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Ethereum users

Ethereum users

There has been a tweet doing the rounds by a chap called Adam Cochran @adamScochran which starts off:

“You may have heard a crazy claim that “no one really builds on Ethereum” and that “all the products being built on Ethereum are paid for by the Ethereum Foundation or ConSensys”

It goes on to list them:

Ubisoft,Amazon,American Express,Uber,BBVA USA,Oracle,Tencent Global,MetLife,Ford, Intesa Sao Paolo,Bank of Montreal,Ontario Teachers Pension Fund. Goldman Sachs

And another 346 corporations large and small who have paid for their own Ethereum blockchain set up.

Without a shadow of a doubt, Ethereum tokens and their smart contracts are leading the world in terms of usage, and we at Scotcoin will be joining them soon.

See amazing series of tweets here:

What Is A Ponzi Scheme & Why Bitcoin Is Not One

What Is A Ponzi Scheme & Why Bitcoin Is Not One

” The arrest of principals of Bitclub Network, accused of operating a Ponzi scheme, underlines again the wild west nature of the digital space. Here’s an article from our e-book – Blockchain, Bitcoin and what the difference means to you – which neatly points out the differences between a Ponzi scheme and genuine blockchain based cryptocurrencies.”| Temple Melville CEO of The Scotcoin Project


What Is A Ponzi Scheme & Why Bitcoin Is Not One

By:Sudhir Khatwani In:Bitcoin Last Updated:13/10/2018

One of the biggest myths regarding Bitcoin is that many consider it as a fraudulent, Ponzi scheme. But very few actually understand what a Ponzi scheme is.

It is not wise for people to draw conclusions without a proper understanding of any topic whatsoever. And that is what people are doing when it comes to Bitcoins. They just term Bitcoins and other cryptos as scams.

Therefore, being a reputed blog in this space, we at CoinSutra think it is very important for us to clarify this point and spread more awareness, which is also our motivation to write today. I will explain in detail why Bitcoin is not a Ponzi scheme, but before that let’s understood and examine what a Ponzi scheme actually means.

What Is A Ponzi Scheme?

A Ponzi scheme is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading.

Operators of Ponzi schemes can be either individuals or corporations and grab the attention of new investors by offering short-term returns that are either abnormally high or unusually consistent.

Companies/schemes that engage in Ponzi schemes focus all of their energy into attracting new clients to make investments. Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart. [Source Wiki]

Ponzi schemes are sometimes also referred as pyramid schemes and the characteristics of both the schemes are higher returns than the average market by recruiting new members under the scheme and taking money from them in some form or other.

Characteristics of Ponzi or Pyramid Schemes:-

  • They promise high and unusual returns.
  • They promise regular or monthly returns usually.
  • They require you to add new investors/members into the scheme to increase your return rate.
  • Founders usually run away with a big chunk of money.

These are the main characteristics of a typical fraudulent scheme whether it is in the crypto space or otherwise.

Now that you know these characteristics you can easily do away with such schemes by doing a quick litmus test.

What You Can Do To Not Fall For Such Schemes: Litmus Test

You can quickly do a litmus test to avoid such schemes or projects by following two simple bits of advice given by Andreas M. Antonopoulos, a renowned Bitcoin speaker, and proponent.

Andreas M. Antonopoulos

✔@aantonop

Does it promise regular returns that exceed average market returns?

It’s a Ponzi

Does it focus more on recruiting new people than any product?

It’s a pyramid scheme#litmustests

2,228

5:18 PM – Dec 1, 2017

This litmus test is so powerful and apt that you can apply it within the crypto space. You can also use it to judge other schemes outside of this market.

Bitcoin Is Not A Ponzi Scheme

In the light of the above explanations, I can say that people who say Bitcoin is a Ponzi scheme don’t really understand what a Ponzi scheme is.

ParabolicTrav@parabolictrav

If you call Bitcoin a ponzi scheme, you know nothing about Bitcoin, and you know nothing about ponzi schemes. $BTC #Bitcoin

  • Bitcoin never asked anyone to put money

Bitcoin whitepaper, if you have read it, doesn’t speak a thing about buying/selling bitcoins and neither lure investors to put their money. It is an 8-page document explaining a solution for making a censorship-resistant digital money.

  • Bitcoin founder never ran away with a big chunk of money

Bitcoin founder, Satoshi Nakamoto never ran away with a chunk of Bitcoins. One might now argue that he held millions of bitcoins but that he never stole from anybody or just created out of thin air despite being Bitcoin’s founder.

