PayPal founder’s next project: Libertarian island nations

By Stephen C. Webster
Tuesday, August 16, 2011 15:59 EDT
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Peter Theil, the billionaire investor who co-founded Internet payments processor PayPal and made a key initial investment in Facebook, has a whole new idea occupying his time lately: according to a profile published in Details magazine Tuesday, he wants to build a series of island nations governed by a strict libertarian ideology.

The bizarre experiment would be a way to test alternative theories of governance, he and associates told reporter Jonathan Miles. The micro-countries would be something like city-states floating the ocean on massive platforms, like oil rigs.

Theil’s profile also mentions that he originally wanted PayPal to be a BitCoin-like alternative currency, in the techno-anarchist sense, acting as a store of value immune to the fluctuations of national currencies.

He’s even gone so far as to donate $1.25 million to the Seasteading Institute, to study the viability of livable platforms that rest on top of the ocean’s waves.

Read the whole story here.

Stephen C. Webster
Stephen C. Webster
Stephen C. Webster is the senior editor of Raw Story, and is based out of Austin, Texas. He previously worked as the associate editor of The Lone Star Iconoclast in Crawford, Texas, where he covered state politics and the peace movement’s resurgence at the start of the Iraq war. Webster has also contributed to publications such as True/Slant, Austin Monthly, The Dallas Business Journal, The Dallas Morning News, Fort Worth Weekly, The News Connection and others. Follow him on Twitter at @StephenCWebster.
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