Miami Launches 'MiamiCoin' to Make Millions and Fund the Police

https://www.vice.com/en/article/v7eqa9/miami-launches-miamicoin-to-make-millions-and-fund-the-police

by elsewhen • 5 years ago

32 30 5 years ago

It’s funny that they said the quiet part out loud:

As investors buy the coin, its value will ideally continue to go up, and that cash will be used to fund infrastructure projects or events in the city.

Like most new crypto projects, they plan to make money by manufacturing a token out of thin air and selling it to people in exchange for real, valuable money.

They will then use the real money to fund their infrastructure projects because their contractors are too smart to accept MIAMICOIN in exchange for goods and services.

I had to double-check to make sure I wasn’t reading a satire article.

sprafa2• 5 years ago

This is no different from Miami printing dollars no? How is this legal?

zepto• 5 years ago

This is no different from Miami selling numbered prints of an artwork. How is it not legal?

JumpCrisscross2• 5 years ago

This is no different from Miami printing dollars no? How is this legal?

Is there a prohibition on states printing money?

kevinventullo2• 5 years ago

It’s different because you can’t actually use MIAMICOIN to conduct transactions. If they suddenly decided that, I dunno, sales tax could be paid in MIAMICOIN, I have a feeling the federal government would quickly become interested.

kevinventullo2• 5 years ago

It’s like buying a municipal bond with no interest payments and infinite expiration date.

One could argue that these have an advantage, since technically, there is no counter-party risk!

Clubber2• 5 years ago

Miami is gonna have a huge lawsuit on their hands from gross police misconduct. Video was just released Monday. This is what they are funding when they say, "Fund the police." Looks like there's about 15 people beating that surrendering and probably handcuffed guy up. They want to raise it to 17 on the next incident?

https://www.youtube.com/watch?v=LUfNzF3R9Uk

https://www.youtube.com/watch?v=f8JpDIYCahg

A lot of pro-police brutality folks on I'm guessing. Hope it never happens to your family.

imwillofficial2• 5 years ago

I think it might be the unfounded accusations of this money going to pay for police misconduct. Considering the history of the city and corruption, I would say this is a fair assumption to make.

Clubber2• 5 years ago

I mean, it was right there in the title: Miami Launches 'MiamiCoin' to Make Millions and Fund the Police. I wasn't saying they're doing this specifically for that case, but you know, they probably have a lot of ongoing and future litigation too.

Funding the police seems like it's turned into funding the military, and endless and ever-growing expenditure of what seems like a mayor's private political army.

jpmoral• 5 years ago

Can you clarify

I think it might be the unfounded accusations of this money going to pay for police misconduct

? It seems that you're saying that the money paying for police misconduct is unfounded but that contradicts your second sentence.

snwy• 5 years ago

this is why crypto is becoming more and more a joke

masterof0• 5 years ago

Miami Dade launches a coin. Nice! What can possibly go wrong? Because you know, Miami is known for tech entrepreneurship and honest politicians.

runbathtime• 5 years ago

Now cities are selling unregistered securities.

sergiomattei• 5 years ago

I'm sorry to be so dismissive, but...

This is the stupidest thing I've read this year, by a long shot.

cromka• 5 years ago

You mean it is the stupidest thing you read about this year?

nunez• 5 years ago

How in the world is this not a scam

ghego1• 5 years ago

MiamiCoin is apparently based on CityCoins [1] and, according to their FAQ, the city of Miami has nothing to do with it:

Has the city of Miami partnered with CityCoins? The city of Miami has not partnered with CityCoins. CityCoins are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use. 30% of the STX that miners forward in order to compete in the earning of MiamiCoin will go directly to the wallet reserved for the city. The city of Miami may decide at any time to claim the wallet’s funds.

[1] https://www.citycoins.co/miamicoin

Garvey• 5 years ago

"...listed as $MIA..."

Potentially an apt acronym if it fails to perform

bradknowles• 5 years ago

Hmm. How long until someone creates a “pump and dump” scheme here to get the Miami police dependent on this MiamiCoin, only to then totally destroy the police department as part of the “dump” side of that scheme?

I think a lot of people might wonder whether or not that would that really be such a bad thing?

Miami Launches 'MiamiCoin' to Make Millions and Fund the Police

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