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 stated on the X platform that as more people become aware of the “pump and dump” nature of altcoins, and witness the continuous growth of Bitcoin, a clear distinction has formed in people’s minds between Bitcoin and altcoins. The attraction of altcoins is weakening, and the returns are not as good as before.
He believes that by building on the Bitcoin network and using the usual robust currency and self-sovereignty arguments associated with Bitcoin, the scammers behind the Ordinals protocol are leveraging the popularity of Bitcoin to make their project appear more legitimate and trustworthy. Song stated:
Song believes that by unraveling the layers of the “Ordinals” movement, it will be found that it has similar pump and dump characteristics to altcoins, with its main purpose being 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 use of the Internet. He takes a purist stance, 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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