Miami will launch its own cryptocurrency and reward users with bitcoin

LUCKMCFLY

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Quote from: jaysabi on August 21, 2021, 08:01:33 PM

Quote from: perryxi2 on August 21, 2021, 07:40:16 PM

This is great news for me as well as BTC, it will be the driving force behind the increasing growth of BTC, as far as I know BTC has been accepted by many places and this will be a cryptocurrency popular in the future, any of us Crypto Forums are looking forward to news like this and all of us here are crypto enthusiasts. This is a very happy and joyful day for me.

Like 99% of altcoins, this is not going to move the needle and not going to amount to anything more than a publicity event. Miami coin isn't going to be popular and isn't going to increase adoption meaningfully. The one thing you can say about it is at least Miami is trying something far more advanced than any other place in the US, but don't expect it to have a material effect on anything bitcoin related.

I think it will be a normal currency, like any other alt, that's how you say it, in this case no alt has a life of its own, the only currency that has a life of its own is BTC, without BTC there would be no alt. Miami can launch a cryptocurrency, but it will never be much stronger than BTC, it is something that does not make any sense. What happens is that BTC is always mentioned for the value of the currency, because it would not have any point of comparison.

Perhaps now as everything is focused on cryptocurrencies, it is very easy to launch one to capitalize money in a simple way taking advantage of the boom, it is very common, also a currency created by a state, or a government entity in my opinion will never be trusted.

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Quote from: perryxi2 on August 21, 2021, 07:40:16 PM

This is great news for me as well as BTC, it will be the driving force behind the increasing growth of BTC, as far as I know BTC has been accepted by many places and this will be a cryptocurrency popular in the future, any of us Crypto Forums are looking forward to news like this and all of us here are crypto enthusiasts. This is a very happy and joyful day for me.

Like 99% of altcoins, this is not going to move the needle and not going to amount to anything more than a publicity event. Miami coin isn't going to be popular and isn't going to increase adoption meaningfully. The one thing you can say about it is at least Miami is trying something far more advanced than any other place in the US, but don't expect it to have a material effect on anything bitcoin related.

perryxi2

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This is great news for me as well as BTC, it will be the driving force behind the increasing growth of BTC, as far as I know BTC has been accepted by many places and this will be a cryptocurrency popular in the future, any of us Crypto Forums are looking forward to news like this and all of us here are crypto enthusiasts. This is a very happy and joyful day for me.

Silberman

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Quote from: TheGreatPython on August 15, 2021, 05:29:44 AM

Quote from: ?? on ??

Looking for in crypto currency in general you can find it in Bitcoin then why the need for them to break an alternative.

But I like to see such governments and other corporate are creating their own cryptocurrency so that people will get aware of what is bitcoin because when people are finding difficulties with centralized cryptocurrencies then they will slowly get into bitcoin. So, what Miami state authorities are doing right now will definitely end up as a promotion for bitcoin like taking it to millions of new people. At the same time we cannot expect everyone to be accepting bitcoin at this current stage itself; so there are a lot of possibilities for other coins to be successful before bitcoin entering into mainstream adoption.

You have a point there, for most people that entered this market bitcoin was most likely the coin they first bought on the majority of the cases, if governments decide to adopt a third party coin not named bitcoin or create their own then it is likely that this data is going to change but those people will still have the chance to adopt bitcoin later on once they realize all the limitations they have to go through with those coins, it is a longer road and it is filled with dangers but it is possible this will be the way many people eventually get to adopt bitcoin.

Irenerty

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From Miami’s expression of support for Bitcoin to the launch of its own cryptocurrency, it has shown significant support for cryptocurrency and has a positive impact on it.
By rewarding holders of Bitcoin to encourage more users to hold and use Miami coins, it is conducive to the development of its own cryptocurrency. While increasing the demand for Miami coins, there is also a certain increase in the demand for Bitcoin, which drives up the price.

posi

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This is excellent news but I am not surprised that the Miami government make the decision of creating their own cryptocurrency because the state has shown to be crypto friendly by hosting different Bitcoin conferences ever since the year 2016 and I like the idea of their planning coin to have a dividend features which will encourage holder but it would be overwhelming news if it the US government that makes this decision.

