Bitcoin Inscription Protocol Ordinals Soaring in Popularity, Sparking a Bitcoin Inscription and BRC-20 Trading Frenzy. However, Bitcoin developer Jimmy Song criticized Ordinals on the 1st, stating that the protocol is essentially a scam, using Bitcoin’s fame to deceive investors.
In a tweet, Jimmy Song stated that Ordinals is similar to a pump and dump scheme, with the main goal being token sales and speculation rather than advancing Bitcoin’s mission of economic freedom.
Jimmy Song urged the need to distinguish between Bitcoin holders and holders of these fraudulent tokens.
Previously, Bitcoin core developer Luke Dashjr also publicly criticized Ordinals, believing that inscriptions are actually spam attacks on the Bitcoin network. He hopes to fix it in the latest version next year and even claims that the concept of inscriptions is a scam from the beginning.
However, compared to the criticisms of Jimmy Song and Luke Dashjr, some individuals in the Bitcoin community believe that Ordinals can bring benefits.
Bitcoin pioneer and CEO of infrastructure company Blockstream, Adam Back, expressed a different viewpoint last month, urging not to stifle Ordinals. He believes that issuing assets on the Bitcoin chain brings significant profits to Bitcoin miners and is valuable for the long-term stability of Bitcoin.
As for the congestion issues brought by Ordinals to the Bitcoin network, Adam Back advocates solving it through the development of Bitcoin L2.
Michael Saylor, co-founder of MicroStrategy, a major Bitcoin holder and a publicly traded software company, recently voiced support for Ordinals. He revealed that the company is researching and evaluating the potential of Ordinals in application development.
Michael Saylor believes that the discussions surrounding Ordinals are important because Bitcoin miners must succeed in the long run by developing applications based on Bitcoin’s functionalities, which can promote Bitcoin’s overall adoption by individuals, companies, and governments.
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