For Fork’s sake!

For Fork’s Sake !!

So the fork has come and gone and not too much seems to be disastrous. It’s early yet of course but as at the time of writing the BTC /USD price is $3450 per Bitcoin. That’s improved around 305% since August 1st.

What has particularly struck me recently is the emphasis that Initial Coin Offerings (ICOs- see below) have placed on “community”.

Back in the day, the whole story about domains (remember them?) was building a community, grabbing eyeballs and retaining them. And guess what? The same applies today to coin offerings. If memory serves, at one point eyeballs were worth around £1.25 each when sold to a third party. That rapidly grew to around £10, and just as promptly dropped back again. But the point is that this has carried over into Blockchain offerings. Somebody recently with 65,000 of a community, was valued at £10million. That’s £153 per skull. Granted that particular company expected to take the £2million it was raising and grow the community to 250,000. No turnover worth talking about and massive losses of course, but hey JUST LIKE WEBSITES AND DOMAINS!! If their next round of financing is done at anything like the present value, we’ll be talking £38million plus. For virtually nothing except 250,000 email addresses

Plus ca change.

Perhaps a few words on ICOs:

I.C.O. means Initial Coin Offering as I have said. It is akin to an I.P.O. (Initial Public Offering) which have being going on for centuries – albeit perhaps under a different name.

An I.P.O. generally is done for a business that requires more funding, and the funds raised are used to achieve expansion and growing profits.

An I.C.O. generally raises funds for a start-up or early stage business, and typically in the Fintech business area. The coins are created and reside on a blockchain, securely, and properly registered to their owners as they pay for them. The funds raised are then used for creating and expanding the ecosystem ( for which read community) that the coin has been created for.

ICOs have raised nearly $1.5billion in the USA in the last year. Typically, the prices rise strongly after debut to an average of 1800% above the initial price. Even taking the lowest 10% would mean an average rise above 400%. So if you can achieve an ICO you are on the fast track to achieving your community, because everyone who subscribes is a supporter and becomes a member of your community.

When Scotcoin moves to a fully permissioned blockchain, we will be having an ICO. Existing Scotcoin holders will be very well rewarded for their support and belief, and we will be able to expand our community massively. It will be a worthwhile and exciting time.

-T Melville

Blogger: We need YOU!!!

looking for bloggers

Are you a tech blogger?

We are looking to expand our editorial team for Scotcoin Project – and we need YOU!!!  If you have something you’d like to say about cryptocurrency, adoption of digital currency, the way Bitcoin operates, and expansion of Scotcoin, we’d love to hear from you!

What to write about?

You can either pick your own topics, or we can suggest different areas which might spark your inspiration.

What do I need to write?

Articles should be 500-3,000 words long and be of interest to our core group of followers.  Ideally, you will be used to writing for online articles using headers, bullets, and quotes to break up the text – but we can teach this valuable skill to talented writers!

Why do I want to write for Scotcoin?

Not only will you be spreading the word about Scotcoin, but you will also get paid for your articles in Scotcoin when published – each article published is worth 5,000SCOT!  We are also happy for you to feature a brief biog and a personal weblink.

Want to learn more?  Fill in the form:

Meet Up Dundee

Dundee networkingScotcoin expands into Dundee – meet us there!

Little bit of trivia for you:

Where (outside of the M8) does Scotcoin get most of its website hits from?

Of course, the big financial centres like London or oil/investment town Aberdeen get a mention… But a somewhat more humble hotbed of cryptocurrency is nestling in Silicon Glen – DUNDEE!

Why are we meeting in Dundee?

Home of innovation such as jute production and Dennis The Menace, it became famous as the birthplace of Lemmings and Grand Theft Auto, due to the innovative courses offered at the University of Abertay.

So it’s only fitting that we take the Scotcoin Show on the road and visit our supporters in Dundee!  Everyone is welcome, from those just wanting to set up a wallet, to Ethereum coders, and all in between.

DATE: 19 September 2017 @ 6pm

VENUE: Dundee MakerSpace, 5 The Vision Building,  20 Greenmarket, Dundee DD1 4QB

COST: Free – with pizza and beer!

CLICK TO MEET UP HERE

Scotcoin Meetups!

Our Meet Up Group, Scotland and Digital Currency, has nearly 200 members… We organise regular meet ups to discuss the latest cryptocurrency and blockchain news, as well as helping newbies understand and navigate their way through using Scotcoin – it’s a great way to meet the people behind Scotcoin and pick the brains of our development team!

We have a little prize for the 200th member, could it be you????

