Miami will launch its own cryptocurrency and reward users with bitcoin

[shogun47]

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.

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[Silberman]

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.

[verita1]

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.

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

[TelolettOm]

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.

[TheGreatPython]

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.

[dimox]

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.

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

[tygeade]

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.

[AicecreaME]

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.

[posi]

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.

[Irenerty]

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.

[Silberman]

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.

[perryxi2]

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.

[jaysabi]

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.

[LUCKMCFLY]

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.