Instead, he also had to run a full node and mine Bitcoin blocks to receive the block rewards to get new bitcoins, which is a legal way that anyone can follow even today.

Also, note that the Bitcoins he mined at that time and kept to himself were worthless then. It was his sheer will to believe in the potential of the project that motivated him to keep those funds with him.

  • Bitcoin never asked you to recruit new people/investors under it

Neither Satoshi or his whitepaper or even early Bitcoin holders went to recruit new people/investors for Bitcoin.

In initial days, mostly geeks used to mine and play with Bitcoin and most of them used to spend it on gambling or pizzas or just used to giveaway in meetups. I have not seen such Ponzi scheme yet that give away their products in such a manner.

  • Bitcoin doesn’t promise or gives monthly/regular returns

Bitcoin whitepaper or it’s working model till date doesn’t promise any returns or regular returns either. Yeah, of course, that’s another thing that people have made money due to insane rise in the price of Bitcoin over the years but that’s simply the law of demand and supply acting in a free market.

On the flip side, Bitcoin prices also fall rapidly and many people get burned due to their such speculative investment!

  • Bitcoin has no head/person controlling it

Bitcoin is based on the decentralized and censorship-resistant tech of blockchain and proof of work which makes sure that no one, in particular, is ‘in-charge’.

Clearly, with no one at the helm of Bitcoin, no one can run away or take over other people’s money or Bitcoin.

Conclusion: Crypto-Scams

Everything said and done, I understand that there are a lot of cryptocurrency Ponzi schemes and pyramid schemes going on but that doesn’t mean Bitcoin or the other currencies are fraudulent.

On the flip side, cryptocurrency market has been, is, and will be prone to such schemes because it is based on the decentralized technology of blockchain. Something which is based on decentralized tech and is hard to stop or regulate will give birth to Ponzi schemes but that doesn’t mean that Bitcoin is a Ponzi scheme.

Instead, use the parameters that I have discussed at the start of this article to educate and examine yourself whenever you encounter such Ponzi schemes and simply opt out of it.

Lastly, I would say, I am yet to see a Ponzi scheme like Bitcoin which does this:

Miguel Cuneta@MiguelCuneta

Show me a ponzi scheme where the early investors donated $86 Million to charity and I’ll give you all my #bitcoins. https://www.reddit.com/r/Bitcoin/comments/7jj0oa/im_donating_5057_btc_to_charitable_causes/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=Bitcoin …

I’m donating 5057 BTC to charitable causes! Introducing The…

Hello! I remember staring at bitcoin a few years ago. When bitcoin broke single digits for the first time, I thought that was a triumphant…

reddit.com

Authored By SUDHIR KHATWANI

Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.

Video interview: Nostalgia advertising campaign with Temple Melville

Want to find out more about our fantastic nostalgia advertising campaign? Here’s an interview with the film’s producer and director, Frank McGowan and our CEO, Temple Melville. Watch Here >
https://www.facebook.com/badponymedia/videos/1020570278276008/

Video interview: Nostalgia advertising campaign with Temple Melville
Bad Pony Media

GLASGOW FILM COMPANY LEADS CASTING FOR NEW SCOTS NOSTALGIA AD CAMPAIGN

BAFTA celebrated GLASGOW production company BAD PONY MEDIA have announced a nationwide casting call for a nostalgia led ad campaign looking to promote SCOTTISH crypto-currency brand SCOTCOIN.

The multiplatform ads, which will be filmed at the Bad Pony Media studios in the heart of MERCHANT CITY in Glasgow, will feature people from across Scotland talk about their most memorable “firsts” – including first kiss, first concert and first time driving a car.

CEO of THE SCOTCOIN PROJECT CIC, TEMPLE MELVILLE, said: “We’re absolutely thrilled to be collaborating with the team from Bad Pony Media. We are looking for people of all ages and from all across Scotland to be part of the campaign and tell their stories.”

SCOTCOIN, which launched in 2013, is the world’s only dedicated Scottish digital currency. Initially conceived as a way for forward-thinking Scottish SME’s to challenge traditional business banking methods and charges, SCOTCOIN has grown to become a globally traded crypto-currency – similar to BITCOIN, and the soon to be announced new coin will have full smart-contract capability and a proud heritage in Glasgow culture.  Scotcoin Project CIC is the educational arm of the SCOTCOIN brand, which is set to promote knowledge of crypto-currency, Blockchain and digital money matters.

