating has recently expressed strong support for Cardano while issuing warnings about certain Bitcoin and ZCash hardforks. The agency highlighted the impressive performance of Cardano, which has seen a significant rise of over 150% in the past month, reaching a new all-time high. Weiss noted that Cardano's ADA token climbed from its 2018 low of $0.14 to a new peak of $0.38. Despite this growth, Weiss emphasized that periodic price drops and crashes are normal in the cryptocurrency market and that their ratings do not eliminate the risk of such events.
On the other hand, Weiss Rating criticized hardforks like Bitcoin Gold and Bitcoin Diamond, describing them as "Bitcoin Copycats" that offer only minor technological improvements while facing significant adoption challenges. The agency also discussed ZCash, praising its innovative "Zero-Knowledge Proof" feature, which could enable secure and anonymous voting on a blockchain. However, Weiss was less favorable towards ZClassic, labeling it a "cheap copy" and accusing its creator, Everett Forth, of merely removing a small piece of ZCash's code to present it as a more decentralized project.
Furthermore, Weiss warned about Bitcoin Private and the upcoming Bitcoin Prime, which it claims are largely identical to ZCash with minimal differences. The report suggests that Bitcoin Prime is based on the code of PrimeCoin, a nearly defunct cryptocurrency, and accuses its creator of attempting to replicate the same strategy used with Bitcoin Private to generate hype and profit.
Weiss Ratings, established in 1971, is a leading financial rating agency in the United States. It began evaluating cryptocurrencies in early 2018, providing insights into the risks and potential of various digital assets. For more details, the full report can be found on Coin-Update at https://coin-update.de/news/weiss-rating-lobt-cardano-und-warnt-vor-bitcoin-und-zcash-hardforks/.
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