MEXCBreaking: Bitcoin Ordinals And BRC-20 Will Cease To Exist, Says Bitcoin Core Dev Luke Dashjr
Bitcoin core developer Luke Dashjr on Wednesday said “Inscriptions” are exploiting a vulnerability in Bitcoin Core to spam the blockchain, causing network congestion. Once the vulnerability is fixed before v27 is released next year, Ordinals and BRC-20 will cease to exist. The ordinals and BRC-20 users and miners are criticizing the decision of Bitcoin developers. Traders reacted immediately and ORDI price fell 15% in an hour.
Bitcoin Core Dev Remarks Bitcoin Ordinals and BRC-20 As Spam
Bitcoin core developer Luke Dashjr took to X on December 6 to reveal that developers are trying to take out Bitcoin inscriptions before the v27 update next year. It means ordinals and BRC-20 will no longer exist.
Luke Dashjr clarifies that Bitcoin Core has allowed users to set limits on extra data size in transactions through the “-datacarriersize” setting since 2013. However, Inscriptions have found a way to bypass this limit by obfuscating their data as program code.
“This bug was recently fixed in Bitcoin Knots v25.1. It took longer than usual due to my workflow being severely disrupted at the end of last year (v24 was skipped entirely), he added.
Bitcoin Core remains vulnerable in its upcoming v26 release. He hopes for a resolution before the release of v27 next year as unconfirmed transactions rise amid network congestion. There are currently more than 250k unconfirmed transactions on the network, as per mempool.space data.
He further clarifies community questions over miners losing income if ordinals and BRC-20 cease to exist. He said Bitcoin works in consensus with a majority of miners being honest, and not harming the blockchain. For some reason, the spam-filtered blocks have higher fees.
Correct
— Luke Dashjr (@LukeDashjr) December 6, 2023
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Crypto Community Reacts
The crypto community has criticized the move to end support for ordinals and BRC-20 next year. Miners profits improved as a result after Bitcoin ordinals and BRC-20 introduction to the community.
Shenyu, co-founder of f2pool, said “Bitcoin is not Ethereum, and developers do not have full decision-making power.”
Luke Dashjr said entities running the Bitcoin node consented to financial transactions. Many complained after they were forced to consent to inscriptions, which is spamming. The data size use is impacting Bitcoin blockchain, despite various attempts by developers to resolve it.
Upbit recently reported facing BTC withdrawal delays on the exchange due to congestion of the Bitcoin network.
ORDI price fell 15% from 24-hour of $65.19 after the news, with the price currently trading at $51.89. The trading volume has increased by 25% in the last 24 hours.
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