"99.99% of Projects at Consensus Are Bullsh*t" Says Ordinals Founder at Consensus
Ordinals founder Casey Rodarmor has taken a swing at projects showcased at Consensus during his appearance at the conference.
The annual Texas event, backed by CoinDesk, was held between May 29 and May 31. Attracting over 15,000 attendees and 6,800 companies from more than 100 countries, Consensus is touted as "the world's most influential crypto event."
Speaking on the final day of the conference, Rodarmor appeared on a panel titled "From Ordinals to Runes: Checking in With Bitcoin’s Most Controversial Developer" as well as participating in a Speaker AMA.
During his time on stage, Rodarmor brazenly said, “99.99% of the projects at this conference are complete and utter bullshit. They have some fancy white paper, they make all these crazy claims.”
The crowd responded in laughter, to which he replied, “Glad that that’s sort of known. Their purpose is really to print a token and dump it on retail investors.”
"99.99% of the projects at this conference are complete and utter bullshit"
— Leonidas (@LeonidasNFT) June 2, 2024
- @rodarmor at Consensus 2024 pic.twitter.com/LXcbyYJjae
Bitcoin Ordinals took the crypto industry by storm last year, offering a way for digital media to be inscribed on the Bitcoin blockchain, effectively allowing for NFTs on Bitcoin.
100 million satoshis (sats) make up 1 bitcoin. Ordinals allow the user to order and label each individual sat. Inscriptions allow for attaching digital assets such as JPEGs, texts, and even video games to each sat.
Inscriptions are finally ready for Bitcoin mainnet.
— Casey (@rodarmor) January 20, 2023
Inscriptions are like NFTs, but are true digital artifacts: decentralized, immutable, always on-chain, and native to Bitcoin. 🧵https://t.co/a4dK7zdITS
Unlike Ethereum based NFTs, Ordinals allows users to store all the data to a Bitcoin NFT such as full songs, videos and apps up to the full size of a Bitcoin block.
However, fierce competition has developed in the form of Runes, which allows the creation of fungible tokens using UTXOs, essentially streamlining the process of creating tokens on Bitcoin. This offers enhanced security and simplicity compared to BRC-20.
Elsewhere during Consensus, Ripple CEO, Brad Garlinghouse, took a swing at Dogecoin (DOGE).
“I don’t think Dogecoin has been a good thing for the industry, and I’m not anti-Dogecoin, but it’s like, I don’t know what the use case is," Garlinghouse proclaimed.
"I don’t know, like, are there projects being built to solve real utility? And I see lots of real utility across lots of different chains, and I think that is what is critical, and for me, the 10-year prediction has to be about … solving real problems.”