Jimmy Song thinks Ordinals are just “Pump & Dump”

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Bitcoin maximalist Jimmy Song expressed doubts about the Ordinals protocol, likening it to a common altcoin scam.

Jimmy Song – Bitcoin Developer

Song’s comments come amid growing discussion in the Bitcoin community about the Ordinals protocol, which was launched in early 2023 and has since sparked debate about its impact on the Bitcoin network.

Leveraging Bitcoin

Song said Ordinals is essentially an altcoin scam that cleverly uses the Bitcoin brand to fool people.

grandfather argument By building on the Bitcoin network and adopting the narrative around “sound money” and the autonomy typically associated with leading cryptocurrencies, Ordinals leveraged Bitcoin’s popularity to appear legitimate and trustworthy.

“This is why Ordinals and BRC-20 are becoming more and more popular. Currently it is almost impossible to escape the “garbage coin” moniker by issuing a token on Ethereum or Solana. The gap between Bitcoin and altcoins is too big , it becomes more difficult to cross that divide to deceive new people.”

Song believes that peeling back the layers of the Ordinals movement reveals a “pump and dump” nature similar to that of altcoins, focusing on retail and token speculation rather than promoting Bitcoin’s mission of economic freedom.

Song’s stance is part of a broader debate within the Bitcoin community about the direction and use of the network. While he took a purist approach, warning users not to be scammed by Ordinals and calling on the community to expose the protocol as a scam, others in the community saw the benefits of Ordinals.

Benefits of originals

Ordinals launched earlier this year for about $25, but dropped to around $5 in the following weeks. However, it has risen more than 10-fold from the bottom over the past few months and is currently trading between $75 and $80.

MicroStrategy President Michael Saylor recently praised Ordinals for its potential to attract blockchain talent and innovation from competitors. Others in the industry echoed his sentiments and expressed optimism about the future of the agreement.

Additionally, supporters argue that Ordinals has benefited Bitcoin miners as it has generated significant additional fees since its launch, revitalizing mining operations and encouraging network security.

The controversy surrounding ordinal numbers is part of a larger discussion about the future of Bitcoin and the challenges of balancing the growing demands of the network. The debate discussed Bitcoin’s key principles, such as its open and permissionless network, and the need to maintain these principles while adapting to new developments and use cases.

Discussions surrounding ordinal numbers and their potential impact on the Bitcoin network have also fueled speculation about the possibility of a Bitcoin fork in 2024.

The possibility of a fork is driven by concerns about network congestion, block space limitations, and increased transaction fees. The debate revealed growing divisions within the community and highlighted the challenges of reaching consensus in a decentralized ecosystem.