“Designed to be not transparent” Really?

William Suberg , in CoinTelegraph, has reported an interview on CNBC.

In it, he quotes Bank of America (BoA) as reiterating its decision to stop customers buying Bitcoin with its credit cards. The bank’s official called cryptocurrency “troubling,” according to CNBC.

BoA’s CTO Kathy Bessant described cryptocurrencies as “troubling” and as being  “designed to be not transparent” and thus hinder banks’ attempts to catch “bad guys.”

“As a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it’s] designed to be not transparent,” she told the program.

For Bessant, cryptocurrencies still represent the opposite of financial transparency.

“The way we sort of quote-unquote “catch bad guys” is by being transparent in the financial moment of money. Cryptos is the antithesis of that,” she added.

So there you have it. The Banks don’t like cryptocurrency because (as above in bold) there isn’t the transparency between sender and receiver. And guess what, if you know that, you can tax them.

We at Scotcoin have long said that Crypto and digital currencies would become regulated. That is what we have been working on for over two years and despite everyone telling us they “couldn’t” be and “wouldn’t” be, we now find ourselves at the very cutting edge of where this world is.

You can see in our other posts how much better we are going to be than Bitcoin. We look forward with confidence to this Brave New World.

Better Blockchain regulation needed – says former White House Regulator

Former White House financial regulator and Goldman Sachs partner, Gary Gensler, today called for better blockchain regulation.  He suggests that both Ether and Ripple may well have issues surrounding American securities regulations because of the way they have been traded.  Bitcoin remains unaffected but it opens up the debate on more regulation within the cryptocurrency world.

Mr Gensler joins the world famous M.I.T. lab as a lecturer and has no virtual currency investments himself, said he was not tied to any coin’s winning the race. But he does think changes are necessary before blockchains can go mainstream.

FULL ARTICLE:

Scotcoin Offered To Scottish Government – Herald, 8 April

The cryptocurrency Scotcoin has been offered, free of charge, to the Scottish Government to make it the country’s official digital currency.

“I’d prefer to call it a donation to the Scottish people,” said David Low, co-owner of Scotcoin.

If the offer is accepted, Low wants the equivalent of £10,000 in Scotcoin to be given to every under-25 year old in the country. If it is rejected he will set up a Community Interest Company – one which uses profits and assets for the public good – and go ahead with the distribution of funds to help alleviate poverty and sustain community and charitable projects.

Lawyers for Low, and the Scotcoin Project – the educational, marketing and promotional face of the currency – last week wrote to Cabinet Secretary Keith Brown, responsible for jobs and the economy, outlining the proposal. The offer includes the intellectual property, trademarks, domain name and a portfolio of others domains. The letter was also sent to leaders of all the other parties at Holyrood.

Low said that Scotcoin was now in the process of constructing its own blockchain – the un-hackable software and public register of online transactions – as the present one is “cranky and rickety. We are setting up a state of the art new one”.

He continued, “The current one is fraught with hurdles, volatility, transaction costs, slowness and we will move more into the mainstream and all of the barriers will be removed. It will also meet all known UK regulations, so there will be protection against money laundering and it will have a Scottish domicile with an ethos of probity and substance.” It will, says Low, have “Scottish DNA will be all over it.”

If the offer isn’t taken up the community interest company, with a new CEO and a professional board, including international advisers, will administer the relaunched currency. It will have what is called a “pre-mined” money supply of which a proportion will be held by existing holders – including Sunday Herald readers who took advantage of the exclusive Scotcoin offer in August 2016 – strategic partners and others.

The uninissued money, with a current market value of £50 million, will be administered by the board with what the Low’s lawyers describe as “bottom-up quantitative easing for the principal benefit of the disadvantaged and deserving.” Young people will be encouraged to work with the homeless and in community ventures – “to do good deeds” – and will be paid in Scotcoin.

“They can keep the money or they can spend it,” Low said, “but obviously if they’re going to be paid in Scotcoin then they need to be able to spend it. We’re in the process of signing up strategic partners as both employers and businesses where the cash can be spent.”

Low, who was the architect of the Fergus McCann takeover of Celtic in 1994, said that the relaunched Scotcoin would be fully transferable to and from all major currencies, including dollars and sterling. “You’ll use a pre-paid card to shop, a bit like the present system where you can flash one and spend up to thirty pounds and its deducted from your bank account”.

