Bitcoin Core Developer Calls Ordinals Fraud and has announced measures to fix it but after this claim, the price of ORDI token dumped below $50.
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Bitcoin Core Developer Calls Ordinals Fraud
Bitcoin Core developer Luke Dashjr aims to eliminate BRC-20 tokens and Bitcoin-based NFTs with a forthcoming series of upgrades to the Bitcoin network.
Dashjr, in a post on December 6, 2023, highlighted a loophole in the blockchain that allowed users to “spam the blockchain” through a feature called Inscriptions, used for storing metadata.
Describing it as a ‘Bug’
Describing it as a “bug,” Dashjr plans to address this vulnerability before Bitcoin Core’s v27 release next year, although no specific timetable has been provided.
NFTs on Bitcoin networks are ‘fraud’
Despite facing opposition within the crypto community, particularly from some who believe miners won’t support the proposed changes, Dashjr maintains his stance against Inscriptions. He argues that NFTs on the Bitcoin network are essentially “fraud” and asserts that they never truly existed.
Since the introduction of Bitcoin Ordinals, NFTs on the Bitcoin network, by developer Casey Rodarmor in January 2023, the Bitcoin network has experienced congestion, leading to spikes in transaction fees.
Technical Challenges and Profit for Miners
Despite technical challenges, Bitcoin-based NFTs have proven profitable for miners, with Ordinals fees totaling nearly $150 million, according to data from Dune and Mempool space.
Popularity of Inscription
Bitcoin Ordinals are unique artifacts enabling the inscription of data onto a satoshi, the smallest unit of Bitcoin. The popularity of this inscription trend has led to thousands being minted on the Bitcoin network since its launch, causing congestion and fee spikes, particularly in April and May 2023.
ORDI Token dips below $50
In response to Dashjr’s announcement, the price of the ORDI token, based on Bitcoin Ordinals, briefly dropped below $50 before recovering to $51.49 at the time of writing.
Data from CoinGlass indicates that this price retracement led to losses of nearly $5 million for long traders within the past 4 hours.
Despite this temporary setback, the ORDI token remains one of the standout performers in the current crypto market bull run, boasting a remarkable 377% gain over the last 30 days, reaching an all-time high of $65. During this period, its market capitalization surged to $1.08 billion.
Even with the recent price retracement, the current value of ORDI is still more than 2,000% higher than its all-time low of $2.86 on September 11.
To conclude, Bitcoin Core Developer Calls Ordinals Fraud causing a dump in the price of ORDI token below $50. The community has mixed opinions related to this claim but it is important to closely monitor the price of the ORDI token.
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