Crypto-Millionaires in Puerto Rico Need to Do More to Help, Say Locals
by A. Horrigan
April 3, 2018
This is such a stunning article about #Puerto Rico, by Naomi Klein in the Intercept. It outlines the forces that are rapidly transforming the island in the aftermath of the hurricane, on top of years of economic duress.
It critiques the crypto-millionaires who are flocking there for tax breaks and who Klein reports are allied with a privatization push by the government. The electric grid is being privatized and public schools shuttered. Some aid has arrived in the form of boxes of Skittles.
In the midst of all this, there is a groundswell of solar energy projects, diversified organic farming, food kitchens and community-built schools among Puerto Ricans, making this story so compelling.
I think it's important to distinguish #cryptocurrency and #blockchain technology from the actions of a small group of wealthy cryptocurrency investors. Blockchain technology is all about decentralization, self-sufficiency in food, energy and land, as well as preventing graft.
Perhaps teach people to use crytpocurrency wallets and ask for aid directly--so, for example, intermediaries can't spend the money on Skittles.
As the article notes, the speed of capital is fast, and so is cryptocurrency.
are there really that many crypto people living there?
Good question. I'm not sure of the count. It's probably a very small number of people, but there is a core group that has made money on cryptocurrency investing and has decided to resettle there for tax reasons and to work with the Puerto Rican government and organizations to build a new society that is crypto-friendly.