Interesting Article:

Hmmm...I'm glad (I think) that I resisted the urge to invest in the crypto vapor ware.   

Apparently they want to buy up a lot of land (around 250,000 acres) to build a city for themselves on the island and call this new municipality, Puertopia or Sol. This is the part that stood out the most to me in what I've been seeing about Puertopians, which is what they call themselves. I wonder how receptive the locals will be to them doing this or if they know or even care?

Not sure where they plan to find the land. The only available lot that size is Roosevelt Roads old Navy base.

If they create a city like that they will need a mayor to run it. I dont think one of the 78 mayors in PR can run it.

Carving out a piece like that will not be easy from 1 or more of the current municipalities.

I can only speak for myself, but to me sounds like a bunch of snobs wanting to create their own society, likely English will be the language of that city.

I agree whole heartedly Rey. I see these guys as people taking advantage of the PR taxation situation and not offering anything to the island in return.

SpecialKev wrote:

I agree whole heartedly Rey. I see these guys as people taking advantage of the PR taxation situation and not offering anything to the island in return.

While they may spend in the economy, when you are a single billinaire as most of these are, you can only spend so much money without completely wasting it, and they dont sound like the kind that likes to just trow money away.

If they want to help the economy, opening the window and throwing out a million a day each , would go a long way to helping. Just let me know when and where so I can be there.

ReyP wrote:

Not sure where they plan to find the land. The only available lot that size is Roosevelt Roads old Navy base.

If they create a city like that they will need a mayor to run it. I dont think one of the 78 mayors in PR can run it.

Carving out a piece like that will not be easy from 1 or more of the current municipalities.

I can only speak for myself, but to me sounds like a bunch of snobs wanting to create their own society, likely English will be the language of that city.

I agree and it comes across as neo-colonialism. I honestly can't see the native Puerto Ricans, statesiders  or expatriates embrassing this situation.

SpecialKev wrote:

I agree whole heartedly Rey. I see these guys as people taking advantage of the PR taxation situation and not offering anything to the island in return.

Yes, in the articles I've read about this that is exactly what they are doing. Which is why so many of them sold their homes and cars in hopes of avoiding paying California state and federal taxes on the millions and billions of dollars they made off crypto. Now they want to build a crypto utopia on the island to take advantage of the tax breaks. I just can't get over the fact that they want to build their own city for themselves.

Yeah the whole thing is just borderline delusional.

mrtibbs wrote:

SpecialKev wrote:

I agree whole heartedly Rey. I see these guys as people taking advantage of the PR taxation situation and not offering anything to the island in return.

Yes, in the articles I've read about this that is exactly what they are doing. Which is why so many of them sold their homes and cars in hopes of avoiding paying California state and federal taxes on the millions and billions of dollars they made off crypto. Now they want to build a crypto utopia on the island to take advantage of the tax breaks. I just can't get over the fact that they want to build their own city for themselves.

I saw an article today where they have meet with different government agencies in PR and the government has said they are pro-blockchain and that they welcome the investors.

See: https://www.elnuevodia.com/negocios/eco … e=Facebook

So maybe they are being welcomed with open arms to create a new municipality by building their own Puertopia elite city for themselves like they plan.

They are welcome to bring and use technology, zero mention about creating their own city

ReyP wrote:

They are welcome to bring and use technology, zero mention about creating their own city

I noticed that that little piece of information was left out of the article. However, in the comments section it was mentioned there. Apparently, they have their eyes on Roosevelt Road to make their own little city for them.

If they do, it may have an effect on my property value assuming their efford at Rosy is successful which I am not counting on.

They will only save on taxes on transactions they make once they are residents of PR and have been accepted under act 22 or maybe 20. All the billions they make before that Uncle Sam will be reaching out to them.