Miami will launch its own cryptocurrency and reward users with bitcoin - page 2.

stompix

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Why would it turn like shitcoin though? I mean it's basically backed by the government and bitcoin so how will it fail exactly, what I am more worried is the part where they will be rewarding their coin users with bitcoin, how can they exactly sustain that reward system because bitcoin is an expensive reward.

Where did you get that idea?
They are not even a partner:
https://www.citycoins.co/miamicoin

Quote from: Silberman on August 11, 2021, 03:34:09 PM

Is it not fiat created by the governments and central banks? And we know that fiat is the worst shitcoin that has ever existed, so to me the fact that this coin is going to be guaranteed by the government is a sign of alert not of confidence,

There is no such fact and yeah, this is worse than fiat, it's just a shitcoin with no purpose other than pumping another shitcoin by trapping user money in this scheme.

dothebeats

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I would want to keep up with this interesting experiment and how they plan to incentivize people who use their crypto. At the moment, there seems to be no real demand for cryptocurrencies anywhere in the city, but nevertheless it's awesome to see a city as big and as busy as Miami can afford to think of such ideas in the midst of it all. Well they have the resources and all the good stuff anyways, but still it's something if they can pause and think of new ways that can help their citizens learn, too.

Silberman

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Quote from: Rahman11 on August 10, 2021, 05:19:08 PM

It’s all about proves that people's are interested about cryptocurrency, but unfortunately it’s not too much useful for crypto industries, it’s can turn into a another shitcoin! then need to depand over a market leading crypto-currency like as bitcoin.

Why would it turn like shitcoin though? I mean it's basically backed by the government and bitcoin so how will it fail exactly, what I am more worried is the part where they will be rewarding their coin users with bitcoin, how can they exactly sustain that reward system because bitcoin is an expensive reward.

Is it not fiat created by the governments and central banks? And we know that fiat is the worst shitcoin that has ever existed, so to me the fact that this coin is going to be guaranteed by the government is a sign of alert not of confidence, and about the rewards system as long as the rewards are denominated in fiat even if the price of bitcoin keeps skyrocketing in terms of fiat the rewards are going to cost the same so the rewards program could be mantained for as long as they want.

bitcub

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I am getting used to hearing a will launch its own currency. Since 2017 I always hear Russia and China will create their own cryptocurrency. But until now wheres that crypto? There are thousand of shitcoins especially in BSC, it is so easy to create your own crypto.

Rahman11

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It’s all about proves that people's are interested about cryptocurrency, but unfortunately it’s not too much useful for crypto industries, it’s can turn into a another shitcoin! then need to depand over a market leading crypto-currency like as bitcoin.

ajochems

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Quote from: bittraffic on August 09, 2021, 09:03:27 AM

Quote from: Questat on August 09, 2021, 08:53:37 AM

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Am both altcoins and bitcoin enthsiast, I don't usually support the launch of new tokens for the fun of it. Sometimes fund are raised and spent for trading but when there no fundamentals, they will die and that will be total waste or fraud for some,because it make profit at launch does not mean it will survive the bear market. I will rather propose more adoption process in Miami for bitcoin and existing altcoin before launching new one.

It was just an experiment, may it fails or maybe will not. But for me, it wasn't needed for Miami to make their own digital currency just for the sake of this new market innovation. Because if they are into the after of crypto adoption, they are supposed to support the old coins rather than creating their own. I could see this not a successful platform, maybe I was wrong but can't deny that the majority are prepared for Bitcoin.

Bitcoin was also an experiment that even satoshi wants it refreshed like start over but the community didn't do it. Miamicoin looks serious actually, they even have a rewards system incentivicing holders of BTC.

I think this is the way for the Miami government to make the city center for cryptocurrency but it might be a battle when more cities will join. There was a news about Wyoming as well.

The trading of bitcoin associate with the pair of Miami.If the miami had huge potential,many people will inverse their money in miami.Miamicoin will had huge potential over a year.Miami coin will be trade with the pair of bitcoin.The city may be the cryptocurrency city,this lead to the add of more city to the row.By adding of many country,the investment into this coin will increase to high.

pinggoki

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City coin and they in turn would reward holders with bitcoin instead of their native coin to promote circulation and market cap increase? That seems weird for me. I appreciate that the mayor had the vision not many people in power have over cryptocurrencies but it just doesn't make sense to me why he'd go so far as to create a coin for his city, and then low ball it by introducing bitcoin into the system. If there's something about this post that explains why they thought this was a good idea please feel free to correct me. I just don't see why they would do such a thing instead of just creating your very own cryptocurrency and have people buy it instead of going over the extra hassle of rewarding holders with bitcoin, be it miniscule or major.

