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Ruby on rails creator about bitcoin11/9/2023 ![]() Regardless, Canada’s willingness to go fully mask-off has helped reinforce and spread bitcoin’s most important value proposition. See also: Why We Need Uncensorable Marketplaces | Marc Hochstein If you didn’t see the value of uncensorable money for sex workers or African activists, but you suddenly get it when it’s useful for white North Americans, what does that say about your own biases? But on Monday, he published a full-throated mea culpa titled simply “I was wrong – we need crypto,” focused largely on his shock at Canada’s actions against protesting truckers.Īs technologist Anil Dash points out, this is a revealing moment to embrace crypto. Hansson, who has a huge social media footprint, has opposed cryptocurrency on multiple grounds for years. One emblematic turnaround has come from Ruby on Rails creator David Heinemeier Hansson. Treasury department lobbied for new mass surveillance of Americans’ bank accounts, suggesting just how far authorities would like to push their financial power.īut for many, the moves by Canada have been a game-changing catalyst. simply seized $9.5 billion in Afghani national reserves, setting the stage for the current immiseration, and imminent mass starvation, in that country. Last summer, in what could be plausibly characterized as a crime against humanity, the U.S. Recent developments follow a series of prominent exercises of top-down financial control, mostly courtesy of America. The increasing visibility of financial censorship is earning some unexpected crypto converts, and even if they’re not putting their life savings in bitcoin right away, that bodes very well for BTC longer term. While the current balance of forces might be just slightly net negative for bitcoin prices, the moment should be viewed in the broader context of crypto adoption and educational cycles. Meanwhile, though rising inflation is also a theoretical case for bitcoin, that thesis has yet to prove itself in practice. Essentially, financial gravity is drawing down a dramatic speculative bull run – bitcon reached $36,000 for the first time ever just over one year ago. tax season is also just around the corner, and there are signs that frantic 2021 crypto day traders are waking up to huge tax bills and may be liquidating assets to pay them.īitcoin is also still undergoing a slow reversion to the mean after peaking at $68,000 in early November. ![]() interest rates could suck air out of speculative assets. ![]() Īt the highest level, immediate financial headwinds are simply offsetting the longer-term benefit of these object lessons in crypto’s usefulness. You can subscribe to get the full newsletter here. ![]() This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. Yet even as the world pumps out unintentional advertisements for bitcoin, the bombproof orange coin has been bleeding, dropping more than 12% against the dollar over the past seven days. and Europe announced new financial sanctions on a handful of wealthy Russians, who as a group hold a huge portion of their wealth outside Russia, where it is vulnerable to seizure. In Canada, a liberal-democratic government led by Prime Minister Justin Trudeau has frozen its own citizens’ bank accounts to break up an unpopular and damaging blockade – which participants argue is nonetheless legitimate political activism. The past week has been a dramatic showcase of the value of an uncensorable global payment, settlement and value-storage network. ![]()
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