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Scotcoin - Coronavirus Redux

Coronavirus Redux

There is no doubt the Coronavirus is having a severe effect both on world trade but also in travel patterns across the globe.

It is clear that China is actually suffering a severe drop in output (check the electricity figures if you don’t believe me) and it may well be that this drop will translate into drops in manufacturing in the rest of the world. JLR is very nearly out of parts. The Baltic Dry Index (remember – 90% of world trade travels by ship) has fallen over 80% since September 2019, which means that the re-supply cannot just be switched back on. It will take time to build up again.

If you remember 2008 and its aftermath (and who doesn’t) you will know that Central Banks and Governments essentially increased massively the world’s money supply. That prevented a severe recession (with all that would have implied for social cohesion) but it is also part of why assets have increased so much in value in the last 10 years or so. Arguably, that is not a good thing.

I cannot see that the authorities response, financially, is going to be any different this time round. The drops that have been experienced mirror quite closely what happened in 2008.

In short, the real economic danger of Coronavirus is not temporary supply chain disruption, which in itself is likely to substantially slow global economic growth in the first half of 2020. The concern should be that this crisis triggers a panic in consumer and business confidence and in doing so sets off a wider reassessment of asset valuations. The thought of people’s house valuations plunging as they did in 2008 because the earnings of their occupiers have been decimated by layoffs doesn’t even bear thinking about – nor do the potential food riots. You can forget governing by consensus – it would be governing by machine gun. Already jittery investors are scarpering from the riskiest corners of debt markets amid worries the coronavirus could trigger an avalanche of downgrades and defaults.

And that’s why Crypto currencies are becoming more and more important, despite what the market prices are telling us. The inflation that should have been unleashed by the floods of money created 2008 onwards simply hasn’t happened because the classic demand push/pull of economics hasn’t been able to take hold. The credit that drained out of the system simply could not be replaced fast enough. If the governmental printing presses become red hot again, then inflation simply won’t be curtailed (And yes, I know that isn’t how money is created but it’s the usual image people relate to). But think on. Central Banks around the world are already dropping interest rates and increasing liquidity. Don’t think for one minute the Fed will stand aside just because it’s an election year, their traditional stance. There is already talk of WORLD economic activity dropping from 2.9% growth last year to a contraction of a similar amount in 2020. That would be disruptive in the extreme.

So think seriously about having some Crypto tucked away. For a start it won’t inflate away to nothing, so that pint of milk which was 50p and becomes £2.50 will still be 25 Scotcoin or .00006 Bitcoin.

BREAKING NEWS: The Fed just cut interest rates (You read it here first)

StrathclydeGlasgow University FinTech Pub Quiz

Strathclyde/Glasgow University FinTech Pub Quiz

Students from both the University of Strathclyde and University of Glasgow’s respective FinTech societies have come together in organising a unique FinTech oriented pub quiz. The event will be held on February 12th in Glasgow, open to all Glasgow and Strathclyde students. The quiz aims to take the form of any conventional pub quiz, but with an interesting twists: its structure takes the form of rounds of questions asking participants a range of different questions, including FinTech related topics.

The students involved in organising the event hope that the quiz will garner more student interest than more orthodox events, and by extension spread the knowledge of FinTech to a wider audience. In addition, the students believe that because FinTech is occupying a more central and prevalent role in more than just the financial industry, it is essential to understand and have some knowledge of its existence.

The event is sponsored by Scotcoin, who will provide different quantities of SCOT for the top three teams.

More information will be made available via the societies social media, contact details below:

University of Strathclyde: [email protected]

University of Glasgow: [email protected]

bitcoin vs scotcoin

Scotcoin – Scotland’s Own Digital Currency, a World Coin With a Scottish Ethos

 

– A speech by Temple Melville to Scottish Fintech on Wednesday 19th September 2018

 

“Good afternoon! I represent Scotcoin, Scotland’s own digital currency, a World Coin with a Scottish Ethos.

I have just three things to tell you about today, all of them important. One is potentially profitable for you, one will benefit all the people of Scotland and one will target individuals and groups in need.

But before I do that, does everyone here know what blockchain is? And do you know that blockchain is an enabling technology, that it can exist without Bitcoin or any other coin, but that Bitcoin could not exist without the blockchain? Scotcoin is on a blockchain – more a little later.

So number one, how will what I have said be profitable be for you?

A little history. Scotcoin began in 2013 and is now one of the longest-lived country crypto currencies. We presently sit on the Counterparty Protocol which makes use of the Bitcoin blockchain. The problem is this particular blockchain has several drawbacks. Not the least is that in the world of regulation that is coming to cryptos, there is no method for ensuring who is sending what to who. So we at Scotcoin decided a couple of years ago we had to do something different.

bitcoin vs scotcoin

As you can see, Bitcoin can only do seven transactions per second. It takes 12 minutes to confirm a transaction, the cost per transaction when volumes are high is extremely volatile, and it uses more electricity than Denmark. None of that is very good.

Scotcoin, on the other hand, intends to move to its own permissioned blockchain shortly which will encompass KYC (know your customer) and AML (Anti-money laundering) to comply with all present and potential future regulations. We at Scotcoin are well ahead on this track – a committee of MPs has just published a paper daying that crypto currencies and Bitcoin in particular should be regulated.

You can see from the graphic which shows results from our testing that we should be able to do more than 50 transactions per second. We should also be able to confirm transactions in mere seconds, and the power usage should be infinitesimal in comparison to Bitcoin. If we can deploy our new blockchain with these parameters, Scotland will have another world beating industry.

