Archive for category: News

Indiesquare wallet

An issue has been brought to our attention in respect of people holding V2 within Indiesquare wallets.

Support for Indiesquare ceased some time ago and people have had a problem where although they can access the wallet, their coin is not showing.

Go to a laptop or PC and, using Chrome, use this website:

https://wallet.counterwallet.io/

type in your 12 word passphrase, one space between each word and all lower case. The wallet should then open and the V2 be accessible.

If anyone has further issues please contact us at [email protected]

Scotcoin - Back to the future of 2017

Back to the future of 2017

It has probably escaped a lot of people but the crypto and digital currency market is maturing.

Bitcoin will be heading back over $11,000 and Ethereum will likely hit $400 ( sustainably) in the next few weeks. Lesser mortals too are getting back into their stride. Even XCP has risen over 800% from its low.

Transaction costs are through the roof. I’ve seen Bitcoin miners charging $150 for a fast transaction and Ethereum has reached the unheard of level of $16 in some cases.

Why? The transaction costs reflect the urgency of what people are doing to get into – or out of – the market. We are back to the “blink and you miss it” days of three years ago.

But why the interest in holding crypto? Yes the blockchain does a superb job of transferring value, but why do you want to hold it?

The French have a saying, “ Plus ca change” which roughly translates as “The more things change the more they are the same.” And in the present situation never a truer word was spoken.

I’m referring of course to the macro economic situation where every Government on earth has literally magiced trillions out of thin air. It’s never mentioned how easy it actually is to do this, but believe me the old idea that they have to do something as mundane as to print money on printing presses, or do something esoteric, even if it were ever true, is simply nonsense. Weimar Germany with its barrow loads of Marks has nothing on the sums that are being created at the moment – and would appear to be going to continue being created for the foreseeable future. Bitcoin was born specifically to protect investors against central bank meddling, and continued concerns about how to manage global economies underscore its utility as a hedge against the consequences — inflation, inequality and the erosion of wealth.

Even if taxes are raised to pay for all this (and it would be a very foolish Government that tried to take cash away from people at this juncture) there is going to be the most almighty inflation that has ever been seen. I accept it won’t be like Weimar (Okay it might be) but it is going to make tin-pot dictatorships look positively frugal.

What does inflation mean? It means that everything you buy will cost more. So if a packet of biscuits is £1 today, in a year’s time it might be £1.50. That’s because, despite what Harold Wilson said in 1964, “ the pound in your pocket WILL be effected by the present situation”.

In the simplest terms, if you have £1 today you have £1 in say £5 trillion. In a year’s time it might be £1 in £7trillion. And because there are more GBP floating around there is the classic main-stream economic idea of too much money chasing too few goods.

But crypto currency allows you to row against the tide. Whereas inflation is built into the world fiat monetary system, Crypto currencies are actually marginally DE-flationary. In case you don’t think Governments will let inflation rip, think again. The Chairman of the US Federal reserve has decided that hey 2% inflation is too low. Let’s go for 4%.

Have you any idea what that means? Well 2% inflation means that £1 today is the same as £1.11 or thereby in 5 years. At 4% you need £1.23 . We have been so used to low inflation for so long, we have forgotten that in the late 1970s inflation reached 22% in the UK. 5 years of that would mean you needed £2.70, which is a quite terrifying reality. From 1900 to the present day, £1 would now require around £125. I always like to relate that the “penny post” when introduced was not actually that cheap. It equated to what is now 0.5p, but would be worth about £2.60

Compare that with crypto. If you have 1 bitcoin you will always have 1 bitcoin in 21 million. If you think that means that the Bitcoin price is NOT going up then I can’t help you.

As I have argued before, having some crypto available to you just might be the best decision you ever make. Remember, in any 5 year period, in the past 10 years, having just 1% of your cash in crypto would have had you outperforming every other investment.

