Topic: Miami will launch its own cryptocurrency and reward users with bitcoin - page 4. (Read 679 times)
August 03, 2021, 11:05:48 AM
A good way of promoting their coin not the same with other countries that revoke bitcoin and just replace it with their own digital currency, i mean literally .. For sure a lot of people in miami will take that opportunity to earn bitcoin coz of being expensive right now in the market. It's not free but an easy way to accumulate bitcoin, if they release their campaign in the internet for sure there will be a massive demand from bounty hunters.. Lmao
August 03, 2021, 10:44:21 AM
I don't understand how and why Miami Mayor Suarez could support something like this (I know he likes and supports Bitcoin), and I don't think many citizens would spend their money purchasing this, but I am reading that rewards could also be received in Bitcoin and coins will have additional utility in future.
I need to read more material to better understand how everything works, but those City Coins are not stopping at Miami, next on the line is San Francisco and there is voting for eight other cities in US.
So called ''mining'' is not really a mining but just forwarding STX into the Stacks protocol.
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I need to read more material to better understand how everything works, but those City Coins are not stopping at Miami, next on the line is San Francisco and there is voting for eight other cities in US.
So called ''mining'' is not really a mining but just forwarding STX into the Stacks protocol.
Quote
When a new CityCoin is launched, anyone can compete to mine. Miners compete by forwarding STX into the Stacks protocol. Once per block, a winning miner is randomly selected by a Verifiable Random Function (VRF), weighted by total STX spent. 30% of STX spent by miners is forwarded into a custodied wallet, which is reserved for each city should they choose to accept it. The remaining 70% STX is distributed to Stackers as rewards.
This part is ridiculous, all wallets for this city coins are custodial, and centralized so citizens are not really owning them, and city mayor must claim it :Quote
Each respective city has a special wallet that is custodied for them and can be claimed at any time. It is funded by the CityCoins protocol, which automatically forwards 30% of the STX transferred by miners directly to it. City wallets can be used for whatever purpose the city deems fit. As CityCoins are mined, city treasuries will ongoingly accumulate STX. Before cities can use the funds within, each city’s mayor must claim their custody wallet.
https://www.citycoins.co/
August 03, 2021, 07:06:35 AM
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.
The problem I see with that, is that as cryptocurrencies become massively adopted, each city/town/state/business etc. will bring out its own currency.
Although none of them will be able to beat Bitcoin, which will be the supreme store of value.
This is something we could experience countless times when someone praised Bitcoin so much, that in the end, the whole thing turned into a project that would make its own coin. The following statement by the Mayor of Miami perhaps best illustrates this, in my opinion, absurd situation.
I don't know, maybe this idea makes some sense for some people, because obviously the main goal is to make millions of $ (so at least they claim in the article), and we all know that this is the ultimate goal of all those who make a token/coin. Will this be just another one of thousands of useless coins in the crypto market?
Quote
“It’s like a Bitcoin and it's on the blockchain protocol, so whenever that coin is mined, a percentage of the coin by virtue of the programing goes to the City of Miami,” he said.
I don't know, maybe this idea makes some sense for some people, because obviously the main goal is to make millions of $ (so at least they claim in the article), and we all know that this is the ultimate goal of all those who make a token/coin. Will this be just another one of thousands of useless coins in the crypto market?
They would be better off buying Bitcoin and cut the bullshit.
August 03, 2021, 06:57:02 AM
The following statement by the Mayor of Miami perhaps best illustrates this, in my opinion, absurd situation.
But it makes perfect sense, it's just like Bitcoin but it's not Bitcoin and you might earn Bitcoin from it or you might not earn a penny!
It might be a tactic against the SEC, till everyone realizes what this is actually about it will be too late.
August 03, 2021, 06:49:36 AM
It sounds like more and more cities will deploy their own currency. Weird to see what I've read on sci-fi novels become reality slowly but surely. Not using bitcoin or other cryptos directly might be related to control and flexibility, so it's not that surprising. The problem is whether the value can keep up or not. If they suffer from inflation and stuff like that it might be meaningless, might as well use digital fiat without borrowing any blockchain jargon.
August 03, 2021, 06:44:34 AM
This is something we could experience countless times when someone praised Bitcoin so much, that in the end, the whole thing turned into a project that would make its own coin. The following statement by the Mayor of Miami perhaps best illustrates this, in my opinion, absurd situation.
