Weiss Ratings Gives Glowing Report To NEO, Cardano EOS: Flushes Out Scams

  • Weiss Ratings praised recent strong performances by NEO, Cardano and EOS
  • It also highlighted recent cryptocurrency scams that threaten investors

The company Weiss Cryptocurrency Ratings has given a glowing review of 'High-rated' coins this week. It also highlights the current risks investors face from imitation coins currently on the market.

While cryptocurrencies have sustained losses so far this month, Weiss points to Cardano, NEO and EOS. All of which have made substantial gains over the first months of 2018.

EOS has risen by over 5.8% today, reaching an overall value of $17.98 according to CryptoCompare.

NEO, while sustaining a drop of 6.97% so far this week. Has shown remarkable growth since November 2017. Rising from $25 to hit $75.89 today.

Cardano has made nominal gains from its $0.14 start to the year. To almost triple in value, reaching $0.32 today.

While improving significantly over their short lives so far, Weiss' ratings take into consideration the level of innovation that they bring with them:

"But their recent price gains are a testament to all the factors we consider in our ratings — their innovative technologies, solid adoption metrics and excellent promise for the future."

Weiss Cryptocurrency Ratings

While NEO, EOS and Cardano have been picked for their innovative approach and excellent performance. Imitations have not been spared from scrutiny, by contrast. Many of these imitations are cut from well-known cryptos such as ZCash and Bitcoin.

The creators of these counterfeits are implementing their code and profiting off those who invest in them as coins. The individual in question is Rhett Creighton, the creator of all three, and is accused of market manipulation by 'Coin-hopping' according to Jackson Palmer.


Started in 2016, the developer/s behind ZClassic applied ZCash's code to launch their own cryptocurrency.

According to the ZClassic site, their major selling points are that they're entirely democratic and have no founders or miners tax. In a post on its Twitter account on April 27th, ZClassic announced it had ceased operations on its currency.

Bitcoin Private

One of the statements made by the Zclassic team was the hard fork over to Bitcoin Private. This was to introduce what the creators refer to as a 'Voluntary miner contribution' to ZClassic.

Bitcoin Private's other selling point is the introduction of systems which improve resistance to ASIC mining programmes. ASIC mining has proven to be a polarising subject within the cryptocurrency community.

But the Bitcoin Private coin has been criticised by Weiss Ratings for being almost identical to ZCash.

Bitcoin Prime

Weiss believes that Creighton acquired the code to an underused Primecoin. This coin has since been subjected to a fork to develop Bitcoin Prime to undergo a similar process to previous coins.

According to the crypto's Twitter feed, Bitcoin Prime will be experiencing a hard-fork. Breaking into two separate coins: Primecoin and Bitcoin Prime.

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.


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