The ads themselves will be directed by multi-award-winning director/producer FRANK MCGOWAN. McGowan recently returned from the US, where he worked alongside WHOOPI GOLDBERG and BILL MURRAY for Bad Pony Media’s new HOLLYWOOD MEETS GLASGOW and SCOTLAND GOES GLOBAL projects.

He said: “These ads will be something really special as we’re looking for real people and real stories. They will be used across all platforms to promote how easy using digital currency for the first time can be. It’s going to be a lot of fun!”

SIGN UP HERE

Meetup 15th October 2019

I’m going to start by telling you all a story which has huge significance for digital currencies.

I was in a pub down south with a friend. A little while later, another gentleman came in who my friend knew. After introductions the new arrival asked me “ What do you do then?” I replied that I was involved with cryptocurrency.

“What’s that then?” he asked.

“ It’s like Bitcoin.”

“Never heard of it” he replied

I thought for a moment.

“Do you use Facebook?”

“Oh course” he said.

“ Have you heard of Libra?”

“Oh yes, I know all about Libra,” and he really did. He had read all about it.

So my point is back in say March this year there might have been 40-50 million people who knew something about crypto or digital currencies.

But NOW, a potential 2.7 BILLION do.

And that is a game changer. There’s lots of issues about Libra, not least their problems with SEC and the Senate and people dropping out, but it remains the case that it has opened up the debate that was needed

We will be having the second Advisory Board meeting next week. We have high hopes that this will prove a useful and helpful fixture as we move forward.

We are due to have a meeting with our preferred blockchain suppliers in the next couple of days, but we already have some important information in this respect.

The decision has been taken to have Scotcoin become an ERC compliant token. Our coin will have smart contract capability. We in fact have a coin running on the Ropsten testnet and expect to be able to deploy it in Alpha mode fairly shortly. There are other considerations to be taken into account, but at the very least we now have an actual beta test coin that covers what we require in terms of security, longevity and tradeability. As you probably know, Ethereum is the largest blockchain in terms of tokens sitting on it. There are other very good reasons for going down this route, quite apart from speed of transaction, the scalability and the minimal power use.

Firstly, the SEC has ruled that Ethereum (and its tokens) are NOT securities. The reasoning behind this is that the very nature of the blockchain per se – as a decentralised platform – means that no one is actually managing the token for profit. ICO considerations are somewhat different, but the baseline is that Ethereum (and Bitcoin eg) are exchange tokens with the same characteristics. Sales and purchases are NOT security transactions and therefore the SEC has no oversight. Scotcoin is and will be exactly the same.

Secondly, the basis of any blockchain covers 5 main points.

Number 1 is that it is ( or should be) decentralised. That means that no one person or small group of people can influence the profitability of the token. In essence a token has no inherent profitability – the pound in your pocket is worth a pound with no DNA to make it profitable and in excess of that £1. Number two is that the decentralised consensus means that everyone on the network has an identical copy at the same time. No one can “steal a march” on anyone else. Number 3 is that it is “add only”. You can’t alter or add to a block once it is complete. That means that number 4 new information CANNOT conflict with existing information. And finally number 5, everyone can access all the information on the blockchain simultaneously and instantly.

As a reminder, each “block” consists of three parts . The first is the hash that seeds the block, in other words the incoming hash or information. The second part is the data that gets entered into the block in other words the transactions that have taken place and are being entered to be recorded. And finally, the third part is a second hash, which is the outgoing hash covering not only what has happened in that particular block but all that has happened since block one. Just so you know we are very close to block 600,000 on the Bitcoin blockchain.

Another reason for going down the ERC route is that one of our 5 pillars for Scotcoin’s new blockchain is that it must have longevity and stability as well as security. The Ethereum chain ticks these boxes. There are already something like 250,000 tokens on it and it is the second largest crypto currency both by total market capitalisation and by daily volume.

It is frequently said that crypto currencies are a store of and do a very good job of transferring value. Why do we say that? What are the characteristics that cryptocurrencies share:

1. The supply of all the coins or tokens are clearly defined and publicly available.

2. They are permissionless: You can just download the software for free and start sending money across the internet.

3. They are self-sovereign: You don’t have to rely on a bank, payment service or other centralised organization to process the transactions. It’s all performed on the blockchain network.

4. They are highly divisible: You can divide every cryptocurrency into extremely small amounts, enabling easy day-to-day (micro) payments iup to 18 zeros after the decimal point.

5. They are extremely portable: Everyone can fly across the world carrying billions worth of cryptocurrency. Try doing that with real gold.

Other primary characteristics of cryptocurrencies are that they are interchangeable and censorship resistant — no governing authority can prevent any cryptocurrency user from spending their crypto.

