Bitcoin Spammers Just Keep Losing

Added: 2026-05-17

[00:00:00]This is Matthew Kratter's Bitcoin University. Today we have some really, really good news. Bitcoin spammers just keep losing and are in retreat. One of these projects, which is ord.io, which has been sort of a catalog of all the spam on Bitcoin. Unfortunately, they're going to be closing down, or fortunately, they're going to be closing down at the beginning of June. As Leonidas announces here, Leonidas, I believe, is a Nim though it does sound like a disease you wouldn't want to catch. He writes, "We're shutting down ord.io and Zap app at the end of the month. This really sucks because great people put a lot of hard work into these products. Friends invested in me. Our users believed in us and I feel like I let everyone down. In the end, we ran out of money and don't see a path forward. Despite that, I'm still incredibly proud of everything we did, basically contributing to all the spam on Bitcoin." As I wrote here, the spammers and scammers are in retreat. It was just April 24th when ord.io was tweeting, "Ordinals are officially back." And it looked like there was a price pump on that day. As Francis of Bull Bitcoin writes here, narrator says, "Ordinals were in fact not back."

[00:01:03]Because they're obviously shutting down.

[00:01:05]Now, Ordinals community members are grieving this large loss. I think it's a great example of Stockholm Syndrome where the people who got scammed have developed emotional attachments to the people like Leonidas who scammed them.

[00:01:17]Uyoso writes, "It was an amazing run after Jenny data, ord.io's is the other shutdown that really cut deep. Sadly, the Ordinal Ordinals ecosystem is not sustainable for businesses. Wishing you the best on your next adventure." This is great news for Bitcoin that these things are not sustainable on Bitcoin.

[00:01:35]Yan or Jan writes here, "It's sad to woke up to this news." It's sad to have that kind of spelling as well. Leo Zach and their entire team have been grinding for years and brought millions of eyeballs to the Bitcoin Ordinals and Runes ecosystem. These are all spam. One chapter closes, another one opens. And Dog, which is a meme coin, a Runes meme coin, I believe, on Bitcoin. Dog is for sure not going anywhere." That is true.

[00:01:58]It's not going anywhere because it's already crashed close to zero because it's a dog meme coin. Here's a tweet from just a couple weeks ago with Leonidas making fun of Luke Dashr or trying to make fun of him saying Luke dash fail instead of Dashr. It turns out that it was Leonidas who actually failed. It was just a couple months ago that he threatened to unleash ordinals degen on the Bitcoin blockchain and now he is shut down as Tuur Demeester writes here how it started, how it's going. So it's interesting when someone makes lot of threats like this and then they go out of business. This will probably be yet another investment write-off for spam king David Bailey's VC portfolio.

[00:02:37]As we can see here UTXO Management invested in ord.io.

[00:02:43]There was the investment round was $2 million. If you look into it, UTXO Management, David Bailey's investment arm, has really invested in the ordinals ecosystem and must not be doing very well. But it's quite it's quite shocking that the guy who owns Bitcoin Magazine and runs the Bitcoin conference would be investing in so many companies that want to put spam on Bitcoin or track the spam that's on Bitcoin. I just had ChatGPT list or make a list of these portfolio companies that UTXO Management is invested in Liquidium, Taproot Wizards, Ordinals Bots, BRC-20. These are companies that have been attacking the blockchain for a while now. So it's good to see at least one of them, ord.io, going out of business along with David Bailey's money. As he writes here, when we're done everyone everywhere will know the name Nakamoto. Not just for the spam that they put on the Bitcoin blockchain, but because Nakamoto itself basically, at least appears to be a complete pump and dump. Now the reason that these Bitcoin spam companies like ord.io are running out of money is that it's become increasingly apparent to crypto VCs that the Bitcoin community is no longer willing to tolerate their scams. The rise of the Bitcoin knots and BIP 1 10 movements and communities are scaring away the funding and this is what so many people miss about filters, soft fork proposals and a general hostility to spam on Bitcoin because just talking about these things is enough to drive a lot of spammers and scammers away from Bitcoin to other scam chains like Ethereum and Solana and this is what happened during the original oper turn wars back in 2014 when the Bitcoin community filtered Vitalik Buterin with our hostility to spam and sent him packing and then basically Ethereum became the idiot container for spammers and scammers for the next 10 years.