Quote from: dezoel on August 09, 2021, 02:46:12 PM

I honestly believe that there is a good amount of money to be made for all Americans with this. Not just because of Miami launching their place, that is not a thing that you should be worried about or happy about directly, but because Miami is doing this, and yes federal government rules and laws are different from state laws, so Miami being one way doesn't mean any other state will be like that (look at weed laws as most known) but it still means that as long as federal government doesn't intervene which they do not seem to be doing, that means it opens the door for other places and that is where Americans should be getting excited about.

There is a potential for a California coin, a Texas coin, a Florida coin, a Seattle coin, a New York coin and god knows how many more cities/states there are in that nation. So, this is going to be a good first step.

The concept of city/city-state coins could work well especially for a country as big as USA. The funding can easily be created and profits on the government and the people's end is very possible. I guess this is one of the baby steps we take towards a digitized future. Hopefully this creates more opportunities for cryptocurrencies to be introduced to the general public and not have it be stagnated as a measly side hustle you can take if you wanna earn extra cash, no matter how beneficial that might be.

dezoel

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I honestly believe that there is a good amount of money to be made for all Americans with this. Not just because of Miami launching their place, that is not a thing that you should be worried about or happy about directly, but because Miami is doing this, and yes federal government rules and laws are different from state laws, so Miami being one way doesn't mean any other state will be like that (look at weed laws as most known) but it still means that as long as federal government doesn't intervene which they do not seem to be doing, that means it opens the door for other places and that is where Americans should be getting excited about.

There is a potential for a California coin, a Texas coin, a Florida coin, a Seattle coin, a New York coin and god knows how many more cities/states there are in that nation. So, this is going to be a good first step.

fullhdpixel

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Quote from: jinneas on August 02, 2021, 10:43:21 PM

According to reports, Miami will launch its own cryptocurrency MiamiCoin (MIA) on August 3 local time, to fund infrastructure projects or activities in the city and encourage people to move to Miami. MiamiCoin is built on the CityCoin platform, users will be able to mine MiamiCoin, borrow money, and even program it. The city government can earn cryptocurrency rewards while supporting the city, and token holders can also earn bitcoin income.
But the MiamiCoin project is experimental. Don’t know if it can bring income to the city and how does it allocate Bitcoin as a reward?

Is it really necessary to be creating any more cryptocurrency? They have said it is the capital of bitcoin, so why don’t they just encourage the use of bitcoin, maybe by allowing people that are living there to be able to make use of Bitcoin for their day to day transactions?

For me I think that would have been a better way to do it than just creating another cryptocurrency, the Miami coin or whatever it is, it doesn’t seem necessary to me. If they still wish to go ahead with it, then it’s really not bad. But continuing with Bitcoin that we already have and working on it would have been really good if I’m to say.

CryptocurencyKing

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Quote from: Darker45 on August 03, 2021, 11:15:45 PM

I think this is a step backward. Miami under the leadership of Mayor Suarez has already gone advanced when it embraced Bitcoin and even dreamed of making the city the Bitcoin capital. They're already there. Why do they have to swerve and create an altcoin on top of an altcoin? I guess all of those are superfluous steps. Do they have reservations with Bitcoin because it is truly decentralized and they cannot tinker with it? Are they not satisfied with Bitcoin because all sense of control is not allowed with it?

You've raised some sensitive questions as to why, the decision on the creation of a state bounded coin should be of concern. Its almost the same thing as nations trying to own a coin and then you see it being unsuccessful like the CryptoYen. Imagine a situation where a the nations or States where to own its own currency, it would be a step backward as it goes to a far length to cry centralization.

How would rewarding users with bitcoin actually help the MiamiCoin, there are questions of allocations and how would its value be appreciated to the extent of, using it in funding projects within the states. The idea of a MiamiCoin isn't so sound as it is now.

Lucius

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Quote from: bittraffic on August 09, 2021, 09:03:27 AM

Bitcoin was also an experiment that even satoshi wants it refreshed like start over but the community didn't do it. Miamicoin looks serious actually, they even have a rewards system incentivicing holders of BTC.

It's hard to understand what you meant here because the sentence is pretty poorly constructed - but it seems to me that you think the experiment initiated by Satoshi wasn't something the community wanted - and how could that community even know what it was about while the whole the matter did not become known to the general public?

