It's happening: Puerto Rico just defaulted for the first time

[Falconer]

I was really curious why Puerto Rico defaulted, then I got this nice article from CNN http://money.cnn.com/2015/06/29/news/economy/puerto-rico-default-looms/
Its saying its be happened because of an inefficient energy policy by the government.

I know very little but my guess is that this happened because of maths. Maths is always to blame. Shall we abolish maths? 

Well afaik math is very useful. Without it, all countries will get crisis, right? 

And you know what is quite funny? The World's Largest Debtor Governments leader is US with debt of 18,540,448,667,000. Second place is UK with 9,590,995,000,000.
We truly entered age of debt. Puerto Rico's debt is like one grain of sand on a desert compared to US debt. Does this means US will be defaulted in the future to?
Source: https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

Seems US external debt in per capita still lower than UK, Germany, Netherlands, even Luxembourg.
http://www.forbes.com/sites/pascalemmanuelgobry/2012/10/19/no-the-united-states-will-not-go-into-a-debt-crisis-not-now-not-ever/

[HarHarHar9965]

http://money.cnn.com/2015/08/03/investing/puerto-rico-default/

Damn, I can't believe this is happening so close, it's unbeliable but it was unavoidable. 58 million of unplayable fee. I really hope these guys don't get all of their money stolen. Only if we were in 2025 they could have had a chance with Bitcoin we are still on the very early days.

And you know what is quite funny? The World's Largest Debtor Governments leader is US with debt of 18,540,448,667,000. Second place is UK with 9,590,995,000,000.
We truly entered age of debt. Puerto Rico's debt is like one grain of sand on a desert compared to US debt. Does this means US will be defaulted in the future to?
Source: https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

As long as U.S has the power of being the most strongest currency in the world, which it clearly does, nobody can do anything to them. Dollar is important solely because it is petrodollar. Petrol can only be bought with dollar, which is the very reason it makes it global. There are several other commodities which can be bought by dollar only, the more dollar is exercised and traded, the stronger it remains.

[AtheistAKASaneBrain]

http://money.cnn.com/2015/08/03/investing/puerto-rico-default/

Damn, I can't believe this is happening so close, it's unbeliable but it was unavoidable. 58 million of unplayable fee. I really hope these guys don't get all of their money stolen. Only if we were in 2025 they could have had a chance with Bitcoin we are still on the very early days.

And you know what is quite funny? The World's Largest Debtor Governments leader is US with debt of 18,540,448,667,000. Second place is UK with 9,590,995,000,000.
We truly entered age of debt. Puerto Rico's debt is like one grain of sand on a desert compared to US debt. Does this means US will be defaulted in the future to?
Source: https://en.wikipedia.org/wiki/List_of_countries_by_external_debt

The US is the motherhouse that can get away with printing as much money as they want and live under as much debt as they want and they seem to keep await with it, thats why i have my doubts it will ever default.

[greBit]

Just wait and watch, there will be more members coming to defaulters list.

which will be translated in more opportunity to embrace and increase bitcoin price, hopefully at least oen of those will turn the light off on fiat if not we can get at least a good hype that might make bitcoin stronger

Despite how unrealistic it seems for a country to really adopt bitcoin, if it happens then it would be really mind blowing. All the people who have owned a bitcoin will be instantly rich, richer than what they were for sure. I am sometimes surprised how the world is so slow to adopt crypto, as a kid I always imagined that digital money could conquer the world.

People don't understand the value of Bitcoin because the price moves around so much. I suspect as more people adopt, states will begin to use it as their official currency.

It's not only because of the volatility, they just don't understand the technology, the context of the technology an what does it mean to world economy, the possibilities... if they did, they would understand the volatility in the first place and they would be buying like crazy as we speak, but naturally the pioneers are a reduced group and that's us.

Very well said. Lots of people fail to see the technology behind bitcoin and why it is important, what effect it has on the world and its economy. The day people really understand what bitcoin is and have more confidence in themselves and see more than just their personal gains, bitcoin would be widely adopted by now. I think a lot of people will adopt bitcoin, if shifting to bitcoin was much easier. Very less services support bitcoin and the reason they don't, is because its not heavily adopted. Its a vicious cycle which we need to break through.

[EternalWingsofGod]

http://money.cnn.com/2015/08/03/investing/puerto-rico-default/

Damn, I can't believe this is happening so close, it's unbeliable but it was unavoidable. 58 million of unplayable fee. I really hope these guys don't get all of their money stolen. Only if we were in 2025 they could have had a chance with Bitcoin we are still on the very early days.

I opened a thread amongst all the Greek havok about this default incoming
It was set to happen and given that most of the debt is American that was bound to happen.
Death spirals are really tough.

Puerto Rico is not Rico anymore
Rico means Rich

Now its Just Puerto ....