Miami, host city of the Bitcoin 2022 event we recently visited, doesn’t own or manage the MiamiCoin cryptocurrency, although the coin has enjoyed the support of Mayor Francis Suarez, who at one point suggested it raised “the possibility of being able to run a government without the citizens having to pay taxes.” Now Quartz reports that since launching on August 3rd, MiamiCoin’s value has dropped by as much as 95 percent.

The CityCoin plan requires miners to acquire tokens on the Stacks (STX) blockchain that they can use to bid for MiamiCoin. The winning bidder receives 70 percent of their investment in MiamiCoin, while the city receives the other 30 percent in STX tokens.

I’m so excited to announce that the @CityofMiami has received…

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