Don't be afraid to let the medium COMPLETELY dry out before watering again.
The fact that this stuff grows back so fast means that it's still alive and actively growing, between waterings.
Killing it with Physan or other mold products will only give you aesthetic satisfaction, and only for a little while. Because, the next thing that will happen is that the orchid itself will become unsightly (read: diseased, followed by deceased).
In short: the mold is a symptom, not a problem in itself.
So: you're a senior member so I'm sure you know that you can move it into a clay pot, with or without perforations on the sides. This will let the medium and roots dry out much faster between waterings. Also when you do water, you can make sure the plant gets enough to drink by leaving it immersed in water for anywhere form 10 minutes to an hour.
During this time the plant can draw up all the water it wants and store it in the cane, rather than needing to sip from roots that have just had some water poured over them which immediately ran off. However this way you'll be able to give the plant a good dry-out between waterings without depriving it.
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