Miami votes to study using Bitcoin for employee salaries and payments to City Hall

[soothsayer]

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Miami Herald
@MiamiHerald
Miami votes to study using Bitcoin for employee salaries and payments to City Hall

miamiherald.com
https://t.co/0dwN50wDys?amp=1

[Lochloosa]

1. Now what could go wrong?

[soothsayer]

2. And who on the council is heavily invested?

It’s like when the feds moved from pensions to 401(k)s. It’s like: how do we get that big pool of money into the market?

[ProfessorGAC]

3. Dumb Idea

Other than the value reference in USD, crypto has no intrinsic value.
So, if it's just based on dollars, why would they accept anything other than DOLLARS.
One pitfall of the silly idea: people wait to pay bills to them when crypto is trading high. 2 days later, if it goes down, the government got less $ than the actual bill.
The opposite applies to employees.
Foolish to even consider it.
Even big companies with huge treasury holdings don't provide total compensation in stock. Too volatile, too uncertain.

[Vinca]

4. I really don't get Bitcoin at all. If a person were paid in Bitcoin and wanted to buy a

house, how would you magically turn your Bitcoins into dollars to put down your down payment? I've always had the impression this was pretty much based on baloney and worthless in the real world.

[Vinca]

6. Thanks for replying. I have one more question. If tomorrow you wake up and all of your

Bitcoins have disappeared (cyber bank robbery) what is your protection? If I keep cash in a bank, for example, I get FDIC protection and can allot my loot into as many accounts as I want if I'm fortunate enough to exceed the coverage limit per account. Guess that's my fear. As it is I find myself checking my traditional bank accounts on a near daily basis to be sure the bank hasn't been hacked. Maybe this is just geezer paranoia. Oh well.

[Celerity]

8. I only use offline, hardware-based wallets. No exchange hack can comprise my bitcoin

holdings. I also have multiple redundancy in terms of the keys. I do not day trade it at all. Too much delta for my own sanity, lolol

[Vinca]

9. Thanks for answering my question.

[Celerity]

11. yw! cheers

[Dawson Leery]

7. I trust the Federal Reserve ANY DAY over some anarcho-libertarians.

[lpbk2713]

10. That assumes everyone is proficient with computers and the internet.

Sadly that is not always the case and some people will be left out.