This Week in Cryptocurrency: August 31, 2018
Solid as a Rock
We had a relatively good week in the market, all things considered. The entire market was in the green over the week-long period, growing by about 7%. It looks like we may finally be at the end of the bear market. But, we’ll have to see a few more weeks like this before saying for certain.
So, in the meantime, we won’t hold our breath.
Bitcoin grew by a healthy 5.86% this week, leading the pack of the top three coins.
Ethereum just barely eeked out a positive week with a 0.31% gain.
XRP showed no real signs of movement either, finishing the week up 2.29%.
Square Wins Big with Crypto Patent: The U.S. Trademark and Patent Office approved a patent application from Square this week for a new Point-of-Sale (POS) system. The cutting-edge POS would be a win-win for customers and vendors alike. With it, customers can pay using a variety of currency, including crypto, while merchants still receive the currency of their choice, even if it is just fiat (get with the times, merchants)
Even more, the patent outlines that cryptocurrency transactions through the POS are real-time, solving the previous issue of needing multiple confirmations for Bitcoin transactions, for example.
Yahoo Enters the Crypto Exchange Market (And Then Doesn’t): Keeping the crypto community on its toes, Yahoo suddenly launched support for the buying and selling of cryptocurrency without making an official announcement. But before you could say Satoshi the feature mysteriously disappeared.
Once actually launched, it appears as if Yahoo will allow you to trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, it’s unclear as to when that will be. A representative from Yahoo has yet to comment.
Famous People Saying Things
Elon Musk feels some FOMO: In response to the constant stream of bots impersonating him in Twitter scams, Musk tweeted out that he’d like some ETH at this point “even if it is a scam.” Whether this tweet is positive for the Ethereum community is debatable. On one hand, you’ve got a tech juggernaut publically stating that he’s picking up what you’re throwing down. On the other hand, he may not be doing it for the right reasons.
At this point, I want ETH even if it is a scam
— Elon Musk (@elonmusk) August 28, 2018
Vitalik brings the heat to Craig Wright: In the burn of the century (or maybe just the past week), Ethereum wunderkind Vitalik Buterin told his followers, “If I see indisputable evidence that CSW is Satoshi, it would change my opinion of Satoshi more than it would change my opinion of CSW.” Ouch.
The tweet comes off the back of Dr. Wright’s insistent claims that he is Satoshi Nakamoto even though he has yet to provide any reasonable proof.
If I see indisputable evidence that CSW is Satoshi, it would change my opinion of Satoshi more than it would change my opinion of CSW.
— Vitalik Non-giver of Ether (@VitalikButerin) August 25, 2018
Scammer Wolf of Wall Street Cries Bitcoin Scam: They say it takes one to know one. Infamous scam artist, Jordan Belfort, talks out against Bitcoin in an upcoming interview with CNBC. He likens the Bitcoin landscape to the stock manipulations his firm performed when defrauding investors.
The interview is part of a longer documentary, “Bitcoin: Boom or Bust”, airing next Monday.
WeChat Bans Crypto News Accounts as China Looks to Block Offshore Crypto Exchanges: China continues their crypto crackdown forcing WeChat to take action against cryptocurrency news.
Check Out the World’s Top Twitter Blockchain Influencers: Crypto Twitter is a top source for breaking news. Here’s a list of the people you should follow.
Could Cryptocurrency Be the Solution to Venezuela’s Problems?: Blockchain brings a lot of good to world, but will it be enough to help the people of Venezuela?
A Beginners Guide to OTC Markets in Crypto: You may not know it, but you have options outside of traditional exchanges to invest in cryptocurrency.
The Siacoin (SC) Internet Cafe Hack and the Rising Popularity of Cryptojacking: Cryptojacking is becoming ever more prevalent, and Siacoin is now the most recent target.
Conference Recap: ChainXChange in Las Vegas: Couldn’t make it to Vegas for ChainXChange? We’ve got you covered in this recap.
Exploring DAGs and Blockchain Scalability Issues with Constellation Labs: Constellation Labs is approaching blockchain’s scalability issues with a completely new infrastructure – the DAG.
Texas Bitcoin Mining Facility Takes Crypto Mining to New Levels: Everything really is bigger in Texas, even the mining. Learn how a facility is using innovative cooling mechanisms to cut costs.
NVIDIA Pulls out of Cryptocurrency Mining Industry: NVIDIA is throwing in the towel for crypto mining. Find out why here.
Can Cryptocurrency and Blockchain Be Separated?: Crypto and blockchain go together like peanut butter and jelly. But is there some validity to the claim that one can exist without the other?
What Are NFTs? Non-Fungible Tokens, Explained: Cryptokitties made them popular, but the use of NFTs expands far beyond collectibles. Learn about their potential in this guide.
What is FOLM Coin (FLM)?: Great question. This guide covers all you need to know about the “payment key of the future.”
How Cryptographic Algorithms and Hashing Secure Blockchains: Let’s get back to basics. Crypto algos and hashing are at the heart of blockchain security.
Interview: Entering Virtual Reality & Blockchain with CEEK VR’s Mary Spio: We sat down with Mary Spio from CEEK VR to discuss VR and blockchain. You don’t want to miss this one.
Weighing the Bitcoin ETF SEC Approval Debate: The SEC denied (sort of) a bunch of Bitcoin ETFs. He’s what some people think on the matter.
