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The crypto-pocalypse comes for MiamiCoin
MiamiCoin, the first city-themed cryptocurrency, has lost nearly all its value over the past several months amid a broader crypto market collapse, Quartz reports. Why it matters: Miami Mayor Francis Suarez hoped that the cryptocurrency, launched last summer, would help him raise revenue and reduce income inequality — and the eyes of other mayors were on the experiment. • But the currency's value has fallen more than 90% from its September high of $0.06, per Coinbase. • "Its rapid descent has burned investors on the way down, muting the dreams of Miami’s city leaders, and possibly raising red flags for ... (full story)