I don't know, maybe this idea makes some sense for some people, because obviously the main goal is to make millions of $ (so at least they claim in the article), and we all know that this is the ultimate goal of all those who make a token/coin. Will this be just another one of thousands of useless coins in the crypto market?
Quote
“It’s like a Bitcoin and it's on the blockchain protocol, so whenever that coin is mined, a percentage of the coin by virtue of the programing goes to the City of Miami,” he said.
I don't know, maybe this idea makes some sense for some people, because obviously the main goal is to make millions of $ (so at least they claim in the article), and we all know that this is the ultimate goal of all those who make a token/coin. Will this be just another one of thousands of useless coins in the crypto market?
August 03, 2021, 03:49:17 AM
This should be called city currency. This is a decentralized project that will eventually start in all cities. CityCoins like $MIA are mined by transferring Stacks tokens (STX) to CityCoins smart contracts. If you don’t want to dig it yourself, you can go to the exchange to buy it.
August 03, 2021, 03:03:30 AM
Oh my Goodness, one more digital state currency! I don't believe in any digital state currencies. They will still be regulated by the government. The main feature of digital money is decentralisation and uncontrollability from authorities, but digital euros, rubles, yuan will be under control, so it is the same as just non-cash money but on blockchain instead of bank account.
August 03, 2021, 03:00:48 AM
This is a big news but I don't see any buzz about it around the forum or social media? The whole event is happening after few hours but there is no talks about it neither the news on official channels around the globe. Also, the article you provided is random one and does not specify the project details at all. For example, who are peeps behind this project and what infra structure are they using to overcome the issuance of coins and regular use of the same throughout the city?
Moreover, if they are launching it over the exchanges then surely the doors are open for the world as well. I think they won't be able to control who mines the coins and who does not? Not sure how they gonna declare it as Miam's coin!
Looks interesting. Can you direct me to the platform where you listen to, Balaji Srinivasan?
Moreover, if they are launching it over the exchanges then surely the doors are open for the world as well. I think they won't be able to control who mines the coins and who does not? Not sure how they gonna declare it as Miam's coin!
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.
Looks interesting. Can you direct me to the platform where you listen to, Balaji Srinivasan?
This media first published the news about Miami launching its own cryptocurrency.
https://beincrypto.com/city-of-miami-to-launch-miamicoin-to-help-bolster-city-funding/
I now pay attention to their Twitter and various media news to continue studying this incident. You can also learn more about it on Twitter and YouTube.
https://www.citycoins.co/miamicoin
August 03, 2021, 01:28:32 AM
Looks interesting. Can you direct me to the platform where you listen to, Balaji Srinivasan?
Both on YouTube and Spotify. Just do searches on "tokenized states" or something similar, or just look for the ones concerning states in general. Can't link you a specific one because I've listened to a lot of his podcast episodes already.
August 03, 2021, 01:10:23 AM
There is a good incentive with this Miamicoin because the holders are rewarded to earn bitcoin. It's a good idea still than just accepting BTC.
They are going to be listing the coin in the markets, whichever they are, so this will really make the people in Miami register to these so-called trusted exchanges.
However, the coin being able to be mined will probably not going to make the distribution fair.
August 03, 2021, 12:20:38 AM
This is a big news but I don't see any buzz about it around the forum or social media? The whole event is happening after few hours but there is no talks about it neither the news on official channels around the globe. Also, the article you provided is random one and does not specify the project details at all. For example, who are peeps behind this project and what infra structure are they using to overcome the issuance of coins and regular use of the same throughout the city?
Moreover, if they are launching it over the exchanges then surely the doors are open for the world as well. I think they won't be able to control who mines the coins and who does not? Not sure how they gonna declare it as Miam's coin!
Looks interesting. Can you direct me to the platform where you listen to, Balaji Srinivasan?
Moreover, if they are launching it over the exchanges then surely the doors are open for the world as well. I think they won't be able to control who mines the coins and who does not? Not sure how they gonna declare it as Miam's coin!
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.
Looks interesting. Can you direct me to the platform where you listen to, Balaji Srinivasan?
August 02, 2021, 11:47:08 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.
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
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
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