Ethereum driving industry forward says ratings agency

Weiss Ratings Agency has come out in favour of Ethereum after a week-long debate about its similarities to fiat. Might it be about to upgrade its prospects?

By Matt Hussey

Mar 7, 2020

3 min read

Ethereum price goes up. Image: Shutterstock.

In brief

Weiss Ratings Agency says "ETH is where it's at"
It comes after a week of debate prompted by Anthony "Pomp" Pompliano
Recently, Weiss has been bullish on Ethereum and its related projects on Twitter.

Weiss Crypto Ratings, a US-based ratings agency has come out overwhelmingly in favor of Ethereum on Twitter.

We've seen people call #ETH "fiat money" while praising governments for their efforts to introduce their own "digital currencies" like it relates to crypto. Right now, ETH is the main project pushing our industry forward. Whether you want to build or trade, ETH is where it's at.

— Weiss Crypto Ratings (@WeissCrypto) March 7, 2020

The tweet comes in response to an ongoing debate initiated by Anthony "Pomp" Pompliano on March 2 who stated in his newsletter that the concept that "ETH is money is fundamentally flawed."

Crypto being crypto, the argument had proponents on both sides of the fence arguing for and against the statement. Brad Laurie, a crypto YouTuber used a video from Andreas Antonopoulos to prove why Pompliano was wrong.

Given #Pomp's flawed idea that "#ETH Is No Different Than Fiat", I wanted to encourage you to listen to @aantonop to help better understand the tech value & potential of #ethereum. Andreas, like @ErikVoorhees, has expert knowledge.👍#crypto

Full video: 👇https://t.co/by8xgfSBmH pic.twitter.com/4bQRivr1jF

— Brad Laurie (@Brad_Laurie) March 3, 2020

Udi Wertheimer, the co-host of the Reckless Review podcast countered by saying the very same video supported Pompliano's view rather than critiqued it. What fun.

@APompliano is right, ETH is fiat money.

People like Pomp did what Andreas teaches: they went in there and learned all they could. And that’s the conclusion they reached, with an open mind. That ETH is fiat.

— Udi Wertheimer〔🧱½🎉〕 (@udiWertheimer) March 3, 2020

But while these sorts of debates wage on ad-infinitum, Weiss Ratings felt compelled to enter the fray. Historically, the Twitter account belonging to the agency shares news on crypto regulation and highlights good and bad practice by projects across the space. More recently however, it appears to be warming towards Ethereum and the various projects being built on the network.

Just 24 hours prior to tweeting "ETH is where it's at", Weiss came out to say that DAI is "still the most exciting stablecoin, and it's strange how people are not paying more attention to it. DAI is a blueprint for what money could be in the future."

Rather than upgrading tokens via code changes, Maker deployed a new smart contract with fresh code to improve DAI. It is still the most exciting #stablecoin, and it's strange how people are not paying more attention to it. DAI is a blueprint for what money could be in the future.

— Weiss Crypto Ratings (@WeissCrypto) March 6, 2020

Could Weiss be eyeing up the network for an upgrade in its ratings? At present, Ethereum currently shares the same rank as Bitcoin when it comes to how good an overall investment the project is.

weiss-crypto-ratings-chart-summary — Weiss ranks crypto. IMAGE: Weiss Crypto Ratings

However, Bitcoin pips Ethereum to the top spot thanks to its overall market performance: Weiss rates Bitcoin's risk and momentum as "fair" whereas Ethereum's. is labeled "weak". Is there a change in the wind?

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