Coinbase Screws Up, Florida Bans CBDCs and Ordinals Face Controversy: Hodler's Digest, May 7-13

The past week was a busy one for the crypto world. Coinbase faced calls for a boycott over the memecoin drama,  Florida made a major move by banning all CBDCs, and the Bitcoin network experienced some controversy due to the prevalence of Bitcoin ordinals.

Coinbase Controversy

The past week saw much drama at Coinbase. On May 11th, a Reddit user complained about a hidden fee in a Coinbase transaction, which caused the price of Dogecoin to surge. Coinbase quickly clarified the incident and said that the consumer had in fact been given a fee discount. However, many in the crypto community saw the incident as proof of Coinbase’s disregard for consumer rights, and soon #DeleteCoinbase was trending on Twitter.

Florida Bans CBDCs

Florida has made a major move this week by banning all Central Bank Digital Currencies (CBDCs). Governor Ron DeSantis unveiled the proposal on May 11th, and it came into effect the very next day. DeSantis argued that CBDCs would be a threat to monetary sovereignty, and said that Florida would not “allow a state-backed digital currency to be forced upon us.”

Bitcoin Ordinals Face Criticism

The Bitcoin network has also been facing some controversy due to the prevalence of Bitcoin ordinals. These are nodes that have not mined a single Bitcoin block, but nonetheless receive significant network traffic. Many have argued that these are a security risk and should be removed, while others have argued that they are an important addition to the network. At the moment, it looks like a stalemate between these opinions.

Conclusion

It has been a busy week for the crypto world, with Coinbase facing calls for a boycott, Florida’s ban on CBDCs, and the controversy surrounding Bitcoin Ordinals. It remains to be seen how the crypto space will respond to these developments.