Next year is going to be the biggie for currency everywhere, as governments try to decide what they need to do to get back to “normal”. I’m afraid I simply don’t believe that is going to happen and the massive money creation and inflation now coming down the line is going to perform the magic trick of transferring wealth away from the next generation. Buy crypto. And just as a reality check, Apple is now worth about £1.7 trillion. That’s more than the entire UK Stock Market

Don’t forget, Each new dollar reduces the purchasing power of every dollar in existence.

Bounty of 20,000 Scotcoin

I found this piece of wood recently and immediately saw the snake. The problem is it needs a bit of work to turn it into a proper snake, and it would be really nice to find a sculptor/artist/woodcarver who could do it. If it could be mounted on a stand that would be great. So anyone who would like a go, please get in touch at [email protected]

Scotcoin - snake
The Scotcoin Project CIC new ERC20 token is now ready for deployment

How to see your ERC20 SCOT in your Ether wallet

” Please be aware that when you have sent your V2 coins and we have sent your ERC20 SCOT to your Ether wallet, you need to “add token” to your wallet to be able to see them. They will be in the wallet already, and Etherscan.io will show them in your wallet, but for you to be able to see them you need to “add token”

PLEASE CHECK OUR YOUTUBE VIDEOS if you are unsure about this: https://www.youtube.com/c/scotcoinproject

The Scotcoin Project CIC new ERC20 token is now ready for deployment

Scotcoin migration

We have now completed the first full month of our migration to our new ERC20 Scotcoin..

Please remember that means you only have TWO MORE MONTHS to 31st October 2020 to register to receive the bonus. We very much want everyone to be eligible for the bonus so would urge anyone who has not yet registered to make a few minutes available to double your holding.

Please be aware if you don’t have any Bitcoin in your wallet from which you wish to migrate your coin, you can buy from our exchange. Be aware that as the costs of Bitcoin transactions have soared, we are currently charging a fee of £5 per transaction to cover this.

Please find below the email we have sent to all holders, together with the form that is required to be completed for migration.

As always please address any questions to [email protected].


As you are aware TSPCIC has been committed to creating a new and more user-friendly Scotcoin for some time. After prolonged consideration and feedback from numerous stakeholders, funders and advisors we have settled on using the Ethereum blockchain as it satisfies the five original criteria laid down by the funders. These criteria are:-

1. an efficient and cost effective migration process,
2. a robust blockchain solution,
3. an un-issued coin surplus (for distribution and reward),
4. better access to regulated secondary markets and 
5. a reliable delivery partner assuring durability and longevity.

Adoption of the Ethereum blockchain assures that Scotcoin remains a bona fide distributed ledger cryptocurrency whose future sustainability is not in the hands of a few.

We are now ready to start the migration process we have outlined in previous communications.

We should make it clear at this point that there is no compulsion on any holder of ScotcoinV2 to migrate to the new coin and if you do not want to, you should not do so.

If you decide to migrate you will be required to do so with your entire holding of ScotcoinV2. Partial migrations will not be acceptable.


Those wishing to migrate will first have to record their details with us. You can do this by completing and submitting an application form which can be found at https://scotcoinproject.com/migration/

If you have previously completed a KYC (Know your customer) and AML (Anti Money Laundering) check with TSPCIC you will not be required to do so again.

In addition to receiving the new ERC20 tokens (ScotcoinV3) in exchange for your existing ScotcoinV2 tokens, the director and advisors of TSPCIC have determined that a 1 for 1 bonus will be payable to holders of ScotcoinV2 subject to certain conditions.

The date from which migration will start is 1st August 2020. This is called Mday (migration day). On Mday, all ScotcoinV2 token holders will have three months from that date to submit their migration forms. The bonus will only be available for those three months after which it will be withdrawn. Accordingly, the last date for registering to receive the migration bonus is 31st October 2020. Migration can still be done but without the bonus after that date.

By way of example only, a ScotcoinV2 holder with 1,000 tokens will receive 2,000 new ScotcoinV3 tokens in exchange for his V2 tokens.