[00:04:25]Unfortunately, people like David Bailey and Taproot Wizards invited the spammers and scammers back to Bitcoin, but we're in the process of remedying that situation and as one company, one of these investment companies after another goes out of business, it's very good news for the Bitcoin ecosystem. So, we're doing the same thing that we did to Vitalik in 2014. We're doing the same thing to the Bitcoin NFT scammers and BRC-20 token scammers in 2026. Now, unfortunately though, most of their spam will remain on the Bitcoin blockchain forever even when these bad actors have been long forgotten. As Beautyon points out in this post, the people who did quote-unquote use cases and supported them even to the extent of VC funding that junk will slink back to the sewer they came from believing everyone would just forget and move on. The damage they've done however will be carried forever by actual Bitcoiners barring something something something just as you were warned would be the case. Very evil and stupid people contributed to the ordinals and runes fads and are 100% deserving of the hate that is due to them. I agree with that. Ordinals people are very bad, evil and unethical people.

[00:05:29]Shame on you. The stench and the stain and stench of what you've done will never leave you. And I thought that Bitcoin Anon had a good response here to Shinobi who I normally have blocked.

[00:05:40]Shinobi wrote, "It's always funny when Shinobi's calling people mentally ill."

[00:05:43]If you know who he is, you'll understand the irony of that, but he writes, "These people are mentally ill. We've literally been telling them since 2023 this whole NFT fad would run out of money like it always does." I should also say that Shinobi works for Bitcoin Magazine, so he's literally employed by the spam king himself.

[00:06:00]Now they're parading it around, patting themselves on the back like they have anything to do with it. Completely delusional clowns." And this was in response to Allen writing basically that all this talk about BIP 110 is scaring away the scammers and spammers, which I think is true. Basically Shinobi saying this would have happened anyway, they would have run out anyway, which is a common critique. So I thought Bitcoin Anon did a good job of answering him.

[00:06:22]Bitcoin Anon responding to Shinobi, "You never understood our arguments. We agree that individual fads will run their course and disappear. The argument is that each time they inevitably leave trash on chain, unfairly increasing cost to run a node, and incentivizing corporate miner centralization. Number two, that they dilute Bitcoin culture and create fiat incentives for developers who are increasingly comfortable and captured with venture capitalists and corporate interests." A similar response from Wicked, another bad actor that I have blocked, writing, "What shitcoiners ran out of money from spamming Bitcoin? Shocking." I believe Wicked was employed, was actually getting some money, if I remember correctly. I may be wrong, but if I remember correctly, he was actually being paid by one of these spam companies.

[00:07:05]The response this this midwit midwit meme, basically saying the smart people and the dumb people saying the ordinals people will run out of Bitcoin and just we're supposed to be the idiots in the middle. But Ghost of Unhosted Marcellus had a great response to that meme, basically pointing out the real damage that's been done to the Bitcoin blockchain. People like Shinobi and Wicked don't take this sort of stuff seriously. They're just interested in the engagement. But as Ghost of Unhosted Marcellus writes here, "About 90 GB and the whole blockchain is something like, call it 850 GB, about 90 GB of the full blockchain is made up of arbitrary data, in other words, non-monetary data or spam. The UTXO set has exploded from 4 GB to 12 GB with dust, and this is something that cannot be pruned when you're running a node. Half of the UTXO set holds dust. These are outputs or chunks of Bitcoin that are more expensive to basically, if you try to spend them, the transaction fees will eat up the entire value of the UTXO.

[00:08:01]So, half of the UTXO set holds dust.

[00:08:04]Basically, these are unspendable without all the money basically going to transaction fees.

[00:08:09]The fourth point, Taproot is now the most common output type in the UTXO set, and 90% of these outputs hold dust. 40% of new blocks are still filled with arbitrary data. Congrats on letting yourselves being be psyop'd into non-action by scammers and spooks. And so, I like how our side always has these serious answers, these data-driven answers, whereas the other side is just a lot of screaming. So, who's next on the spam chopping block? I think it's the large Bitcoin mining pools that have been attacking the chain over the last few years by mining all the spam to begin with. If you're one of these pool operators, whether it's F2Pool, Mara, Foundry, and Pool, or others, I would say that BIP 110, this soft fork that's coming, is your notice that your days of mining inscriptions, BRC-20 tokens, runes, and large op returns are over.

[00:08:56]You can activate BIP 110 today as a miner-activated soft fork, an MASF, or we Bitcoin node operators are going to make you an offer you can't refuse in August. Because large mining pools don't get to decide the rules of the network.

[00:09:08]This is very clear. This is very important. The Bitcoiners understand this. It's up to them whether they want to learn this lesson the hard way or the easy way, because this will turn into a user-activated soft fork if the miners do not activate it. And we can't have just five large corporations controlling the rules of Bitcoin, the consensus rules. This is an absurd an absurd thing. Bitcoin is run and controlled by the node runners and by the people who hold Bitcoin. If If enjoyed this video, be sure to hit the subscribe and like buttons. Hit the notification bell if you want to be notified when I publish my next video. And let me know your questions and comments in the comment section below.

[00:09:45]Thanks all for watching, and I'll see you in the next video.