Archive for year: 2019

Types of token

On July 31, the FCA issued its settled policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.” The document represents an updated version of a consultation paper on crypto assets that was first released for public comment in January 2019, and intends to bring more regulatory clarity to existing types of digital assets.

In essence it describes 3 types of crypto assets.

  1. Exchange token: Referencing Bitcoin and Ethereum, the FCA described these tokens as “usually decentralized and primarily used as a means of exchange.” The regulator emphasized that such digital currencies do not fall under the regulatory scope of the FCA and is outside its remit.
  2. Security tokens: The FCA said it will be regulating security tokens as they are considered as digital assets with specific features that provide rights and obligations akin to specified investments such as shares or debt instruments
  3. Utility tokens: These fail the Howey test, and simply provide users with a product and/or service.

The FCA also stated that some stablecoins may fall under its remit, as they have characteristics of e-money or security tokens. Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some “stable” asset or basket of assets. A stablecoin can be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals).

For the avoidance of doubt, Scotcoin is an Exchange token.

When Harold Wilson said “The Pound in your pocket won’t be affected” he didn’t know about crypto currencies

Money

Life has moved on a great deal since those days, and not least because, slowly but surely, people are carrying less and less cash on them. Only a couple of years ago, the Royal Mint didn’t produce ANY 20p pieces or £2 coins. Why? Because the fall in their use had meant they didn’t need any more circulating.

Rockvilla Pizza in the Rockvilla district of Glasgow have decided to go completely cashless. It may sound like a gimmick, but there are good commercial reasons as well. The Rockvilla  area itself has a lot of interesting history see HERE: https://www.heraldscotland.com/arts_ents/13839562.rockvilla-rises-the-vanished-part-of-industrial-glasgow-set-to-be-resurrected-as-a-theatrical-hub/

Rockvilla Pizza is opening on 23rd July and if you register you can get free pizza!

pizza
Free pizza – with Scotcoin!

Typically, what happens in a venue that takes cash?

First thing in the morning you have to check the float. Do you need more change? Nip to the bank where they will charge you 80p per £100. You give and take change all day and (horrors) when you cash up at night it’s short! Then you have to take the money into the bank where they charge you another 80p per £100. And none of that includes the cost of time and the poor person who has to count it all.

So commercially not taking cash saves quite decent sums of money, as well as a lot of time, and in Rockvilla Pizza’s case they intend to reduce the cost of their pizzas.

So not only will they make full use of contactless (which by the way means there is never a cash shortfall and there is a proper record of every transaction) but their intention is to take Crypto Currencies as well.

Oh and there’s one other benefit: Your insurance premium goes down too. No cash, much lower premium. No cash overnight, much lower premium again. And you don’t have to be insured to take cash to the bank either. It’s a beautiful virtuous circle which means your pizza will be the best value ever!

And don’t forget, if you register  before their official opening on 23rd July, you can get free pizza!!

Register HERE : https://mailchi.mp/9d5da1d556d1/rockvillacomingsoon

Hype Cycle Blockchain

Blockchain has moved on…

Blockchain has moved on since we started this journey. If Bitcoin was first generation Blockchain, Hyperledger was second generation. We are now into THIRD generation, which is described as permissioned decentralized blockchain.

Libra, Facebook’s offering in the digital currency space is exactly that, and Microsoft is clearly committed to blockchain technology. That being the case, you can bet Amazon and Google are not far behind.

In  many ways Scotcoin is lucky that solutions which less than a year ago appeared final and long term, have in fact proven to be less than robust. But we at Scotcoin have remained committed to research and partnerships with credible players in the industry.

We have refined our approach to define 5 pillars on which any solution must stand.

  • 1. An efficient and cost effective migration process. We have some 3500 holders of Scotcoin we need to migrate safely and securely
  • 2. A robust blockchain solution
  • 3. Un-issued surplus coin creation (for reward and future distribution)
  • 4. Access to an efficient secondary market or markets and
  • 5. Crucially, a reliable and durable delivery partner with likely longevity. Present management both of Scotcoin and providers of blockchains will unfortunately not live forever. That means the company we choose to go with must be extremely well capitalised and look to have longevity.

In terms of progress, for 1/2/3 and 5 we have solid ticks. 4 is the crucial one and is the most difficult for all altcoins.

It is however one we have to make sure works for all our holders. In essence it is the provision of liquidity to all Scotcoin users and this has to be guaranteed.

As ever, America is 6 to 9 months ahead of the UK and Europe in this regard, but that does mean we are able to look at solutions being offered and choose the best features. As usual, everything reverts to the mean and what a few months ago was thin on the ground is becoming almost commonplace today.