It is out of the question to compare the origins of Bitcoin and a token that is focused on only one city - here, I guess, the difference between a global and a local endeavor is more than clear. To me, the idea of a reward with btc doesn't seem too fair - because if you pay me to use something, then it means that in itself it is not attractive and useful.

Kusman

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I liken this action to the one that El Salvador has taken. There is only one difference and it is that El Salvador did it with Bitcoin. And they bought $140m worth Bitcoin to distribute among its people, $30 each.

Some states in the US have already been into cryptocurrencies. And Miami is at the first place in the list. I don't know if they can achieve their goal with this action. We'll wait and see.

bittraffic

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Quote from: Questat on August 09, 2021, 08:53:37 AM

Quote from: ?? on ??

Am both altcoins and bitcoin enthsiast, I don't usually support the launch of new tokens for the fun of it. Sometimes fund are raised and spent for trading but when there no fundamentals, they will die and that will be total waste or fraud for some,because it make profit at launch does not mean it will survive the bear market. I will rather propose more adoption process in Miami for bitcoin and existing altcoin before launching new one.

It was just an experiment, may it fails or maybe will not. But for me, it wasn't needed for Miami to make their own digital currency just for the sake of this new market innovation. Because if they are into the after of crypto adoption, they are supposed to support the old coins rather than creating their own. I could see this not a successful platform, maybe I was wrong but can't deny that the majority are prepared for Bitcoin.

Bitcoin was also an experiment that even satoshi wants it refreshed like start over but the community didn't do it. Miamicoin looks serious actually, they even have a rewards system incentivicing holders of BTC.

I think this is the way for the Miami government to make the city center for cryptocurrency but it might be a battle when more cities will join. There was a news about Wyoming as well.

Questat

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Quote from: ?? on ??

Am both altcoins and bitcoin enthsiast, I don't usually support the launch of new tokens for the fun of it. Sometimes fund are raised and spent for trading but when there no fundamentals, they will die and that will be total waste or fraud for some,because it make profit at launch does not mean it will survive the bear market. I will rather propose more adoption process in Miami for bitcoin and existing altcoin before launching new one.

It was just an experiment, may it fails or maybe will not. But for me, it wasn't needed for Miami to make their own digital currency just for the sake of this new market innovation. Because if they are into the after of crypto adoption, they are supposed to support the old coins rather than creating their own. I could see this not a successful platform, maybe I was wrong but can't deny that the majority are prepared for Bitcoin.

fiulpro

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Quote from: mk4 on August 02, 2021, 10:47:08 PM

I really don't see the need of a city coin, but one of the smartest people I know and listen to, Balaji Srinivasan, has had the idea of city coins/tokens that he has pitched in some podcasts; so I really have mixed feelings on this. I'm just going to say that it's going to be a really interesting experiment.

City coin is something that might as well be replaced by adoption of cryptocurrencies like bitcoins on a much larger scale. If there is a city and that is crypto friendly, I think that it would eventually produce the same results. This coin would be more of a local currency and can also be used to examine the economic situation of the particular region.

Quote from: Renampun on August 04, 2021, 11:41:04 AM

Quote from: jinneas on August 02, 2021, 10:43:21 PM

...

this project is still in beta and very worth watching...

The concept offered is also very interesting, residents will be able to mine and even borrow. I know the competition in the crypto market is huge but if this is a big success the city of miami will become very famous and many cities or countries will be inspired, maybe even el salvador will create their own state crypto token.

Competition is something that is inevitable, we have thousands of cryptocurrencies in the market which are going up and down ⬇️ most of them are forgotten. Therefore if the market decides to be lenient with them then this coin might survive but it does not have much chance. The government might have to answer one question even before it's adoption *WHY?, Why should the people be using this coin instead of cryptocurrencies or something else?*

stompix

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Quote from: Hydrogen on August 08, 2021, 06:58:03 PM

Having made posts discussing how newly minted altcoins could be used to subsidize social and economic causes. This attempt resonates with me. Grin

That's not the "real" Miami coin.

https://coinmarketcap.com/currencies/miami/
https://coinmarketcap.com/currencies/miamicoin/
https://www.miamicoin.xyz/Miami-Coin-ERC20Token/

Look at your graph, that coin has been around for years.

