Scotcoin Q and A with Dame Stephanie Shirley

Something a little different for our blog… The Scotcoin team had the great privilege to ask one of the UK’s best loved IT giants some questions.

Scotcoin Q&A With Dame Stephanie Shirley

At Scotcoin, one third of our holders are women whereas ninety-six percent of bitcoin holders are men. What are your views regarding cryptocurrency and block-chain technology being dominated by men? 

Super! Has it not been ever thus in finance?

What advice would you have for the tech world to increase female involvement in the industry?

As with other sexist cultures, the best way to get women to break into the male world of technology remains fighting for what women want: flexible working, free childcare and genuinely equal pay. Will the gender pay gap legislation help? Don’t’ wait for women to leave but organise regular “stay” interviews. Maintain contact and make it easy for women to return after a career break. Since your gender ratio will change as women move into family mode, do a bit of positive recruitment by advertising in places that reach women. And publish data on pay by diversity.

Do you have any views on the new way start-ups are raising funds through ICO’s?  Do you see charities using ICO’s to raise funds to bolster their operations?

Start-ups are risky enough without bypassing the venture capitalists’ regulation by raising funds through ICOs. I don’t believe the Charity Commission likes ICOs… Whereas I definitely do.

What are your thoughts on the future of the Internet and, in particular, how it may impact upon a global society?

I co-founded the Oxford Internet Institute roundabout the Millennium to study precisely this. It was the first multi-disciplinary institute in the world looking at the social effects of the internet – the world of the 21st century. This, of course, includes the Internet of Money. Earlier this year it explored the various paths to our digital future and published its Global Internet Report. If only there were a crystal ball! No-one can predict the internet’s future but it’s too important to ignore and by shaping our societies, cultures and economies the internet will define the world ahead. For many young people, the internet is life and is focused on The Digital Divide, Personal Freedoms and Rights and Media and Society.

How do we ensure the continued development of an internet serving all people? In 2016, the Internet Society began to draw on the expertise of key stakeholders from around the globe. The considered conclusion is that while the technology will permeate all aspects of society in as yet unimagined ways, the founding principles of openness, inclusivity, collaboration and transparency will not change.

Development of new applications has moved on at pace in recent years, where do you see it heading over the next 5 – 10 years?

I hope the head-mounted displays will have been replaced by wearable (by which I mean lightweight) computing glasses. I got involved in my first VR project in 1999. And still find its artistic and medical applications fascinating.

What would you say are the most interesting high points you have had over your career?

Governance issues. The transfer of my company’s control from me to the workforce which took me 11 years to achieve. I also got a tremendous kick out of our first million pound sale.

Scotcoin sits outside the normal banking framework thus disrupting current financial institutions. How do you feel about disruption?

Could the Scotcoin future of money contribute to devolution? Post Brexit, would a Scottish Referendum herald digital cash as an alternative to both the pound and the euro?

Do you think if you were working today you would be described as a ‘disruptor’?

I was shocked when first called a disruptor. Was it an insult? But that’s exactly what I am: changing the culture, the social norms as well as the technology.

My current life is focused on autism, my late son’s disorder. And yes, I continue to make waves (to mix my metaphors) in that field.

Dame Stephanie Shirley CH
18 October 2017

 

Where did half a TRILLION GBP go?

Did you just notice that the ONS says we have half a trillion less foreign exchange than we thought we had?

This is not because they have changed the way they count things. This is because it has leached away and because we have mismanaged both our economy and finances for years. If you think it doesn’t matter think again. The Brexit situation with this scenario will mean the GBP/EUR rate falling dramatically, probably another 15%.

Now in one way that’s good ( lower costs of exports) and possibly good for the FTSE as well ( all those foreign currency earners) but in another sense it’s an utter disaster. Why? Because it means our perceived credit worthiness will plummet, we have nothing to withstand any shocks, and finally, we probably won’t be getting any Euro influx to buy Gilts. If that goes we are back to domestic institutions – and they don’t have enough to cover the Budget deficits. Perforce the cuts that should have been made from 2010 will have to be made to stop HMG going bankrupt.

This is the UK problem but it is actually a worldwide problem. It’s one of the reasons Bitcoin has gained so much traction in the last year or so. It’s why people are regularly taking avoiding action in terms of domestic savings ( which just piles pressure on the problem).

