Entrepreneurs using Bitcoin aspire to rebuild Puerto Rico by relying on an economy fueled by a cryptocurrency. But will that work for the island hit by the devastating Hurricane Maria last year?
Many entrepreneurs interested in using cryptocurrency have recently moved to Puerto Rico to build what they call the digital utopia, which some initially called portotopia, and then sol later, as they plan to take advantage of fees. Low taxes on that island of the United States.
Business people who recently moved to Puerto Rico also want to show the world what cities will be in the future, through the use of a technology system to secure financial transactions via the Internet, known as the Blockchain system, as well as access to the use of cryptocurrencies, such as bitcoin.
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But it is not clear to whom this future – for the minority or the majority – will become – and the driving force for changing the situation on that island. Use bitcoin-billionaire to get maximum from it.
Puerto Rico was destroyed last year after Hurricane Maria, but with insufficient assistance from the United States, the island desperately needs to invest in rebuilding its infrastructure.
Puerto Rico was already experiencing severe financial hardship before it experienced this disaster. This may help a little in explaining why local authorities are careful to welcome entrepreneurs with cryptocurrencies.
The term hidden colonialism is not new. It was coined 18 years ago and was written by author Michael Hersfeld, professor of social science at Harvard University in the United States.
The term hidden colonialism was initially referring mainly to countries like Greece and Thailand seeking political independence at the expense of significant economic dependency on other countries.
These countries are nominally independent, but their national culture is being reshaped to suit other foreign models and stereotypes that support them economically. The term colonialism is not express here through the use of weapons, but it is invisible by destroying national customs and culture.
Unfortunately, this definition remains applicable to the economic and social consequences of the idea of a digital utopia with cryptocurrencies.
While digital coin billionaires will enjoy new gains by purchasing the lands of Puerto Rico Island on the Caribbean Sea, poor locals with insufficient technological knowledge will be deprived of these gains.
Entrepreneurs who flocked to Puerto Rico last year and planned to do more than the first bank opening for digital currencies are likely to bring more liberal ideas to that island.
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Their idea of a digital utopia is similar to the concept of a free republic of Liberland, whose founders say is a tiny country on the West Bank of the Danube, in an uninhabited region between Croatia and Serbia, with an area of only seven kilometers, and using bitcoin as a currency Formal to her. They announced it in 2015, but it did not win recognition from any of its neighbors or United Nations.
Returning to Seoul, or the desired virtuous city in Puerto Rico, entrepreneurs coming to it want to use the Blockchain system for secure and coded transactions in decentralized elections, as well as in issuing ID cards. But we doubt that the locals who fight poverty daily will be enthusiastic about these ideas now.
Such an approach smells of what is known as disaster capitalism, which refers to the exploitation of economic or natural crises to reshape and formulate a society, to become a society in which a global, liberal view with an excessive capitalist orientation takes hold.
When you live without electricity for several months and feel that others have ignored you, any offer of assistance will be your lifeline, without regard to any potential consequences.
But such virtuous digital cities can also cause massive environmental damage. Puerto Rico is still facing an acute crisis in the provision of electricity, which makes establishing a utopia digital city on its lands virtually impractical.
A financial transaction using bitcoin consumes about 215 kilowatts per hour of electricity, which is electricity enough to supply dozens of homes on the island when the network is at full capacity.
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