Bitcoin Text Protocol Ordinals has recently gained popularity and sparked a craze in Bitcoin text minting and BRC-20 transactions. However, Bitcoin developer Jimmy Song criticized Ordinals on the 1st, stating that the protocol is essentially a scam that uses the popularity of Bitcoin to deceive people.
According to Jimmy Song, Ordinals is similar to a pump-and-dump scheme commonly seen in altcoins. It primarily aims to sell tokens and speculate, rather than promote Bitcoin’s mission of economic freedom. Jimmy Song urged to differentiate between Bitcoin holders and holders of these scam coins.
Previously, Bitcoin core developer Luke Dashjr also publicly criticized Ordinals. He believes that the text is actually an attack on the Bitcoin network by sending spam messages. He hopes to fix it in the latest version next year and even claims that the term “text” doesn’t exist and that it’s a complete scam from the beginning.
However, compared to the criticisms from Jimmy Song and Luke Dashjr, some individuals in the Bitcoin community believe that Ordinals can bring benefits. Bitcoin pioneer and Blockstream CEO Adam Back expressed a different viewpoint, 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 issue caused by Ordinals on the Bitcoin network, Adam Back advocates solving it through the development of Bitcoin L2.
Michael Saylor, the co-founder of MicroStrategy, a leading Bitcoin holder in the US listed software company, also voiced support for Ordinals. He revealed that the company is studying Ordinals and evaluating its potential in application development. Michael Saylor believes that the discussions surrounding Ordinals are important because Bitcoin miners need to succeed in the long run and develop applications based on Bitcoin’s functionality to promote its overall adoption by individuals, companies, and governments.
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