Some of you may have heard of Luca Pacioli. He wrote the base treatise on what one would term modern accountancy in 1493 – yes over 520 years ago.

Quite apart from setting down the basis of double entry bookkeeping, which arguably brought about the modern financial world, what it did do was bring Trust to an area where skulduggery had been the norm. In essence, the blockchain and crypto currencies do the same thing in respect of modern finance – you can be sure that a transaction can be trusted if it is recorded on the blockchain. There does not need to be a third party noting the transaction for it to be trustable.

We at Scotcoin are particularly keen on the circular economy and heading towards Zero Waste. I am proud to announce a joint initiative to reward people using Zero Waste in Scotland. There are quite a few shops you can visit and we are putting in place a scheme to reward people who use Toogoodtogo, who recycle food. Quite recently an entire wedding for over 200 people was catered using their food. This is food that would otherwise go to landfill, but an enormous waste and cost to the shops that need to get rid of it . We will be putting up a list of those shops where you can earn SCOT for buying from them and where you can trade in your SCOT for products. Now that we very nearly have our new coin, we will also be offering other online products and services via the website tokenmarkets.com. Scotcoin will have it’s own dedicated sales site. In essence, by paying in Scotcoin you will receive up to a 30% discount on items.

One of the most important things that people need to realise is that Blockchain and its technology will put responsibility fair and square on the individual again. Lost your bank card? No problem, the bank will send you a new one. Forgotten your password? You can reset it. With crypto, NEITHER of those options are available. Where we have been used to other people and third parties backstopping us, none of that will exist. As a result we will have to be much less cavalier about what we do in relation to our wallets and Identity – because yes, Blockchain impinges on Identity as well.

Just in the last few weeks I’ve been reminded of this. We will shortly be putting up an article entitled “Time to pull on you big boy or girl pants” and it deals precisely with this problem.

So if you have a crypto wallet, make sure you have taken a photograph of the pass phrase AND written it down in not one but TWO different places. Lose that and you lose the wallet, the coins, everything. So make sure it’s safe. We will be offering a way, with the new coin, of securing your passphrase.

One of the questions I am frequently asked is why should I buy Crypto and/or Scotcoin? There are many good reasons, but there is one which does not get enough airing. That is that Crypto are a digital asset and as such have created a whole new asset class to have in the mix of your investments. This may not be of significance to lots of people, but it is a consideration which should not be ignored. The traditional classes (shares, bonds, properties, cash etc) now have another leg – digital.

Finally, in celebration of the fast approaching anniversary of the creation of Scotcoin on the Counterparty Protocol, we are running a promotion on our exchange which will give purchasers 50% off the cost. So whatever the number of SCOT you wish to buy, the cost will be cut in half during the period of this promotion. We have had some criticism of the fact that our exchange price has been higher than the DEX price. The coupon code, which we will be advising all our wallet holders of, is 50offat5. This will effectively bring the DEX price and our exchange price into line.

The other thing we are testing at the moment is the website I mentioned above which will take SCOT for product. If you have items you would like to sell, please get in touch with me . Similarly if you would like to test for us, please let me know.

Scotcoin

Scotcoin Promotional code

Scotcoin has been around since 2013, but has been on the Counterparty Protocol since November 2014.

That means that in just a few days we will be celebrating the 5 year anniversary of what we call V2 Scotcoin.

We want to share our delight at being the longest surviving Country Coin and the fact that the existing protocol is coming up for its fifth anniversary.

To celebrate this, we have a special code you can use on our exchange

Here is the link:

https://exchange.scotcoinproject.com/shop/

The code you need is

50offat5

Which you put into the appropriate box when you get to checkout in your cart.

It takes 50% off the price you will pay.

That means that a purchase you thought was going to be £20 is only going to cost you £10.

We have been criticised in the past for charging a lot more than the Counterparty DEX price when we sell Scotcoin. This promotional discount puts us squarely in the DEX price bracket. Please note also that we will be making an announcement about our new coin imminently, and holders of V2 will, subject to conditions, receive a bonus.

For larger quantities or for any queries please email me at [email protected], and I will be delighted to help.

VIDEO: THE SCOTCOIN PROJECT CIC – interview with Temple Melville

Watch this interview with Temple Melville, where he shares an overview of SCOTCOIN and SCOTCOIN CIC with information on how you can get started with cryptocurrency >

Copyright © Bad Pony Media Productions.