ScotcoinV2 tokens acquired on or after Mday will be not eligible for the migration bonus but will be able to migrate.

IMPORTANT NOTICE:

You will need an Ethereum wallet to receive your new ScotcoinV3 tokens. If you already have a hardware Ethereum wallet please provide details of your wallet address for credit on the form provided. Your tokens will be credited to this address.

If you do not have an Ethereum wallet you will have to open one and provide us with your wallet address. The following information may be helpful but if you are unsure on how to open a wallet you should seek professional advice.

HOW TO OPEN AN ETHEREUM WALLET:

There are various ways to create an Ethereum wallet and the most straightforward is Metamask. It integrates directly with your browser and they have a very good two minute video showing the entire process https://www.youtube.com/watch?v=GNPz-Dv5BjM
Metamask is currently not available on Apple devices as it is on a limited trial. Once that trial is over it is possible Metamask will work very well on Apple devices. It works well with Firefox, Chrome and Brave.

WE ALSO HAVE VARIOUS VIDEOS ON OUR YOUTUBE CHANNEL AT: https://www.youtube.com/c/scotcoinproject

MyEtherWallet is one of the first Ethereum wallet projects and is another trusted solution. Refer to their knowledge base at https://kb.myetherwallet.com/en/getting-started/how-to-create-a-wallet/ and decide if you want to use their website, phone app or extension.

Whatever solution you choose, your wallet must be ERC20 compatible (as the two recommended wallets above are).

FOR THE AVOIDANCE OF DOUBT, PLEASE BE AWARE IT IS YOUR RESPONSIBILITY TO ENSURE YOU PROVIDE US WITH YOUR CORRECT WALLET ADDRESS, AS TOKENS SENT TO A WRONG ADDRESS PROVIDED BY YOU CANNOT BE RE-SENT.
NEVER GIVE ANYONE YOUR PASS PHRASES FOR ANY OF YOUR WALLETS. WE WILL NEVER ASK YOU FOR THEM.

Best wishes,

The Scotcoin Project Team
[email protected]
The Scotcoin Project CIC new ERC20 token is now ready for deployment

The Scotcoin Project CIC new ERC20 token is now ready for deployment

As you are aware TSPCIC has been committed to creating a new and more user-friendly Scotcoin for some time. After prolonged consideration and feedback from numerous stakeholders, funders and advisors we have settled on using the Ethereum blockchain as it satisfies the five original criteria laid down by the funders. These criteria are:-

  1. an efficient and cost effective migration process,
  2. a robust blockchain solution,
  3. an un-issued coin surplus (for distribution and reward),
  4. better access to regulated secondary markets and 
  5. a reliable delivery partner assuring durability and longevity.

Adoption of the Ethereum blockchain assures that Scotcoin remains a bona fide distributed ledger cryptocurrency whose future sustainability is not in the hands of a few.

We are now ready to start the migration process we have outlined in previous communications.

We should make it clear at this point that there is no compulsion on any holder of ScotcoinV2 to migrate to the new coin and if you do not want to, you should not do so.

If you decide to migrate you will be required to do so with your entire holding of ScotcoinV2. Partial migrations will not be acceptable.

Those wishing to migrate will first have to record their details with us.  You can do this by completing and submitting an application form which can be found at https://scotcoinproject.com/migration/

If you have previously completed a KYC (Know your customer) and AML  (Anti Money Laundering) check with TSPCIC you will not be required to do so again.

In addition to receiving the new ERC20 tokens (ScotcoinV3) in exchange for your existing ScotcoinV2 tokens, the director and advisors of TSPCIC have determined that a 1 for 1 bonus will be payable to holders of ScotcoinV2 subject to certain conditions.

