Crypto Fun Facts | Oscar Meyer’s Bacoin Controversy

Crypto Fun Facts

Crypto Fun Facts

For some reason, there is a special connection between cryptocurrencies and fast food. Perhaps it has something to do with the famous 10,000 BTC pizza purchase that Laszlo Hanyecz made back in 2010. Either way, although common, the crypto-junk food pairing seems to be an unfortunate one. Just ask Oscar Meyer, whose Bacoin controversy is just the latest chapter in the food-related crypto curse saga.

On April 30, Bitcoinist.com wrote a flattering article about Oscar Meyer, the well-known bacon brand, and its new cryptocurrency – Bacoin. The promo cryptocurrency was backed by actual Oscar Meyer bacon, in what was supposed to be a viral marketing campaign. The company even made a series of high-quality videos featuring hipsters ecstatic over bacon falling from the sky. The campaign was supposed to last until May 14, with users being given the opportunity to mine Bacoins and track their price. One Bacoin was supposed to be worth ten slices of Oscar Meyer bacon.

Although the marketing campaign was initially seen as just another one of Oscar Meyer’s clever and colorful promotional campaigns, it soon sparked a real Bacoin controversy when it was revealed that a cryptocurrency called Bacoin already exists. Seems like the bacon guys should have done their research first. On May 3, Oscar Meyer was hit with a cease-and-desist order. The original creator of Bacoin, Kirk Steele, a 27-year-old IT expert, rather cleverly wrote “Hands off my Bacoin”. The original Bacoin was created in 2014, and its creator was especially insulted at the fact that the whole Oscar Meyer show was a gag, while the intention behind the real cryptocurrency was to help a local Michigan meat company. Steele did say that he doesn’t have the means to go after Oscar Meyer, so he would be willing to drop the whole thing for a year’s worth of bacon.

Steel said that he cares about cryptocurrencies and that he would like to work with Oscar Meyer and resolve the Bacoin controversy in case they decided to support an actual worthwhile project. In a latest update, Gizmodo revealed that Oscar Meyer and Steel managed to reach a compromise, with Oscar Meyer making a donation (also in Kirk Steele’s name) to the Geek Group, which has crypto-related sessions and other similar educational projects.

When it comes to other food-related cryptocurrencies, we managed to come across WhopperCoin, FoodCoin, and BananaCoin.

BananaCoin is linked to the export price of 1 kg bananas. It was launched by “the first environmentally friendly plantation in Laos”, as a utility token based on the Ethereum platform. At the moment, all of BananaCoin’s bananas are exported to China.

The FoodCoin ecosystem aims to optimize food systems and increase their efficiency by linking agricultural equipment manufacturers, farmers, food manufacturers, restaurants, and food delivery services. The idea to build a global food marketplace was based on the team’s success with the 1000 EcoFarms platform.

WhopperCoin was launched by Burger King in late August 2017, but only in Russia. It was designed as a loyalty system, rewarding customers for each purchase. When customers have enough WhopperCoins, they can use them to purchase burgers.

Well, all this talk of food got us hungry. How about you? Enjoy your Bacoins and WhopperCoins and happy trading!

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Author: Max Rothstein
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