Earlier this year, Rally Cycling issued a statement on its website announcing the launch of its own cryptocurrency, WattCoin. The idea was that fans could apparently earn WattCoin by riding on their online training platforms and spend them on items on the Rally Cycling website.
“For too long cycling has been dependent on flawed revenue models, and while we are fortunate to have an incredible family of sponsors behind the team, some other organisations are not so lucky. Now, through WattCoin, we can start building a sustainable economic ecosystem,” read the statement, quoting Rally founder Aaron Charles.
The story started to unravel when Charles was asked, by a ‘reporter’, whether he fully understood the crypto-economy.
“Well, no. No, I don’t [understand],” he said. “But I don’t have to. Crypto is the future. It sounds to me like you don’t understand crypto, pal. WATTCOIN IS GOING TO THE FREAKIN’ MOON!”
It’s about here for the reader that the penny drops and a closer inspection reveals the story to be an April Fool. But it certainly had some people fooled.
But why not? Why not launch a cryptocurrency? This ‘launch’ was typical of the sort of ventures found in the blockchain economy: bold, brash and full of promise. In creating a witty April Fool, Rally unwittingly provided a neat summary of the state of play.
This story is from the January 06, 2022 edition of CYCLING WEEKLY.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 06, 2022 edition of CYCLING WEEKLY.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
FRED WRIGHT TRUST THE OFF-SEASON PROCESS
This time of year is always my favourite, training wise.
Richardson hits the ground running in GB colours
Track sprinter wins two from two on opening night of Track Champions League
Claims against Wiggins's estate double to £2m
Briton’s efforts to pursue money through courts have been paused
Volunteers needed to revive UK scene
In the second part of our series on the domestic scene, we ask how a shortage of volunteers is impacting road races
CLASSIC BIKE BOB JACKSON TANDEM
Leeds legend's racing bicycle made for two
“I even tried hiding my power readout - it made no difference"
Watt's up? The Doc's stuck in a threshold rut
UK SCENE BARNES AND EEDY WIN IN EAST MIDLANDS
Hudson and Mills win North of England Championships in regionals weekend
WATT WORKS FOR ME ZOE BACKSTEDT
The youngest member of the storied racing family talks about her first pro victory and juggling the demands of road and cross
MAKING TIME! 14 WAYS TO SQUEEZE MAXIMUM GAS FROM MINIMUM TIME
Short on time for training? Rob Kemp shares smart hacks to stay razor-sharp on the bike while showing the schedule who's boss
SHIMANO RC703 SHOE
Mid-tier performance shoe that behaves like a contender