On Thursday, Weiss Ratings sent document to our inboxes informing investors to steer clear from cryptocurrencies that uses the Bitcoin to get a boost. The cryptocurrency expert at Weiss, Juan Villaverde, considers that EOS is a strong buy, but anything that starts with the word “Bitcoin” is something cautious of.
Weiss rated Digibite poorly despite its steller performance over the last month. He identified an individual who goes by one of two names: Everett Forth and Rhett Creighton. Villaverde called him the “serial coin imitator,” because of his style of creating new variations of cryptocurrencies that capitalize on the Bitcoin name.
Example of these include ZClassic, Bitcoin Private, and Bitcoin Prime.
“The modus operandi of the serial coin imitator is to copy the code of an existing project, change a few meaningless aspects, re-label it, then promote it as ‘the next big thing’ in crypto. They cash in on the innovations made by others and disguise the fact that their work is just a cheap imitation,” Villaverde said.
Other lists of imitation coins were Bitcoin Diamond and Bitcoin God, both of which didn’t even merit inclusion by Weiss. Bitcoin cash is guilty of “intellectual dishonesty”, Villaverde added.
Martin Weiss, the rating agency’s founder, said that the cryptocurrency is losing ground to competing altcoins that negatively affecting its ranking ts high trade volumes and still-enormous market capitalization.
After all, the Bitcoin Empire is being threatened by other cryptos that have outperformed it consistently for the last few months.