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posted by martyb on Tuesday February 06 2018, @11:06AM   Printer-friendly
from the more-money-than-sense dept.

The NYT reports that a loosely knit group of crypto-currency multi-million/billionaires have chosen Puerto Rico to set up shop -- several reasons are given including a tax haven for US citizens and low real estate prices since the hurricane Maria destruction last year. https://www.nytimes.com/2018/02/02/technology/cryptocurrency-puerto-rico.html

Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter. They are selling their homes and cars in California and establishing residency on the Caribbean island in hopes of avoiding what they see as onerous state and federal taxes on their growing fortunes, some of which now reach into the billions of dollars.

And these men — because they are almost exclusively men — have a plan for what to do with the wealth: They want to build a crypto utopia, a new city where the money is virtual and the contracts are all public, to show the rest of the world what a crypto future could look like. Blockchain, a digital ledger that forms the basis of virtual currencies, has the potential to reinvent society — and the Puertopians want to prove it.

For more than a year, the entrepreneurs had been searching for the best location. After Hurricane Maria decimated Puerto Rico's infrastructure in September and the price of cryptocurrencies began to soar, they saw an opportunity and felt a sense of urgency.

[...] The movement is alarming an earlier generation of Puerto Rico tax expats like the hedge fund manager Robb Rill, who runs a social group for those taking advantage of the tax incentives.

"They call me up saying they're going to buy 250,000 acres so they can incorporate their own city, literally start a city in Puerto Rico to have their own crypto world," said Mr. Rill, who moved to the island in 2013. "I can't engage in that."
 

I suggest that the SN posters who write, "everything should be organized by contracts, not government" please buy a one-way ticket to PR now! And then see if you can actually make it work. [With limited electricity and thus limited internet, they may not pester the rest of us so often.]


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  • (Score: 2) by realDonaldTrump on Tuesday February 06 2018, @11:53PM

    by realDonaldTrump (6614) on Tuesday February 06 2018, @11:53PM (#634194) Homepage Journal

    Such a nasty woman. To say such a disgusting and very divisive thing. This, folks, this is how the Dems operate. They try to divide us. Race against race, rich against middle class. I'm the least racist person you've ever seen in your life. I stand for One Team, One People, One American Family.

    I did say that Hurricane Katrina was a real catastrophe. So many of our black Americans suffered or died. President Bush didn't care. Where was he? He did nothing, next to nothing. And waited a long time to do it. Too little, too late! And Kirstjen Nielsen, great looking woman, helped tremendously. She was his Senior Director for Prevention, Preparedness and Response. And she learned so much! I hired her to run my DHS.

    2016, we had a terrible flood in Baton Rouge. Where was President Obama? He didn't go. He wouldn't get off the golf course and get down there. I went, I took time off from my campaign for a tour of the suffering and devastation in Louisiana. The spirit of the people was incredible. I held a beautiful rally in New Orleans, they love me there. So many people are saying I'm very different from George W. Bush. And from Barack Hussein Obama. Because when the storms came, I moved very strongly. Houston, Puerto Rico, the U.S. Virgin Islands, are coming back very strongly. Because of me.

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