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There's Kanye West-Themed Crypto-Currency On the Way

Posted by samzenpus on from the yo-bitcoin-imma-let-you-be-spent-but-coinye-is-the-best-crypto-currency-of-all-time dept.

Nerval's Lobster writes "A bunch of anonymous developers are working on 'Coinye West,' a crypto-currency named after rapper Kanye West. Coinye West isn't an official production of Kanye West, and the developers are staying anonymous because they probably fear the inevitable copyright lawsuits. (Of course, if the currency hits the online market and proves a success, it's always possible the real Kanye West would drop any suit in exchange for a massive amount of Coinye West coins—every hip-hop artist on the planet might claim to drive a Maybach, but how many can claim a currency?) 'DROPPING JANUARY 11, 2014. 11 PM EST,' read a note on Coinyewest.com. 'No premine, no screwed up fake "fair" launches, shyster devs, muted channels, and f**ked up wallets,' it helpfully added. 'We will be releasing password protected, encrypted archives containing binaries and source for the wallet and daemon BEFORE LAUNCH, with the passwords to be released at the specified time.' Just to emphasize the supposed fairness of this particular crypto-currency, the note repeated: 'We will work with multiple pools to orchestrate a PROPER and FAIR release.' A chat room is available at irc.freenode.net. Technical details for the crypto-currency include: Algorithm: Scrypt; max Coins: 133,333,333,333; block time: 90 seconds; difficulty Re-Target Time: 12 hours; block Rewards: 666,666 COYE; every 100k blocks, the payout halves. In the future, will every major celebrity will have a crypto-currency named after him or her? And how long until Jay-Z decides to launch something similar?"

7 of 237 comments (clear)

  1. Good grief... by Frosty+Piss · · Score: 4, Insightful

    I know it's now a cliche to pontificate "Why is this on Slashdot", but seriously? This is not news for anyone, certainly not "nerds", and clearly doesn't matter. It's not even funny. This "story" would be more appropriate next April.

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    1. Re:Good grief... by bob_super · · Score: 5, Insightful

      It proves that anyone can create a cryptocurrency based on whatever stupid meme they feel like, therefore all cryptocurrencies have no actual reason to have a value outside of the gullibility of their users.
      They're modern art.

    2. Re:Good grief... by AlphaWolf_HK · · Score: 5, Insightful

      Really you can say the same thing about any fiat currency.

      Like playing a game of poker and saying "Ok, red chips are worth $1, white chips $5, and blue chips $10". Even the US dollar is this way -- its value is very much arbitrary.

      Now just because it is only worth whatever you think its worth does not necessarily make it worth nothing.

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    3. Re:Good grief... by rsborg · · Score: 4, Insightful

      Really you can say the same thing about any fiat currency.

      Like playing a game of poker and saying "Ok, red chips are worth $1, white chips $5, and blue chips $10". Even the US dollar is this way -- its value is very much arbitrary.

      Now just because it is only worth whatever you think its worth does not necessarily make it worth nothing.

      No, you can't. Fiat currencies are backed by the will of countries or large organizations, often with armies/guns to support their decisions. That some fiat currencies are effectively worthless says more about the country/organization than it does about fiat currencies in general.

      Sure a crypto currency could be used as the main currency of some large organization, but until then they all have very little intrinsic worth and no guarantee of guns and/or a large populace to back up their worth.

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    4. Re:Good grief... by the+eric+conspiracy · · Score: 4, Insightful

      The US dollar has some advantages over other currencies. For example it is accepted in payment of taxes and other debts by the US government.

       

    5. Re:Good grief... by schnell · · Score: 4, Insightful

      That the "US dollar" exists is the biggest lie in America.

      That's funny, I have several here in my wallet right now.

      The US dollar (or, more precisely, the US $20 or $100 bill) is the most fungible fucking thing on the planet Earth right now. You can spend it or exchange it almost anywhere else on the planet for goods or services at a well established market rate. THAT'S WHAT A CURRENCY IS SUPPOSED TO DO.

      I keep promising myself that I'll stop reading the Slashdot articles about Bitcoin, but I don't... that must be what the Dice Overlords are counting on in the hopes that their banner ads sparking my purchases of clever T-shirts or IBM ... something ... will finally pay off. Brilliant!

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  2. Kanye can just screw off already by msobkow · · Score: 4, Insightful

    Kanye this. Kanye that.

    The bloodsucking money hungry leech just won't go away...

    Bastard can't even sing.

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