The next thing
Call me an over-the-hill boomer, but I'm way leery of cryptocurrency. To me it looks crooked. And like trouble.
But a reader calls my attention to this story, in which a new crypto may be helping the city of Miami, Florida fund public works projects. It's called MiamiCoin.
When a MiamiCoin is successfully mined, 30% of the “reward” for doing so is deposited as a contribution into a virtual wallet earmarked for Miami. It is access to that wallet that the commissioners approved Monday.
The value of the MiamiCoins in the city’s wallet are determined by the value of another cryptocurrency, called Stacks. One Stacks is currently worth $1.50 — and with more than three million Stacks committed to the city of Miami’s designated wallet, Miami now has access to funds worth some $4.5 million, and counting. The city will only accept the funds as U.S. dollars as part of its agreement to access them in order to avoid being in direct custody of a cryptocurrency.
Anyone can access MiamiCoins through mining them, or through buying them on an exchange, though currently just one, Okcoin.com, is selling them.
How long, the reader asks, before this arrives in Portland? I don't know. I don't want to know. Get off my lawn.
Whenever you think of cryptocurrency, just think “Nerd Beanie Babies” — a lucrative fad for the early ins who will shear the sheep that come flocking to anything that sounds like wealth without work. They’re all going to want what the hated deep state offers (law) when the pump and dumps roll and the suckers find that PGE demands real money for the power to run the miner’s computers. Which, by the way, I heard the other day that many insurance companies are refusing to insure fires caused by crypto mining.
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