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On January 14, 2014, a representative of Coinye announced on Reddit that "the developers basically dumped all their coins on the one exchange and left the scene."<ref>{{cite web|title=Monday Updates|url=http://www.reddit.com/r/coinyewest/comments/1v6u62/monday_updates/|accessdate=1/14/2014}}</ref><ref>{{cite web|last=Newton|first=Casey|title=Coinye developers say they're abandoning project as Kanye West escalates legal battle|url=http://www.theverge.com/2014/1/14/5308480/kanye-west-ratchets-up-legal-battle-against-coinye-operators|publisher=The Verge|accessdate=1/16/2014}}</ref> Coinye's official site has since been replaced with text reading "Coinye is dead. You win, Kanye."<ref>{{cite web|title=coinyeco.in|url=http://coinyeco.in/|accessdate=1/14/2014}}</ref>
On January 14, 2014, a representative of Coinye announced on Reddit that "the developers basically dumped all their coins on the one exchange and left the scene."<ref>{{cite web|title=Monday Updates|url=http://www.reddit.com/r/coinyewest/comments/1v6u62/monday_updates/|accessdate=1/14/2014}}</ref><ref>{{cite web|last=Newton|first=Casey|title=Coinye developers say they're abandoning project as Kanye West escalates legal battle|url=http://www.theverge.com/2014/1/14/5308480/kanye-west-ratchets-up-legal-battle-against-coinye-operators|publisher=The Verge|accessdate=1/16/2014}}</ref> Coinye's official site has since been replaced with text reading "Coinye is dead. You win, Kanye."<ref>{{cite web|title=coinyeco.in|url=http://coinyeco.in/|accessdate=1/14/2014}}</ref>


Although the creators of the project closed down all official Coinye services and have distanced themselves from the parties they labeled “morons trying to revive this coin,”<ref>{{cite web|last=Rizzo|first=Pete|title=Kanye West’s Legal Team Take Down Spoof ‘Coinye’ Altcoin|url=http://www.coindesk.com/kanye-west-legal-team-take-down-spoof-coinye-altcoin/|publisher=CoinDesk|accessdate=1/17/2014}}</ref> the peer-to-peer coin network is still functional, and an attempt has been made by community members to reboot the coin on a new web page.<ref>{{cite web|last=Elrich|first=Brenna|title=Uh-Oh, Kanye: Coinye's Back|url=http://www.mtv.com/news/articles/1720516/kanye-west-coinye-returns.jhtml|publisher=MTV|accessdate=1/14/2014}}</ref>
Although the creators of the project closed down all official Coinye services and have distanced themselves from the parties they labeled “morons trying to revive this coin,”<ref>{{cite web|last=Rizzo|first=Pete|title=Kanye West’s Legal Team Take Down Spoof ‘Coinye’ Altcoin|url=http://www.coindesk.com/kanye-west-legal-team-take-down-spoof-coinye-altcoin/|publisher=CoinDesk|accessdate=1/17/2014}}</ref> the peer-to-peer coin network is still active, the blockchain is uninterrupted and a group of anonimously coordinated developpers is expanding general support for the Coinye.<ref>http://frontpage.fok.nl/nieuws/634392/1/1/50/upd-interview-coinye-initiatiefnemers.html</ref>


==Cease and desist order==
==Cease and desist order==

Revision as of 23:12, 18 January 2014

Coinye
File:Coinye.png
Official logo
Unit
PluralCOINYE
NicknameCoinYe
Demographics
Date of introductionJanuary 7, 2014
User(s)International
Valuation
InflationLimited release, production rate before this limit re-evaluated with the production of every block (at a rate of approximately 1 block per 90 seconds) based on the difficulty with which COINYEs are produced, eventually leading up to a final total of 133,333,333,333 coins.

Coinye, formerly Coinye West, is a Scrypt-based cryptocurrency that used the American hip hop artist, Kanye West as its mascot despite West having no affiliation with the project.[1][2] The project has since been abandoned by the original developers, following West's filing of a trademark infringement lawsuit against them.[3]

The premise for Coinye West according to a Vice magazine interview with its creators is to simplify cryptocurrencies for the general public,[4] specifically for people that are not technically inclined,[5] and chose to base their coin on Kanye West because "he is and always has been a trendsetter, and he’s always keeping things unique.”[6] The coin has been compared to Dogecoin due to its seemingly satirical nature.[7][8]

Early press materials promised a proper and fair release, with no pre-allocation of coins.[9] However, later statements from the developers confirmed that approximately 0.37% of the maximum money supply of Coinye had been reserved for the creators of the coin before launch.[10] The developers claimed that this was to cover unexpected legal and development costs.

