With Binance's recent listing of the $ORDI token on November 7, Bitcoin's network has once again become a hotbed for discussions around Bitcoin inscriptions and the BRC-20 ecosystem. The surging prices and accumulated transaction fees breaking the 3,363 BTC mark ($147 million) have significantly benefitted miners. However, Bitcoin Maxis have long criticized the practice of embedding unrelated data into the Bitcoin blockchain, likening it to spam that clutters and shouldn't exist.

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In a surprising turn of events, Bitcoin Core developer Luke Dashjr declared on X (formerly Twitter) that inscriptions are essentially spam attacks on the Bitcoin network. He plans to address this in the upcoming v27 version, scheduled for next year. This statement has caused a stir within the community and investors, with $ORDI seeing a 20% drop following the announcement.

https://twitter.com/lukedashjr/status/1732204937466032285

Ed_x0101, the Marketing Head of a Hong Kong-based blockchain development company, emphasized that Bitcoin Core updates are just client software updates and don't enforce node updates. Core developers only have final authority in code submission and need the backing of nodes and miners. This checks-and-balances mechanism is intrinsic to Bitcoin’s infrastructure.

https://twitter.com/Ed_x0101/status/1732285474008674321

The crux of the matter lies in whether the miner community, who benefits significantly from transaction fees, agrees with these changes. With institutional players entering the market and increased participation from overseas communities, the continuation of the inscription ecosystem will be pivotal, especially considering the Bitcoin block reward halving due in April next year.

The decision to support or abandon the inscription ecosystem is critical for miners. As transaction fees become a primary source of income, this decision will impact Bitcoin's network operation. Post v27 version release, the fate of the inscription ecosystem will be closely watched.

Ed_x0101 believes that the Bitcoin ecosystem and inscription practice have already formed a new market mindset and asset issuance method. With significant interests involved, this trend is likely to continue. Researcher @tmel0211 echoed similar sentiments, noting that even with a switch for miners to choose whether to package transactions exceeding block size limits, miners benefiting from high fees are unlikely to turn it off.

Further technical discussions about Luke Dashjr’s Bitcoin Knots v25.1 can be found in tweets by Ben77, founder of Discoco Labs. It’s worth noting that Dashjr’s proposal to update the “datacarriersize” setting, aimed at filtering out inscriptions carrying new script data, is still open and pending integration into the main repository.

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This proposal has elicited varied reactions among core developers, with some opposing it due to its impact on miner income and potential promotion of private memory pools, and others supporting it due to the increased burden on operating nodes. Here's a summary of the opposing stands:

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Keywords: Bitcoin Inscription, BRC-20, Luke Dashjr, Bitcoin Core, Bitcoin Network, Miners, Transaction Fees, Cryptocurrency, Blockchain, Digital Gold, DeFi, Security Concerns, Market Mechanisms, Decentralization, Free Speech