Archive for month: August, 2017

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 : and our exchange 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.

$8 billion? A DAY?!

$ 8 billion? A DAY?!

It’s no wonder Goldman Sachs is starting to pay attention to Bitcoin and crypto currencies generally. In the past 24 hours the total trading in crypto currencies has topped $8billion and a market cap of  more than $150 billion. That ain’t hay. Compared to the London Stock Exchange daily trade of roughly $5.5billion, that is extremely interesting for a trading giant.

I know compared to foreign exchange trading it’s peanuts  (after all, that amounts to some $4 TRILLION per day) but even a tiny fraction of $8 billion is still worth having.

That’s why, with the inexorable rise in both market cap and daily trading volume, Goldman’s has started talking seriously about crypto currencies, and Bitcoin in particular. What they see is a continuing increase in ICOs (the fuel for the trading and use of crypto currencies), in daily trade volume, and in a growing acceptance that using these currencies can be beneficial and profitable both in the long and short run.

There is already an ICO fund in the States – Pantera, already very successful. Typically, they buy ICOs at a discount of 35% to the issue price. That’s much better than working on IPOs, where you only get a tiny percentage – and you are at risk for a long time. So I fully expect Goldman’s to set up their own ICO fund – probably at the beginning for only their very best clients. In the UK, it’s only a matter of time before something similar happens. At the moment there don’t appear to be UK ICOs happening – apart from our own Scotcoin one in the not too distant future!

I was looking back at some articles that have been written over the last couple of years about Crypto currencies and Scotcoin in particular. One article from last year drew my attention. It displays the kind of thinking so prevalent when the status quo is challenged. Thomas Watson of IBM famously stated there might be half a dozen computers in existence in the future. Look how that turned out.

Let me share some of it with you.

“I am not from Scotland, but it seems they just use it [independence referendum] to promote their coin. I don’t like a coin that is country-targeted, it should be open to all.” (Robelneo) The coin IS open to all – Scotcoin has holders in more than 40 countries world wide.

“All of the country coins are scams. They are artificially pumped up in the value and the volume is ridiculously low. Virtually nobody is buying or selling these coins.” (Sarlangg)

This is completely untrue in Scotcoin’s case. The value goes up and down – just the same as Bitcoin, stocks and shares and foreign exchange. We have additional holders every day of the week and a forward plan for use in the community. An article in the Financial Times recently  highlighted the fact of product being bought in the real world.

“It is apparent that, so far, these currencies have not demonstrated any significant take-up. According to British newspaper the Daily Express, the digital Scotcoin is now worth less than the Zimbabwean dollar, with 1,000 Scotcoins amounting to 86 pence.”  Untrue. Even at the time of the article it was £1.35. At today’s date 1000 SCOT is approx £11. Over the last three years it has appreciated by approximately 25 times, and we have more than 3500 holders.

And it’s not a choice of EITHER traditional currencies OR cryptos. These systems will operate alongside traditional currencies – as WIR has in Switzerland for more than 90 years. WIR has more than 68,000 businesses affiliated to it and trades several hundred million USD annually.

If we could get to that with Scotcoin, the country and it’s SMEs would benefit enormously. I firmly believe we are just at the tipping point for the revolution that is Blockchain, with all the implications that has for the future, not just for Scotcoin but the world in general.

house purchase with digital currency

Scotland’s First House Purchase with Scotcoin!

house purchase with digital currencyA residential apartment in Glasgow has been sold for 10 million Scotcoin.

It is believed to be the first time a property in Scotland has changed ownership using a crypto currency to settle the transaction. At the current exchange rate for Scotcoin it is the equivalent price of 60,000 GBP which will be the price used to calculate LBTT liability to the purchaser and is the GBP Home Report Valuation.

