Python: your setuptools is too old (<12)

[ParityError]

I'm getting an error with Python 2.7.16 when trying to execute:

$ python setup.py install

your setuptools is too old (<12)
setuptools_scm functionality is degraded
Traceback (most recent call last):
  File "setup.py", line 63, in <module>
    setuptools.setup(**setup_params)
  File "/opt/local/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/site-packages/setuptools/__init__.py", line 145, in setup
    return distutils.core.setup(**attrs)
  File "/opt/local/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/distutils/core.py", line 111, in setup
    _setup_distribution = dist = klass(attrs)
  File "/opt/local/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/site-packages/setuptools/dist.py", line 447, in __init__
    k: v for k, v in attrs.items()
  File "/opt/local/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/distutils/dist.py", line 287, in __init__
    self.finalize_options()
  File "/opt/local/Library/Frameworks/Python.framework/Versions/2.7/lib/python2.7/site-packages/setuptools/dist.py", line 735, in finalize_options
    ep.load()(self, ep.name, value)
  File "build/bdist.macosx-10.10-intel/egg/setuptools_scm/integration.py", line 19, in version_keyword
  File "build/bdist.macosx-10.10-intel/egg/setuptools_scm/__init__.py", line 102, in get_version
  File "build/bdist.macosx-10.10-intel/egg/setuptools_scm/__init__.py", line 80, in _do_parse
LookupError: setuptools-scm was unable to detect version for '/Users/Foorbar/Project/Package'.

Make sure you're not using GitHub's tarballs (or similar ones), as those don't contain the necessary metadata. Use PyPI's tarballs instead.

For example, if you're using pip, instead of https://github.com/user/proj/archive/master.zip use git+https://github.com/user/proj.git#egg=proj

I tried uninstalling and re-installing py27-setuptools and no luck, same thing.

$ port installed | grep setup
  py27-setuptools @41.1.0_0
  py27-setuptools @41.4.0_0 (active)

If you need more info let me know.