The Pomp Podcast #721 Paying Bitcoin Dividend To Miami Citizens w/ Patrick Stanley and Muneeb Ali
Nov 14, 2021
In this engaging discussion, Muneeb Ali, co-founder of Stacks, and Patrick Stanley, founder of Freehold, dive into the revolutionary concept of paying Miami citizens in Bitcoin. They explore the integration of smart contracts with Bitcoin, enhancing its utility in decentralized finance. Patrick shares insights on CityCoins and its potential to boost city revenues while benefiting citizens. The conversation delves into how municipalities can leverage cryptocurrency for leadership and community engagement, setting a precedent for financial innovation in cities.
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CityCoins and Miami's Treasury
- Mining CityCoins sends 30% of the cryptocurrency directly to the city's treasury.
- The City of Miami has accumulated almost $22 million worth of Stacks in three months.
Bitcoin Dividends for Citizens
- Mayor Suarez plans to distribute Bitcoin yield as a dividend to Miami citizens.
- Citizens can use any digital wallet to receive these Bitcoin dividends.
Lightning Network for Distribution
- Lightning channels could facilitate efficient Bitcoin distribution to citizens.
- This involves setting up payment channels between the city's wallet and citizens' wallets.