Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Ambatman on March 29, 2024, 02:13:47 PM
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Early this Year, it was stated that the next update on the Bitcoin core which would be v27 would correct The vulnerabilities that was exploited which enabled the creation of ordinals.The flaw I think that was exploited should be the creation of script, Taproot without any limit on the data it can work with. This update is likely to be released this 2024 or subsequent Year.
What are your thoughts on this update?
Would this decision have any impact on Bitcoin price? If yes in what Direction.
Now that the ordinals are about to be removed. Wouldn't this make pre existing ordinals more expensive due to limited /fixed supply?
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What are your thoughts on this update?
Would this decision have any impact on Bitcoin price? If yes in what Direction.
Now that the ordinals are about to be removed. Wouldn't this make pre existing ordinals more expensive due to limited /fixed supply?
I am aware of this news, but when I shared it on BTT, some OGz shed more light on the fact that no work (practical work) is happening to make this update work out, according to them this thing is still in Queue or pending. Well, I know at the end some updates will be out to eliminate the ordinals and BRC-20 tokens. I am just amazed to see even many big projects knew this thing but they still are working on creating platforms that can inscribe data on the BTC blockchain. The main idea of such platforms is only to inscribe I started to have thought about what would happen to such platforms after the update. Will they survive?
And talking about your questions, I think the price of BTC will increase, because of halving, but if there is no halving now adoption rate, then I will say the price would fall because no more BTC is being demanded to inscribe the data on the BTC blockchain. So lesser demands mean lesser rates of BTC. And yeah the existing ones would drop the value at the start but in the long run there value will increase due to scarcity.
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It is certain that removing ordinals will lead to a decrease in demand on the network, but in return it will lead to alleviating congestion, accelerating transactions, and reducing the problematic fees that were annoying everyone.
Well, frankly, for me, even if the price of Bitcoin drops a little, it will not bother me in exchange for the great benefits and improvement that will occur to the network as a result of these ordinals.
This will be most inconvenient for miners who will lose half of the rewards after halving and if the ordinals are removed they will lose an important source of fees.
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I can't speak on "when" this will happen, but I can say that the whole bitcoin community is trying to make ordinals go away, which means that eventually that will happen. Of course we have no idea when that could potentially happen, maybe that will be soon or maybe it won't be any soon at all, but I am sure that it will eventually happen. This is why I think its inevitable and should be considered a good improvement and supported. When that happens, of course it will be a good thing for the price and will make it go up, not only because it will make transactions cheaper and allow more people to get in, but also because many people want to see those ordinals gone.