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. Jimmy Song expressed on the X platform that as more and more people become aware of the “pump and dump” nature of altcoins, and witness the continuous growth of Bitcoin, a clear distinction has been 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 establishing on the Bitcoin network and adopting the usual robust currency and self-sovereignty associated with Bitcoin, the scammers of the Ordinals protocol use the popularity of Bitcoin to make their projects appear more legitimate and credible. Song stated:
Song believes that by uncovering the layers of the “Ordinals” movement, it will be found to have similar pump and dump characteristics to altcoins, with its main purpose being token sales and speculation, rather than advancing the mission of Bitcoin’s economic freedom.
Song’s comments come at a time when the Bitcoin community is becoming increasingly heated in its debate over the direction and usage of the Internet. He takes a purist attitude, warning users not to be deceived by Ordinals, and urging the community to expose the scam of the protocol. However, some members of the community see the benefits of Ordinals.
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