AicecreaME

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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

It's a nice news that the Miami government is not against crypto. This is an advantage for the citizens because they can freely enter and invest in crypto without the worry their government will ban it because it isn't centralized. This act of launching their own cryptocurrency isn't much of a surprise actually. Of course, if the citizens will benefit, so should the government. This is their way of gaining profit. A mutualism form of relationship where their people could enjoy the limitless opportunities cryptocurrency has to offer, and at the same time the country will also benefit.

I just hope they will be able to maintain their coin's value for a long time because launching own cryptocurrency doesn't necessarily mean it would stand the test of times. The reward is a nice catch to garner and encourage more investors. It's a win-win situation for the both parties after all.

tygeade

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I understand that Miami Mayor really likes crypto and that is a good thing but at the end there will not be a room for improving crypto just from one city, they could do as much as they can but eventually they will not have a room to do something even better and bigger for crypto. This is why I think they should slow down and do something and then keep doing that for few years and get that known and liked by many people.

If as a city you really like crypto the best thing you can do is to get crypto related companies and get by offering something awesome, like lower taxes or free electricity or whatever that they can do, in order to get taxes from them, there are many nations like Georgia who are offering special stuff for miners for example, so that they can get Chinese miners who are leaving to go there, Miami needs to do something like that, doesn't have to be miners, could be any other company as well.

dimox

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people will take the profit, than leave the rest. they attract people to use their own crypto, than give bitcoin as reward. and this is the basic skill to draw the attention, it can be successful or just pass away.

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Well, it will not surprised me that much because so many people are coming up with all manner of projects which I do believe it will not soon. Whatever things you are. Looking for in crypto currency in general you can find it in Bitcoin then why the need for them to break an alternative.

so far, people will do whatever it is as long as they get profit, they will ignore the reason about leader destination

TheGreatPython

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Looking for in crypto currency in general you can find it in Bitcoin then why the need for them to break an alternative.

But I like to see such governments and other corporate are creating their own cryptocurrency so that people will get aware of what is bitcoin because when people are finding difficulties with centralized cryptocurrencies then they will slowly get into bitcoin. So, what Miami state authorities are doing right now will definitely end up as a promotion for bitcoin like taking it to millions of new people. At the same time we cannot expect everyone to be accepting bitcoin at this current stage itself; so there are a lot of possibilities for other coins to be successful before bitcoin entering into mainstream adoption.

TelolettOm

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It means that many more countries are adopting blockchain technology and also crypto. And with this news, it also means that there is no opposed Bitcoin in that area.
However, I don't know why this kind of good issue cannot strengthen the power of BItcoin again. This issue cannot pump up very significantly for the Bitcoin price as what if done by the FUD that can drop the BTC price more than 40% only in several hours. So sad.

verita1

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The news really took me by surprise. I did not expect a coin for the city of Miami.
Although, as they say, it is experimental I want it to be a great success, it could be an innovative fact with the hope that all the profits of the coin will reach the goals of the city.
There are good advisers in the project like Muneeb Ali the founder of Stacks. He is quite right in saying that those who embrace bitcoin the fastest are the city governments. I would add that bitcoin has reached people first than institutions.

Quote

City governments can embrace Bitcoin and crypto faster than nations.

Miami Mayor @FrancisSuarez is experimenting with crypto to give Miami a Bitcoin-yielding treasury.

A thread on cities and crypto👇

https://twitter.com/muneeb/status/1422215756981342221?s=19

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Quote from: stompix on August 11, 2021, 05:39:10 PM

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.

Thanks for the correction, so it is not even an officially recognized shitcoin it is just another shitcoin of which we have thousands of thousands already in this market, at this point I do not even know which one is worse taking into account that governments are printing their currencies at an alarming rate, but at least with that awful fiat you have a lot of time to get out of it, but when it comes to shitcoins they can just crash in less than an hour and never recover, this just makes me even more suspicious about all of this supposed support for bitcoin that is coming from Miami.

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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.

