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Steak ‘N Shake U-Turns on ETH Payment Idea


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.

source: Steak and Shake

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.

Related to: ETH, BNB and DOGE lead as crypto market cap rebounds to $4 trillion

“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.

source: Ben Justman

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.”