The creator of Ruby on Rails says the situation in Canada is “terrifying” and “a real wake-up call”. He admits he was wrong about bitcoin and cryptocurrency. “A few months ago, I would not have found it credible if you said that a three-week peaceful protest in Canada could have led to martial law, the freezing of bank accounts and the use of finance laws terrorism to drive out donors,” he said. .
“I was wrong, we need crypto”
Ruby on Rails creator David Heinemeier Hansson (DHH) has admitted he was wrong about bitcoin and cryptocurrency.
Ruby on Rails, or Rails, is a server-side web application framework written in Ruby under the MIT license. Hansson, a Danish programmer, is also a partner at web software development company Basecamp.
Hansson explained why he changed his mind about bitcoin and crypto in an op-ed titled, “I was wrong, we need crypto,” published on Monday.
“To say I’ve been skeptical of bitcoin and the rest of the crypto universe would be an understatement of epic proportions,” Hansson began, noting that he’s been condemning bitcoin since the early 2010s. cited numerous reasons for its opposition, including Bitcoin’s “grotesque power consumption, ridiculous transaction fees and low throughput, relentless pump-and-dump schemes in shitcoins,” and Tether “fraud.”
However, he has now admitted:
My biggest beef was actually fueled by a lack of imagination.
The programmer explained that while he could see the benefits of bitcoin and cryptocurrency in countries like Venezuela, China, or Iran, the vast number of bitcoin boosters “live in stable Western democracies governed by Right wing state”.
However, recent events in Canada have changed his mind, with the Trudeau government invoking the Emergencies Act to end the Freedom Convoy truckers’ protest. One of the provisions in the law allows financial institutions and crypto exchanges to freeze bank accounts and crypto wallets related to the protest without any consequences.
A few months ago, I would not have found it credible if you said that a three-week peaceful protest in Canada could have resulted in martial law, the freezing of bank accounts and the use of terrorist financing laws to chase donors away from protests. Incredible then, undeniable now.
“It’s crazy. Absolutely bonkers. Terrible,” he described the situation.
“Is France really so different from Canada? Is it Austria? Is it Denmark? It’s a real wake-up call,” he exclaims.
“I still can’t believe this is the protest that would prove every bitcoin crank is a prophet. And so that I have to slice a humble piece of pie and admit that I was wrong about the fundamental necessity of crypto in Western democracies,” Hansson conceded, concluding:
It’s clear to me now that I was in too much of a hurry to completely dismiss crypto based on everything that’s wrong with it at the moment. Instead of enjoying the fundamental freedom to transact it is currently our best chance to protect.
Does the situation in Canada make you change your mind about bitcoin and cryptocurrency?
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.