Ethlend vs Salt: Which is the Better Crypto Lending Platform: You can’t HODL forever – sometimes you need some cash to pay the bills. We analyze which platform you should use to take out a loan.
Unlocking Key Encryption in One Handy Explainer: We’ve got a quick guide to help you understand exactly how your private/public keys work.
What Is a Crypto Card? | An All-Inclusive Guide: What good is all of your crypto if you can’t spend it anywhere? Learn how a crypto card could help.
Interview: Exploring IoT and Blockchain with IOTW’s Frederick Leung: IoT and blockchain are a natural fit. Hear what IOTW’s Frederick Leung has to say on the matter.
No IPOs, Major Crypto Mining Tech Companies Focus on Product Innovation: Read about how crypto mining companies are approaching IPOs and what strides their making on their products.
Who is Dan Larimer? A Quick Biography on the Visionary Blockchain Architect: The man, the myth, the controversial figurehead. A short history of Dan Larimer’s life.
What Is an EOS Delegate? | A Basic Explainer: Twenty-one entities with a whole lotta of control. Learn about the role of delegates in the EOS ecosystem here.
What Is a DEX? Decentralized Exchanges, Explained: Not your keys, not your crypto. The rise of DEXs may have your head spinning with questions. We’ve got your back.
What Is a Smart Contract? | Explanation for Beginners: Besides blockchain, it’s the term everyone should know. Make sure you’re not left behind.
A Blockchain Education Network: The New Era of Scholastics: Schools may seem stuck in the rigid past, but blockchain has the potential to turn that around.
The True North Guide to Cryptocurrencies in Canada: Thought we’d forgot about our Northern brothers, eh? Check out this crypto guide for our friends above the border.
How Ricardian Smart Contracts Enable Blockchain Adoption: The inherent issues of smart contracts are preventing widespread business adoption. Ricardian smart contracts could help.
Tron vs. XRP, and Both Controversial Tokens Against the World: The two cryptocurrencies you love to hate. Although tackling two separate issues, they may be more alike than you would think.
Blockchain Mobile Games Are Here, But You Might Not Be Too Impressed: You do have a few blockchain mobile games at your disposal, but we’ve got warn you, they’re no Flappy Bird.
China Announces New Blockchain Lab Initiative: Continuing to push the blockchain, not crypto, agenda, China is in the works of creating a new blockchain lab. Make up your mind, guys.
Kaspersky Lab Reveals Scary Truths About Cybercrime and Cryptocurrency: It’s not Friday the 13th, but there’s still reason to be scared. Kaspersky Lab reveals more than a handful of blockchain-related crimes happening right now.
What are Bitcoin Oracles? New Functionality on the Blockchain: In an ideal world, all actions take place on the blockchain. However, there’s some information (i.e. weather changes) in which that’s impossible. That’s where oracles come into play.
The Best Bytecoin Exchange Sites for Crypto Investors: If you’re looking to buy some Bytecoin, we’ve got you covered.
Square Cryptocurrency Payment Network Approved: Point-of-Sale (POS) systems around the world may soon be able to accept all types of digital payments, including cryptocurrency.
World Bank Issues Blockchain-Only Bond: In a world first, the World Bank just launched a bond in which the “entire bond process—from creation to allocation and management throughout its two-year life cycle—takes place on blockchain.” The Commonwealth Bank of Australia raised $80 million to arrange the bond, naming it “bond-i” for “blockchain operated new debt instrument.” Or after Australia’s iconic Bondi Beach.
Australia Announces Nationwide Blockchain: Australia just can’t get enough of blockchain technology. This past Wednesday, Australian government agency CSIRO announced a partnership with Herbert Smith Freehills law firm and IBM to create a nationwide, publically available blockchain solution for businesses in the country.
The Australian National Blockchain (ANB) gives businesses “smart legal contracts (SLC) that contain smart clauses with the ability to record external data sources such as Internet of Things (IoT) device data.” The blockchain’s pilot is scheduled to start this year.
OECD Plans Blockchain Policy Forum: The Organization for Economic Co-operation and Development is hosting a forum in Paris on September 4th and 5th. The topic: blockchain technology in government activities and public initiatives.
Speakers from Hyperledger, Ripple, and IOTA will be in attendance as well as officials from Israel, Russia, and Italy among other countries.
Poland Clarifies Crypto Taxation: After receiving heavy blowback from crypto advocates on their first tax proposal, Polish legislators have written a new bill that simplifies taxes on crypto. The new proposal states that crypto-to-crypto transactions will be free for both individuals and businesses. It also outlines that individual crypto miners will not be taxed on their rewards but others who work for someone else will.
The proposal seems to be a step in the right direction for a government that started out of the great with an anti-cryptocurrency sentiment.
North Korea Planning Cryptocurrency Conference: That’s right, folks. North Korea will be hosting a two-day cryptocurrency conference, the Korean International Blockchain Conference, in October of this year. Many of the details about the conference haven’t been released yet, including the speaker list. However, those hosting wish to use the conference as an opportunity to show off the technical prowess of the country.
This was a good market week for the Bitcoin maximalist – a casual 8:00 PM Presidential tweet storm villifying the asset and elevating the cryptocurrency conversation into global policy AND…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.