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February 22, 2022 06:40 pm

Ruby On Rails Creator Backpedals About Bitcoin: 'We Need Crypto'

New submitter LZ_Mordan writes: David Heinemeier Hansson, the Ruby on Rails web development framework creator, took to Twitter on Monday to tell his followers that he was no longer a Bitcoin skeptic. "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 wrote. In a blog post titled "I was wrong, we need crypto," the Danish programmer mentioned that he's been skeptical about Bitcoin and the crypto industry in general since the early 2010s. He noted that some of his biggest arguments against Bitcoin were the cryptocurrency's energy consumption, transaction fees, the lack of real decentralization, supposed fraud involving Tether (USDT) stablecoin and many others. But all these arguments do not provide enough reasons to disregard cryptocurrencies as a tool to support freedom and democracy in situations where countries like Canada impose martial law in response to peaceful protest movements, Hansson argued, stating: "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."

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