Originally published at: More roadkill along the Blockchain highway: Miami Mayor's 'MiamiCoin' a disaster | Boing Boing
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i think you’re framing this the wrong way: citycoin kept 5% of its value.
i mean they could have just burned the money, so this was clearly the better option.
( although there’s always tomorrow i suppose 
)
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Again, we just went through this BS last year, and 90 years old Uncle Toad [we call him that] did it once more with the BitCoin. This time not so lucky as with the first, we got back 70% of it in US dollars, where the rest went is anyones guess. Oh yes yes yes, his younger Sister is now power of attorney over his finances. He’s screaming bloody murder, but as I told him, if you can get back the $30k you just pissed away, you can have your bank account back. I dearly hope we don’t have to do this again…
P.S. He has Apple Pay to get small purchases/grocery items. I’m the gate keeper on that.
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Did the city government of Miami put any money into the coin? It’s Florida so I wouldn’t be surprised.
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According to the article the city doesn’t own or manage any of the coin, and was able to cash out $5.25 million. So apparently they haven’t directly lost any public funds. The main criticisms seem to be the city devoting employee time and resources to the scheme, and of course the harm they did to investors in promoting it.
It’s hard to understand how anyone ever took this seriously when the city didn’t even accept it in payment. What was it supposed to be good for, again?
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If only they’d had somewhere else to look for reference of how this might go, like, say, El Salvador?
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This brings a whole new, updated vector of appreciation for the phrase, “Say hello to my little friend!”
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At this point they should be making it illegal for any public entities to engage in cryptocurrency creation/“investment”/promotion.
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I have never lost ANY money on any Crypto Investment.
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Well that’s the finances of Miami underwater - a bit like the city will be in a few years.
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The good news is rumors indicate that Lionel Messi might be “retiring” to play for Inter-Miami FC in the 2023 season, a team in which he owns a small share.
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It was set up by a nonprofit agency of the city, so hey, mission accomplished.
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A few years ago I read an article about investing in crypto that said something to the effect of: “Is it possible to make money from crypto investing? Yes, but only if you have a very strong grasp about how to make money from investing in traditional financial instruments. If you’re investing in crypto because you don’t understand the stock market, you can only make money with good luck and good behaviour from the people advising you. Neither of those are reliable.”
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I hate to be That Guy™, but the image accompanying the post is for Miami Beach, which is an incorporated city in its own right --separate from Miami.
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