We have been through the classic hype cycle of euphoria followed by crash and burn, then slow revival and quiet confidence.

hype cycle for Blockchain business 2018

It looks very much as if we are now in this latter stage, with positive developments and progress on the provision of blockchain technology and you can be assured the Scotcoin team is across this.

We at Scotcoin as I say are very much in the penultimate  stages of choosing the long term provider we need, and look forward to announcing our collaboration with them in  the near future, which we aim to secure the future of your Scotcoin predicated on our five pillars.

Scotcoin Advisory Panel and Other News

New Social Media Manager at Scotcoin

Scotcoin welcomes onboard Elizabeth Myles-Geddes as Social Media Manager.

Elizabeth has worked in digital marketing for 7 years with clients as diverse as Harvey Nichols, Heriot Watt University and the Google sponsored Start Up Grinds in Edinburgh and Glasgow. She currently runs her own consultancy advising micro businesses on all aspects of their digital strategy and content and in the past 6 months has helped 3 companies increase their revenues by up to 500% She holds an MSc in International Marketing specialising in Digital Marketing from Heriot Watt University and an Executive MBA from Leeds University.

Counterparty and DEX Market

The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0. We are working towards putting Scotcoin onto its own blockchain, but linked to value of over $5billion. We will no longer have a price which is indicated by a third-party digital currency and which is volatile.

Be assured these current XCP changes will have no adverse effect on Scotcoin  longer term. If you have any XCP you would like to sell, the Scotcoin Project will buy them at $2 per XCP which is more than the existing exchange price OR 10% above prevailing.

Contact [email protected]

Advisory Board

Scotcoin has been working hard to bring together its advisory board and is delighted to announce that it now boasts an impressive collection of 7 individuals who collectively have over 100 years experience in blockchain, finance, sustainability,cryptocurrency, HR and senior management – this team will provide invaluable insight and guidance to the development of the project going forwards. Full details will be announced immediately prior to the MeetUp scheduled for 9th July 2019.

Scotcoin Advisory Panel

The Scotcoin Project as an Educational Resource

The Scotcoin Project is in an excellent position to partner with schools and universities to offer resources to support education around alternative economies and a working model for emerging cryptocurrencies.

Temple Melville is one of only two people in UK certified as CPD instructors for Blockchain and the only one in Scotland, we are currently developing an e-book based on course materials.

Scotcoin is speaking to Stirling, Strathclyde and Glasgow Universities who now offer MScs incorporating Fintech and additionally to Edinburgh University which has its own blockchain and cryptocurrency research hub.

Scotcoin Intern

Scotcoin welcomes our first intern Emma who starts on 15th July for 6 weeks.

Emma is doing a BSc in Business and Economics at Lund University. Elizabeth will be managing Emma and both will be based at Collabor8te.

Third and Voluntary Sectors

Scotcoin wants to strengthen its existing links with BobathScotland, Eat Up, Social Bite and to develop new partnerships in the arts and sustainability industries. If you have any suggestions please let us have them.

Raising Awareness of the Scotcoin Project

We are currently in talks with the Institute of Directors, the Google Sponsored ‘Start Up Grind’ franchise,Turing Festival and Fintech Summit. If you would like us to come and talk to your workplace, your friends or just have a MeetUp where you live, please let us know and we will try to accommodate you.

Special offer

We have a limited number of 500ml bottles of Elderflower Gin. This is from only 120 bottles coming to the UK this year out of a total production of just 5000 bottles. All you have to do is buy 5000 Scotcoin from the exchange and we will send you a bottle free. I can tell you it is delicious!

XCP Situation

We have had some enquiries about what is happening with Counterparty and its DEX market.

All Counterparty Protocol coins have fallen massively because they are all denominated in XCP, which is Counterparty’s own token. Less than a year ago, 1 XCP was around .004 Bitcoin. Now it stands about .00004 ie a fall of 99%.

The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0.  This very reliance is why we have been working for a long time to remove SCOT from the Counterparty protocol to its own blockchain. This fall has, of course, had a serious impact on the values trading on the Counterparty Dex. I know some people have been able to buy at an exceedingly attractive price.

For now, the only external exchange offering to sell XCP is ZAIF which is Japanese and uses Japanese Yen as its base currency. Counterparty DEX has a BTC/XCP pair, where it is possible to trade BTC for XCP – and it works!

In respect of XCP, its current total value is only about $3m. We are working towards putting Scotcoin onto its own blockchain but linked to the value of over $5billion. We will no longer have a price which is indicated by a third digital currency and which is volatile.