Low’s proposal is not an entirely philanthropic gesture. He will continue to hold his own Scotcoins, which he believes will increase substantially in value, whatever the outcome of his offer to the Scottish Government.

“We believe in the future of digital coinage and the Scotcoin,” Low said. “It’s up to the Government to decide if they do or not.”

A Scottish Government spokesperson said: “We will respond to the letter in due course.”

http://www.heraldscotland.com/news/16144597.Digital_currency_Scotcoin_offered_to_Scottish_Government/

Scotcoin vs Bitcoin - proof of concept

Tues 27 March Meet Up Report

Scotcoin vs Bitcoin - proof of concept

Dear Scotcoin friends,

Many thanks to all who attended last night’s meeting in Scone. We had a lively audience who asked relevant and interesting questions.

Our apologies for not streaming the meeting live. Unfortunately, the connectivity from the venue was not good enough on the night to sustain a proper connection.

Here is a summary of the discussions:

  • We have a superb future ahead of us (see graphic)
  • Our key USP is that we will be KYC and AML compliant from day one with our new coin, there will be nothing cryptic about our Digital Currency.
  • As a result being current holders, if you are interested in buying Scotcoin at the moment, please indicate to us BEFORE 15th APRIL as we expect a large uptake.
  • We will have one of the team contact you to make arrangements. We would confirm that holders of Scotcoin now will be well incentivised to migrate at the appropriate time.
  • Our belief is that the Counterparty Protocol Scotcoin will not be attractive to hold once our new coin is issued.
  • We intend that Scotcoin should be a coin not just for Scotland but for the whole world, so therefore access to merchants and outlets is important. So, we’d really like your ideas on where it would be good for you to have Scotcoin accepted and used – just send your nominations with your  Scotcoin requirements as indicated above. Once we have the key sectors and potential partners from you, these will be identified and analysed to secure early adopters where possible.
  • Our technology development partners are, as we explained, continuing to work hard to complete testing on our bespoke blockchain, they are making sure it is ultra secure and reliable prior to launch, with a robust regime of validation.
  • We are also busy developing our ecosystem which is diverse and includes – partners and good causes plus some concepts around innovative use cases.
  • We expect to be consulting Scotcoin holders over the next few months on various matters and may be looking for people willing to help with testing, details to follow…

 

 

 

Got coins on Bittrex?

Bittrex  made an announcement on 16th March 2018 stating that over 80 different crypto-currencies will be permanently removed from their system. All Scotcoin holders were advised last year to remove their coins from Bittrex.

You may have received a communication direct from Bittrex in the last few days. If you have PLEASE DO NOT IGNORE IT. Be sure you have removed any coins on the list below to another wallet BEFORE 30th MARCH 2018.

Scotcoin and the Scotcoin Project CIC have no responsibility for the actions of Bittrex.

If you do NOT have any coins on the list within Bittrex, you need not do anything. If you DO and are unsure what to do, you should seek independent advice.

These are the coins affected:

8BIT
ADC
AM
AMS
APEX*
ARB
BITS*
BITZ*
BLC
BOB
BSTY
BTA
CCN
CRBIT*
CRYPT*
DAR
DGC
DRACO
DTC
FC2
FRK
FSC2*
GEMZ
GHC
GP
GRT
HKG
HYPER*
HZ
J
KR*
LXC*
MAX
MEC
METAL
MND
MTR*
MZC
NAUT
NET
NEU*
NTRN
OC*
ORB
PRIME*
PXI
ROOT*
SCOT
SCRT*
SFR*
SLG
SLING*
SOON
SPRTS
SSD*
STEPS*
STV
SWING
TES
TIT
TRI
TRK
U*
UFO
UNIQ*
UNIT
UNO
UTC
VIOR*
VIRAL*
VPN
WARP*
XAUR
XBB
XC
XCO
XDQ*
XPY*
XQN
XSEED*
XTC
YBC*

Scotcoin In The News

Scotcoin In The News:

 

The Herald ran an interesting article on Tuesday on blockchains and potential future uses.

Click here

 

Bank of England Governor Mark Carney also name checked Scotcoin when talking about increased regulation for cryptocurrencies – he agrees with us, regulation is coming and it’s a positive thing for the industry.

Click here

 

 

Join us – Scone, Perth

meet up logoDate: Tues 27 March @ 7pm

Venue: Wheel Inn, 37 Angus Rd, Scone, Perth PH2 6RA

BOOK HERE

Join us for an unmissable Meet Up at the original home of Scotland’s Stone of Destiny – Scone, Perthshire – we will be announcing important information on Scotcoin’s future.

