What is MiamiCoin and how does/would it make money for the city? How does the recent fall in value affect the city?
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MiamiCoin is a cryptocurrency made by CityCoins. Its unique feature is that 30% of any mined coins are inserted into a wallet controlled by the City of Miami. When it crashed CityCoin donated $5.25 million to Miami, most of it is probably income of sales of the coin mined in the early stages. The hope is that this donation can help people gain faith in MiamiCoin as it is seen as improving the city. And in that way the value will improve. The city currently holds about $13 million in coins and it is unknown how much CityCoin have remaining.
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