The scammers convene and descend as vampires...
"Making a Crypto Utopia in Puerto Rico"
TL;DR: _a group of seasoned game- and crypto-currency speculators is going to turn Puerto Rico into an "utopia" as they imagine it.
The Short(er) read:
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.
“What’s happened here is a perfect storm,”
“While it was really bad for the people of Puerto Rico, in the long term it’s a godsend if people look past that.”
“It’s only when everything’s been swept away that you can make a case for rebuilding from the ground up.”
“We’re going to make this crypto land,”
“Our market cap’s gone up $100 million in a week,”
Now the investors are spending their days hunting for property where they could have their own airports and docks. They are taking over hotels and a museum in the capital’s historic section, called Old San Juan. They say they are close to getting the local government to allow them to have the first cryptocurrency bank.
The newcomers are still debating the exact shape that Puertopia should take. Some think they need to make a city; others think it’s enough to move into Old San Juan. Puertopians said, however, that they hoped to move very fast.
Those superrich Lost Boys do what FairCoop tries to do as well: build the world of their collective dreams. And they do it, using the same tools: blochchain-derived wealth and collective action. Only, they pay no attention to others. The whole island is to be their playground and people there are just expected to join voluntarily. Or, perhaps, to go and find another island -- what is the problem? If a billinaire " moved from Santa Monica, Calif., with just a few bags", everyone can, true?
Let's look at it from an adult perspective.
In the global scale, there is certainly at least one kind of abundance: abundance of money. Created out of nothing -- which is especially visible in case of cryptocoins -- the unemployed capital is roaming the world, looking for ANYTHING to buy. Only by getting converted into something of intrinsic value, that money may become real.
The land, of course, is among the most prized goods. Especially when it is cheap. Like, after a hurricane that left thousands of people without working infrastructure or federal support. Like, when a local government is clueless and only dreams about transferring responsibility (while keeping credits) for impossible mission of rebuilding the whole area before next disaster hits.
And disasters are hitting more frequently every year.
And more and more rich people have nothing to do with their money.
And the showcase is waiting to happen...
Really long and rambling read.