Steak 'n Shake has reversed course on a potential plan to accept ether payments after many Bitcoin users rejected the idea of expanding the fast food chain beyond Bitcoin.
The Steak 'n Shake company asked its 468,800X followers whether it should accept Ethereum (ETH) on Saturday, and promised to “stand by the results of the survey.” The poll saw 53% of the 48,815 votes go for 'yes', but the fast food chain pulled the plug after about four hours due to the backlash.
“The survey has been suspended. Our loyalty is to Bitcoin customers. I have spoken,” X said.
Steak n' Shake began accepting bitcoin as payment on May 16 in all of its locations where the law allows it, including the United States, France, Monaco and Spain.
In the third quarter, Steak n' Shake reported its same-store sales rose 15% year-over-year, due in part to the rise in Bitcoiners who support the chain.
So it made sense as many Bitcoin users criticized Steak 'n Shake for even considering expanding its cryptocurrency payment options beyond Bitcoin.
“I promise you, if I accept ETH, I will never eat at your restaurant again,” said Adam Simica, creator of the Bitcoin (BTC) self-custodial wallet Mana.
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“The fact that you created an ETH poll is disappointing,” added a user named “Colleen,” also known as The Bitcoin Gal, while Bitcoin developer Carman was one of many who said the poll hurt Steak ‘n Shake’s reputation.
It's a reminder that Bitcoin and cryptocurrency tribalism is still alive and well. Many Bitcoin users view Bitcoin as the best form of money. Michael Saylor once said: “There is no second best crypto asset, there is a crypto asset and it is called Bitcoin.”
Vitalik Buterin defends Steak 'n Shake decision
While some have criticized Steak 'n Shake's quick change in stance, it is interesting that the decision was praised by one of the biggest names in the Ethereum community, Vitalik Buterin, who suggested that companies adopting cryptocurrencies should stick to the crypto tribe rather than trying to attract as many customers as possible.
“We need stubborn people who believe in their cause and their tribe and see their work as an act of love for it.”
Last week, Steak 'n Shake also announced that it will launch a “Bitcoin Steakburger” on October 16 to celebrate the company's adoption of Bitcoin.
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