JOIN US FOR REGULAR MEET UPS

 

US and UK regulation of Fintech

This is from an article on Cointelegraph by Joshua Althauser

The differences he highlights are extremely important, and will assist the UK and Scotland in particular with its charge into Fintech and Blockchain technology, as well as make crypto currencies more mainstream.

Based on the policies involving cryptocurrencies and Blockchain technologies, UK moves to liberalization of cryptocurrencies while the US looks into more regulations.

The World Bank estimates $429 bln of remittance market in 2016. This is mostly from migrants sending remittances to their home nations,  mostly done through traditional banks and other non-bank payment systems, and P2P systems.

To leverage this growing industry, the UK is finding ways to integrate Britain’s interbank payments and encourage further liberalization of P2P systems. Consequently, It is exploring ways to officially integrate cryptocurrency, testing Ripple’s Blockchain technology for cross-border payments. Read more

cryptocurrency crash

Crash? What Crash?

cryptocurrency crash

The Bitcoin Crash Which Never Was is OVER

So guess what? The Bitcoin crash that never was appears to be over short term. There are still issues with Segwit come 1st August and a LOT could still go wrong, but it’s beginning to look as if BTC will climb much higher once this is safely out of the way. It’s worth remembering what Segwit is all about. Basically, the activation of SegWit will lead to a 75 percent optimization of Bitcoin blocks and a substantial decrease in Bitcoin transaction fees.

It’ll take several weeks to be sure, and whilst that’s all happening, as someone cleverer than me has said “ In the meantime don’t trust just one or two confirmations. Go for 6 at least!” The only problem with that is it could take quite a long time.

Interestingly, I did a couple of transactions this morning on “normal” as opposed to cheap or priority, and both were cleared and done within 15 minutes.

The 25% plus rise in Bitcoin this week has dragged up the total Crypto market cap, but not by as much. As a result, Bitcoin dominance has risen a couple of percentage points. There is a definite correlation between the value of individual crypto currencies and the value of Bitcoin, and what it is doing. The other interesting thing is the volume of trading in crypto currencies. Until a few weeks ago, this hovered between $500 million and $1billion per 24 hours. This last few weeks it has grown enormously. Today it was just under $6billion, and it’s been north of $5 billion for quite some days.

I don’t pretend to be able to “read” the markets. As Nathaniel Rothschild said in the 1800s: “I buy 10% too late and sell 10% too early.”

“I buy 10% too late and sell 10% too early” – Nathaniel Rothschild

And Bernard Barouch said it again after the 1929 crash, when he was largely unscathed “I always buy ‘too late,’ and sell ‘too early.’” In other words, don’t be greedy and leave something on the table for someone else.

That said I’d expect a bit of a settling down over the next couple of weeks. I fully expect more ICOs (Initial Coin Offerings) not least in part of the Kik messaging service, issuing some 10 TRILLION tokens. That alone will knock some dominance points off Bitcoin. I don’t actually see that that matters. What matters in Cryptoland is acceptance and usage, and a community. Kik already has this, as does Bitcoin. But many others are just “Me toos” which longer term will have no relevance.

There are some exciting developments coming down the track and many businesses need to get on board before they are left behind.

Crypto collapse?

“What does the collapse in crypto currencies mean? In the last couple of weeks the whole market, including Bitcoin, is down around 30% with Bitcoin itself falling as much as 35% at one point. Some coins are down 50%+.

Some recovery has taken place, but the market as a whole has shrunk from over $100billion to just over $70billion.

Is that it? Are we on a permanent downtrend? Have the public seen ( or think they have seen) the Emperor with no clothes?

In my view this is a healthy situation. NOTHING goes up forever. Participants in markets buy and sell as they see fit, and – being brutally honest – so much money has been made recently that NOT taking a substantial profit makes no sense.

Bitcoin in particular has suffered from falls of a third several times but has always moved back higher within a few months. Quite apart from anything else, the miners need the prices higher to pay for all that electricity. I’d be astonished if in fact they were not large sellers at the high prices.

So what else is good news? Adoption of and interest in crypto currencies continues to grow. That is not going to stop just because the market has fallen. Indeed, there are several groups who are wanting to use crypto currencies in closed groups. For example, in a casino you buy chips and use them to gamble with. You could do the same with a tailored altcoin, and it could all be done online at a fraction of the cost.

But the other thing that really interests and pleases me is that the crypto currency markets are behaving exactly as conventional markets do. Even down to the buy and sell signals on the charts. Before the last rise, the charts for Bitcoin were indicating a potential “top” of around $3000. That arrived. Then there was the reducing triangle formation – means a drop. For reasons completely beyond me coin journalists thought this meant it was about to go UP! The price duly dropped. Then, a bottom target of $1850 suddenly appeared, and hety guess what that pretty much appeared too.

