• Bacon
    Alt coins,  Innovators

    Oscar Mayer’s ‘Bacoin’ gimmick gets hit with cease and desist

    The company’s ‘cryptocurrency’ marketing tactic takes an unexpected turn

    Tether is purportedly backed by the U.S. dollar. SwissRealCoin is backed by the value of Swiss commercial real estate. Bacoin is backed by…bacon? Ostensibly a cryptocurrency by lunch meat giant Oscar Mayer, Bacoin is actually a marketing scheme that piggybacks on crypto-hype to get people talking about bacon on social media. Bacoin “users” create an account on OscarMayerBacoin.com that logs how many times they tweet something with the hashtag #OscarMayerBacoin. The more mentions the hashtag gets over time, the more bacon they can receive in exchange for one Bacoin. Yes, your Bacoins are redeemable for real bacon. Participants can “cash out” their coins in exchange for a coupon they receive…