Archive for category: News

This is the word from Counterparty

This is the word from Counterparty – they are working on the problem of servers remaining down. The message is be patient, if you have got your form in you are covered to get the bonus.

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

If you have not yet been able to send your V2 SCOT to our receiving wallet, do not worry

If you have not yet been able to send your V2 SCOT to our receiving wallet, do not worry. As long as you have sent your registration form in by close of business 31st October 2020, you are covered and will receive the bonus.

The problem is, as some of you may have seen, that Bitcoin has been very active and what is called the Meme pool has become very congested. The situation will correct itself, but in the meantime, please be patient, make sure you have sent in your form and don’t worry – you are covered.

October update

Migration

I’m delighted to say that the migration to our new ERC20 SCOTCOIN is going well. Our exchange is updated and operational using our new coin and it is available for purchase. In addition, the website has been updated to reflect our new coin. PLEASE REMEMBER the bonus period ends on 31st October. Thereafter you will still be able to migrate should you wish to, but no additional bonus will be paid.

SO YOU ONLY HAVE 14 DAYS LEFT TO CLAIM THE BONUS!!

We continue to supply small amounts of Bitcoin for people who wish to migrate their existing V2 coins.

Our new market place is now open, where items can be purchased for SCOT. If you have items you would like to sell please get in touch with us at [email protected]. The market is available at https://market.scotcoinproject.com

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]

Original Scotcoin = V1

If you were one of the people who lost out when the original migration to V2 took place, please get in touch. We are offering an ex gratia payment of   ERC20 SCOT to original V1 holders who missed out on that  migration and who we can verify.

Security offer

We have exciting collaborations with external hard wallet companies Trezor and Ledger Nano, as well as an ingenious password protector and store  called Cryptosteel. In all cases if you make a purchase through ourselves we will refund our 10% commission to you in our new ERC20 Scotcoin.

You can find out about the benefits of hard wallets  and the peace of mind the Cryptosteel system brings on our YouTube channel here

Scotcoin bug bounty program

In light of a recent disclosure, TSP has taken the decision to announce an initial pool of 1m (1,000,000) Scotcoin worth around ~£100k at the time of writing. Bugs will attract bounties on the usual sliding scale related to their severity with self XSS attacks at the bottom of the ladder whilst RCE’s with an attached proof of concept will naturally attract top tier rewards.

Please make any disclosures to [email protected] and we look forward to working with the community to create a safe, usable and practical crypto environment for Scotland and beyond.

Responsible Disclosure

What is responsible disclosure?

It is a term that is used to describe a specific strategy employed by an organisation when making a disclosure regarding the details of the functionality of hardware and software products being developed by that company. The general idea of this approach is to eventually make full disclosure of all relevant information regarding these products or services, while also choosing to withhold certain information for a limited period of time prior to making a full disclosure.

As described by well-known security guru Bruce Schneier on his Schneier on Security blog “Full disclosure — the practice of making the details of security vulnerabilities public — is a damned good idea. Public scrutiny is the only reliable way to improve security, while secrecy only makes us less secure. Unfortunately, secrecy sounds like a good idea. Keeping software vulnerabilities secret, the argument goes, keeps them out of the hands of the hackers. The problem, according to this position, is less the vulnerability itself and more the information about the vulnerability” (Schneier, 2007).

So, a bunch of software companies, and some security researchers, banded together and invented “responsible disclosure”. The basic idea was that the threat of publishing the vulnerability is almost as good as actually publishing it. A responsible researcher would quietly give the software vendor a head start on patching its software, before releasing the vulnerability to the public.

Why is responsible disclosure a good idea?

By employing this strategy developers have the opportunity to identify and resolve issues with their products and services while minimizing the chances of hackers being alerted to those issues and taking advantage of them.

There are different opinions regarding the use of responsible disclosure. Admirers of the concept believe that in many cases the vulnerabilities with hardware and software products are relatively undetectable during the development stages of the process and only come to light once the products are available on the open market where people start using the product or service. Once they are uncovered by selected users who make it a point to utilize the products in every possible way they can, those issues are reported back to the developers, who are then able to fix problems. The full disclosure comes about when the fixes and patches are released and made widely available to consumers. By using this more casual approach, there is less opportunity for malicious actors to take advantage of the issues, since the chances of hearing about the issues is reduced significantly.

Scotcoin bug bounty program

In light of a recent disclosure, TSP has taken the decision to announce an initial pool of 1m (1,000,000) Scotcoin worth around ~£100k at the time of writing. Bugs will attract bounties on the usual sliding scale related to their severity with self XSS attacks at the bottom of the ladder whilst RCE’s with an attached proof of concept will naturally attract top tier rewards.

Please make any disclosures to info at scotcoinproject dot com and we look forward to working with the community to create a safe, usable and practical crypto environment for Scotland and beyond.

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

Identifying the senders of V2 SCOT

We have a number of transactions where we have been unable for a variety of reasons to identify the senders of V2 SCOT.

If you have sent us coin but have not heard back from us please send the following information to [email protected]

1) Your name
2) Number of V2 sent
3) Wallet address from which V2 was sent.

Please be assured we have a note of all V2 received and once verified you will be sent your ERC20 Scotcoin including the bonus.

In the meantime thank you for your continued support.

Migration update

Our migration is going well and we are now nearly two thirds of the way through. 

As from 1st October 2020 we will be increasing our exchange price to the equivalent of £50 per 1000 for our ERC20 Scotcoin. 

Our exchange is at https://exchange.scotcoinproject.com

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