Miami will launch its own cryptocurrency and reward users with bitcoin - page 3.

Renampun

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Quote from: jinneas on August 02, 2021, 11:43:21 PM

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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.

Lucius

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Quote from: LogitechMouse on August 04, 2021, 06:24:18 AM

The coin has no use case.
Its kinda like PI Network where people are getting rewarded by the coin they are mining and a portion of what they are mining will go the the government.

I hope it's nothing like what you mention, because it has nothing to do with mining - because how to mine a coin on a mobile phone at all - opening the app once a day and clicking a button is not mining.

Quote from: Darker45 on August 04, 2021, 12:15:45 AM

Why do they have to swerve and create an altcoin on top of an altcoin?

Maybe because everyone does it and because it's not hard, and potentially can result in very nice earnings - and if it fails no one will be to blame, maybe they will blame Bitcoin, a pandemic or mysterious forces from outer space for everything Cheesy

LogitechMouse

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When you see an organization or in this case, a government that is truly optimistic towards Bitcoin or crypto in general most of the time they are showing it by creating their own coin.

The coin has no use case.
Its kinda like PI Network where people are getting rewarded by the coin they are mining and a portion of what they are mining will go the the government.

Now what will the government do to that money?? How can the people benefit from that "portion" that the government will get? Will they use it to improve the city?? For infrastructure purposes?? Will they airdrop it? Ohh well since it is indicated that this is just an experiment, I don't think that this will be one of the coins out there who will come out successful. I'm not pessimistic though but this will be one of the many shitcoins out there.

kryptqnick

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As an experiment, it might be interesting to watch. Launching a digital currency locally is easier and safer than doing it at the level of the whole country. I wonder what the tax implications of this are going to be, though, and how the approval from the federal government will be received, given that the US is not very friendly toward cryptos and blocked the huge Libra project in its infancy. What I like about the project is that it's a case of embracing both a centralized digital currency and Bitcoin, showing that these two can hypothetically coexist in harmony.

Kong Hey Pakboy

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Big step, back then they were just considering adding bitcoin as an option for the salary of their employees and now this? Having their own coin that rewards you with bitcoin if you use it is pretty neat if you ask me, I mean you just have to convert your fiat to their coin and then spend it and if I understood correctly they will be rewarded. The only problem that I see is that it's going to be hard to maintain paying their users with bitcoin.

jinneas

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Quote from: davis196 on August 04, 2021, 01:39:04 AM

This is yet another example of an institution or company saying "We will adopt Bitcoin,but we will create our own coin." Undecided

What's the point of creating your own coin,when you have Bitcoin?
This is a marketing gimmick.Trying to get the attention of Bitcoin supporters,just for the sake of shilling the shitcoin/token in the future.Do we really need this?Are Bitcoin supporters that naive?
I know that the Miami major is really pro-cryptocurrency,but I got tired of every new attempt by certain people and companies to show off as true "Bitcoiners" while promoting another token.

MiamiCoin is a token on the stack protocol. https://stackstoken.com/
Locking the stack can directly generate 10% gains in BTC. It is essentially a Bitcoin bond.
Part of the rewards for mined blocks of coins will flow directly to the city of Miami, and they hope that the city can truly claim their wallets and participate in it.

davis196

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This is yet another example of an institution or company saying "We will adopt Bitcoin,but we will create our own coin." Undecided

What's the point of creating your own coin,when you have Bitcoin?
This is a marketing gimmick.Trying to get the attention of Bitcoin supporters,just for the sake of shilling the shitcoin/token in the future.Do we really need this?Are Bitcoin supporters that naive?
I know that the Miami major is really pro-cryptocurrency,but I got tired of every new attempt by certain people and companies to show off as true "Bitcoiners" while promoting another token.

Darker45

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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?

Caldear

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Miami’s launch of its own cryptocurrency MIA, provides the city with resources that may replace budgets or significantly increase funding. It opens a new way of fundraising for the city and will receive direct support from the community and investors. They reward Bitcoin for holding currency. In this way, more people are encouraged to use their own cryptocurrency. Many people are aware of the benefits of Bitcoin. They will hold MiamiCoin in order to obtain Bitcoin, and there is a constant demand for it. Increase will provide a good impetus for price increases.

kaya11

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Quote from: jinneas on August 02, 2021, 11:43:21 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

Since it is experimental all we have to do is wait for the outcome, oh wait it will take longer and we won't sure our wait time will be worth it. What if it failed and we've waited for 10 years long? I don't know how would they do it: gaining bitcoins just holding the city coin, but hey they could develop an app were your phone can share it's hash power to mine. Anyways coins that is centralized is somehow regulated so there's no much to think about, most traders here came to earn with volatility so it would just be another USDC,USDT type of coin.

Shasha80

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Quote from: macson on August 03, 2021, 05:06:04 PM

Quote from: jinneas on August 02, 2021, 11:43:21 PM

snip

I'm not so optimistic about this project, we've seen thousands of cryptocurrencies why the city of Miami doesn't cooperate with one of them? creating a new coin will only add to the shitcoin list and for sure it will be another centralized coin. but anyway this is a beta project, fail or succeed hope it doesn't make people hate cryptocurrencies.