We in Scotland are lucky. We already have our own Digital currency – Scotcoin. When in the 1930s the WIR currency basically saved Switzerland from bankruptcy, the global lack of liquidity was addressed in an innovative and substantial manner. We can do the same now in Scotland with Scotcoin. Avoid the drop in the external value of GBP and buy on https://exchange.scotcoinproject.com

Bitcoin off the ropes

Just in case you thought Bitcoin had had its day, I’m here to tell you that you are very wrong. Not only is the US Dollar price nudging $5000 once again, but Bitcoin has re-asserted its dominance. It presently stands at over 52% by market value of ALL digital currencies. And that’s with something like 1200 crypto currencies now in existence. Bitcoin itself is standing at over $80 billion in value, and the daily trade is as near as makes no difference $3 billion. That doesn’t look like a “has been” to me.

True, other crypto currencies have suffered of late. Partly, that must be because people have been taking profits elsewhere and reinvesting in Bitcoin. More importantly, the shocks from China are taken care of. In fact, it is beginning to look as if the Chinese may have shot themselves in the foot, as everyone who could has taken their crypto currencies and headed for jurisdictions making less opaque statements. Other countries have been massive beneficiaries of the Chinese “clampdown”. I still believe this has more to do with the Chinese authorities worries about their own currency, rather than an anti-Bitcoin stance per se. And now we hear that maybe – just maybe – the Chinese government might have being doing all this for its own ends. What is absolutely clear is that regulation is coming – and fast.

So how is Scotcoin getting on? We have, of course, taken the position that we will be fully KYC and AML compliant. We have had this stance for well over 18 months, and have endured the slings and arrows of people telling us No, Never Going To Happen. Well our ICO Whitepaper is almost ready which will confirm we are right and will enshrine KYC and AML within Scotcoin V3. We are very shortly going to sign the contract to create Scotcoin V3 with all that that entails. We will be signing up new licencees who will have the authority to use Scotcoin’s Intellectual Property. We will be engaging with partners – Gold, Silver and Bronze – to help us in our objectives. Our new professional Marketing team is talking to all sorts of organisations and businesses, from Hotel groups to cab companies, to bring them onboard. Our Meetup Group goes from strength to strength.

You’ve heard of the proverbial swan – serene above the water, but below the waterline, the feet paddling away like mad. Well, we are a bit like that at the moment, but paddling to good effect. Time to buy Scotcoin is now, so get your’s at:

https://exchange.scotcoinproject.com/

Interest on your Scotcoin holdings

What happens when you put money on deposit? Over a period of time, and as long as you leave the money where it is, you will receive some interest. Nowadays of course that interest is what could only be described as piffling.

What happens if you invest in gold? If the price doesn’t change, you are worse off because there are holding costs (vaults, insurance and so on)

Suppose you invest in Bitcoin. Now suppose further that instead of rocketing up as it has done, it remains the same price in USD or GBP terms. You are at least no worse off.

Now suppose, instead of merely being no worse off, Bitcoin paid “interest”. In the same way that putting money on deposit adds to the stock of what you have in cash terms, you would have some extra Bitcoin. And the longer you held, the more you got.

If you’ve been following the Scotcoin Story, you will know we are in the final throes of moving towards a White Paper to transform the Crypto landscape. Part of that revolution will REWARD holders of Scotcoin for holding Scotcoin. Interest by any other name. And early holders will get more than later holders. We are really delighted we have come up with a formula which will reward our longstanding supporters. Have you got yours?

bitcoin legislation

Whither Scotcoin

bitcoin legislation Cryptocurrency a scam?

There have been quite a few gyrations in the Bitcoin market especially since China put the mockers on ICOs. This was then followed by Jamie Dimon – he of JPMorgan fame – saying Bitcoin was a scam. Yet today, one of the doyens of the London Gold market  – Sharps Pixley – has said they will accept Bitcoin for purchases.

Legislation surrounding Bitcoin & Digital Currency

Let’s just look at both of these. The Chinese are quite rightly saying we don’t want people to lose money through fraudulent or overhyped ICO offerings. They are also saying, if you are going to put money into stocks and shares, you have to be identifiable, so if you want to do this with crypto currencies, you will have to be identifiable as well. Personally, I don’t see why people would run away from Bitcoin because of these two eminently sensible announcements. In fact, they should enhance crypto currencies in general and Bitcoin in particular. Rather than an anonymous investment in something you don’t understand, where the principals may disappear with your cash, you can invest with confidence knowing who the other people are beside you. This is precisely why Scotcoin will be entirely AML and KYC compliant. The other thing to bear in mind is that – officially officially – nothing has been set in stone in China. There are “elections” coming up in October, and it is entirely possible that OFFICIALLY officially after these things might change.

Jamie Dimon is in my view being a bit naughty. He says “ It’s a scam”. But he also says, hey it will collapse, but maybe not until it reaches $100,000. So… is that a buy recommendation? Goldman Sachs don’t appear to have doubts – they say serious investors MUST hold some crypto currencies, if only because the growth in value has outpaced everything else by a mile. And he is after all in the business of getting his investors the best deal. Traders and market makers earn money by selling high and buying cheap, and he just may have created the last, best buying opportunity for Bitcoin. The present bounce up back above $4000 is in my view a trigger.

