SolarCoin rises 22% and Stable
#SolarCoin developed quickly after Christmas, increasing 22% in value to around $.70 from circa $0.55 and remaining steady for the last five days. The cryptocurrency to support solar generators remains on a regular price increase trajectory - for the past four months SolarCoins have increased in value by 50% each month.
This indicates that the reach of the SolarCoin network is increasing. In his book, The Nature of Value, SolarCoin co-founder Nick Goherty posits that a currency's value goes up as the size of the network using it increases.
For SolarCoin, this theory seems to be bearing out. In December alone the SolarCoin Foundation gave away more than $1m to solar generators, the highest ever, indicating that an increasing number of people are now part of the SolarCoin crypto infrastructure.
It's worth nothing at this point that Gogherty's value theory doesn't distinguish between users speculating or trading with SolarCoins. The fundamental factor is that the value of each indivudal on the network - be it Facebook or gold or SolarCoins- remains within a golden spead: roughly £1000 - $3000 per person.
So growing the network is key. And SolarCoin has a killer networking app: it gives them away to the global 'real-world' network of solar farms, business and homes. In the UK alone nearly 900,000 people have solar equipment on their roofs, and the SolarCoin Foundation reckons only 1% of solar generation worldwide is represented by SolarCoins so far.
Nice post Will!
One thing that we need to get going is businesses and organisations that actually accept SLR as payment.
I'm wracking my brains trying to think of a business plan though.... SolarCoin T-Shirts??? :D
Thanks @bernard.mcc! Yes, I agree. It'd be great to have some kind of auto price converter, so that you could add a plugin to a website, which tracked the price of SLR and then converted to fiat dynamically, so whoever was selling wouldn't have to worry about exchange rate fluctuations.
This would be our problem if we sold shares in Brighton Energy Coop using SLR- since our costs are in GBP we'd need someone constantly watching the exchange rate to ensure we didn't loose out.
Here you go, look down the list for the JSON element "price_gbp"
https://api.coinmarketcap.com/v1/ticker/solarcoin/?convert=GBP
Just needs a web integration. Its just a standard GET call, here is the API documentation https://coinmarketcap.com/api/
Wow that's pretty useful, thanks @scalextrix. Next question: exchange rates vary quite a bit across exchanges, and the only exit to fiat is from lykke, is there therefore a way to track lykke's exchange rate specifically?
Amazing - thanks guys, super useful. Next step is talk to the accountant and see how SLR investment would be treated in terms of an income. I'll let you know how I get on!
AFAIK thisis the guidance from HMRC https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
But definately get professional advice
Thanks I'll pass that on. Basically seems to be saying the crypto operates just as any other currency - if there's profit in there it gets taxed!
Yeah, if you sell some goods or services in SLR, you need to add VAT like you would to any normal invoice in £. If you hold SLR its like holding any other foreign currency like Euro or Dollars, when you bring it back to £ you assess it for Capital Gains.
At least thats how I read it, again do your own due dilligence, Im no expert.
Looks like they have an API: https://www.lykke.com/lykke_api
Yeah as @bernard.mcc pointed out most exchanges have similar APIs, so your web developer should be able to put something out fairly easy.
EDIT: Looks like this endpoint gives pricing https://hft-api.lykke.com/api/OrderBooks/SLRGBP
Guess you would want to present the "IsBuy":true and the highest price which will be in "prices"[0]"price", that being the highest available buy price for someone selling on Lykke. The prices on Lykke can get a little out of whack though so presenting the coinmarketcap average would be very useful for novices.
I'd definately wear one!
@bernard.mcc - how about getting some made and then offering to the SLR community on here and on slack? 'First use case' might do well and looks like @gregan is a buyer! The Christmas SLR fundraise was pretty successful, after all.
Hey, that's a thought. Or how about some sew-on patches of the SolarCoin logo? I got some done for my 'space mission' last summer. Work out at about £3 each. Any profits could go to SolarAid again.
I'll check with sunnyboy over on slack to see what the use-permissions are for the SolarCoin logo.. wouldn't want to upset the Foundation.
Yes, some kind of solarcoin branded kit would at least mean that something could be sold online for SLRs - a good start!
What was your 'space mission', btw?!
We sell stickers for SLR
Hi @lpninja - good to see you on here too.
Fantastic! Where can we order them from? Do you accept payment for them in SLR?
It'd be good to get a resource together that shows all the places that SLR can be used. I listened to a podcast where somewhere in Malta was selling stuff. I see Bitcoin.com has something similar but it doesn't really work.
absolutely, I need to change the price to only 5SLR now.
Heh, the 'space mission' was a trip to see the 2017 Solar Eclipse in Nashville, Tennessee followed by a road trip down to NASA's Marshall Spaceflight Centre to see the Saturn 5/Apollo hardware, then across to Cape Kennedy to look at Apollo Launch sites, Atlantis and yet more rockety geekness. Was necessary to have our own mission patch for the trip ;)
Or mugs?
bernard - that's great mate, genius. I like the mugs - I'll have three. Is it poss to put some spiel on there as well explaining what solarcoin is 'solarcoin is a green cryptocurrency to incentivise solar power' something like that, so that the average, er, tea drinker gets the message...
Still waiting to hear back from sunnyboy re. copyright permission on using the SolarCoin logo.
Hey Will, have DM'd you over on the SolarCoin slack ;)