MiamiCoin is the first CityCoin to market, going live on June 8, MiamiCoin is a cryptocurrency powered by the Stacks Protocol, which enables smart contracts on Bitcoin. 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.
The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more. Cryptocurrencies Tokens MiamiCoin. MiamiCoin MIA. Rank Market Cap. Why is there no Market Cap? Fully Diluted Market Cap. Volume 24h. Circulating Supply.
A keynote speech came from venture capitalist Peter Thiel and was most notable for the harsh words he had for fellow billionaires Warren Buffett, Jamie Dimon and Larry Fink. Their views, Thiel said, is what holds back bitcoin from true mainstream adoption. On a more practical level, Miami provided people like Josip Rupena an opportunity to pitch their new startups and attract the attention of customers and investors.
Rupena, a former Goldman Sachs trader and Morgan Stanley private wealth manager, is the founder of Florida-based Milo. Higher than the nationwide 5. Rupena is already thinking ahead. Soon, Rupena says, Milo intends to expand to car loans and credit cards, too. R eally, though, Bitcoin was one giant, city-sprawling party. Not that anyone needed to leave the site to get a drink.
The center featured more than a dozen bars, each with wine, beer, gin, vodka and year-old scotch. Service started as soon as the conference opened around 10 a. Of course, there was the day-long Sound Money Fest, too. The rapper has invested several million in bitcoin and ether, the second-most-valuable cryptocurrency, and a handful of blockchain startups.
He and the other dozen or so performers all received at least partial payment in crypto. Logic considered taking his check fully in virtual currency—before deciding against it. The fiberglass-and-chrome figure in Miami weighs 3, pounds and stands 11 feet tall. Various startups hosted nightly parties after the conference concluded. To keep up and hopefully get in, attendees circulated Google Spreadsheets tracking the various fetes.
One of the most coveted invites was a Thursday evening soiree at the Versace mansion thrown by Paxos, a New York City-based crypto brokerage. It had several open bars,hors d'oeuvre trays, a three-tiered table with lobster tails, crab legs and shrimp, a large paella vat, towers of macarons, three large coffee urns next to bottles of schnapps and a station featuring nine varieties of Cohiba cigars. It paid scant attention to reckoning with the problems within the crypto industry, which remains an unregulated financial frontier populated by companies loath to self-police.
Nevertheless, its official programming focused exclusively on bitcoin. Compounding this is an increasing fatigue among the crypto set, who find themselves sorting through a burgeoning number of events. This Bored Ape NFT graffiti is painted on a wall of the Wynwood neighborhood of Miami, 20 minutes from where the Bitcoin conference took place, stark evidence that the conference may want to expand its programming.
The bitcoin focus did not at all bother the several hundred people who attended another sub-event in Miami last week, Thank God for Bitcoin. That conference lasted a day at a downtown theater, commencing with hymns and Christian ballads led by an acoustic guitarist.
There are no hardware requirements at this point. So you can start putting your hardware to work pretty much immediately. According to CityCoin, all you need to do is transfer Stacks tokens to the Miami Coin smart contract. This makes it a lot easier to mine than say, Bitcoin, which requires some seriously high-end equipment.
The only catch is that in order to use the Stacks protocol miners will need to buy Stacks tokens STX. How this works is Miami Coin can be locked on the Stacks protocol for a voluntary period of time. In turn, a yield of STX is given as a reward. But there is a bit of a lottery aspect to this process as well. While anyone can compete to mine Miami Coin, once per block, a winning miner is selected at random.
Then after the block matures, the winning miner can claim their Miami Coin. If you want to get further into the nitty gritty of how to mine Miami Coin, you can head over the CityCoins GitHub page found here. As an experiment, Miami Coin certainly has the attention of the crypto-verse.
Though the barrier to entry is a little high at the onset. In fact, city officials hope this experiment will generate millions in annual revenue for the city. But the next big step will be for Miami Coin to make its way onto some of the decentralized exchanges like Uniswap of PancakeSwap.
In it, crypto expert Andy Snyder helps potential investors find investment opportunities of all kinds. All you have to do it enter your email address in the box below to get started. Matthew Makowski is a senior research analyst and writer at Investment U.
He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in and has since honed his focus on the cryptocurrency markets as a whole. Whenever the city wishes, they may access their reserved STX inside the wallet. At that point, Miami may use its treasury for whatever it deems fit and compliant. MiamiCoin is a new way for developers to create applications and experiment with innovative use cases.
Developers can create apps that use MiamiCoin for access control to digital or physical spaces , trading, lending, smart contract execution, and much more. MiamiCoin launched and the contract is active! Miners can compete to mine MiamiCoin by forwarding STX to a Stacks smart contract, at which point the block winner will be chosen at random weighted by the amount of STX forwarded. Learn more. San Francisco Coming soon.
MiamiCoin MiamiCoin gives citizens and supporters the power to support, improve and program the Magic City. Get MIA. How it works CityCoins are powered by Stacks, a protocol that enables smart contracts on the Bitcoin network. STEP 1. STEP 2. STEP 3. Learn more about MiamiCoin.
What is MiamiCoin? Read Less. Read More. Why Miami? Has the city of Miami partnered with CityCoins? What is the MiamiCoin treasury?