Miami will launch its own cryptocurrency and reward users with bitcoin

[macson]

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.

[just_Alice]

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.

[carlfebz2]

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.

[Shasha80]

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.

[kaya11]

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.

[Caldear]

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.

[Darker45]

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?

[davis196]

This is yet another example of an institution or company saying "We will adopt Bitcoin,but we will create our own coin." 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.

[jinneas]

This is yet another example of an institution or company saying "We will adopt Bitcoin,but we will create our own coin." 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.

[Kong Hey Pakboy]

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.

[kryptqnick]

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.

[LogitechMouse]

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.

[Lucius]

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.

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

[Renampun]

...

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.

[stompix]

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.

[Silberman]

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.

[Hydrogen]

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.  

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.

[darkangelosme]

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.

[stompix]

Having made posts discussing how newly minted altcoins could be used to subsidize social and economic causes. This attempt resonates with me. 

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.

[fiulpro]

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.

...

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?*