Be assured these current XCP changes will have no adverse effect on Scotcoin longer term.

If you have any XCP you would like to sell, the Scotcoin Project will buy them at the market price. Please contact [email protected]

Scotcoin MeetUp – Tuesday 9 July 2019

Did you know? Only 8.5% of cryptocurrency traders are women. Christine Bamford of Women’s Coin joins us to talk about gender issues in FinTech and how they are working with Scotcoin to promote equality of opportunity using digital currencies. More info: https://www.womenscoin.com/

MEETUP DATE: Tuesday 9 July 2019 @ 6pm

VENUE: The Avalon, 25 Kent Road, Glasgow G3 7EH

The house that Scotcoin built…

Scotcoin is well known for being the first cryptocurrency to conduct a real estate deal in Scotland, but we’re also helping Social Bite build more social housing.

Scotcoin hands over a cheque to Social Bite to fund their innovative social housing project

Scotcoin’s initiative with Social Bite is helping their innovative social housing roll out.

The Social Bite Village is a project that combines an innovative housing model, using vacant council owned land, along with a supported community environment. The project is entirely geared at breaking the cycle of homelessness and giving residents pathways into employment and permanent housing.

Scotcoin charity

The Social Bite Village will create an innovative, low cost, safe living environment for up to 20 people for around 12 -18 months. During this time they will ensure they receive extensive support in a community environment where residents learn new skills and get their life back on track. Residents will also receive extensive work placements and employability support.

Find out more here:

$80m Scotcoin Pizza Auction

About Bitcoin Pizza Day: Celebrating the $80 Million Pizza Order

22 May 2019 is Bitcoin Pizza Day. The date marks the ninth anniversary of the first Bitcoin transaction in which a Florida man paid for two pizzas with the cryptocurrency. The day has become part of folklore, not because of the transaction, but more the price: the man in question paid 10,000 Bitcoins for the two pizzas which today is worth over $80 million.

On 22 May 2010, now known globally as Bitcoin Pizza Day, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas. Organized on a bitcoin forum, the Florida man reached out for help. “I’ll pay 10,000 bitcoins for a couple of pizzas so I have some left over for the next day,” Hanyecz wrote.

A British man took up Hanyecz’s offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins. Since the inception of Bitcoin, Hanyeczs’ pizzas have become more and more expensive. Nine months after the purchase Bitcoin reached parity with the US dollar making the two pizzas worth $10,000 and in 2015, the fifth anniversary of Bitcoin Pizza Day, the two pizzas were valued at $2.4 million. Today, the Bitcoin price is just over $8,000 making the pizzas worth $80 million.

About Scotcoin Pizza Day

To celebrate Bitcoin Pizza day Rockvilla.pizza will hold an international auction of the Scotcoin.pizza which will run from 6pm GMT on 15 May until midnight GMT on 22 May.

The prize will be a Scotcoin pizza which will be delivered to the winning bidder wherever he or she is in the world.

All proceeds will be donated to Bobath Scotland, a cerebral palsy charity based in Glasgow, Scotland.

Bids can be made at > https://www.ebay.co.uk/itm/283485769486

The winning bidder will not just receive his Scotcoin Pizza but also an amount of Scotcoin equal to their bid the amount of their winning bid subject to a maximum of 2 million Scotcoin currently worth around £10,000.

About Rockvilla Pizza

Rockvilla Pizza is a new pizzeria based in the Rockvilla area of Glasgow. Its neighbours include, Scottish Ballet, The Glue Factory, National Theatre Scotland, The Whisky Bond, GAMTA and Scottish Opera. It offers a fantastic choice of sourdough pizzas, all at affordable prices. It is also Scotland’s first cashless pizzeria using the latest technology to allow our customers a smooth and seamless ordering experience.

Website: Rockvilla.pizza

Email: [email protected]

About Scotcoin

Established in 2013, Scotcoin is one of the first and most successful country related crypto-currencies on the market to date. It achieved widespread adoption in 2014 and continues to grow with over 3,000 holders globally. Scotcoin currently utilizes the power of the Bitcoin blockchain. Scotcoin has its origins within Scotland and is extremely proud of this but it is not limited to Scotland.  It is envisaged that Scotcoin will be used by many people across the world for transferring wealth, goods and services within its new fully decentralized self-sustaining economy.

