Ruby on Rails Creator Capitulates on Bitcoin After Seeing Canadian Government’s Response to Freedom Convoy – The situation in Canada, according to the creator of Ruby on Rails, is “terrifying” and “a serious wakeup call.” He acknowledges that he was mistaken about bitcoin and cryptocurrency.
“I would not have believed it a few months ago if you told me a three-week nonviolent protest in Canada could have resulted in martial law, seized bank accounts, and terrorist-financing laws being utilized to track down protest donors,” he said.
David Heinemeier Hansson (DHH), the creator of Ruby on Rails, has conceded that he was incorrect 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 programmer from Denmark, is also a partner at Basecamp, a web-based software development organization.
In an opinion piece titled “I was wrong, we need crypto,” Hansson explained why he changed his mind regarding bitcoin and crypto which was published on Monday.
“To say I’ve been suspicious of Bitcoin and the rest of the crypto ecosystem is an understatement of epic proportions,” Hansson stated, saying that he has been criticizing bitcoin since the early 2010s.
He cited “Bitcoin’s monstrous energy consumption, the ludicrous transaction fees and limited throughput, the continual pump ‘n’ dump scams in shitcoins,” and the Tether “fraud” as reasons for his criticism.
He has now conceded, however:
My main grievance sprang from a lack of imagination.
While he could see the benefits of bitcoin and cryptocurrencies in places like Venezuela, China, and Iran, the majority of bitcoin supporters are “living in stable Western democracies regulated by the rule of law,” according to the programmer.
Ruby on Rails Creator Capitulates on Bitcoin After Seeing Canadian Government’s Response to Freedom Convoy – Recent events in Canada, particularly the Trudeau government’s use of the Emergencies Act to halt the Freedom Convoy trucker protest, have changed his perspective.
One of the Act’s sections allows financial institutions and crypto exchanges to freeze bank accounts and crypto wallets associated with the protest without consequences.
Hansson acknowledged, concluding:
It’s evident to me now that I was too quick to dismiss crypto entirely because of all the flaws it currently has.