The one issued by citycoins is not yet tradable.

darkangelosme

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Quote from: jinneas on August 02, 2021, 10:43:21 PM

In June of this year, at the Wynwood's Mana Convention Center in Miami was held the "Miami Bitcoin 2021 Conference", which is the largest event in the history of cryptocurrency. This meeting delivered positive news. The cryptocurrency represented by Bitcoin has achieved a deeper consensus, and the legal status of Bitcoin has been more clearly determined. The Mayor of Miami has gained a reputation in the cryptocurrency community for his support of Bitcoin and the incentive plan designed to promote the adoption of digital assets throughout the city, and said that Miami will become the capital of Bitcoin and launch the city's cryptocurrency MiamiCoin.
According to reports, Miami will launch its own cryptocurrency MiamiCoin (MIA) on August 3 local time, to fund infrastructure projects or activities in the city and encourage people to move to Miami. MiamiCoin is built on the CityCoin platform, users will be able to mine MiamiCoin, borrow money, and even program it. The city government can earn cryptocurrency rewards while supporting the city, and token holders can also earn bitcoin income.
But the MiamiCoin project is experimental. Don’t know if it can bring income to the city and how does it allocate Bitcoin as a reward?
https://decrypt.co/77487/miami-cryptocurrency-miamicoin-launch-bitcoin-rewards?utm_source=reddit&utm_medium=social&utm_campaign=sm

Nice that's good news, another big activity to promote using of digital assets, im sure it will accept by miami people. But creating a Miami coin i think there is no need anymore, spreading good news and how people can possibly profit on cryptocurrencies is enough to attract people to use crypto.

Hydrogen

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Quote from: jinneas on August 02, 2021, 10:43:21 PM

According to reports, Miami will launch its own cryptocurrency MiamiCoin (MIA) on August 3 local time, to fund infrastructure projects or activities in the city and encourage people to move to Miami.

Having made posts discussing how newly minted altcoins could be used to subsidize social and economic causes. This attempt resonates with me. Grin

Perhaps Joe Biden and democrats could emulate this attempt at subsidizing infrastructure by rolling out a CBDC intended to fund unbudgeted US infrastructure costs.

I hope they post updates, a project roadmap. Tangible content that would allow the public to follow the progress or lack thereof. And note in which essential areas projects like these need the most improvement. It is disappointing how little information there was available on the history of auroracoin and similar ventures.

Silberman

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Quote from: jinneas on August 02, 2021, 10:43:21 PM

In June of this year, at the Wynwood's Mana Convention Center in Miami was held the "Miami Bitcoin 2021 Conference", which is the largest event in the history of cryptocurrency. This meeting delivered positive news. The cryptocurrency represented by Bitcoin has achieved a deeper consensus, and the legal status of Bitcoin has been more clearly determined. The Mayor of Miami has gained a reputation in the cryptocurrency community for his support of Bitcoin and the incentive plan designed to promote the adoption of digital assets throughout the city, and said that Miami will become the capital of Bitcoin and launch the city's cryptocurrency MiamiCoin.
According to reports, Miami will launch its own cryptocurrency MiamiCoin (MIA) on August 3 local time, to fund infrastructure projects or activities in the city and encourage people to move to Miami. MiamiCoin is built on the CityCoin platform, users will be able to mine MiamiCoin, borrow money, and even program it. The city government can earn cryptocurrency rewards while supporting the city, and token holders can also earn bitcoin income.
But the MiamiCoin project is experimental. Don’t know if it can bring income to the city and how does it allocate Bitcoin as a reward?
https://decrypt.co/77487/miami-cryptocurrency-miamicoin-launch-bitcoin-rewards?utm_source=reddit&utm_medium=social&utm_campaign=sm

I do not trust politicians at all, if he really wants to make Miami the capital of bitcoin then why we do they need to create their own coin? To me this seems like a contradiction and one that is not small at all, and this is even more true when they are competing against a whole country that just made bitcoin legal tender, so I am not so sure I believe anything he is saying and I do not trust at all the way he is trying to achieve his supposed goal.

stompix

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So, nobody tried this ....coin? It is supposed to be live or alive?

https://www.citycoins.co/post/understanding-citycoins-mining
You just have to buy some tokens, send them to the city coffers, and voila..

Estimated STX APY 100%
Estimated BTC APY 10%

You get 10% interest in BTC in a year!

I went through all the faq and tokenomics and coinomics but I still haven't seen how on earth is that return even possible, unless you somehow manage to print endless amounts of tokens but magically keep the same price.
Btw, it seems is going to be a Miamicoin that you can't spend in Miami.

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