The course token ORDI a backward after the publication of a anti-Ordinals message from the renowned Bitcoin Core developer Luke Dashjr.
The price ofORDI (ORDI) plummeted overnight after topping $60 on Tuesday. Its highest level ever.
The drop occurred following a message posted on X by a Bitcoin Core developer. Luke Dashjrwho has been an outspoken critic of the project since its launch, said at around 2 a.m. that “registrations Ordinals exploited “a vulnerability in Bitcoin Core to spam the blockchain”.
“Bitcoin Core has, since 2013, allowed users to set a limit on the size of additional data in the transactions they relay or exploit. By hiding their data in the form of program code, registrations circumvent this limit. This bug was recently fixed in Bitcoin Knots v25.1. This took longer than usual due to the major disruption to my workflow at the end of last year (version 24 was completely ignored). Bitcoin Core is still vulnerable in the upcoming v26 release. I can only hope that this will finally be fixed before v27 next year. “, he added.
According to him, Ordinals thus has “an impact on the usability and adoption of Bitcoin “. “This can indirectly harm the value of BTC,” he added.
Unveiled earlier this year, the protocol enables the creation of “registrations”, akin to a kind of NFT, on the Bitcoin blockchain. It has caused network congestion on several occasions, notably last May and in recent weeks.
The initiative, which has rekindled a long-standing debate in the Bitcoin community, has given rise to a new ecosystem, including startups and tokens. ORDIwhich had already recorded a significant rise last month following its listing on Binance.
The price of the BRC-20 token is currently trading at around $45, down 10% over 24 hours. According to Lookonchain, a large portfolio of sold 59,000 ORDI just before the downturn.
“This guy may have seen Bitcoin Core developer Luke Dashjr’s tweet and sold the 59,000 ORDI ($3.54 million) before the drop, earning over $2.3 million. This guy withdrew 65,263 ORDI ($1.3 million) from Binance on November 22 when the price was $20,” said the on-chain analyst.
Only the network’s miners, a number of whom have come out in favor of the Ordinals project, could decide to adopt a new version of Bitcoin that would prevent the creation of registrations.
Whether or not it’s added to Bitcoin Core v27 (hint: it won’t be), registrations will never stop. People will pay for them and miners will mine them. As long as the market demands it, there’s nothing you can do to stop it,” said replied Trevor Owens, Managing Partner at Bitcoin Frontier Fund, a fund supporting several Ordinals projects.
According to data provider Dune, there are now almost 50 million Ordinals registrations on the BTC blockchain.
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