I thought I'd share my experiences of purchasing and staking MiamiCoin to try and take advantage of the once 430% return (now 280%). I'm not affiliated with this coin and exchange (or any for that matter) and I'm not trying to shill it- just thought I'd give my honest review.
For those that don't know MiamiCoin is a cryptocurrency that will be used by citizens of Miami with 30 percent minted going to the wallet reserved for the city that can be used for the city. These tokens are touted to help cities become tax free. They will be released in many cities with their own version- NYC is next up.
I first considered this cryptocurrency after following Stacks (STX) for quite some time as STX brings smart contracts to Bitcoin. MiamiCoin is built on the Stacks network. The return that you receive from staking your MiamiCoin is in STX. The cycles go for 15 days.
So how did I go? The first 15 day cycle I received 70 STX (around $180) for the 13,000 MiamiCoin (around $600) I had staked. The next cycle I received 30 STX (around $75) and the latest cycle I received 12 STX (around $30). All in all I have received around $280 in 45 days on a $600 investment and still going!
So all sounds good? Yes, but the original 430% has gone down to 280%. Not bad but it can still go down (or less likely- up). Its still early and early adopters are being rewarded. Will MiamiCoin moon? I don't know and I don't care as long as I am being paid out in sweet sweet STX. The case for MiamiCoin is strong but I just don't know enough about it and the city to know how widely it will be adopted. That being said it is getting strong support from the mayor from what I've read.
For anyone who wants to try it too you will need to go to www.okcoin.com. If you haven't joined feel free to use this link https://www.okcoin.com/join?channelId=600109202 as it will give you (and me) $50 free on signup. This is the only exchange you can currently buy it from. The exchange is legit and has been running since 2013. So far for me it has has been fine to deal with. Once you have signed up you will need to go to 'Buy' to buy MiamiCoin. You will then need to then go to 'Earn' and then select 'Stake MiamiCoin'. And that is it! The APY as I write this is 280% but this is an estimate.