Kanye West has made a name for himself in music, he has made a name for himself in design and he continues to try and make a name for himself in art (in general) but now we learn that he is about to make a name for himself in cryptocurrency. On January 11, a new form of digital currency (like Bitcoin) is going to be launched inspired by Kanye called Coinye West. From what I understand, the attempt with this new form of currency is to try and make the use of digital cryptocurrency more accessible to the everyday person who may have no idea what digital currency is or how to use it (like me, for example). In just a few short days, folks will be able to buy/invest/procure/whatever Coinye West currency for themselves … which is cool, I guess? Click below to learn more.
Kanye West is the inspiration behind a new cryptocurrency. On January 11, a new non-tangible digital currency called Coinye West will be launched by its anonymous creator. Cryptocurrency is the name given to online forms of payment that are digitally transferred like Bitcoin. Bitcoin gained publicity in 2013 after it was reported to be used by underground markets as a form of payment. The value of one Bitcoin shot from $100 to $1,000 at one point, before the Chinese government outlawed it, causing its value to be halved. However, a number of reputable cryptocurrencies like Bitcoin exist, including Ripple, Litecoin, Peercoin and Namecoin, triggering a growing trend in digital cash. The creators of Coinye West are launching the cryptocurrency as one “for the masses”, to shed light on the increasingly popular form of payment and investment. “Coinye West is a cryptocurrency for the masses,” they told Noisey. “Bitcoin is for hardcore money hoarders, and Dogecoin was more for the internet meme crowds. “Our goal with Coinye West is to make it easier for people to use cryptocurrency. Right now, it’s kind of a dark art for people to mine coins. “We plan on releasing a front end to the ‘mining’ programs called CoinyeMiner. It will make things a lot more simple and people will be able to make their own coins. We’re working round-the-clock to get everything going as smoothly as possible.” The crypotcurrency hasn’t been co-signed by Kanye West, but its creators are hoping to get his approval and even tweeted him last week for a response. “We’re really not sure how Kanye is gonna react to this,” they said. “We hope he loves it, but if he doesn’t, he really isn’t someone we want to piss off.”
Heh. Either Kanye is going to hate this whole thing and squash it as soon as possible OR he’s going to love the idea and buy/invest/whatever in as much of this currency named in his honor as possible. It really is a toss up. Part of me believes that Kanye won’t be cool with any product, no matter what it is, using his name/likeness without his permission and without his ability to profit from it (which is as it should be) but, then again, part of me knows that having his own currency is something that will likely appeal to his overinflated ego. Here is the official information about Coinye West for those of you wanting to know more about the cryptocurrency:
About Coinye West
– WE AIN’T MININ’, WE PICKIN’. –
DROPPING JANUARY 11, 2014. 11 PM EST. No screwed up fake “fair” launches, shyster devs, muted channels, and f**ked up wallets. We will be releasing password protected, encrypted archives containing the binaries and source for the wallet and daemon BEFORE LAUNCH, with the passwords to be released at the specified time. We will work with multiple pools to orchestrate a PROPER and FAIR release. Internet Relay chat is in irc.freenode.net #coinyewest
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
I really don’t understand how this digital currency works but I suspect in a few years time, we’ll all have a better understanding of how it is used. Maybe now is the time to get in on the ground floor and snatch up some Coinye while the gettin’s good. HMMM. Are any of y’all familiar with digital currency? Does this sound like something that folks should invest in? Would YOU like to use currency of any form with Kanye‘s likeness on it? I think I’ll pass … and wait for Britcoins to hit the market.