The seller is well known Scottish businessman, David Low and the purchaser Is Peter McGowan, a businessman based in Corby, Northamptonshire. David Low said, ‘I am a great believer in crypto currencies and I think Scotcoin, in particular, has a very bright future as Scotland’s very own crypto currency.  Peter wanted the flat and I wanted more Scotcoin so we’re both happy’ Peter McGowan said ‘I needed a flat in Glasgow for a family member and David wanted more Scotcoin, so the deal was done’.

Willie Fleming of The Scotcoin Project said “I’m very proud that the property market has now entered the Scotcoin ecosystem.  The very fast, low fee transactions offered by Scotcoin will make the market more efficient for both buyers and sellers alike”.

***Featured in Sunday Herald 20-8-17***


Bitcoin now nearly worth Goldman Sachs

Bitcoin now nearly worth Goldman Sachs

Earlier this week, Goldman Sachs, the $90 billion investment banking firm, told its investors and clients that it is becoming more difficult for institutional investors to ignore Bitcoin and the cryptocurrency market.

In a letter to its investors, clients and portfolio managers, JP Morgan analyst Robert D. Boroujerdi wrote:

“With a total value of nearly $120 bln, it’s getting harder for institutional investors to ignore cryptocurrencies. There are currently over 800 cryptocurrencies out there, though just nine have a market cap in excess of $1 bln.”

As a prelude to the following remarks, be aware the $120 billion mentioned above has become $138 billion. That’s better than any other investment this year. And 1 Bitcoin is now worth more than THREE ounces of Gold. And guess what? Though neither asset pays dividends, the growth in the value Bitcoin makes it a much more attractive “hold”.

Institutional investors and professional traders are starting to pay attention to Blockchain and Crypto currencies,  and are making significant profits

Traders and investors want to invest in an asset or a currency that will hold value and increase. On past performances, the crypto currency markets are doing exactly this. Consistently, since its launch in 2009, Bitcoin has outperformed every stock and currency in existence, and by incredible margins.

Perhaps more importantly, the Bitcoin and cryptocurrency markets have matured significantly in the last year, as total cryptocurrency market capitalisation has increased from a mere $11 billion to a staggering $138 billion. An increasing number of governments have legalized Bitcoin and for institutional investors, liquidity for Bitcoin trading  has drastically increased. Daily trading is now mostly above $5 billion per day.

In the last week, the Chicago Board Options Exchange (CBOE), the largest options exchange in the US, announced a partnership with the Winklevoss twins’ Bitcoin exchange Gemini to integrate Bitcoin as one of its main assets. Through the partnership and CBOE’s integration of Bitcoin, Gemini CEO Tyler Winklevoss vowed to improve the Bitcoin trading market for retail and institutional investors.

“Gemini’s key concerns in the cryptocurrency ecosystem have always been security, compliance and regulatory oversight. By working with the team at CBOE, we are helping to make Bitcoin and other cryptocurrencies increasingly accessible to both retail and institutional investors,” said Winklevoss.

Goldman: doesn’t matter if you believe in the technology, see the rise in value

Most Bitcoin experts, analysts and advisors  – if they say anything other than “BUY BUY BUY” – might tell any investors only to  invest in cryptocurrencies or Blockchain networks that they see value in, either as a store of value, as a digital currency or as a disruptive technology.

However,  Goldman Sachs  aren’t so bothered about such things, but are very much focused on making gains and profits for themselves and their investors.

They explained in a statement that even if investors don’t fully understand the technical intricacies of cryptocurrencies, they should recognize the value in Bitcoin, Ethereum and the cryptocurrency market.

Goldman Sachs noted:

“The debate has shifted from the legitimacy of the ‘fiat of the Internet’ to how fast new entrants are raising funds. Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are) real dollars are at work here and warrant watching especially in light of the growing world of initial coin offerings (ICOs) and fundraising that now exceeds Internet Angel and Seed investing.”

This last is very significant. It represents the first real step change in financial markets almost since joint stock companies were invented. Remember, Bitcoin is the Reserve Currency of the Crypto world.

