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Fast-food chain Steak 'n Shake has quickly reversed a decision to explore accepting Ether (ETH) payments following significant backlash from the Bitcoin community. The company had initiated a poll on X (formerly Twitter) to gauge customer interest in expanding cryptocurrency payment options beyond Bitcoin, but a strong negative reaction led to the poll's suspension and a reaffirmation of allegiance to Bitcoiners.
Key Takeaways
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Steak 'n Shake polled its followers on accepting Ether payments.
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The poll was suspended due to backlash from Bitcoin supporters.
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The company reaffirmed its commitment to Bitcoin.
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The incident highlights crypto tribalism and its impact on business decisions.
The Ether Poll and Swift Reversal
Steak 'n Shake, which began accepting Bitcoin (BTC) payments in May, posed a question to its over 468,000 X followers: should the chain accept Ether? The poll, which garnered nearly 50,000 votes, saw 53% in favor of accepting ETH. However, just four hours after its launch, Steak 'n Shake announced the poll's suspension, stating, "Our allegiance is with Bitcoiners. You have spoken."
Bitcoin Community's Reaction
The move to even consider Ether payments sparked immediate criticism from prominent figures within the Bitcoin community. Adam Simecka, builder of the Manna self-custody wallet, declared he would cease patronizing the chain if ETH was accepted. Others, like "The Bitcoin Gal," expressed disappointment, and Bitcoin developer Carman noted the poll's negative impact on Steak 'n Shake's reputation. This reaction underscores the strong sentiment among Bitcoin maximalists, who often view Bitcoin as the sole legitimate cryptocurrency.
Business Impact and Vitalik Buterin's Perspective
Steak 'n Shake has previously credited its adoption of Bitcoin for a significant increase in same-store sales, reporting a 15% year-on-year rise in the third quarter. The chain also noted that Bitcoin payments reduced processing fees by 50%. Interestingly, Ethereum co-founder Vitalik Buterin commented on the situation, suggesting that businesses adopting crypto should align with a specific "tribe" rather than attempting broad appeal. He emphasized the value of "stubborn ones who believe in their cause and their tribe."
Future Plans and Crypto Tribalism
Steak 'n Shake plans to further integrate Bitcoin, including the launch of a "Bitcoin Steakburger" on October 16. The incident serves as a notable example of how vocal cryptocurrency communities can influence corporate decisions, reinforcing the ongoing tension between Bitcoin's dominance and the growth of alternative cryptocurrencies in the merchant payment landscape.