Bitcoin developer Jimmy Song likens Ordinals to pump and dump altcoin scams
Jan. 2, 2024
By Assad Jafri
Bitcoin developer Jimmy Song, known for his maximalist views, expressed skepticism toward the Ordinals protocol, likening it to a run-of-the-mill altcoin scam.
Song’s comments come amid growing discussions in the Bitcoin community about the Ordinals protocol, which was introduced in early 2023 and has since sparked debate over its impact on the Bitcoin network.
Leveraging Bitcoin
According to Song, Ordinals is essentially an altcoin scam that cleverly uses the Bitcoin branding to deceive people.
He argued that by building on top of the Bitcoin network and adopting the narrative around sound money and self-sovereignty typically associated with the flagship crypto, Ordinals has exploited Bitcoin’s name recognition to appear legitimate and credible.
According to Song:
“That’s why ordinals and BRC-20 are becoming more popular. There’s little chance of escaping the ‘shitcoin’ moniker by releasing a token on Ethereum or Solana now. The gulf between Bitcoin and altcoins is too wide and crossing that chasm, to scam newbies has become that much harder.”
Song argued that peeling back the layers of the Ordinals movement reveals a similar “pump and dump” nature to that of altcoins, which focus on token peddling and speculation rather than advancing Bitcoin’s mission of economic freedom.
Song’s stance is part of a broader debate within the Bitcoin community regarding the direction and use of the network. While he adopts a purist approach, warning users not to be deceived by Ordinals and urging the community to expose the protocol as a scam, others within the community see benefits in Ordinals.
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