ICO risks

ICO risks (as promulgated by Singapore Monetary Authority)

ICOs (Initial Coin Offerings) as I’ve been saying are the “Go To” method at the moment for Blockchain and Fintech companies to raise funds for their Ecosystem.

Scotcoin was one of the earliest adopters of the view that Crypto Currencies would be regulated, and we have been and continue to be working towards making Scotcoin fully Know Your Customer (KYC) and Anti Money Laundering (AML) compliant.

So it is no surprise that countries as diverse as India, the United States, China and so on are discussing and promulgating regulations to cover what is presently ungoverned.

Now the Singapore Monetary Authority, one of the most respected in the world, has turned towards ICOs. They are careful to draw a line between ordinary Crypto Currencies, and the wilder ICOs. We are almost at the South Sea Bubble moment of “ to undertake an endeavour, the knowledge of which shall  not be divulged,” where money was raised for something no one had any idea of.

Their warnings are about  “foreign and online operators,” “sellers without a proven track record,” “insufficient secondary market liquidity,” “highly speculative investments,” “investments promising high returns” and “money laundering and terrorist funding.”

These are all most laudable sentiments. In essence, anyone can launch an ICO, and we know greedy, gullible people will put money into things to make a fast buck. You only need to think of One Coin, which has hoovered up millions in a giant Ponzi scheme. And it isn’t even a crypto currency as it sits on no blockchain.

So let’s examine the points in relation to where Scotcoin hopes to be heading in the next three months or so.

  1. We are clearly NOT foreign operators. We are a Scottish based Community Interest Company, supervised by OSCR ( Scottish Charities regulator)
  2. We definitely ARE online. We are a Fintech focused Blockchain company and can be found on twitter @scotcoinproject, or on Facebook at
  3. We have a track record. We have taken Scotcoin from a total value below £40,000 to a present value of around £7,000,000
  4. Insufficient secondary market liquidity. We are addressing this so that Scotcoin will be exchangeable for Bitcoin or Sterling instantly online.
  5. Highly speculative investments. Scotcoin is not a get rich quick scheme. Our vision is to assist Scotland’s SMEs to expand and thrive, and grow acceptance and use of Scotcoin
  6. Investments promising high returns. We make no promises. The value of investments can fall as well as rise.
  7. Money Laundering and terrorist funding. As I said at the beginning of this article, Scotcoin has long believed that holders of Crypto Currencies should be KYC and AML checked. We already do this for anyone who buys more than a few pounds worth of SCOT.

So there you have it. We are already either complying or in the process of complying with all of these warnings.

Get started by opening a wallet. There is more help available on our Youtube channel.

10,000 Bitcoin for two pizzas? $10?

bitcoin pizzaI apologise, dear reader, for having missed World Bitcoin Pizza day this year. In case you don’t know, it was May 22nd, 2010, when an extremely fortunate pizza vendor sold two pizzas worth $10, for 10,000 Bitcoins. Even allowing for the recent slide, that’s $34,500,000.

Prices of Bitcoin have – as I said recently – stabilised at a higher level than the recent low, and pretty much in the middle of the high and low. Other Cryptos have yet to regain their levels, but that is probably a good thing for the market as a whole. Volume has returned to more normal levels, as people wait for the August 1st denouement. But it looks pretty OK at the moment – Segwit and BIP 91 appear pretty much locked in, so it’s a bit like the Millenium Bug. Everyone was warned, but in the end not much happened.

That’s very interesting in itself. But continuing with the $10 pizzas, Scotcoin, if you want to buy something for $10, you would only have to spend 2000 SCOT. If you had 10,000 SCOT that would be $50.

Scotcoin is moving to a fully permissioned blockchain that will enhance Scotcoin’s  attractions, reach, useability and scaleability.

Scotland has long been at the forefront of financial innovation. After all the Bank of Scotland preceded the Bank of England…

To get in before your pizza costs $25,000,000, click here to purchase Scotcoin.

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!