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- David Heinemeier Hansson (DHH), the creator of Ruby on Rails, has conceded that he was incorrect about bitcoin and cryptocurrency. Rails is a Ruby-based server-side web application framework distributed under the MIT License.
- He 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 utilised to track down protest donors, he said.
- Hansson started by saying that he has been against 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.
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. He 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 utilised to track down protest donors, he said.
I Was Mistaken; We Require Cryptography
David Heinemeier Hansson (DHH), the creator of Ruby on Rails, has conceded that he was incorrect about bitcoin and cryptocurrency. Rails is a Ruby-based server-side web application framework distributed under the MIT License. Hansson, a programmer from Denmark, is also a partner at Basecamp, a web-based software development organisation. In an opinion post headlined I was wrong, we need crypto, Hansson explained why he changed his mind regarding bitcoin and crypto.
It would be an understatement of epic proportions to say I’ve been suspicious of Bitcoin and the rest of the crypto realm. Hansson started by saying that he has been against 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 coder.
Recent events in Canada, notably 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 linked to the protest with no repercussions.
According to Hansson, I wouldn’t have believed it a few months ago if you told me that a three-week nonviolent protest in Canada could have resulted in martial law, seized bank accounts, and the use of terrorist-financing legislation to track down protest donors. It was unbelievable back then, but it’s undeniable now. This is insane. It’s completely insane. He described the incident as terrifying. Is there a significant difference between France and Canada? Is Austria a country? Is Denmark a country? He screamed, This is a tremendous wake-up call!
ALSO READ: ‘Real Crypto’ cannot be frozen in Canadian protests
Appreciating The Fundamental Freedom
I can’t believe this is the demonstration that will prove every Bitcoin nut is a prophet. And for me to have to eat humble pie and accept that I was mistaken about crypto’s basic importance in Western democracies, Hansson admitted, concluding: It’s evident to me now that I was too quick to dismiss crypto entirely because of all the flaws it currently has. Instead of appreciating the fundamental freedom to transact that it is currently our best shot at defending, we should be appreciating the fundamental freedom to transact that it is currently our best shot at protecting.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