We have several thousand holders of Scotcoin and have holders in more than 50 countries worldwide. On migration to our new blockchain, present holders of Scotcoin will be rewarded for their support by receiving a 4-for-1 bonus, an effective increase in value of up to 5 times.

Yes, you heard that right. I’ll repeat that. An effective increase in value of 5 times. That means if you have £10 of Scotcoin in its present form, in its NEW form you will have £50. So point one, that is how it will be profitable for you in the first instance, as long as you already have Scotcoin, or buy some very shortly.

In respect of point 2, we intend to occupy the social good works ecosystem and our plans are well advanced to do this. Scotcoin has been offered to the Scottish Government and discussions are ongoing. But in essence, the idea is that there will be established a commonweal fund that will be able to be used throughout Scotland to assist where the powers that be may not be able to step up to the mark. The point is that everyone in Scotland should benefit from this fund, and quite frankly this will be helping the Scottish economy to progress in the future.

And finally, point 3. I’m sure you’ve all heard of Social Bite and The Big issue. These organisations help people that have problems to get on their feet again. This is both our goal and our desire. I can think of no better future monument to Scotcoin than if people are able to say, Scotcoin eradicated homelessness in Scotland. And we are in good company here – Jeff Bezos has just announced a $2 billion fund to do exactly that.

So from all our perspectives, let’s pull together to make Scotcoin a World Coin, But with a Scottish Ethos.

And to be clear, what do we mean by a Scottish Ethos? Scotland has a long history of financial innovation and strong security for its money. We aim to keep to these traditions for Scotcoin. But the Scots also have a long and noble tradition of good works, charitable giving, of invention and forward looking. We aim to bring all these to bear by using Scotcoin in a way to enhance people’s lives right here in Scotland.”

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

 

 

SCOTCOIN COMPLETES £80,000 FUNDING ROUND

The Scotcoin Project CIC (“Scotcoin”) announces it has raised £80,000 in its latest funding round.

The funds will be used to increase awareness of the Scotcoin crypto currency and promote its usage as both a store of value and as an emerging means of acquiring goods and services, online and instore.

Further announcements are expected to be made early in 2018.

What is a blockchain?

Blockchain or distributed ledger technology is often referred to as the power behind Bitcoin but its uses extend into many different areas such as real estate, identity verification and smart contracts.

Earlier this year the world’s first real estate transaction using crypto currency has completed using Scotcoin.

Scotcoin Director Willie Fleming explains: “We have some of the best tech graduates and foremost cryptocurrency leaders right here in Scotland, and people have a lot of goodwill towards Scotcoin as they know we’re reinvesting in tech jobs right here at home.”

The Scotcoin Project is a community interest company that reinvests its profits into educating people on digital currencies and blockchain technology across Scotland and further afield. Scotcoin now has investors throughout the world that includes North and South America, Europe and Australasia.

Fintech investment in Scotland

Scotcoin is working closely with Scottish fintech companies, Scotesq and Cloudsoft to deliver ground breaking new blockchain solutions for Scotcoin and other asset classes across the globe. These new applications will include a regulatory compliant verification solution and a secondary market application that will improve the liquidity and transferability of Scotcoin and other asset classes.

Note for Editors:-

Scotcoin is a cryptocurrency established in 2014 by Derek Nisbet, a Scottish fintech entrepreneur.  It currently operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of $25 million USD placing it in the top 200 of global crypto currencies as measured by the USD value.

In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors, David Low and Temple Melville.

The investors’ desire is for the Scottish Government to adopt Scotcoin as the country’s unofficial crypto currency. It is acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK. Scotcoin could only become an official currency if Scotland was independent of the UK or current legislation was changed.

For press enquiries please contact:

[email protected] / 07384 327 503

US and UK regulation of Fintech

This is from an article on Cointelegraph by Joshua Althauser

The differences he highlights are extremely important, and will assist the UK and Scotland in particular with its charge into Fintech and Blockchain technology, as well as make crypto currencies more mainstream.

Based on the policies involving cryptocurrencies and Blockchain technologies, UK moves to liberalization of cryptocurrencies while the US looks into more regulations.

The World Bank estimates $429 bln of remittance market in 2016. This is mostly from migrants sending remittances to their home nations,  mostly done through traditional banks and other non-bank payment systems, and P2P systems.

To leverage this growing industry, the UK is finding ways to integrate Britain’s interbank payments and encourage further liberalization of P2P systems. Consequently, It is exploring ways to officially integrate cryptocurrency, testing Ripple’s Blockchain technology for cross-border payments. Read more

Fintech II – a news update

fintech ScotlandText of a speech made by Scotcoin Investor, Temple Melville at Fintech II

Ladies and gentlemen

Daniel Broby very kindly asked me to come and say a few words to do with Scottish Fintech.

My name is Temple Melville and I am one of the major investors in the Scotcoin Ecosystem.

 Our task is to make Scotcoin Scotland’s very own digital currency, which will support Scottish business and make Scotland a leader in the world of Fintech. To that end we intend to implement our business plan in Q3 this year when we will be migrating Scotcoin to a private blockchain that will be fully KYC and AML compliant. Read more

Scotcoin Project News Coverage

Further to our press release on last month, we’ve had some great coverage which explains a little more about the Scotcoin Project and what we’re all about: