This Week in Cryptocurrency: 3rd September, 2018 – Solid as a Rock

This article was originally published at CoinCentral.com

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%.

Cryptocurrency Market Stats (8/31/18)

Cryptocurrency Market Stats (8/31/18)

United States Cryptocurrency News

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.

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.

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.

Cryptocurrency News from around the World

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.

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