ORDI Price Dips Below 50 USDT after Bitcoin Developer Luke Dashjr Labels Ordinals as 'Scam'

by Nik Asti

Published: December 07, 2023 at 5:12 am Updated: December 07, 2023 at 5:16 am

by Victor Dey

Edited and fact-checked:
December 07, 2023 at 5:12 am

In Brief

Bitcoin Core developer Luke Dashjr’s criticism of Ordinals as a ‘Scam’ led to a sharp 9% decline in ORDI’s price.

Bitcoin Core Developer Labels Ordinals a Scam, ORDI Price Plummets

Renowned Bitcoin Core developer Luke Dashjr recently criticized Ordinals — a Bitcoin network feature, as a scam, sparking significant market reactions.In a response to an inquiry about Ordinals, Dashjr dismissed of the feature as a “Scam”.

The statement has seemingly influenced the cryptocurrency market, notably affecting the price of ORDI.

Following Dashjr’s remarks, ORDI’s price fell sharply below 50 USDT, currently trading at 48.6 USDT. This represents a decline of over 9% within a mere 15 minutes, showcasing the impact of Dashjr’s comments on investor sentiment.

There are no such thing in the first place. Ordinals are just a scam

— Luke Dashjr (@LukeDashjr) December 7, 2023

Bitcoin Core Exploited by Ordinals?

Dashjr pointed out a vulnerability in Bitcoin Core, alleging that Ordinals and BRC-20 tokens exploit this flaw to send spam to the blockchain. This revelation puts the future of these tokens on the Bitcoin network into question.

In a related development, Sotheby’s Digital Art Department is making strides in the Ordinals art market. Sotheby’s announced its first auction featuring works from the mysterious artist Shroomtoshi’s BitcoinShrooms collection. This move marks Sotheby’s entry into the new sphere of digital art.

Dashjr’s discovery suggests that the fix to this vulnerability could lead to the end of Ordinals and BRC-20 tokens on the Bitcoin network. This development highlights ongoing challenges in ensuring blockchain security and integrity.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti