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{"id":5905,"date":"2022-05-17T14:44:49","date_gmt":"2022-05-17T14:44:49","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/05\/17\/miamicoin-crypto-lost-88-percent-of-its-value-in-less-than-a-year\/"},"modified":"2022-05-17T14:44:50","modified_gmt":"2022-05-17T14:44:50","slug":"miamicoin-crypto-lost-88-percent-of-its-value-in-less-than-a-year","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/05\/17\/miamicoin-crypto-lost-88-percent-of-its-value-in-less-than-a-year\/","title":{"rendered":"MiamiCoin crypto lost 88 percent of its value in less than a year"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/5\/16\/23077943\/miami-crypto-suarez-citycoin-nyc-stacks-blockchain<\/a>
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Miami, host city of the Bitcoin 2022 event we recently visited<\/a>, doesn\u2019t own or manage the MiamiCoin cryptocurrency, although the coin has enjoyed the support of Mayor Francis Suarez, who at one point suggested it raised \u201cthe possibility of being able to run a government without the citizens having to pay taxes.\u201d Now Quartz<\/em><\/a> reports that since launching on August 3rd<\/a>, MiamiCoin\u2019s value has dropped by as much as 95 percent.<\/p>\n

The CityCoin plan requires miners to acquire tokens on the Stacks (STX) blockchain that they can use to bid for MiamiCoin<\/a>. The winning bidder receives 70 percent of their investment in MiamiCoin, while the city receives the other 30 percent in STX tokens. <\/p>\n

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I\u2019m so excited to announce that the @CityofMiami<\/a> has received its first-ever disbursement from @mineCityCoins<\/a> totaling $5.25M. <\/p>\n

This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.<\/p>\n

\u2014 Mayor Francis Suarez (@FrancisSuarez) February 2, 2022<\/a>\n<\/p><\/blockquote>\n<\/div>\n

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<\/p>\n\"MiamiCoin<\/p>\n

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MiamiCoin value \u2014 May 16th, 2022<\/figcaption>Image: OkCoin exchange<\/cite><\/p>\n

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At first, things seemed good \u2014 Suarez said<\/a> the city received a $5.25 million payout from the project on February 2nd. However, 17 days later, the Miami Herald<\/em><\/a> quoted the mayor saying \u201cI don\u2019t know whether it\u2019s going to work,\u201d as the coin\u2019s value dropped to around four-tenths of a cent, and it sits at $0.0044 today, down more than 88 percent as reported by OkCoin, the only exchange that supports trading for the coin. Separately, Quartz <\/em>obtained an email from CityCoins to the mayor\u2019s office citing worries that his statements could trip \u201cregulatory wires\u201d \u2014 if the SEC investigated and decided the coin is unregistered security instead of currency, both CitcyCoin and the city could have to give investors their money back. <\/p>\n

Quartz <\/em>reports that Patrick Stanley, listed as a supporter on the CityCoins website, has apparently been a frequent contact for city officials, and says the currency could be used for local business transactions or universal basic income. None of those applications have become real, yet Stanley tweeted a picture just today of people apparently learning to develop projects that might use the crypto somehow. Quartz <\/em>also mentioned one open city proposal, which would have the coin serve as a reward for people who call to report rideshare scooters left laying around.<\/p>\n

Of course, Miami isn\u2019t alone in its CityCoin push. In November, as Suarez promised to take a paycheck in Bitcoin, then-new New York City mayor Eric Adams said he\u2019d take his first three paychecks in Bitcoin to top the stunt<\/a>, and welcomed CityCoins to the area. Bitcoin reached its peak value of $69,000 in about that same week and is currently trading for about $30,000. The NYCCoin project that launched on January 24th, 2022, has shed some 98.58 percent from its value and is trading for $0.0014. <\/p>\n