Miami City Council Agrees to At Least Study Mayor's Bitcoin Proposal (bloombergquint.com) 25
Miami's mayor Francis Suarez is trying to attract tech talent to his city. (The New York Times recently noted he's joined by "a few venture capital influencers trying to tweet the city's startup world into existence.") So he's still pushing a proposal to use bitcoin in a few city operations as "part of a larger play if you will to position Miami as one of the most tech-forward cities in the country," according to Reuters.
Bloomberg reports: The mayor wants to allow the City of Miami's workers to choose to receive all or a portion of their pay in Bitcoin, according to a resolution passed by the city's governing commission. In addition, the mayor proposed allowing people to pay all or part of property taxes or city fees in crypto.
Although the commission approved the resolution 4-1, it significantly dialed back its original wording. It only agreed to study the practicality of such steps, rather than taking action, as the original proposal had suggested...
Suarez also wants the city to analyze the feasibility to invest some government funds in Bitcoin, the resolution said. It's not clear how much of that is actually possible: Florida statutes have strict limitations on how local governments can invest surplus funds, generally restricting investments to low-volatility instruments such as those issued by the U.S. government. In the past year alone, Bitcoin has shown it can double in price — or lose half its value — in a month's time....
Ken Russell, vice-chairman of the city commission, said he's "certainly not opposed" to the idea of integrating Bitcoin into the city's business, but it's important to ensure "we all know what we're getting into."
"What needs to be done is diligence, and not just from the legal perspective," he said in an interview Wednesday. "It's not just a currency, it's a concept."
Bloomberg also points out that the mayor of the City of Miami "doesn't control the budget or municipal workforce or get a vote on the commission.
"He asked voters to give him more managerial power, but the initiative failed."
Bloomberg reports: The mayor wants to allow the City of Miami's workers to choose to receive all or a portion of their pay in Bitcoin, according to a resolution passed by the city's governing commission. In addition, the mayor proposed allowing people to pay all or part of property taxes or city fees in crypto.
Although the commission approved the resolution 4-1, it significantly dialed back its original wording. It only agreed to study the practicality of such steps, rather than taking action, as the original proposal had suggested...
Suarez also wants the city to analyze the feasibility to invest some government funds in Bitcoin, the resolution said. It's not clear how much of that is actually possible: Florida statutes have strict limitations on how local governments can invest surplus funds, generally restricting investments to low-volatility instruments such as those issued by the U.S. government. In the past year alone, Bitcoin has shown it can double in price — or lose half its value — in a month's time....
Ken Russell, vice-chairman of the city commission, said he's "certainly not opposed" to the idea of integrating Bitcoin into the city's business, but it's important to ensure "we all know what we're getting into."
"What needs to be done is diligence, and not just from the legal perspective," he said in an interview Wednesday. "It's not just a currency, it's a concept."
Bloomberg also points out that the mayor of the City of Miami "doesn't control the budget or municipal workforce or get a vote on the commission.
"He asked voters to give him more managerial power, but the initiative failed."
not necessary (Score:4, Insightful)
those that want to use a portion or all their paycheck to buy a gambling token can do so themselves, there is never a need to "pay someone in bitcoin"
Re: representative government not necessary (Score:1)
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In point of fact I get paid to point out the obvious, rather well too. You sound like a loser in his mom's basement though. How's the incel life working out for you?
Re: representative government not necessary (Score:2)
In point of fact I get paid to point out the obvious So you're a drone at a boring, soul crushing job. Congratulations. I retired at 35.
Re: (Score:2)
Re: (Score:1)
So you stopped bagging groceries at 35? Good for you. poor mom though.
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those that want to use a portion or all their paycheck to buy a gambling token can do so themselves, there is never a need to "pay someone in bitcoin"
Yep. Why not pay them in poker chips?
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Variable wages (Score:5, Interesting)
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I totally agree. Bitcoin is a dangerous, speculative environment. Personally I would not touch that with a 10 foot pole
My two bits
Real freedom can't exist with a manipulated money (Score:1)
https://twitter.com/michael_sa... [twitter.com]
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First check who has bitcoins. (Score:4, Insightful)
Did the mayor buy bitcoin? Did several on the council buy bitcoin?
Why would moving part of the payments towards using bitcoin make the city "tech-forward"?
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+1 Insightful.
Miami is such a poor choice for tech (Score:1)
Might as well establish a tech sector below sea level in New Orleans. Why should a company or startup go through a bunch of work to establish offices in a city that is going to get hugely expensive to operate in in a few decades? Pick somewhere where real estate availability isnâ(TM)t going to end up horrifically constrained and expensive, if you are looking for an alternative to California.
wow! (Score:4, Interesting)
Bitcoin really is great - even Florida Man wants it.
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This reminds me of my brother-in-law's stories of doing business in Japan. It took him a while to learn that when someone promises to study your idea it means they think your idea is fatuous, but it would be too disruptive to come right out and say that.
When (Score:2)
US Military (Score:3)
So many potential problems (Score:3)