Bitcoin developer Jimmy Song believes that the Ordinals protocol is essentially a scam that uses Bitcoin’s good reputation to deceive the public. On the X platform, 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 is being made in people’s minds between Bitcoin and altcoins, leading to a decrease in the attractiveness and returns of altcoins.
He believes that the scammers behind the Ordinals protocol are trying to make their project appear more legitimate and trustworthy by building it on the Bitcoin network and using terms commonly associated with Bitcoin, such as stable currency and self-sovereignty. Song stated:
“Unveiling the layers of the ‘Ordinals’ movement reveals its similar pump and dump nature to 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 engaged in heated debates about the direction and use of the network. He takes a purist stance, warning users not to be deceived by Ordinals and urging the community to expose the scam behind the protocol. However, some members of the community see benefits in Ordinals.
Related articles: “Vitalik’s Perspective on Bitcoin Ordinals: Builder Finally Gets to Work!” and “Bitcoin ‘Fork War’ Emerging? Developers Consider ‘Inscription’ as a Network Attack, Update Client to Filter Transactions.”
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