The Sharps Pixley announcement is way up there as far as a tipping point goes. Gold might trade $22 trillion a year but Bitcoin is already around $1 trillion. And that’s from a market not yet fully nine years old.

I have a view which is entirely personal. Bitcoin isn’t going to become the currency of choice for buying coffees and pizza. Apart from anything else the cost even after the recent fall is around £1.50 per transaction. That will only increase as its value rises. What Bitcoin MAY become is something like gold, a store of value and wealth. That leaves the field for “ currency” wide open, and Scotcoin is targeting that use. We may be “Scot” but that is not pejorative or limiting. We have holders in more than 40 countries. In fact, taking into account the diaspora of successful Scots worldwide, we all might just be on to a good thing.

If you want to help us spread the world and fund our on-going activities, go to https://scotcoinproject.com.

The Scotcoin Pizza… Mark this date!

Scotcoin PizzaAt our MeetUp in Dundee last night, intrepid blockchain enthusiasts joined our cryptocurrency development team for a momentous occasion.  We now have 250 regular guests at these events and we discuss all manner of things blockchain, Q&A for newbies, and it’s a chance to meet the team behind the Scotcoin Project and find out more about it.

The bitcoin pizza and its value today

Back on 22 May 2010,  an extremely fortunate pizza vendor sold two pizzas, for 10,000 Bitcoins. Nowadays, those 10,000 Bitcoins are worth $34,500,000! 

Ten thousand coins were then worth about $40 (£30).  A British user agreed to buy the pizza for this pizza-munching developer, and even at the time the buyer got a good deal out of it: The Brit paid only $25 (£19) for the two pizzas to be delivered to the developer.  The day has gone down in history as being World Bitcoin Pizza Day and so we’d like to record the first ever pizzas sold in Scotcoin too.

The Scotcoin Pizza and how Scotcoin is valued

Leading Italian restaurant Don Michelle in Perth Road, Dundee supplied the pizzas and are now accepting Scotcoin for pizzas at just 1,000 Scotcoin per pizza.  Restaurateur Patric Lochi “I am delighted to be involved with the Scotcoin Project. Quite apart from the iconic Bitcoin Pizza Purchase, we have just started using Scotcoin for our on-line offerings – Just Eat here we come!”

The details for posterity:

Date:                      19 September 2017

Price per pizza:     1,000 Scotcoin/£7

Supplier:                Don Michelle, Perth Road, Dundee

Our live feed from the event is available here:  http://productfor.ge/SDC0917

With thanks to Ronan Sandford for organising the venue, Don Michelle for the pizzas, Product Forge for the live broadcasting and everyone who came along!

Storming higher

Storming higher!

Bitcoin has been doing it’s Rocky Marciano impression – yet again – and has climbed over 30% in about 10 days.

From a low a bit lower than $3000 (why didn’t I buy? Because I thought it was going lower) to a present price above $4000, this is a great example of the resilience and strength in Bitcoin itself. We should all stop worrying, smell the coffee and look forward to a very wealthy retirement.

I’m glad to say all the people who phoned and emailed me saying “ It’s a bubble, it’s going bust, China has killed it etc etc” have all been proven absolutely wrong. China is only one bit of Bitcoin – and I wouldn’t put it past certain internal elements unscrupulously trashing the price in order to get back in lower down. Who knows?

A bit of technical analysis:

If bitcoin ends on a positive note today, preferably above $3,958 (50-day moving average), a bullish reversal would be confirmed. (That means it’s going up)

Further ahead:

The trend line drawn from September 2 high and September 8 high will offer resistance around $4,250 levels (means people will take profits, sellers wanting $4250, buyers prepared to buy below that). A break higher would open doors for fresh record highs in bitcoin. (It’s going up)

View

  • A bullish reversal confirmation followed by a break above $4,250 would add credence to the rebound from the 100-DMA and shall boost the odds of the digital currency rallying to fresh record highs above $5,000. ( It’s going up)
  • Only a daily close below $3,600 would revive the bearish view. (Might go down….)

Scotcoin – a coin for Europe

Let’s get down to brass tacks – if such things exist anymore.

If you want to buy something, you have to PAY for it. If you have to send the money to someone either you have to pay for that “ send” or the seller has to pay for the “receive.” Credit card fees, Moneygram, Western Union, Paypal and on and on, they all cost somebody money. How much? I actually have no idea as there are so many remitters charging so much money that it is actually impossible to calculate.

