Last Friday, Patri Friedman the grandson of famous noble laurete and economists Milton Friedman’s  held a news conference to discuss is latest project called Ephemerisle.

Equipped with half a million dollars from PayPal founder Peter Thiel, Friedman wants to eventually build a fixed, independent structure off the coast of San Francisco called Ephemerisle that will function as an anarcho-capitalist utopia. The project is attempting to learn from other failed utopias such as the “state” of Sealand, which is located off the coast of the UK, and Minerva the artificial island off the coast of Tonga that was built by real estate tycoon Michael Oliver only to be lost to the island nation of Tonga.

For more on Ephemerisle and other failed island nations click here.