Jimmy Song: Ordinals is essentially an altcoin scam

Bitcoin developer Jimmy Song expressed doubts about the Ordinals protocol. Song stated that Ordinals is essentially a scam of a copycat coin, cleverly using the Bitcoin brand to deceive people. He believes that by establishing itself on the Bitcoin network and adopting the narrative of sound money and self-sovereignty typically associated with flagship cryptocurrencies, Ordinals exploits Bitcoin's notoriety to appear legitimate and trustworthy.

This is why Ordinals and BRC-20 are becoming increasingly popular. It is now almost impossible to issue tokens on Ethereum or Solana without being labeled a "shitcoin." The gap between Bitcoin and copycat coins is too great, making it even more difficult to deceive newcomers.

Song believes that by peeling back the various layers of the Ordinals movement, one can discover a "pump and dump" nature similar to that of copycat coins. Copycat coins focus on token sales and speculation rather than advancing Bitcoin's mission of economic freedom.