Alright party people, there's a new coin in town - and it's the hottest, sexiest coin to hit the crypto scene.... possibly ever!
Miami's Mayor Francis Suarez, sporting a very professional baseball hat, took to CoinDesk TV yesterday to promote MiamiCoin, saying it has been "mainstreaming significantly faster than Bitcoin", and as for function, while there are no tangible use cases for the coin itself, the Mayor noted that it "captures the excitement that, uh, Miami is delivering for the uh, crypto community of the world."
The scam goes as follows: 30% of the funds generated through what was an unclear process of mining/staking (using a "proof-of-transfer" consensus algorithm) go directly to the city - and apparently right now it's "generating $2000 every 10 minutes" and "could theoretically create a scenario where Miami pays for its civil services without having to tax its residents, which would be, obviously, incredibly earth-shattering".
Now, some of you may have questions about the reported 430% estimated staking yields (a claim that unfortunately no longer appears on the MiamiCoin website after the mayor's video appearance yesterday).
Or you might object to the city taking on the risk that price volatility could create havoc with city finances. But don't worry, he's done a lot of due diligence: "We've done a significant amount of due diligence on the coin, how it was structured, how it was to the public". Unfortunately the mayor's webcam connection continued its choppiness through the remainder of the interview.
However Mayor Suarez later reiterated: "I've done a significant amount of due diligence on it, and there's still more due diligence to do", while sidestepping the question of how the 430% yields work, saying "I don't know exactly how they earn that yield, uh, that's you know, that's something that Ok Coin, uh, obviously uh, I suppose guarantees, so uh, you know, uh, maybe you can try that out with a dollar, and see if uh, if you get that kind of a yield, and if it works or not", grinning broadly as this savage, carefully worded swipe at the US dollar rolled off his silver tongue.
Some other key points from Suarez:
"The revenue generation... is astronomical"
"MiamiCoin is not too much different from what Bitcoin was at the beginning"
"People are excited to trade it, they wanna hold it, they believe in it has value"
"A lot of people don't understand why Bitcoin has value, and I explain to them, value is anything that we assign value to"
"People are not going into a supermarket to buy a Snickers with Bitcoin"
***************
Possible cup & handle forming; algo target is 12.2 cents. Not financial advice
Miami's Mayor Francis Suarez, sporting a very professional baseball hat, took to CoinDesk TV yesterday to promote MiamiCoin, saying it has been "mainstreaming significantly faster than Bitcoin", and as for function, while there are no tangible use cases for the coin itself, the Mayor noted that it "captures the excitement that, uh, Miami is delivering for the uh, crypto community of the world."
The scam goes as follows: 30% of the funds generated through what was an unclear process of mining/staking (using a "proof-of-transfer" consensus algorithm) go directly to the city - and apparently right now it's "generating $2000 every 10 minutes" and "could theoretically create a scenario where Miami pays for its civil services without having to tax its residents, which would be, obviously, incredibly earth-shattering".
Now, some of you may have questions about the reported 430% estimated staking yields (a claim that unfortunately no longer appears on the MiamiCoin website after the mayor's video appearance yesterday).
Or you might object to the city taking on the risk that price volatility could create havoc with city finances. But don't worry, he's done a lot of due diligence: "We've done a significant amount of due diligence on the coin, how it was structured, how it was to the public". Unfortunately the mayor's webcam connection continued its choppiness through the remainder of the interview.
However Mayor Suarez later reiterated: "I've done a significant amount of due diligence on it, and there's still more due diligence to do", while sidestepping the question of how the 430% yields work, saying "I don't know exactly how they earn that yield, uh, that's you know, that's something that Ok Coin, uh, obviously uh, I suppose guarantees, so uh, you know, uh, maybe you can try that out with a dollar, and see if uh, if you get that kind of a yield, and if it works or not", grinning broadly as this savage, carefully worded swipe at the US dollar rolled off his silver tongue.
Some other key points from Suarez:
"The revenue generation... is astronomical"
"MiamiCoin is not too much different from what Bitcoin was at the beginning"
"People are excited to trade it, they wanna hold it, they believe in it has value"
"A lot of people don't understand why Bitcoin has value, and I explain to them, value is anything that we assign value to"
"People are not going into a supermarket to buy a Snickers with Bitcoin"
***************
Possible cup & handle forming; algo target is 12.2 cents. Not financial advice
Comment:
3x lol