Miami will launch its own cryptocurrency and reward users with bitcoin

[Questat]

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.

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[bittraffic]

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.

[Kusman]

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.

[Lucius]

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.

[CryptocurencyKing]

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.

[fullhdpixel]

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.

[dezoel]

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.

[pinggoki]

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.

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.

[ajochems]

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.

[Rahman11]

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.

[bitcub]

I am getting used to hearing a <insert country here> 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.

[Silberman]

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.

[dothebeats]

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.

[stompix]

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

The city of Miami has not partnered with CityCoins. CityCoins are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use.

It is backed by nothing, the value of those coins is purely theoretical and it simply relies on people "mining" it by staking STX.

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.

[tippytoes]

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?

[Shenzou]

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.

[KennyR]

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.

[Hippocrypto]

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.

[imstillthebest]

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 .

[Freezingel]

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.