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Jimmy Song: Ordinals Is Essentially An Altcoin Scam

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Bitcoin developer Jimmy Song expresses skepticism regarding the Ordinals protocol. He describes Ordinals as essentially a scam or a "shitcoin" that cleverly capitalizes on the Bitcoin brand to deceive people. According to Song, Ordinals leverages Bitcoin's notoriety to appear legitimate and trustworthy by building on the Bitcoin network and adopting narratives typically associated with flagship cryptocurrencies, such as robust monetary policy and self-sovereignty. This is how Ordinals and the popularity of BRC-20 have gained traction.

Song believes that creating tokens on Ethereum or Solana now almost inevitably earns the label of a "shitcoin." He emphasizes the substantial gap between Bitcoin and altcoins, making it increasingly difficult to deceive newcomers by bridging this gap. Song suggests that peeling back the layers of the Ordinals movement reveals a nature similar to pump-and-dump schemes commonly associated with "shitcoins." He asserts that these coins focus on token sales and speculation rather than advancing the mission of Bitcoin's economic freedom.

Regarding this perspective, it's crucial to acknowledge the different ideologies and purposes various cryptocurrencies serve. While skepticism toward new projects is valid in a space where scams exist, it's essential to consider that not all alternative cryptocurrencies fall into the category of deceitful schemes. Some genuinely aim to innovate or address specific use cases beyond Bitcoin's scope. However, Song's concerns emphasize the need for due diligence and critical assessment when evaluating new token projects, especially for newcomers in the crypto space.

#1 - January 03, 2024, 03:56:27 AM


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