If Bitcoin Ordinals Are Censored Will ORDI Value Go To Zero?

Practices in Bitcoin have cast a shadow over the value of the ORDI token, igniting significant debates that have polarized the crypto community.

The conversation escalated last week when industry leaders such as Max Keizer called them “mistakes” on the network, and major developers vowed to censor Bitcoin Ordinals.

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The concerns were raised when Bitcoin Core developer Luke Dashjer described blockchain spam as a “vulnerability”. Dashjr later disclosed that the bug concerns were entered into the US National Vulnerability Database as CVE-2023-50428.

Bitcoin podcaster Peter McCormack sheds more light on the controversial nature of ordinals. He stressed that these assets are only contributing to the high-fee environment and cannot benefit those using Bitcoin for payment.

“People want good money, so in the short term, the high-paying environment introduced by Ordinals has a very negative effect on the use of Bitcoin as a currency, because the high-paying environment reduces the number of people who can afford it. It makes it difficult to store Bitcoin on the chain and open channels on Lightning. McCormack said.

However, grassroots supporters like Eric Lombrozo have pointed out that any effort to censor Bitcoin transactions will fail.

“Attempts to censor Bitcoin transactions, no matter how well-intentioned, will fail. By design. Economic incentives are ultimately important. That's how it should work.

Ordinary developer Casey Rodamore sees the asset as a solution to Bitcoin's security challenges, encouraging miners. He believes that the diversity of sources of demand for the Bitcoin blockchain space is important.

“Perhaps it is good that there are different sources of demand for the Bitcoin block space. If the various sources of demand are less than those actually connected, the aggregate demand curve may be smoother than the components involved, Rodamore said.

Meanwhile, DeFi researcher Ignas said that while inscripts raise Bitcoin's transaction fees, they are profitable for miners.

“So as long as at least one Bitcoin mining pool includes text transactions, they won't disappear,” Ignas added.

Standard notes, similar to NFTs, represent digital assets denominated in satoshis, the smallest units of Bitcoin. These texts include various forms of media such as artwork, text, videos, and video games. Since its inception in January, approximately 50 million articles have appeared on the Bitcoin blockchain.

Is the price of ORDI going to zero?

The possibility of ordinal censoring can significantly affect the value of ORDI. Earlier in the week, LookOnChain saw a whale dump all 59,000 ORDIs around $3.5 million following Dashjr's “vulnerability” statement.

Similarly, YouTuber Jerry Banfield described ORDI as a “Bitcoin BRC-20 token on its way to zero” due to concerns about censorship surrounding it.

“There's a big risk that the standard protocol, or the way it's done now, will be removed so that you can't do it in the future. That may not happen, but there's a big risk that it could destroy all of these ordinary steps at once,” Banfield said.

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The above shows that any censorship or removal of the protocol from Bitcoin will have a significant negative impact on the value of ORDI. Still, ORDI is one of the best performing assets in the ongoing bull market. It has seen its value increase by over 2,600% year-to-date.