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by Coin AIO 1 month ago (UTC) 1068 views 178
A document sent by Weiss Ratings to our inboxes on Thursday warned investors to steer clear from cryptocurrencies that use the Bitcoin name to get a boost. Juan Villaverde, the cryptocurrency accomplished at Weiss, considers that EOS is a strong buy, but anything that starts with the word “Bitcoin” is something to be wary about.
Some altcoin enthusiasts out there might be astonished that Weiss also rated DigiByte poorly, despite its stellar spectacle overheen the last month. Ter a postbode he wrote, he identified an individual who goes by one of two names: Everett Forward and Rhett Creighton. Villaverde called him the “serial coin imitator,” because of his habit of creating fresh variations of cryptocurrencies that capitalize on the Bitcoin name.
Some of thesis include ZClassic, Bitcoin Private, and Bitcoin Prime.
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“The modus operandi of the serial coin imitator is to copy the code of an existing project, switch a few meaningless aspects, re-label it, then promote it spil ‘the next big thing’ te crypto. They contant te on the innovations made by others and disguise the fact that their work is just a cheap imitation,” he said.
The list of imitation coins, according to the document wij received, also included Bitcoin Diamond and Bitcoin Schepper, both of which didn’t even merit inclusion by Weiss. Villaverde went on to say that Bitcoin Specie is guilty of “intellectual dishonesty.” He reasons that the block size increase to 32 megabytes wasn’t necessary because the coin wasn’t witnessing much use te the very first place.
“Their auténtico problem is that very few people use this coin to start with. Te fact, our latest gegevens indicates that their network only processes about 20,000 transactions vanaf day. Meaning, the upgrade is not even necessary,” he added.
A few months ago, the company wasgoed caught off-guard spil investors te Bitcoin were infuriated that it talent the cryptocurrency a C+ rating. Martin Weiss, the rating agency’s founder, said that the cryptocurrency is losing ground to contesting altcoins, negatively affecting its ranking despite its high trade volumes and still-enormous market capitalization.
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The Bitcoin empire, after all, is being threatened by other cryptos that have outperformed it consistently for the last few months. Spil infuriated spil Bitcoin investors may be, they’re proving Weiss’ point by shifting their investments to alternatives like Ethereum , whose rally has outperformed Bitcoin’s.