Scotcoin awarded the ‘Most Community-Focused Digital Currency Platform 2019

A pleasure to announce that Scotcoin has been awarded the ‘Most Community-Focused Digital Currency Platform 2019 – Scotland’, by the CV Magazine’s Corporate Excellence Awards 2019.

Scotcoin - Corporate Excellence Awards 2019 Certificate

Scotcoin Advisory Panel and Other News

New Social Media Manager at Scotcoin

Scotcoin welcomes onboard Elizabeth Myles-Geddes as Social Media Manager.

Elizabeth has worked in digital marketing for 7 years with clients as diverse as Harvey Nichols, Heriot Watt University and the Google sponsored Start Up Grinds in Edinburgh and Glasgow. She currently runs her own consultancy advising micro businesses on all aspects of their digital strategy and content and in the past 6 months has helped 3 companies increase their revenues by up to 500% She holds an MSc in International Marketing specialising in Digital Marketing from Heriot Watt University and an Executive MBA from Leeds University.

Counterparty and DEX Market

The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0. We are working towards putting Scotcoin onto its own blockchain, but linked to value of over $5billion. We will no longer have a price which is indicated by a third-party digital currency and which is volatile.

Be assured these current XCP changes will have no adverse effect on Scotcoin  longer term. If you have any XCP you would like to sell, the Scotcoin Project will buy them at $2 per XCP which is more than the existing exchange price OR 10% above prevailing.

Contact [email protected]

Advisory Board

Scotcoin has been working hard to bring together its advisory board and is delighted to announce that it now boasts an impressive collection of 7 individuals who collectively have over 100 years experience in blockchain, finance, sustainability,cryptocurrency, HR and senior management – this team will provide invaluable insight and guidance to the development of the project going forwards. Full details will be announced immediately prior to the MeetUp scheduled for 9th July 2019.

Scotcoin Advisory Panel

The Scotcoin Project as an Educational Resource

The Scotcoin Project is in an excellent position to partner with schools and universities to offer resources to support education around alternative economies and a working model for emerging cryptocurrencies.

Temple Melville is one of only two people in UK certified as CPD instructors for Blockchain and the only one in Scotland, we are currently developing an e-book based on course materials.

Scotcoin is speaking to Stirling, Strathclyde and Glasgow Universities who now offer MScs incorporating Fintech and additionally to Edinburgh University which has its own blockchain and cryptocurrency research hub.

Scotcoin Intern

Scotcoin welcomes our first intern Emma who starts on 15th July for 6 weeks.

Emma is doing a BSc in Business and Economics at Lund University. Elizabeth will be managing Emma and both will be based at Collabor8te.

Third and Voluntary Sectors

Scotcoin wants to strengthen its existing links with BobathScotland, Eat Up, Social Bite and to develop new partnerships in the arts and sustainability industries. If you have any suggestions please let us have them.

Raising Awareness of the Scotcoin Project

We are currently in talks with the Institute of Directors, the Google Sponsored ‘Start Up Grind’ franchise,Turing Festival and Fintech Summit. If you would like us to come and talk to your workplace, your friends or just have a MeetUp where you live, please let us know and we will try to accommodate you.

Special offer

We have a limited number of 500ml bottles of Elderflower Gin. This is from only 120 bottles coming to the UK this year out of a total production of just 5000 bottles. All you have to do is buy 5000 Scotcoin from the exchange and we will send you a bottle free. I can tell you it is delicious!

XCP Situation

We have had some enquiries about what is happening with Counterparty and its DEX market.

All Counterparty Protocol coins have fallen massively because they are all denominated in XCP, which is Counterparty’s own token. Less than a year ago, 1 XCP was around .004 Bitcoin. Now it stands about .00004 ie a fall of 99%.

The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0.  This very reliance is why we have been working for a long time to remove SCOT from the Counterparty protocol to its own blockchain. This fall has, of course, had a serious impact on the values trading on the Counterparty Dex. I know some people have been able to buy at an exceedingly attractive price.

For now, the only external exchange offering to sell XCP is ZAIF which is Japanese and uses Japanese Yen as its base currency. Counterparty DEX has a BTC/XCP pair, where it is possible to trade BTC for XCP – and it works!

In respect of XCP, its current total value is only about $3m. We are working towards putting Scotcoin onto its own blockchain but linked to the value of over $5billion. We will no longer have a price which is indicated by a third digital currency and which is volatile.

Be assured these current XCP changes will have no adverse effect on Scotcoin longer term.

If you have any XCP you would like to sell, the Scotcoin Project will buy them at the market price. Please contact [email protected]