Archive for category: News

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.

How the EU could get out of its present pickle – and negative interest

How the EU could get out of its present pickle – and negative interest

If you have been following what is going on over the Channel, you will know that Macron and Merkel have underwritten some more money for the whole of the EU. As ever, they don’t differentiate between the wealthy northern nations and the bankrupt southern ones, and as a result as of now the one size fits all remains in place.

Bear in mind the German Constitutional Court has already blown a massive hole below the waterline of the ECB, which may yet mean that ALL that the ECB has done in the last 10 years is ultra vires. That would spell the end not only of the EU but would also the bankruptcy of the ECB, Italy, Spain, Greece, Portugal etc etc. It could not be stitched back together.

The one thing that is clear from the present pandemic is that the good old US Dollar remains the world’s reserve currency. That means that the Americans – as they have always done for more than the last 100 years – have stepped up to the plate when money was needed anywhere in the world. Their present trillions of extra dollars is already keeping some countries going and they have made clear they will create trillions more if needed.

The problem in the EU is acute however. To take one example, Italy simply cannot afford to take on board any more debt, and the ECB has finally reached the point where the purchase of any more Italian issued EU notes is effectively at an end.

What Italy needs is to get out of the Euro – leaving massive losses for all concerned but especially the Germans – and return to the Lira or something like it. If Italy could issue Lira bonds which were funded ( at a lower rate than the notional Lira/Euro rate of exchange back in the day) they could be free in one bound. Sadly, of course, the EU won’t allow them to do this.

But here’s the thing. Suppose they created the Liracoin , a digital currency which worked alongside the Euro. I can practically guarantee people in Italy would stop using Euros on a day to day basis and use Liracoin. You would suddenly have the same sort of situation as pertains in China, where there is an official currency for international transactions, very tightly controlled, and effectively a lesser currency which remains in China. The Euro would be the international currency for Italy but the Liracoin would be the internal currency. And this could be repeated across all countries in the Eurozone.

Interestingly, when Scotcoin was originally created, its creator had something very similar in mind, had the Referendum been won. And there is a distinct move to country digital coin as opposed to the international likes of Bitcoin, Ethereum and so on.

So maybe, just maybe, digital currency is coming of age.

STOP PRESS: The UK Debt Management Office has just sold debt that will COST the buyers to hold. In other words, lend £100, receive no interest and in two years time you will get back LESS than £99.50. Remember, digital currency doesn’t pay interest, BUT IT ALSO DOESN’T COST YOU TO HOLD IT.

We are very excited at Scotcoin because our very first Radio Advertisement went out today

We are very excited at Scotcoin because our very first Radio Advertisement is now running!

It’s on Pulse98.4 FM and you can find out all about the station here:

https://pulseonair.co.uk/

They are a really great bunch of people who just love Scotcoin. You can listen on radio or online and they play great music, and have really interesting talk shows too. Every event in the local area is promoted through them.

If you have anything you would like to know or do in collaboration with them, please get in touch with us!

We are also sponsoring Christina Littleson’s Arts show, Mondays from 1 -3pm

Hat tip to Gus Michael for all his help and Frank MacGowan of Bad Pony Media for the original introduction!

Listen live here: https://tunein.com/radio/Pulse-984-s124511