4 ms·
It’s funny that they said the quiet part out loud: > As investors buy the coin, its value will ideally continue to go up, and that cash will be used to fund in
by PragmaticPulp 5y ago
It’s funny that they said the quiet part out loud:
> As investors buy the coin, its value will ideally continue to go up, and that cash will be used to fund infrastructure projects or events in the city.
Like most new crypto projects, they plan to make money by manufacturing a token out of thin air and selling it to people in exchange for real, valuable money.
They will then use the real money to fund their infrastructure projects because their contractors are too smart to accept MIAMICOIN in exchange for goods and services.
I had to double-check to make
sure I wasn’t reading a satire article.
- sprafa 5y agoThis is no different from Miami printing dollars no? How is this legal?
- zepto 5y agoThis is no different from Miami selling numbered prints of an artwork. How is it not legal?
- sprafa 5y agoAn artwork? Well, maybe.
- elliekelly 5y agoWhich begs an interesting question: could a city selling of numbered prints of artwork ever be an "investment contract" under Howey[1]? I think perhaps yes. [1]https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.
- JumpCrisscross 5y ago> This is no different from Miami printing dollars no? How is this legal? Is there a prohibition on states printing money?
- Veliladon 5y agoLiterally Article I, Section 10 of the Constitution. No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
- ddalex 5y ago> make any Thing but gold and silver Coin a Tender in Payment of Debts Since the dollar is not pegged to a gold or silver standard, I'd say the ship of this section has already sailed.
- JumpCrisscross 5y agoThese are limits on the states, not the federal government [1]. [1] https://en.m.wikipedia.org/wiki/Legal_Tender_Cases https://en.m.wikipedia.org/wiki/Legal_Tender_Cases
- kktkti9 5y agoI suppose since we use paper bills, and debit cards, most states are violating the “make any Thing but gold and silver…” bit. Pretty sure the only bits in that doc taken seriously are the lack of rules against meddling in elections, and leveraging 1A and 2A to rile the masses.
- taejo 5y agoPaper bills are issued by the Federal Reserve Banks, not the states. Debit cards aren't "Tender in Payment of Debts" at all: creditors don't have to accept payment by debit card.
- kktkti9 5y agoCreditors CAN accept them because states do not disallow it. The point is taking the language in that document literally is a ridiculous exercise. The men that wrote it had barely discovered electricity. We romanticize the achievements of morons.
- kevinventullo 5y agoIt’s different because you can’t actually use MIAMICOIN to conduct transactions. If they suddenly decided that, I dunno, sales tax could be paid in MIAMICOIN, I have a feeling the federal government would quickly become interested.
- kevinventullo 5y agoIt’s like buying a municipal bond with no interest payments and infinite expiration date. One could argue that these have an advantage, since technically, there is no counter-party risk!