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