Bitcoin Author Accuses Ordinals of Being Manipulative

John Darbie
Photo: Finoracle.me

Bitcoin Developer Jimmy Song Voices Doubts on Ordinals Protocol

Bitcoin developer Jimmy Song, known for his strong maximalist stance, has expressed skepticism about the Ordinals protocol, comparing it to a typical altcoin scam. These remarks by Song have emerged as the Bitcoin community engages in increasing discussions about the Ordinals protocol, which was introduced in early 2023 and has sparked debates about its impact on the network.

Jimmy Song: Ordinals Protocol Capitalizing on Bitcoin Brand to Mislead

Jimmy Song claims that the Ordinals protocol is essentially an altcoin scam that subtly capitalizes on the Bitcoin brand to mislead individuals. He suggests that by being built upon the Bitcoin network and embracing the principles of sound money and self-sovereignty usually associated with BTC, Ordinals has leveraged Bitcoin’s fame to gain a facade of legitimacy and trustworthiness. Song stated, “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.”

Ordinals Protocol: Altcoin Scam or Legitimate Innovation?

Song maintains that a closer examination of the Ordinals movement reveals characteristics akin to the “pump and dump” tactics typically associated with altcoins. These tactics prioritize token trading and speculative activities over furthering Bitcoin’s objective of promoting economic independence. While Song warns against being “misled” by Ordinals and urges the community to unmask the protocol as fraudulent, other members of the Bitcoin community see potential advantages in Ordinals.

The Advantages of Ordinals: Innovation and Network Security

Despite initial skepticism, the Ordinals protocol has shown potential advantages. Launched at $25 in early 2023, the value of Ordinals tokens dropped sharply to about $5 before witnessing a recovery and increasing tenfold to between $75 and $80. Michael Saylor, Chairman of MicroStrategy, has commended the protocol for its ability to attract talent and innovation from competing blockchains. Advocates argue that Ordinals has been beneficial for Bitcoin miners, generating significant additional fees and revitalizing mining activities, thus enhancing network security.

Debate Over Ordinals Highlights Challenges in Bitcoin Community

The ongoing debate over the Ordinals protocol reflects a broader conversation about Bitcoin’s future and its core principles. It revolves around maintaining Bitcoin’s open nature while embracing new uses and advancements. The discussions surrounding Ordinals and its potential impact on the Bitcoin network have also sparked speculation about a potential Bitcoin fork in 2024. Concerns about network congestion, block space limitations, and escalating transaction fees underscore the deepening rift within the Bitcoin community and the challenges of achieving consensus in a decentralized system.

Analyst comment

Negative news.

As an analyst, it is likely that the market will react with caution to the news about the Ordinals protocol. The skepticism expressed by Jimmy Song may lead to decreased confidence in the protocol, potentially impacting its adoption and value in the market. However, the debate and discussions surrounding Ordinals highlight the challenges and divisions within the Bitcoin community, which could lead to further uncertainty and potential market volatility.

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John Darbie is a seasoned cryptocurrency analyst and writer with over 10 years of experience in the blockchain and digital assets industry. A graduate of MIT with a degree in Computer Science and Engineering, John specializes in blockchain technology, cryptocurrency markets, and decentralized finance (DeFi). His insights have been featured in leading publications such as CoinDesk, CryptoSlate, and Bitcoin Magazine. John’s articles are renowned for their thorough research, clear explanations, and practical insights, making them a reliable source of information for readers interested in cryptocurrency. He actively follows industry trends and developments, regularly participating in blockchain conferences and webinars. With a strong reputation for expertise, authoritativeness, and trustworthiness, John Darbie continues to provide high-quality content that helps individuals and businesses navigate the evolving world of digital assets.