We see Scotcoin not just as giving an advantage to Scots and Scottish SMEs but crucially as an international trading tool for Scots, for Europe, for the world.

Simply the overseas workers worldwide sent more than $600 BILLION home in 2016. That’s not businesses – that’s individuals. Fees vary enormously, but in terms of fees it’s unlikely to be less than 2.5% overall. World trade in FAKE products is estimated at $500 BILLION a year, and at a very rough guess (although there are supposed to be reliable statistics) around $2 trillion a year is sent across borders. So let’s have a nice round $3 trillion.

2.5% of that is $75 BILLION. I have no idea how many transactions that represents, but lets say 1billion. That means each transaction cost is $75 on average.

Now just suppose you could drop that to $2 per transaction. You’d save a total of $73 billion a year. SAVE $73 BILLION a year.

So what are we at Scotcoin doing about it?

We see Scotcoin not just as giving an advantage to Scots and Scottish SMEs but crucially as an international trading tool for Scots, for Europe, for the world. We use SCOT as a brand name, not necessarily as a “restrictor”. Scotland has always been at the forefront of financial innovation and expertise, and today is no different.

Scotcoin is for Scotland but it’s for Europe too. And America, the Far East and all points North South East and West.

KYC - Know your customer

China and the Bitcoin stumble

Chinese economy - BitcoinIf you’ve been following crypto currencies, you couldn’t help but notice a 20% slide in the Bitcoin dollar price. With the way these things work, that means the whole crypto market is down by a similar amount. Bitcoin is a bit like Rocky Marciano at the moment – groggy and not doing too well, then suddenly unleashing an unbeatable flurry of punches. Remember he retired undefeated.

By the way, Bitcoin is still up on a year ago. This from a blog post on 13th September 2016 : “In the past 2 weeks, the price of Bitcoin made a surprising run up, breaking past the famed $600 level to a $630 high”. Umm so that’s up 700% ( roughly). Read more

Sterling Stops at Dover

Sterling stops at Dover.

What are we to make of Scotland after Brexit? To listen to many, we will be reduced to vassal status and plunged into a permanent recession, with 16% of our exports immediately cut to zero. And errrr 63% still going to the rest of the UK. Hmmm so four times more goes to UK than to Europe.

Those of a mathematical bent will have noticed these two figures don’t add to 100% – they only add to 79%. So a further 21% is to the rest of the world – significantly more than to Europe. Quite a significant portion of that goes to the USA.

So what does this tell us? 37% of our exports go to non-sterling and non-Euro areas. That adds to around £30 billion a year of money transfers. Allowing for bank charges, delays of transmission, fees and general hassle, that means Scottish exporters have to pay something around £1-2billion a year in charges. Between 3 and 6%.

Stop for a minute and consider that. Countries around the world are starting to do just that. If those sums could be diverted from banks and other institutions that use it to enhance the wallets of their officers and shareholders, exporters, importers and the general public would be a like sum better off.

Enter crypto currencies –digital currencies. You may have heard of Bitcoin, but you may not have heard of the Blockchain, or the myriad of other digital currencies that are tearing up the international rulebooks. We in Scotland have Scotcoin, our very own digital currency that can help with this problem.

Before we explore that, I mentioned other countries that were looking to reduce remittance fees. Take the Philippines. They have literally millions of their countrymen and women worldwide. They all send money back to the Philippines, one of the poorest countries in the world. And it costs them literally BILLIONS every year. A few billion dollars into their economy each year would improve the lot of their resident population immeasurably. Their solution is to use Bitcoin to transmit funds from around the world. Sending $100 or $100 million costs exactly the same – around $2. Try sending $100 million via a bank and be prepared for it to cost millions. That means extra cash for your family back home.

Digital currency is here to stay and we should use it worldwide. The pound Sterling stops at Dover – but Scotcoin doesn’t.

So let’s try to give Scotland and it’s exporters an unfair advantage. Use our own digital currency – Scotcoin. Have a look here : https://scotcoinproject.com and our exchange https://exchange.scotcoinproject.com if you want to buy some.

If we truly want to trade with Europe we need to find better ways to transact with them – not shout about Brexit. It’s being unique and innovative that will make the grade, not sticking with old fashioned methods. Digital currency is here to stay and we should use it worldwide. The pound Sterling stops at Dover – but Scotcoin doesn’t. No political borders can restrict it. Think of the entire world as transacting in just one currency, and how incredibly positive economically that would be.

We already have holders in more than 40 countries and are looking to licence its use in other areas. If you fancy being an official Scotcoin Licensee, and if you want to know more, please get in touch and talk to us. We’ll help you move money all over the world for pennies as opposed to pounds.