I wouldn't write that plant off yet. You need to soak bark chunks for quite a while and they will dry out fast for the first few months until they get a little older and better to absorb moisture. Once a new growth starts, it will send it's own roots out and will adapt to the potting media. Try misting it several times a day to help it take up moisture. Just make sure water doesn't sit in any crevices where it could start rot. You could also stick a bamboo kebab skewer in the pot and leave it there. When you are thinking it's time to water, pull it out and see how wet it is. If it's quite wet, hold off on watering for a few days. If it is dry or barely damp, it is time to water. Put it back in the same place and then you won't be poking holes in all the roots. Keep us posted.
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There is no way of telling without seeing first. Whatever the outcome, you'll know how to do better with another one. It doesn't matter how long you soaked the medium, as long as it was allowed to dry out and had a lots of air.
I am windowsill grower and I found that during winter, it's best if medium is kept almost dried out only allowing roots to soak up enough water to stay healthy and having a lots of humidity in the air instead of medium. Winters in rain-forests are marked by being dry most of the time, it's nothing new for orchids. And roots do behave like sponges, if they can soak humidity out of air, they can surely soak water when being watered.
The winter in my room starts when night temperature drops to 18°C (65°F) and windowsill gets quite cold and windy. Having wet medium at that low temperature can cause root rot.
Semi- hydroponics is similar to hydroponics and I find it much better way to re-root the orchid than the bag method especially with big orchids that you'll need enormous bag to close it in.