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Old coins market miami8/22/2023 ![]() ![]() ![]() The government of Miami did not reply to a request for comment. Stanley disaffirm’s these comments, saying that neither he nor his organization have benefitted from these projects. The nonprofit is supported by crypto-mining communities Syvita Guild, Z1, DoubleUp, Freehold, and the Stacks Community. “A Cit圜oin is automatically generating revenue that can be pushed back into the city itself,” says Patrick Stanley, a Los Angeles–based technologist who was part of Stacks’ core team until 2020 and is now Cit圜oins’ main representative. Cit圜oins frames that as a way to express one’s support for the city and help it fund valuable projects.Īs of April 26, Miami’s wallet contains over $13 million in Stacks. While 70 percent of all Stacks spent by miners vying for MiamiCoin goes to stackers, the remaining 30 percent goes to a cryptocurrency wallet earmarked for use by the city’s government. That is not to say that MiamiCoin is randomly christened, the way many other coins have opportunistically been named after dog breeds or viral TV series. MiamiCoins have no utility within their eponymous city: You cannot pay taxes, buy a bus ticket, or rent a flat in Miami with them, even if proponents say that use cases will be created over time. “If you win the raffle you get rewarded in a coin that has no use.” “You put in a certain kind of resource, and you get out something else,” he says. Bloomberg, a visiting researcher at Cornell University's Urban Tech Hub who has served on the board of the Massachusetts local currency venture BerkShares, compares MiamiCoin to a raffle. Stacks can, in turn, be stacked to earn Bitcoin rewards. Those Stacks rewards come straight from the wallets of more people bidding (and losing) for MiamiCoins. Or they can park them (or “stack” them, in crypto parlance), to receive periodic rewards in Stacks tokens. Whoever wins MiamiCoins can sell them for $0.0015 each as of Tuesday on Okcoin, the only exchange that accepts them. Only one lucky bidder, or “miner,” can get MiamiCoins every 10 minutes losers get nothing but the feeling of having lost their Stacks. To get some, you need to buy another cryptocurrency token called Stacks-currently priced at about $1 per unit-and use it to bid for MiamiCoin. The cryptocurrency, created by the Delaware-registered business Cit圜oins, has a circular life cycle. In reality, you can do two things with MiamiCoin: mine it and stack it. A tongue-twisting press release said that MiamiCoins were “programmable city-based tokens that unlock a new community-driven revenue stream for local governments while bringing collaborative technology to its citizens and ecosystem of stakeholders.” Called MiamiCoin, it was styled as a way for the crypto-savvy to support the Magic City, and maybe earn some cryptocurrency in the process. On a sweltering Tuesday last August, a new cryptocurrency was born. ![]()
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