Miami will launch its own cryptocurrency and reward users with bitcoin

[jinneas]

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

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[mk4]

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.

[so98nn]

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!

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?

[cabron]

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.

[mk4]

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.

[jinneas]

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!

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

[gwdf1]

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.

[Helen-cty]

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.

[Lucius]

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.

“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?

[joniboini]

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.

[stompix]

“MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.”

I've read Magic City but instantly thought of MagicalTux  

January 1, 1999
To hell with all those coins, let's make a single currency for all the continent!
August 1, 2021
I have a bright idea, let's make a token for every city!

So Miami is launching an ICO basically:

CityCoins is a project that allows people to invest in a city by buying tokens.

This shit is going to end badly! I just know it!

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.

[Poker Player]

I really don't see the need of a city coin, but one of the smartest people I know and listen to, Balaji Srinivasan, has had the idea of city coins/tokens that he has pitched in some podcasts; so I really have mixed feelings on this. I'm just going to say that it's going to be a really interesting experiment.

The problem I see with that, is that as cryptocurrencies become massively adopted, each city/town/state/business etc. will bring out its own currency.

Although none of them will be able to beat Bitcoin, which will be the supreme store of value.

This is something we could experience countless times when someone praised Bitcoin so much, that in the end, the whole thing turned into a project that would make its own coin. The following statement by the Mayor of Miami perhaps best illustrates this, in my opinion, absurd situation.

“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.

[dkbit98]

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.

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  :

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/

[lablab03]

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

[Leviathan.007]

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.

[Sterbens]

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.

[Jawhead999]

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.

[Coyster]

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.

[Fortify]

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.

[FeelingAwake]

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.