Yes too early to judge whether it is going to be a success or not, but honestly does it even matter that much? I think that trial and error is better than just sitting in the corner doing nothing. Give it a try and see how it is received and perceived by the people. It won't probably be a gigantic success, but adoption is a slow process anyway when you try to convince people of some really groundbreaking technology that they absolutely have no clue about. I like the advances of Miami and El Salvador, there isn't really much to lose and in a worst case scenario a couple more people got to hear about cryptos and they also got a chance to play around with it for the first time. I hope for more initiatives like that.

Freezingel

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Wow that's actually cool, imagine if the project is a success, then wouldn't the government be rich? it's such a great things though, it will be used for infrastructure and such, funding a lot of things to develop the city, and even help a lot of the citizen there. If they have no job, it can even create an opportunity for them to work as a miners, gain profits from cryptocurrency or that coin, so i guess it can really be a win win solution. If only it's a success. I'm happy to see miami is supporting bitcoin so much, if it really is a success, maybe other cities or countries should follow the example.

imstillthebest

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Quote from: Hippocrypto on August 11, 2021, 06:52:48 PM

As part of the city developments, I think Miami has found a way to adopt cryptocurrency in different ways which encourage people to use it. Rewarding Bitcoin is somehow costly to think of but if this person who did the promotion is a whales, then everything will be going profitable in the future. Let's see what results will come after this will be launched in their place, this is so exciting to hear about every progress.

it is a whale because no small people can do a thing like this but theres no guarante that it will be profitable even if its handled by a whale because i believe that even the whales can loose too .
the concept is nice they are introducing cryptos in thier country and even if they cant earn a profit with it , they still did a good job .

Hippocrypto

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As part of the city developments, I think Miami has found a way to adopt cryptocurrency in different ways which encourage people to use it. Rewarding Bitcoin is somehow costly to think of but if this person who did the promotion is a whales, then everything will be going profitable in the future. Let's see what results will come after this will be launched in their place, this is so exciting to hear about every progress.

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I had a conversation with an user who is new to cryptocurrency usage. He made a conversation regarding the creation of native cryptocurrency by different governments around world. I don't know to what level it is true, he mentioned the creation of native cryptocurrency as a way to overcome the taxation issue thats been faced by the governments with the usage of different other cryptocurrencies.

Shenzou

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Well this was no surprise, ever since i heard about the mayor promoting crypto and bitcoin i knew that he was aiming to promote some type of new crypt made crypt and i am sure that he has some personal interest in this and wants to make some huge profit from it, so to be honest i don't think that they will be able to deliver a decentralized currency that is not controlled in some shape way or form.

tippytoes

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Quote from: dothebeats on August 11, 2021, 04:23:18 PM

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.

So I checked what is the status of the Miami coin right now. And it says from the below article that you can only mine it for now to get a hold of this coin. But OKCoin said that they will list it for other people to get this coin.

https://www.miamiherald.com/news/business/article253369903.html

Let us see to how the development of their coin goes from here. Is it really necessary for them to create their own coin to join the crypto market?

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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.

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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?*

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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.

Renampun

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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.

Lucius

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Quote from: LogitechMouse on August 04, 2021, 05:24:18 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 03, 2021, 11:15:45 PM

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, 12:39:04 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, 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

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, 04:06:04 PM

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

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.

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

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.

Coyster

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Quote from: Jawhead999 on August 03, 2021, 11:07:57 AM

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.

lablab03

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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

dkbit98

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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.

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 Shocked

:

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/

Poker Player

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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.

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.

Quote from: Lucius on August 03, 2021, 05:44:34 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.

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.

stompix

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Quote from: Lucius on August 03, 2021, 05:44:34 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.

joniboini

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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.

Lucius

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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.

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?

Helen-cty

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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.

gwdf1

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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.

jinneas

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Quote from: so98nn on August 02, 2021, 11:20:38 PM

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!

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.

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

mk4

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Quote from: so98nn on August 02, 2021, 11:20:38 PM

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.

cabron

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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.

so98nn

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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!

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.

Looks interesting. Can you direct me to the platform where you listen to, Balaji Srinivasan?

mk4

legendary

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Paldo.io 🤖

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.

jinneas

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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

Topic: Miami will launch its own cryptocurrency and reward users with bitcoin (Read 715 times)