What’s happening with my Scotcoin?

Scotcoin is planning a migration to V3 on our new permissioned blockchain.  There will be a generous bonus incentive for current V2 holders wishing to migrate to V3 or you’ll be able to hold your existing Scotcoin in its current format.

We’ll explain a little more about why we feel this is necessary at the event.

Why do you think permissioned blockchains are the way forward for cryptocurrency?

Well, for a start, it takes the cowboys out the picture – the UK’s first cryptocurrency heist would have been impossible on a blockchain where all the users were properly identity checked.

Currently transactions on the Bitcoin blockchain are averaging 3% of the transaction – we don’t believe that’s sustainable for a useable currency.

Our belief is that cryptocurrency can only become more widely accepted if it is traceable and able to conduct fast, secure transactions with low fees.

What else will we be seeing?

You’ll be the very first to see the exciting results of our latest development process with partners Cloudsoft – our technical team have been thrilled with the results.

AGENDA:

7pm:                Introduction by Temple Melville, co-owner of Scotcoin IP/brand

7:15pm:           Project director Willie Fleming, update on the progress of work on the new blockchain

8pm:                Security director Brian Mackay on keeping your cryptocurrency safe

8:30pm:           David Low, co-owner of Scotcoin IP/brand, explaining his vision of how cryptocurrency will be more widely adopted through regulation.

Complimentary tea and biscuits.

We hope you are able to join us.

BOOK HERE

2018 – An Exciting Year For Cryptocurrency

2018 is going to be an exciting year for cryptocurrency… 2017 saw:

 

  • The first property deal conducted in Scotcoin
  • Scotcoin’s price in pizza established (very important for late night coding!)
  • Creation of a new Scotcoin wallet video
  • Our website had a bit of a facelift
  • Right at the end: We had a successful Proof of Concept delivered.

Visit the Exchange

As part of our ongoing commitment to security, the website recently had an overhaul including some work on the Scotcoin Exchange. You’ll now be able to buy Scotcoin directly from £Sterling.

 

Pennies to Pounds

In case you are a hermit (and even hermits have mobile phones a la Sue Perkins) and haven’t heard, Bitcoin is closing in on $20,000 or around £14,600.

If you’ve been actually following what’s going on, you may have come across a strange phenomenon. If you put in a very low transaction fee to send Bitcoin or crypto currency, after a while you discover a) it hasn’t gone and b) there is no trace of it ever having existed. It’s been mysteriously disappeared.

This is clearly because the transaction numbers keep going up – at last count over $27 BILLION a day – but also because the mem pool where transactions awaiting confirmation are stored keeps growing as well. The miners have decided, it would appear, that they don’t intend to work for pennies (as the ethos and basis of micro transactions at the outset would have you believe). They will now only work for pounds and quite a few at that. From empirical evidence you need to put a fee in of around $8 to get a transaction even INTO the mem pool. After all .0005BTC is now worth at least $9.50, and that will only get you to the back of the queue. Want it down in the next 10 minutes? You can pay as much as $30. And yes, I have actually seen a transaction where the required fee was more than $30 – that’s £23 plus.

The same applies to other crypto transactions. That is why we at Scotcoin are going to our own permissioned blockchain. Quicker, faster, cheaper.

It’s also why we are going to be putting up our exchange price very shortly. Not only is the transaction fee burgeoning but so is the Bitcoin price, making us cheaper and cheaper relatively speaking as each day goes by.

Don’t forget, existing holders of Scotcoin will be well treated when we move to our own permissioned blockchain.

 

UK Treasury to regulate crypto currencies

KYC - AMLWe’ve been saying it for months, and now you know what we said was true.

The United Kingdom Treasury has announced plans to regulate the trading and transfer of cryptocurrencies with a view to cracking down on money laundering and tax evasion. The regulations have not yet been specifically stipulated, but will certainly include anti-money laundering (AML) and know your customer (KYC) requirements.

The regulation is intended to take force before the end of 2017, or just at the beginning of 2018. The increased regulations, in line with the directives in the EU, are intended to limit the amount of anonymity possible for cryptocurrency traders.

So there you have it. We at Scotcoin are ahead of the curve and putting in place everything needed to comply with all regulatory requirements. We are very confident in our position and delighted to be confirmed as on the side of the good guys.

Buy here https://exchange.scotcoinproject.com