The date from which migration will start is 1st August 2020. This is called Mday  (migration day). On Mday, all ScotcoinV2 token holders will have three months from that date to submit their migration forms. The bonus will only be available for those three months after which it will be withdrawn. Accordingly, the last date for registering to receive the migration bonus is 31st October 2020. Migration can still be done but without the bonus after that date

By way of example only, a ScotcoinV2 holder with 1,000 tokens will receive 2,000 new ScotcoinV3 tokens in exchange for his V2 tokens.

ScotcoinV2 tokens acquired on or after Mday will be not eligible for the migration bonus but will be able to migrate.

IMPORTANT NOTICE

You will need an Ethereum wallet to receive your new ScotcoinV3 tokens. If you already have a hardware Ethereum wallet please provide details of your wallet address for credit on the form provided. Your tokens will be credited to this address. 

If you do not have an Ethereum wallet you will have to open one and provide us with your wallet address. The following information may be helpful but if you are unsure on how to open a wallet you should seek professional advice. 

HOW TO OPEN AN ETHEREUM WALLET

There are various ways to create an Ethereum wallet and the most straightforward is Metamask. It integrates directly with your browser and they have a very good two minute video showing the entire process https://www.youtube.com/watch?v=GNPz-Dv5BjM

Metamask is currently not available on Apple devices as it is on a limited trial. Once that trial is over it is possible Metamask will work very well on Apple devices. It works well with Firefox, Chrome and Brave.

WE ALSO HAVE VARIOUS VIDEOS ON OUR YOUTUBE CHANNEL AT: https://www.youtube.com/c/scotcoinproject

MyEtherWallet is one of the first Ethereum wallet projects and is another trusted solution. Refer to their knowledge base at https://kb.myetherwallet.com/en/getting-started/how-to-create-a-wallet/ and decide if you want to use their website, phone app or extension. 

Whatever solution you choose, your wallet must be ERC20 compatible (as the two recommended wallets above are).

FOR THE AVOIDANCE OF DOUBT, PLEASE BE AWARE IT IS YOUR RESPONSIBILITY TO ENSURE YOU PROVIDE US WITH YOUR CORRECT WALLET ADDRESS, AS TOKENS SENT TO A WRONG ADDRESS PROVIDED BY YOU CANNOT BE RE-SENT.

NEVER GIVE ANYONE YOUR PASS PHRASES FOR ANY OF YOUR WALLETS. WE WILL NEVER ASK YOU FOR THEM.

Scotcoin

Scotcoin Project applies to FCA for registration

The Scotcoin Project CIC has applied to the FCA for registration under the Crypto Currency regulations which became law from 10th January 2020, which applies to all crypto businesses from 10th January 2021.

This is to align with the Fifth Anti Money Laundering Directive (5AMLD) which came into force on the 10th January 2020 as set out in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

We have put in place a large number of updated controls as well as appointing a Compliance and MLRO officer to monitor source of funds/source of wealth (SOF/SOW) from individuals and companies. We have secured the services of an Edinburgh based company, Magnifiq Consultancy. You can read all about them here: https://magnifyq.com. The company’s principals have worked within the industry for some years, and have tremendous experience in risk and compliance and In particular they have undertaken a number of complex and far reaching in-depth investigations in respect of Money Laundering and Financial Crime and we are delighted that their expertise will enable us to comply with all regulations required.

It is several years since Scotcoin realised that regulation would come to the Crypto space, and we have been proven absolutely correct in our assumptions. We will shortly be moving to an ERC20 token which has numerous advantages over our existing Counterparty Protocol coin. To find out more on this, please visit our YouTube channel to see a series of videos explaining ERC20 tokens. You can see the videos here: https://www.youtube.com/c/scotcoinproject 

We will shortly have our own educational site from which SCOT can be earned. In the meantime you can access our YouTube channel via the link above.

As you can see from the videos, you cannot send V2 tokens (which are Counterparty Protocol and hence Bitcoin based), to Ethereum wallets. Ethereum wallets will NOT accept your existing tokens, and should you wish to migrate, you will require to set up an Ethereum wallet, to which we will send the new ERC20 Scotcoin token.