On January 14, 2014, a representative of Coinye announced on Reddit that "the developers basically dumped all their coins on the one exchange and left the scene."[11][12] Coinye's official site has since been replaced with text reading "Coinye is dead. You win, Kanye."[13]

Although the creators of the project closed down all official Coinye services and have distanced themselves from the parties they labeled “morons trying to revive this coin,”[14] the peer-to-peer coin network is still active, the blockchain is uninterrupted and a group of anonimously coordinated developpers is expanding general support for the Coinye.[15]

Cease and desist order

On January 6, 2014, Kanye West's lawyers sent the development team a cease and desist order on the basis that the currency constituted trademark infringement, unfair competition, cyberpiracy and dilution five days before the official release of the coin.[16] [17] In response to the legal threats, the development team released the source code and mining software five days early, in addition to changing the name of the currency to Coinye and moving to a new domain name.[18] By January 10, 2014, the development team responded stating that they had removed all references to West but instead "to a half-man-half-fish hybrid", a nod to a South Park episode in which West fails to realize why people are jokingly calling him a "gay fish".[19]

References

  1. ^ Yannick LeJacq (2 January 2014). "Oh Yeezus! Cryptocurrency gets hip with Kanye-inspired 'Coinye West'". NBC News. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  2. ^ Adam Gauntlett (3 January 2014). "Bitcoin Rival Coinye West To Launch This Month". The Escapist. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  3. ^ Winograd, David (1/14/2014). "Kanye Sues Coinye, and The Cryptocurrency's Creators Back Down". TIME. Retrieved 1/16/2014. {{cite news}}: Check date values in: |accessdate= and |date= (help)
  4. ^ Ryan Bassil (2 January 2014). "Screw Bitcoin and Dogecoin, There's a Kanye West Themed Cryptocurrency On The Way". Noisey. Vice Media. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  5. ^ Evan Bleier (3 January 2014). "Kanye-inspired currency, Coinye West, will debut later this month". United Press International. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  6. ^ Maria Tadeo (3 January 2014). "Kanye West gets his own virtual currency...The Coinye West". The Independent. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  7. ^ Jessica Roy (2 January 2014). "Kanye West Now Has His Own Cryptocurrency and It's Called Coinye West". TIME. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  8. ^ David Gilbert (2 January 2014). "Kanye West-Inspired Bitcoin Alternative Coinye West to Launch Next Week". International Business Times. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  9. ^ Clark, Liat. "CoinYe West: a new cryptocurrency for the masses and ode to Kanye". Wired. Retrieved 1/8/2014. {{cite web}}: Check date values in: |accessdate= (help)
  10. ^ Vega, Danny (1/8/14). "Coinye West: 5 Fast Facts You Need to Know". Heavy. Retrieved 1/10/14. {{cite news}}: Check date values in: |accessdate= and |date= (help)
  11. ^ "Monday Updates". Retrieved 1/14/2014. {{cite web}}: Check date values in: |accessdate= (help)
  12. ^ Newton, Casey. "Coinye developers say they're abandoning project as Kanye West escalates legal battle". The Verge. Retrieved 1/16/2014. {{cite web}}: Check date values in: |accessdate= (help)
  13. ^ "coinyeco.in". Retrieved 1/14/2014. {{cite web}}: Check date values in: |accessdate= (help)
  14. ^ Rizzo, Pete. "Kanye West's Legal Team Take Down Spoof 'Coinye' Altcoin". CoinDesk. Retrieved 1/17/2014. {{cite web}}: Check date values in: |accessdate= (help)
  15. ^ http://frontpage.fok.nl/nieuws/634392/1/1/50/upd-interview-coinye-initiatiefnemers.html
  16. ^ Rose, Brad. "Infringement of KANYE WEST Mark and Other Violations" (PDF). Pryor Cashman LLP. Retrieved 1/8/2014. {{cite web}}: Check date values in: |accessdate= (help)
  17. ^ Kyle Chayka (7 January 2014). "Bound 2 Happen: Kanye West Demands Coinye Programmers Shut Down the Digital Currency". TIME. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  18. ^ Danny Yadron (7 January 2014). "Kanye's Lawyer Moves to Block Coinye". Digits. The Wall Street Journal. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
  19. ^ Adi Robertson (10 January 2014). "Coinye responds to Kanye complaint, says currency now based on 'half-man half-fish hybrid'". The Verge. Retrieved January 2014. {{cite web}}: Check date values in: |accessdate= (help)
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