Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Making a Crypto Utopia in Puerto Rico

nytimes.com

Post reply on HN
Print view View original

21–30 of 31 posts

Re: Making a Crypto Utopia in Puerto Rico

#21

Post by chimeracoder »

p_eter_p wrote: post #18
jgh wrote: post #11

Earlier quoted context omitted.

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/hurrica…

> "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."

While that's true, that's not the reason that Democrats specifically are unwilling to touch the Jones Act. Florida is a pretty purple state, and Democratic senators from other states don't care as much about the shipping industry in Florida. Furthermore, Marco Rubio (a Republican) represents Florida, but he was actually a strong advocate of waiving (though not repealing) the Jones Act after Hurricane Maria.

The reason Democrats in particular are unwilling to touch the Jones Act is because the AFL-CIO lobbies for it very, very heavily. The AFL-CIO lobbies for the Jones Act in general because it boosts the demand for jobs in unions that they control. In addition, the AFL-CIO also has a "complicated" relationship with Puerto Rico, which is why they so specifically opposed temporarily waiving the Jones Act for Puerto Rico after Hurricane Maria hit, even though they've begrudgingly accepted temporary waivers for US cities hit by other recent hurricanes (like Harvey in Houston).

Re: Making a Crypto Utopia in Puerto Rico

#22

Post by dragonwriter »

chimeracoder wrote: post #21
p_eter_p wrote: post #18

Earlier quoted context omitted.

"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/hurrica…

> "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." While that's true, that's not the reason that…

> The reason Democrats in particular are unwilling to touch the Jones Act is because the AFL-CIO lobbies for it very, very heavily.

Plenty of Democrats, especislly since Bill Clinton’s Presidency, have been on the side of corporations against the AFL-CIO and organized labor generally on lots of issues of central importance.

Re: Making a Crypto Utopia in Puerto Rico

#23

Post by chimeracoder »

dragonwriter wrote: post #22
chimeracoder wrote: post #21

Earlier quoted context omitted.

> "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." While that's true, that's not the reason that…

> The reason Democrats in particular are unwilling to touch the Jones Act is because the AFL-CIO lobbies for it very, very heavily. Plenty of Democrats, especislly since Bill Clinton’s Presidency, have been on the side of corporations against the AFL-CIO and organized labor generally on lots of issues of central importance.

> Plenty of Democrats, especislly since Bill Clinton’s Presidency, have been on the side of corporations against the AFL-CIO and organized labor generally on lots of issues of central importance.

First of all, the AFL-CIO is a corporation, so this isn't really a meaningful dichotomy.

But moreover, I'm not sure why this comment is at all relevant? Sure, sometimes Democrats might not always vote the way the AFL-CIO wants, but that doesn't change the fact that the AFL-CIO are major influencers of the Democratic party platform, and it's not at all debatable that the AFL-CIO has lobbied incredibly heavily in favor of the Jones Act.

Re: Making a Crypto Utopia in Puerto Rico

#26

Post by throwawaysecops »

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 :).

I've seen them in their phones. Swiping, tapping, swiping, tapping. Endlessly. Idiots.

Re: Making a Crypto Utopia in Puerto Rico

#27

Post by idax »

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.

Its Act 20 act 22. Basically, you can avoid paying personal income tax and capital gains by becoming a resident of Puerto Rico (I.E. living there for a documented 183 days out of the year). Also incorporating in PR and hiring at least 2 locals you will qualify you for substantial benefits as well. It's honestly one of the best places to be as an investor or anyone starting an internet based company from a tax savings and financial standpoint.

Re: Making a Crypto Utopia in Puerto Rico

#28

Post by oculusthrift »

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 :).

no one is mentioning that the main guy is basically a confirmed pedophile also.

Re: Making a Crypto Utopia in Puerto Rico

#29

Post by heurist »

pjc50 wrote: post #19

> "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 , alt…

It's one reason we have the fed in the US.

Re: Making a Crypto Utopia in Puerto Rico

#30

Post by danlevine »

peterwwillis wrote: post #15

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…

That’s actually not true. This article doesn’t show it, but they are doing a ton of good for the whole island. There are projects for the good of the whole island focused on power (solar + Blockchain), agriculture, healthcare, real estate, and education. You don’t need to take my word for it - you’ll see in the coming months. The people of PR and the gov’t of PR love that these people are there, and the whole island will benefit,
Post reply on HN