Website: ScotcoinProject.com

Email: [email protected]

[email protected]

About Bobath Scotland

Bobath Scotland is based in Glasgow and provides specialist therapy to those living with cerebral palsy (CP) in Scotland. Founded in 1995, the charity has grown and developed, both in the services provided and the number of people it is able to see. It offers support to anyone with a diagnosis of CP, regardless of their age or location, and endeavours to reach as many people as possible at its centre, online, and in their own communities.

Website: Bobathscotland.org.uk

Email: [email protected]

Terms and Conditions

Please note you submit your bid on the condition that you have read and accepted all the terms and conditions below. In particular that no lot may be transferred by the winner to any other person (as a gift or otherwise) unless specifically agreed by Rockvilla Pizza (“Rockvilla”).

The starting price of the lot is £100. Please see full auction terms and conditions below before bidding. The auction closes at Midnight on 22 May 2019. All bids are binding. Rockvilla’s decision is final.

1. By bidding for any lot you agree to be bound by these terms and conditions.

2. The auction is open to anyone aged 18 or over. Delivery of the Scotcoin Pizza will be free to the winner. Rockvilla reserves the right to make use of any delivery method they deem to be suitable, of which they will be the sole judge.

3. When you place a bid you thereby enter a contractually binding and irrevocable obligation to complete the transaction if you are the winning bidder. The winning bidder is the person certified to be the highest bidder by Rockvilla at the end of the auction, and it includes any under-bidder who is awarded the lot following the failure for any reason of a higher bid as decreed by Rockvilla. If there are two or more bidders with equal claims to be the winning bidder, Rockvilla will select one by drawing names out of a hat.

4. The decision of Rockvilla as to the winning bid or otherwise, together with any exercise of its discretion hereunder, is final and cannot be challenged, nor will any explanation or reason be given.

5. You are not able to retract any bid under any circumstances after it has been submitted.

6. Before you place any bid you must ensure that you are able to bid for and to buy the lot in compliance with the law and in accordance with these and any specifically applicable terms and conditions. It is the responsibility of all bidders to ensure that, if theirs is the winning bid, they meet any qualification required to be the winner of the lot.

7. If you want to know what qualification is required for the winner of any lot you should email [email protected]. If you are the highest bidder, but in the sole and unfettered judgment of Rockvilla you do not meet any such qualification, then Rockvilla will be entitled without challenge or complaint to award the lot to the next highest bidder who does meet the qualification.

8. The auction will terminate as specified. No cash alternative will be offered. Rockvilla accepts no liability should the lot, for any reason whatsoever, not conform to the bidders expectation.

9. The name of winning bidder will be published on Rockvilla Facebook page, on the Bobath Scotland website and on The Scotcoin Project website. The winning bidder can request anonymity

10. The winning bidder will be sent an email setting out the details for claiming their lot which will include requirements relating to the due payment of the bid fee and other matters. Failure to comply with all such requirements shall entitle but not oblige Rockvilla to declare a bid void, and if so the lot affected will be awarded to the appropriate under-bidder. If the bid is NOT declared void then the winning bidder shall remain liable for payment of the bid fee.

11. It shall be the responsibility of the winning bidder to come to agreement in respect of delivery of the pizza. Rockvilla will accept no liability for non-delivery once agreement has been reached in this regard. All the aspects of the fulfilment of delivery are subject to such agreement being reached over all relevant matters which may include the date such lot is to be made available, and subject to all general and specific conditions which apply to the lot.

12. Employees of Rockvilla, and members of their immediate family / households, are not eligible to bid or to take the benefit of a bid.

13. To the extent permitted by law, Rockvilla does not accept any liability for any loss, damage, claim or costs howsoever arising from or incurred wholly or partly by participation in the auction or fulfilment of the lot.

14. The decision of Rockvilla shall be final and unchallengeable and they may in their absolute discretion declare any entry void. Any exercise of discretion, or agreement, by Rockvilla specified in these Terms and Conditions shall be in their sole and unfettered discretion, and no reasons can be requested or will be supplied and no correspondence will be entered into.

15. In relation to the lot, the winning bidder warrants that the material supplied to us will contain nothing defamatory or in breach of anyone’s rights and will indemnify Rockvilla for any breach of this warranty.

Poloniex announces it will no longer trade Counterparty XCP

NB: This notice is only for those who hold coins on the Poloniex Exchange and is for information only – it has no effect on Scotcoin directly.

Poloniex will stop trading XCP on 17th May.

If you have XCP in Poloniex exchange you must remove them from the exchange by 17th June.

This is another reason why we at Scotcoin are migrating to our own Blockchain. Counterparty tokens and XCP are becoming less tradeable.

This has no effect on Scotcoin directly, and this notification appears as a service to our holders.