Making a Crypto Utopia in Puerto Rico • Hacker News Board

Re: Making a Crypto Utopia in Puerto Rico

#11

Post by jgh » Fri, Feb 02, 2018, 4:52 PM UTC

chimeracoder wrote: post #10

jgh wrote: post #4

Earlier quoted context omitted.

So the IRS can tax Americans everywhere in the world except Puerto Rico?

> So the IRS can tax Americans everywhere in the world except Puerto Rico? Congress passed some tax laws to incentivize "investment" in Puerto Rico. They haven't been particularly effective. The reason that they passed these tax laws is because they wanted to try something to boost the Puerto Rican economy that did not involve addressing the underlying issue for why Puerto Rico's economy has stagnated for decades. Re…

Why is the Jones Act popular with democrats?

Re: Making a Crypto Utopia in Puerto Rico

#12

Post by hi1234567 » Fri, Feb 02, 2018, 4:53 PM UTC

jgh wrote: post #2

Puerto Rico is still in the US...I don't really understand how they expect to avoid taxes by being in Peurto Rico. Also pay your fucking taxes you entitled douchebags.

Yes, consent to the use of force douchebags

Re: Making a Crypto Utopia in Puerto Rico

#13

Post by rb808 » Fri, Feb 02, 2018, 4:53 PM UTC

Don't you need electricity first?

Re: Making a Crypto Utopia in Puerto Rico

#14

Post by jgh » Fri, Feb 02, 2018, 4:54 PM UTC

thebiglebrewski wrote: post #9

This feels like some crazy fantasy land. What are they really going to achieve down there? Seems like a bunch of people with way too much money and way too little direction. Does anyone disagree? ...on the other hand, one can certainly be a little jealous of the ability to be so aimless :).

maybe the ones who got rich off ICOs could build the thing they said they were gonna build

Re: Making a Crypto Utopia in Puerto Rico

#15

Post by peterwwillis » Fri, Feb 02, 2018, 4:54 PM UTC

The article hit the nail on the head: "crypto colonialism".

I mean, say what you will about these newly-found billionaires, but one thing is for sure: they aren't helping anyone except themselves. They get a bunch of money dumped into their lap from thin air (literally), and the first thing they do is go to a place that was just leveled by natural disaster and with a shattered economy, and buy up cheap land for their own personal playground.

I mean. Wow. Tone deaf doesn't begin to describe it.

Re: Making a Crypto Utopia in Puerto Rico

#16

Post by pjc50 » Fri, Feb 02, 2018, 4:56 PM UTC

Reminder that Puerto Rico's electricity is still not fixed: https://www.motherjones.com/politics/2018/01/a-third-of-puer...

Re: Making a Crypto Utopia in Puerto Rico

#17

Post by [deleted] » Fri, Feb 02, 2018, 4:57 PM UTC

jgh wrote: post #11

chimeracoder wrote: post #10

Earlier quoted context omitted.

> So the IRS can tax Americans everywhere in the world except Puerto Rico? Congress passed some tax laws to incentivize "investment" in Puerto Rico. They haven't been particularly effective. The reason that they passed these tax laws is because they wanted to try something to boost the Puerto Rican economy that did not involve addressing the underlying issue for why Puerto Rico's economy has stagnated for decades. Re…

Why is the Jones Act popular with democrats?

[deleted]

Re: Making a Crypto Utopia in Puerto Rico

#18

Post by p_eter_p » Fri, Feb 02, 2018, 5:00 PM UTC

jgh wrote: post #11

chimeracoder wrote: post #10

Earlier quoted context omitted.

> So the IRS can tax Americans everywhere in the world except Puerto Rico? Congress passed some tax laws to incentivize "investment" in Puerto Rico. They haven't been particularly effective. The reason that they passed these tax laws is because they wanted to try something to boost the Puerto Rican economy that did not involve addressing the underlying issue for why Puerto Rico's economy has stagnated for decades. Re…

Why is the Jones Act popular with democrats?

"The domestic shipping industry is an economic behemoth in Florida, contributing 52,140 maritime jobs and $9.6 billion to Florida’s economy, according to a 2014 study by PricewaterhouseCoopers. The Port of Jacksonville is the nation’s hub for Jones Act shipping to Puerto Rico, and Florida ranks second among all states in jobs affected by the domestic maritime industry."

http://www.miamiherald.com/news/weather/hurricane/article177...

Re: Making a Crypto Utopia in Puerto Rico

#19

Post by pjc50 » Fri, Feb 02, 2018, 5:01 PM UTC

> "This is the first time in human history anyone other than kings or governments or gods can create their own money"

So-called "free banking" where banks issued their own currency and convertible debt instruments was quite popular before the 20th century. And there have been a few places issuing local pseudo-currency (Bristol Pound et al).

(There's also the story of https://en.wikipedia.org/wiki/Alves_dos_Reis , although he was really issuing someone else's money)

Re: Making a Crypto Utopia in Puerto Rico

#20

Post by chimeracoder » Fri, Feb 02, 2018, 5:02 PM UTC

jgh wrote: post #11

chimeracoder wrote: post #10

Earlier quoted context omitted.

> So the IRS can tax Americans everywhere in the world except Puerto Rico? Congress passed some tax laws to incentivize "investment" in Puerto Rico. They haven't been particularly effective. The reason that they passed these tax laws is because they wanted to try something to boost the Puerto Rican economy that did not involve addressing the underlying issue for why Puerto Rico's economy has stagnated for decades. Re…

Why is the Jones Act popular with democrats?

> Why is the Jones Act popular with democrats?

The Jones Act creates artificial scarcity in the shipping industry, boosting the demand for jobs in ships that are unionized by Democratic-supporting groups: namely the AFL-CIO.

The AFL-CIO has lobbied heavily not just against repealing it entirely, but even against temporarily waiving it for relief in Puerto Rico, the way it has been temporarily waived for relief in basically every recent natural disaster (including in Houston after Harvey).