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Bacon-backed Bacoin Slammed with Cease and Desist

Bacon-backed Bacoin Slammed with Cease-and-Desist

Reading Time: 2 minutes by on May 4, 2018 Altcoins, News, Regulation
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Less than a few days after the launch of the Bacoin crypto promotion by Oscar Mayer, it appears the gag cryptocurrency has already hit a snag as the promoters of Bacoin have been served with a cease-and-desist letter. This new development is an unexpected twist in a story that seemed condemned to the light-hearted sections of the cypto scene.


Bacoin Already Exists

Kirk Steele from Michigan is a 27-year-old IT specialist who developed a cryptocurrency called Bacoin in 2014. Just like the one created by Oscar Mayer, Steele’s Bacoin is backed by bacon.

According to a phone conversation quoted by Motherboard, Steele created Bacoin as a means of getting some coverage for a local Michigan company. In an email cited by a Gizmodo article, Steele said that:

“Bacoin in its original form was to be similar to meme status as Dogecoin. The latest version of Bacoin was going to avoid SEC scrutiny by being given away for free in an airdrop format. The token would be used as a marketing tool for the meat industry and a rewards program for customers that bought meat or other types of products from the specific company that was partnered [with]. I did reach out to a few local distributors but never heard back.”

Unable to secure a bacon company to support the idea, Steele halted the project in an attempt to re-engineer the Bacoin cryptocurrency. According to him, the tokenomics of Bacoin turned out to be more daunting than he had initially envisaged. Steele admits that he initially was supportive of Oscar Mayer’s bacoin project. However, his stance changed when he realized it was all a gag product and no real blockchain infrastructure was being used.

According to him, all Oscar Mayer has done is to convert a viable crypto project into a buzzword used for marketing purposes. The Oscar Mayer Bacoin promo adds no value to the cryptocurrency scene.

Standing Up for the Little Guy

Steele believes he is standing up for the “little guy” by challenging the Kraft Heinz subsidiary. He, however, admits that he probably cannot afford the legal fees that would come with a protracted legal tussle. He went on to say that he would drop the issue if offered a free one-year supply of bacon.

In a response quoted by Gizmodo, a Kraft Heinz spokesperson said that the company had confidence in the uniqueness of the Bacoin campaign. The spokesperson also declared that the company had reached out to Steele and that they would love to engage with people who have a passion for bacon.

Oscar Mayer launched the Bacoin promotion as a way of using cryptocurrency to promote its bacon brand. Bacoins are redeemable for slices of Oscar Mayer bacon based on the level of social media activity. The organizers of the campaign say that Bacoin behaves just like all other cryptos.

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