I think this episode shows how un-knowing people in the crypto currency space actually are. The usual investment tools applied to these markets have yielded exceptional profits – but I’m willing to bet most of the participants have never even heard of a double top or head and shoulders, but have set themselves up as experts on the back of rising prices.

Of course, the coins apart from Bitcoin have suffered just because of Bitcoin – it is, after all the reserve currency in this space. If it falls, everything else has to fall too, or arbitrage situations will emerge.

I’m pretty confident there will be a period of sideways movement. “ Sell in May etc etc” isn’t quite true, but would have paid dividends here in the last few years. Conversely, once the holidays are over and people return to their desks, hopefully the crypto “experts” will be somewhat chastened. When everyone shouts “buy” that is the time to sell.

The autumn will be the time to see gains again.

The recent fall in crypto currencies and Bitcoin should be seen in this context – post from early May ie 9 weeks ago:

“The week is still young, but new milestones have already been made: the total market cap for all digital currencies has increased by a staggering $10 Billion in one week, now standing at the all time high of $38.1 Billion. “

WHAAAA? You mean even after the crash they have DOUBLED in 9 weeks? And actually at the peak they had TRIPLED. So don’t blame anyone for selling – they would be mad not to.

Scotcoin continues on it’s planned path – fully KYC and AML compliant private blockchain coming, and a really interesting bit of news shortly.”

-T Melville

Your Scotcoin is now worth more!

SCOTCOIN INCREASES IN VALUE: Following a hike in the value of Bitcoin, Scotcoin too is enjoying an uplift in value… But how do it actually work?  With respected financial journalists such as Ed Conway of The Times writing headlines such as “Bitcoin could turn capitalism on its head“, economists now predict that cryptocurrency has the potential to bypass governments and the digital media giants to become the new power behind big decisions not just in financial markets but in many different areas of life.

How is cryptocurrency valued?

Simply put, cryptocurrencies are worth what someone is willing to pay for them – just as any other asset is valued, such as house prices or stocks or traditional currencies.

In the case of cryptocurrencies the value is usually derived from exchanges (very similar to traditional stock exchanges) where bids are placed for buying and selling an asset and an average value is therefore established for that stock.

As a Bitcoin backed asset that uses the Bitcoin blockchain via Counterparty, the rising prices of BTC and XCP thus increases the value of Scotcoin.  So with 1 BTC now costing over £2,000, the price of Scotcoin being based on BTC has gone up.  Effectively your Scotcoin is now worth more!

What sort of an investment is Scotcoin?

So if you bought just £100 of Scotcoin just 2 years ago, it’s now worth over £20,000.  The Scotcoin Project CIC as a non-profit company, will continue to spread the word about Scotcoin, increase the users, find new merchants willing to accept Scotcoin as a trade, and promote the use of cryptocurrencies in Scotland generally.

Where can I buy Scotcoin?

When The Scotcoin Project first launched, one of the main questions we got asked was: “How can I buy Scotcoin?”  People didn’t necessarily want to set up trading accounts and buy Bitcoin then transfer it into Scotcoin, so we set up a very simple £ to SCOT exchange.  You can access it here and buy directly from £ to SCOT:

https://exchange.scotcoinproject.com/

Fintech II – a news update

fintech ScotlandText of a speech made by Scotcoin Investor, Temple Melville at Fintech II

Ladies and gentlemen

Daniel Broby very kindly asked me to come and say a few words to do with Scottish Fintech.

My name is Temple Melville and I am one of the major investors in the Scotcoin Ecosystem.

 Our task is to make Scotcoin Scotland’s very own digital currency, which will support Scottish business and make Scotland a leader in the world of Fintech. To that end we intend to implement our business plan in Q3 this year when we will be migrating Scotcoin to a private blockchain that will be fully KYC and AML compliant. Read more

Scotcoin Exchange price update May

SCOTCOIN EXCHANGE PRICE

The on-going strength of the Bitcoin price is leading to a basic adjustment in values right across the crypto-currency world. As we speak, the Bitcoin price has reached $1733 up from around $300 last year. This is approximately £1340 per Bitcoin, well above the price of an ounce of Gold.

With this in mind, we recently increased the price on https://exchange.scotcoinproject.com/ from £10 per 5000 SCOT to £15 per 5000 Scot. The increase in the Bitcoin price is forcing us to increase the price on the exchange again. As of now, the price on CounterpartyDEX equates to over £23 per 5000.

Accordingly the sale price of Scotcoin on the exchange will, with immediate effect, increase to £20 per 5000.

We reserve the right to change the price on the Exchange without notice