Chipotle courts the gullible with a crypto game - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/07\/25\/chipotle-courts-the-gullible-with-a-crypto-game\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chipotle courts the gullible with a crypto game - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Our fearless leader, Nilay Patel, sent me an article about Chipotle accepting cryptocurrency for payment earlier this year. I did think about writing something to troll my cryptocurrency-hating editor who loves Chipotle, but then Elon Musk did some manner of nonsense, and I forgot. 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\n

Our fearless leader, Nilay Patel, sent me an article about Chipotle accepting cryptocurrency for payment<\/a> earlier this year. I did think about writing something to troll my cryptocurrency-hating editor who loves Chipotle<\/a>, but then Elon Musk did some manner of nonsense, and I forgot.<\/p>\n
\nChipotle did pay $25 million for giving its customers norovirus, so I guess this is how they\u2019re recruiting new ones<\/q><\/aside>\n<\/div>\nUntil now. Chipotle made the mistake of tipping us to its new game for National Avocado Day. It\u2019s called \u201cBuy the Dip\u201d because guac costs extra. The game will, according to its press release, \u201cengage fans in a stock market simulation to \u2018buy the dip\u2019 at its lowest point and give away a total of $200,000 in crypto.\u201d Chipotle did pay $25 million for giving its customers norovirus,<\/a> so I guess this is how they\u2019re recruiting new ones.<\/p>\n
\u201cBuy the dip\u201d is a common phrase in the crypto world, though, and it refers to the idea that crypto\u2019s price movement is cyclical. Every so often, in this ideology, cryptocurrency values go through a \u201cwinter\u201d or downturn, and if you buy crypto then, it will be cheap relative to the top of the next cycle. Your mileage may vary regarding this particular investment narrative.<\/p>\n
Generally, it is very difficult to time the market bottom<\/a>. Encouraging people to try it, even in the form of a game, is irresponsible at best<\/em><\/a>.<\/p>\n
This isn\u2019t Chipotle\u2019s first crypto stunt. That would be its celebration of National Burrito Day \u2014 much like National Avocado Day, this holiday is the invention of some extremely annoying marketers \u2014 by giving away $100,000 in Bitcoin (as well as $100,000 in free burritos). Chipotle then launched its own currency on Roblox called Burrito Bucks. If you played the Chipotle Burrito Builder game on Roblox, you could get a code for free food at certain Chipotle restaurants by trading in your Burrito Bucks.<\/p>\n
And then, of course, there are the Flexa payments, the thing Nilay emailed me about. To make them, you use a Flexa-enabled app, such as SPEDN (not a typo but a play on \u201chodl,\u201d itself a drunken typo). So I downloaded the app, and uh, you know what was wild?<\/p>\n
\n\n  <\/p>\n    <\/p>\n<\/p>\n
<\/source><\/picture>\n
    <\/span><\/p>\n
  <\/span><\/p>\n
    haha what<\/em><\/figcaption>Screenshot of SPEDN app<\/cite><\/p>\n    <\/span><\/p>\n<\/figure>\n<\/div>\nThe pitch for cryptocurrency was that it was supposed to be an improvement on the existing banking system. I do not understand how loading a wallet I cannot withdraw from<\/a> in order to make a transaction is an improvement over a credit card. It\u2019s significantly worse than cash. And unlike either cash or credit, every time you buy something with your Flexa account, it\u2019s IRS o\u2019clock<\/a>. Flexa will help you, minimally, with your taxes by giving you a CSV of your transactions so you can give the IRS the extra money you owe because you bought a burrito bowl with cryptocurrency<\/a>.<\/p>\n
If I were to deposit into a Flexa account, where would my crypto go? Well, according to the terms of service<\/a>, \u201cWhen you deposit your cryptocurrency into the App, your funds are held and insured with a licensed third party custodian.\u201d Great! Cool! No further questions! If you rummage around the site a little, you find that the deposits are insured by Gemini<\/a>, the cryptocurrency exchange run by the twins Cameron and Tyler Winklevoss.<\/p>\n
Fortunately, Monique Soriano \u2014 an outside spokeswoman for Chipotle \u2014 tells me that winners from Buy the Dip will receive their crypto through a Coinbase account. Soriano declined to say how many transactions per day at Chipotle took place through Flexa, citing the company\u2019s upcoming second quarter earnings release. Still, I think suspect that crypto is more valuable to Chipotle as a marketing stunt than it is as a revenue stream \u2014 after all, the point of Flexa is that Chipotle can choose to get paid in dollars<\/a>, no matter what crypto you use.<\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/7\/25\/23274297\/chipotle-bitcoin-buy-the-dip-flexa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: Our fearless leader, Nilay Patel, sent me an article about Chipotle accepting cryptocurrency for payment earlier this year. I did think about writing something to troll my cryptocurrency-hating editor who loves Chipotle, but then Elon Musk did some manner of nonsense, and I forgot. Chipotle did pay $25 million for giving its customers norovirus, […]<\/p>\n","protected":false},"author":1,"featured_media":10725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,8],"tags":[27],"class_list":["post-10724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-technology","tag-science"],"yoast_head":"\nChipotle courts the gullible with a crypto game - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/07\/25\/chipotle-courts-the-gullible-with-a-crypto-game\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chipotle courts the gullible with a crypto game - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Our fearless leader, Nilay Patel, sent me an article about Chipotle accepting cryptocurrency for payment earlier this year. 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I did think about writing something to troll my cryptocurrency-hating editor who loves Chipotle, but then Elon Musk did some manner of nonsense, and I forgot. Chipotle did pay $25 million for giving its customers norovirus, […]","og_url":"https:\/\/scienceandnerds.com\/2022\/07\/25\/chipotle-courts-the-gullible-with-a-crypto-game\/","og_site_name":"Science and Nerds","article_published_time":"2022-07-25T14:52:29+00:00","article_modified_time":"2022-07-25T14:52:30+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/scienceandnerds.com\/wp-content\/uploads\/2022\/07\/chipotle-courts-the-gullible-with-a-crypto-game_62deae2de99bf.jpeg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/scienceandnerds.com\/2022\/07\/25\/chipotle-courts-the-gullible-with-a-crypto-game\/","url":"https:\/\/scienceandnerds.com\/2022\/07\/25\/chipotle-courts-the-gullible-with-a-crypto-game\/","name":"Chipotle courts the gullible with a crypto game - Science and 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