I also agree with you, there are too many cryptocurrencies circulating right now. If Miami intends to make their own crypto coins that will only increase
the number of coins in circulation, why not just use the existing coins. After all, there is no guarantee that the coins that will be created by the city of
Miami can be successful and used by many people. What I fear will eventually become another shitcoin, my advice is not to rush to create new crypto coin.
Try living it for a few years by adopting existing coins, if it turns out well, maybe they can consider making their own crypto coins. Don't be in too much of
a hurry for Miami to create their own crypto coins.

carlfebz2

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Quote from: jinneas on August 02, 2021, 11:43:21 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

This is not different from e-fiat, it would be still centralized as well nothingless.Is this something that interesting? No its not because launching their own coin is not really giving any difference.

They are rewarding users with Bitcoin? For sure there might be some people who'll dive in but they would really just come after with Bitcoin and not totally minding about on that city crypto that they had made.

Interest would be totally different because people now is already getting used to decentralized things.

just_Alice

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This could be cool. I think this project can also be aimed at Miami tourists. Miami is one of the most popular places for holiday resorts among the richest people.

If all the tourists bought the MiamiCoin while their stay (can’t think of a reason enough, maybe this will be encouraged in the form of discounts and special offers, smth like that) this could give a good kick for the prices to rise and keep demand growing.

Later on, exterior investors from other parts of the world may become interested.

macson

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Quote from: jinneas on August 02, 2021, 11:43:21 PM

snip

I'm not so optimistic about this project, we've seen thousands of cryptocurrencies why the city of Miami doesn't cooperate with one of them? creating a new coin will only add to the shitcoin list and for sure it will be another centralized coin. but anyway this is a beta project, fail or succeed hope it doesn't make people hate cryptocurrencies.

FeelingAwake

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They are in a unique position(as is El Salvador) to truly understand the text of the following book.

Experiment at Worgl.(https://www.citeco.fr/10000-years-history-economics/industrial-revolutions/the-worgl-experiment-in-tyrol-austria-the-first-parallel-currency

If they truly understand what Bitcoin is and isn't, they can redefine what it means to fund a city or a state(country)..

To start they could start small.. Invest maybe a million USD into BTC and get as many Sats as they can... Use that money to "spend" into the economy. Maybe keep it simple.. Pay artists to do murals on blank ugly walls in the city.. Pay them x thousands of Sats...

THEN on the other side.. Line up private vendors to accept those sats to buy food or more paint or good they need to do more murals.... Creating a positive feedback loop. Giving velocity to the BTC... Possibly doing a Lightning chain. where if those Bitcoins don't get spent in 3 or 6 months, they will revert back to the owner(Miami).. Encouraging those coins to be spent out into the economy instead of just HODLing..

Show what BTC can do at a local small level....

Just an idea.

Fortify

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Quote from: jinneas on August 02, 2021, 11:43:21 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

It all feels rather gimmicky and is unlikely to last long, it might actually damage the reputation of the blockchain if it is poorly implemented. For a cryptocurrency to be widely adopted, which is often crucial to it's success and the integrity of the transaction chain, then it needs to have a wider purpose than advertising one small region of the world. It seems like a duplicated and wasteful effort that is only being implemented because the officials have run out of outlets to spend taxpayer funds. Rather than directing them to hospitals or roads, they are chasing these pipe dreams in an effort to look "hip" and relevant. While I don't think most large and existing cryptocurrencies are wrong, this feels much like a local government backed pyramid scheme.

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Quote from: Jawhead999 on August 03, 2021, 12:07:57 PM

Those Bitcoin reward is just marketing strategy IMO, probably they will only reward few satoshi just like faucet.

I second that too, rather than compel their citizens to hodl their new crypto Miamicoin, they know their citizens know the value and long term sustainability of Bitcoin and many of them would choose to hodl Bitcoin over any coin, including their newly launched Miamicoin, the government is basically just including the offer of handing Bitcoin to hodlers, though I'm pretty sure it's going to be really tiny amounts of Bitcoin. It's not really a bad strategy as it's less dictatorial, and different from some governments that would prolly compel their citizens to use their CBDC when it fully launches.

Jawhead999

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Miami wouldn't that stupid to give free Bitcoin for their citizen, they can just giving their own crypto which they created out of thin air. They didn't loss anything since they can create new coins as they want, it only affect the price due to supply increase.

Those Bitcoin reward is just marketing strategy IMO, probably they will only reward few satoshi just like faucet.

Sterbens

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As August 3rd is just around the corner, we will be looking forward to seeing what their preparations for launching the cryptocurrency look like. Maybe some promotion is being designed to attract big investors, especially in Miami itself should be able to attract them.
I tried to refer to the article you shared, then visited the CityCoins site, Pretty good with the concept they have planned, where the team is a very professional team.
This tweet was made about 30 minutes ago. We look forward to the conclusion of the conversation that will be discussed in the video.

Leviathan.007

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People think what's the point of having something named Miami Coin and what this coin will do. But, I believe this can be the next step for tokenizing everything in the world after the valuable stuff such as gold to having tokens, even the cities can do the same. However, I guess this will be definitely a centralized coin and tradable after doing some KYC, this can make some people stay away from it because this will be controlled by the government itself and related organizations.

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