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)

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  • 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