Bitcoin developer Jimmy Song believes that the Ordinals protocol is essentially a scam of altcoins, using the good reputation of Bitcoin to deceive the public.
On the X platform, Jimmy Song stated that as more people become aware of the pump and dump nature of altcoins and witness the continued growth of Bitcoin, a clear distinction has formed in people’s minds between Bitcoin and altcoins. The attractiveness of altcoins is diminishing, and the returns are not as good as before.
He believes that by building on the Bitcoin network and using the usual terms associated with Bitcoin, such as stable currency and self-sovereignty, scammers using the Ordinals protocol try to make their projects appear more legitimate and trustworthy through the popularity of Bitcoin. Song stated:
Song believes that if the layers of the “Ordinals” movement are unveiled, it will be found to have similar pump and dump characteristics as altcoins. Its main purpose is token sales and speculation, rather than advancing Bitcoin’s mission of economic freedom.
Song’s comments come at a time when the Bitcoin community is increasingly debating the direction and usage of the internet. He takes a purist attitude and warns users not to be deceived by Ordinals, urging the community to expose the scam of this protocol. However, some members of the community see the benefits of Ordinals.
Related articles: “Vitalik’s Perspective on Bitcoin Ordinals: Builder Finally Gets to Work!” and “Is a Bitcoin ‘Fork Civil War’ Brewing? Developers Consider ‘Inscription’ as Internet Attack, Update Client to Filter Transactions.”
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