[2021-11-12] Miami will hand out free Bitcoin to residents from profits on city

[waybesuricata]

Every Miami resident with a digital wallet will be eligible to receive a Bitcoin dividend according to Mayor Francis Suarez.

“We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents,” Suarez said in an interview on Nov. 11.

Citycoins launched the MiamiCoin cryptocurrency in August, which helps fund municipal projects by generating yield.

Staking MiamiCoin has generated yields in excess of $21 million for the city. Its reserve wallet converts MiamiCoin deposits into USD based on commands from city officials. Suarez said that if yields continue at that rate, it’s possible that they could entirely cover the city’s tax needs.

“Why don’t you just tax people less?”

Source and continuation of news: https://cointelegraph.com/news/miami-will-hand-out-free-bitcoin-to-residents-from-profits-on-city-coin

[SFR10]

Every Miami resident with a digital wallet will be eligible to receive a Bitcoin dividend according to Mayor Francis Suarez.

Based on what he said in "this interview", not everyone that has a Miami address is going to be eligible... The 10% BTCitcoin yield will go to those who are already paying taxes and are registered Miami voters!

“We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents,” Suarez said in an interview on Nov. 11.

I'm still not a big fan of these so-called CityCoins ^{[e.g. MiamiCoin]}, but I like what he's trying to achieve.

[aoluain]

Well thats different.

Bitcoin was developed for the people and it looks like The mayor of Miami is looking
to continue that by giving back to the people, I too like what he is trying to achieve.

I always look on news articles as good advertising and potential to increase adoption
to Bitcoin bit by bit.

[buwaytress]

Reward taxpayers, yeah I like that idea too. You contribute to your city's development, you share in the yields it brings. Don't know much about Miami but that's also where the El Salvador thing was announced, wasn't it?

Hey, who knows? Maybe the rich can be arsed to start paying taxes and get some Bitcoin back. Heh.

[bbc.reporter]

It appears the ending of the token hype might not be witnessed for a few more years hehehe. Who would have predicted that the next group of people who would issue their own token scams which might be unlicensed securities would be the government hehehe.

[Kakmakr]

OP, the title is "Clickbait" .... they are not going to give away bitcoins... but rather profits that was accumulated from the CityCoin they were selling. While this is a great innovation to fund local municipalities, it should be linked to use cases associated with local businesses. 

If the buyers of these coins are local tax payers, it could be perceived as double taxes... right? In any way, paying a double tax and getting dividents on those taxes are a win ..win situation for everyone involved. 

[Woodie]

But what i do understand is the city has the MiamiCoin which is used to push for municipal projects to generate the yield but still hand out free Bitcoin to its residents...Why not give out the Miami coin it self to grow demand for this coin?? Whatever their reasons this is still a win for all cryptocurrencies and hope they change their choice of dividend payouts as this might end up being a costly venture!

[BlondBlock]

This appears to be a huge victory for crypto and the movement to go mainstream!

[NotATether]

This appears to be a huge victory for crypto and the movement to go mainstream!

No it's a terrible idea.

You should NEVER be giving free bitcoin away to random people because that just puts their guard down and makes them think that strangers handing out bitcoins is normal (when clearly, it is not: 99.99999% of giveaways are just scams in disguise).

This consequentially increases the amount of scams, victims, and disgruntled users that think "Bitcoin should create a way to reverse these transactions".

Then people start saying "crypto is bad because too many scammers" and the price tumbles as a result. Voila. No net price gain for anyone.

[magneto]

I'm skeptical.

There is no free lunch on this earth and what they're trying to spin this off as seems awfully similar to a free lunch of sorts.

This will likely fizzle out as a short term exercise of fad rather than logic. But hey, any publicity for crypto's is good publicity.