Thursday, July 7, 2022

MiamiCoin crypto lost 88 percent of its value in less than a year

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Miami, the host city of the Bitcoin 2022 event we recently attended, does not own or operate the MiamiCoin cryptocurrency, although the coin has enjoyed the support of Mayor Francis Suarez, who at one point suggested it was raising the possibility of can run a government without the citizens having to pay taxes.” utilities Quartz reports that since launch on August 3rdMiamiCoin’s value has fallen by as much as 95 percent.

The CityCoin plan requires miners to acquire tokens on the Stacks (STX) blockchain that they can use to bid on MiamiCoin† The winning bidder will receive 70 percent of its investment in MiamiCoin, while the city will receive the other 30 percent in STX tokens.

MiamiCoin Value – May 16, 2022
Image: OkCoin exchange

At first everything seemed fine – Suarez said the city received a $5.25 million payout from the project on Feb. 2. However, 17 days later, the Miami Herald quoted the mayor saying “I don’t know if it’s going to work” as the coin’s value fell to about four-tenths of a cent, and it stands at $0.0044 today, down more than 88 percent as reported by OkCoin, the only exchange that supports trading for the coin. Individual, Quartz received an email from CityCoins to the mayor’s office citing concerns that his statements could “break regulatory threads” — if the SEC investigates and decides the coin is unregistered security rather than currency, both CitcyCoin if the city has to give investors their money back.

Quartz reports that Patrick Stanley, listed as a supporter on the CityCoins website, has apparently been a frequent contact for city officials, saying the currency can be used for local business transactions or universal basic income. None of those applications have become real, but Stanley today tweeted a photo of people apparently learning to develop projects that could use the crypto in some way. Quartz also mentioned an open city proposal, where the coin would serve as a reward for people who call to report that scooters have been left lying around.

Miami is of course not alone in its CityCoin push. In November, when Suarez promised to take a paycheck in Bitcoin, then-new New York City Mayor Eric Adams said he would take his first three paychecks in Bitcoin to top the stunt, and welcomed CityCoins to the area. Bitcoin hit its peak value of $69,000 in about the same week and is currently trading at around $30,000. The NYCCoin project launched on January 24, 2022 has lost about 98.58 percent of its value and is trading at $0.0014.

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