Jimmy Song: At their core, Ordinals are essentially a scam of counterfeit coins

Bitcoin developer Jimmy Song expressed skepticism about the Ordinals protocol. Song stated that Ordinals is essentially a scam of altcoins, cleverly using the Bitcoin brand to deceive people. He believes that by building on top of the Bitcoin network and adopting narratives usually associated with flagship cryptocurrencies regarding sound money and self-sovereignty, Ordinals leverages Bitcoin's popularity to appear legitimate and trustworthy. This is why Ordinals and BRC-20 are becoming increasingly popular. Now issuing tokens on Ethereum or Solana can hardly escape being labeled as "shitcoin". The gap between Bitcoin and altcoins is too large, making it more difficult for newcomers to be deceived across this chasm. Song believes that peeling back various layers of the Ordinals movement reveals a "pump-and-dump" nature similar to altcoins, which focus on token peddling and speculation rather than advancing Bitcoin's mission of economic freedom.