Ruby on Rails Creator Capitulates on Bitcoin After Seeing Canadian Government’s Response to Freedom Convoy

Ruby on Rails Creator Capitulates on Bitcoin After Seeing Canadian Government's Response to Freedom Convoy

The creator of Ruby on Rails says the situation in Canada is “terrifying” and “a real wakeup call.” He admits that he was wrong about bitcoin and cryptocurrency. “A few months ago, I would not have found it credible if you said a three-week peaceful protest in Canada could have led to martial law, frozen bank accounts, and terrorist-financing laws being used to hunt protest donors,” he stressed.

‘I Was Wrong, We Need Crypto’

The creator of Ruby on Rails, David Heinemeier Hansson (DHH), has admitted that 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 the web-based software development firm Basecamp.

Hansson outlined why he changed his mind about bitcoin and crypto in an opinion piece titled “I was wrong, we need crypto,” published Monday.

“To say I’ve been skeptical about Bitcoin and the rest of the crypto universe would be an understatement of epic proportions,” Hansson began, noting that he has been condemning bitcoin since the early 2010s. He cited many reasons for his opposition, including “Bitcoin’s grotesque energy consumption, the ridiculous transaction fees and low throughput, the incessant pump ‘n’ dump schemes in shitcoins,” and the Tether “fraud.”

However, he now admitted:

My bigger 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 are “living in stable Western democracies governed by the rule of law.”

However, recent events in Canada have changed his mind, led by the Trudeau government invoking the Emergencies Act in order to end the Freedom Convoy trucker protest. One of the provisions afforded by the Act is allowing financial institutions and crypto exchanges to freeze bank accounts and crypto wallets tied to the protest with no consequences.

Hansson stated:

A few months ago, I would not have found it credible if you said a three-week peaceful protest in Canada could have led to martial law, frozen bank accounts, and terrorist-financing laws being used to hunt protest donors. Unbelievable then, undeniable now.

“This is crazy. Absolutely bonkers. Terrifying,” he described the situation.

“Is France really that different from Canada? Is Austria? Is Denmark? This is a real wake-up call,” he exclaimed.

“I still can’t believe that this is the protest that would prove every Bitcoin crank a prophet. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto’s fundamental necessity in Western democracies,” Hansson conceded, concluding:

It’s clear to me now that I was too hasty to completely dismiss crypto on the basis of all the things wrong with it at the moment. Instead of appreciating the fundamental freedom to transact that it’s currently our best shot at protecting.

Does the situation in Canada change your mind about bitcoin and cryptocurrency?



from Bitcoin News https://ift.tt/hLtMFZH
via IFTTT

Popular posts from this blog

Do Kwon’s Detention Prolonged Until 2024 As Montenegro Responds To Extradition Requests

Image
According to an International Business Times report , Montenegro’s Supreme Court decided to extend the detention of TerraForm Labs founder and CEO Do Kwon until February 2024, following extradition requests from the United States and South Korea. Closed-Door Discussions Reveal Montenegro’s Plan For Do Kwon Initially set to be extradited to the US on December 15, Do Kwon’s fate turned when the Montenegrin High Court ruled to prolong his stay until February 15, 2024. The decision stems from charges related to the collapse of the TerraUSD stablecoin, which led to significant financial losses. The High Court had previously ordered Kwon’s extradition by Friday, but his defense team appealed the decision in the appellate court in Podgorica, the capital of Montenegro. The Montenegrin Court of Appeal confirmed that Kwon contested the High Court’s ruling, vehemently stating, “I do not submit to the court’s decision.” Recent reports indicate that Montenegro’s Justice Minister, Andrej Mil
Read more

Sam Bankman-Fried Trial Begins Tomorrow: 3 Reasons Ex-SEC Official Foresees Conviction

Image
The trial of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX and hedge fund Alameda Research, is set to commence in New York on Tuesday, October 3.  This comes almost a year after the collapse of both FTX and Alameda Research. The events leading up to the trial paint a picture of alleged fraudulent activities and money laundering that caused significant damage to the businesses involved. Ex-SEC Official’s Bleak Prediction As Sam Bankman-Fried Trial Commences In a nutshell, Alameda Research purportedly took customer deposits from FTX and invested them in fictitious crypto tokens, which derived their value from the confidence in FTX’s operations.  When this confidence waned, FTX and Alameda Research suffered substantial losses, which many argue contributed to a broader disillusionment in the cryptocurrency industry.  Following an investigation, federal authorities uncovered numerous alleged crimes, leading to seven federal fraud and money-laundering charges against B
Read more

April’s Crypto Game-Changers: 7 Events Set To Drastically Impact The Course Of Digital Currencies

Image
As the crypto market ended March positively, the industry gears up for an eventful April, marked by crucial developments and milestones that could significantly impact the digital asset landscape.  Crypto Halvings And Regulatory Deadlines The month starts with the Bitcoin Cash (BCH) halving event scheduled for April 2nd. Similar to Bitcoin (BTC), BCH undergoes a halving approximately every four years, which reduces mining profits for BCH miners.  On April 10, the US is scheduled to announce March’s Consumer Price Index (CPI), a vital indicator that measures the average price change paid by urban consumers for a basket of goods and services.  The Federal Reserve closely monitors the CPI as it influences inflation and, consequently, the central bank’s decisions regarding interest rates. Any changes in interest rates can ripple effect on the overall crypto market performance. April 19 marks the deadline for the US Securities and Exchange Commission (SEC) and US crypto exchange Coin
Read more