In a surprising turn of events, Bitcoin Magazine, a media outlet known for its focus on Bitcoin-centric content, is facing criticism from prominent figures within the Bitcoin community. The controversy stems from the recent cover reveal of their upcoming issue, where the cover art is inscribed using Bitcoin Ordinals and BRC-20 tokens.
Synonym’s CEO, John Carvalho, openly criticized the media outlet for its support of BRC-20 tokens and Ordinals, particularly pointing out their recent completion of the SPAM collection. Carvalho expressed concern over Bitcoin Magazine deviating from its initial promise of providing Bitcoin-only content and expanding its team through successful fan conferences.
Bitcoin Ordinals: A Departure from Bitcoin’s Core Focus
The Ordinals Protocol, implemented on the Bitcoin network, has ignited a substantial debate within both the enthusiast and skeptic communities. At its core, the protocol’s facilitation of NFTs on Bitcoin deviates significantly from Bitcoin’s initial design and ethos.
Bitcoin was originally conceived as a decentralized digital currency primarily focused on facilitating financial transactions. Its design prioritized security, efficiency, and accessibility. However, the introduction of NFTs through Ordinals represents a notable departure from this foundational objective.
Carvalho Urges BM to Stay True to Their Values
Carvalho accused Bitcoin Magazine of falling into the pitfalls of the NFT and altcoin cycle, highlighting the possibility for the magazine to lose its credibility and relevance in the Bitcoin space. Carvalho stated:
“I understand that some people at the top of BTC Inc (BM) wanna remain “open-minded” psuedo-shitcoiners, but as someone specialized in branding, and as someone dedicated to Bitcoin., I want you to know you are fucking things up and allowing your brand to corrupt itself when you shill this crap and warp your values to include it.”
Carvalho noted that several Bitcoin web hubs, including bitcoindotcom and bitcoin X, have been lost to the corrupted entities. He emphasized the need for Bitcoin-focused entities to stay true to their values and avoid being influenced by trends that could compromise the integrity of the brand.
Bitcoin Magazine CEO Replies
Synonym CEO criticized the current cover as unappealing to true Bitcoin enthusiasts, claiming it primarily caters to “degens,” or scammers. He also urged Bitcoin Magazine to reconsider its leadership and make adjustments to its course to maintain its commitment to Bitcoin. David Bailey, CEO of Bitcoin Magazine, responded to Carvalho’s tweet, stating:
“The leadership that included ordinals in the scope of what’s bitcoin are the same leadership who took Bitcoin Magazine Bitcoin-only and built it into the brand it is.”
Adding to the criticism, well-known Bitcoin figure Hodlonaut, who calls Ordinals inscriptions “JPEG clownery,” also expressed disappointment in Bitcoin Magazine’s apparent departure from its original focus. He stated:
“I will just say that I’m disappointed to see Bitcoin Magazine go down this route.”
Industry Remains Divided
The controversy surrounding Bitcoin Ordinals, mentioned in the criticism, sheds light on its impact on rising Bitcoin fees. Notably, the average transaction fee reached a record of $38 on December 17, with the surge attributed to the influx of Bitcoin Ordinals inscriptions.
Despite the controversy, some commentators, like Beautyon, maintain that Bitcoin will continue to function as intended. Beautyon suggested that if Ordinals accelerates the adoption of layer-2 solutions to address the fee problem, it could act as a necessary evolution for the network.
Nevertheless, the industry remains divided on these issues, and the future direction of Bitcoin Magazine is now under increased scrutiny.
