Ordinals Spark Controversy in the Crypto Community
Recent discussions surrounding ordinals on the Bitcoin network have created division and uncertainty regarding the price of ORDI tokens. Prominent figures like Max Keiser have criticized ordinals, referring to them as a “bug” on the network.
Will Ordinals Face Censorship?
The concerns over ordinals arose when Bitcoin core developer Luke Dashjr labeled them as a “vulnerability” that could potentially spam the blockchain. Dashjr revealed that these concerns have been listed in the US National Vulnerability Database.
Bitcoin podcaster Peter McCormack argues that ordinals do not benefit those who use Bitcoin for payments, as they contribute to high transaction fees.
Proponents Believe Censorship Will Fail
On the other hand, supporters of ordinals, such as Eric Lombrozo and Casey Rodamour, believe that attempts to censor Bitcoin transactions will ultimately fail. They argue that economic incentives are crucial and that any successful censorship would indicate fundamental issues with Bitcoin itself.
DeFi researcher Ignas notes that while ordinals have led to increased transaction fees, they are profitable for miners. As long as at least one mining pool includes ordinal transactions, they will continue to exist.
The Rise of Ordinal Inscriptions
Ordinal inscriptions resemble NFTs and represent digital assets engraved on satoshis, the smallest units of Bitcoin. These inscriptions can take various forms, including artwork, text, videos, and video games. Since their introduction in January, approximately 50 million inscriptions have been created on the Bitcoin blockchain.
The Impact on ORDI Price
The possibility of ordinals being censored has raised concerns about the price of ORDI. Following Dashjr’s statement about the vulnerability of ordinals, a whale sold 59,000 ORDI tokens, worth around $3.5 million. YouTuber Jerry Banfield also expressed skepticism about ORDI’s future, citing censorship risks.
It is evident that any censorship or removal of the ordinal protocol from Bitcoin would have a significant negative impact on the price of ORDI. However, despite the controversy, ORDI has been one of the best-performing assets in the current bull market, with a year-to-date value increase of over 2,600%.
Hot Take: The Controversy Surrounding Ordinals and its Impact on ORDI Price
The debate surrounding ordinals on Bitcoin has caused division within the crypto community and raised concerns about the future of ORDI tokens. While some argue that ordinals contribute to high transaction fees and hinder Bitcoin’s use as a form of payment, others believe that attempts to censor transactions will fail due to economic incentives. The controversy has led to uncertainty regarding the price of ORDI, with some investors selling their holdings. It remains to be seen how this debate will affect the long-term value of ORDI in the ongoing bull market.
By
By
By
By