Friday, January 3, 2014

Meet Coinye West, the Kanye-Inspired Bitcoin Alternative

Not many people realize it, but there are hundreds of alternatives to Bitcoin as an e-currency. Most are flaky.

Now comes this. Via PC World:
When Kanye West wrote the lyric, “I’m chilling, trying to stack these millions,” he probably did not mean digital currency. But a new technology might give him pause, or at least have him scratching his head 
In a sign that the frenzy over Bitcoin may have reached a new level of ridiculousness, there is now another phenomenon inspired by it: Coinye West, named after the American hip hop artist[...] 
Coinye West, however, might be the first to be modeled after, and take its name from, a celebrity. “We chose Kanye because of his trendsetting abilities and his originality,” the developers of the currency said via email. They declined to identify themselves due to the collaborative and “decentralized” nature of the currency.
West himself was not involved in developing the currency, and he was notified of its existence only via Twitter[...]
The currency will officially launch on Jan. 11, underpinned by a common-sense goal: To make digital currencies more accessible to a less technical audience. The Coinye West system, its developers said, will use a different algorithm from Bitcoin’s that will let people use their home computers to acquire Coinye West coins instead of having to go out and buy expensive, specialized hardware.
The name of this mining software will be “Gold Digger,” the developers said, presumably after the title of a popular song by West. “We want to bring cryptocurrency to the masses,” they said, “so that anybody can get into mining with a couple of clicks.”[...]
Taking a page from Silk Road's Ross Ulbricht, the creators have also gone out of their way to piss off the government. PC World reports:
The developers of Coinye West[...]dismissed the government’s growing interest in digital currency and used an expletive to indicate their lack of concern for law enforcement.


  1. Billions of savings accounts....that's the future for protecting savings.

    Albert Cheng the head of World Gold Council in China discusses the Gold market in China and how Gold has became the foundation for wealth preservation and saving.

  2. Congratulations, Bob. You've been trolled.

  3. Honey Badger has already bought 1,000 and will claim to have made a profit in a year's time when shitcoins are gone. Gold, gold, gold is what you want.

    1. LOL. Actually I have no interest in this particular alt-coin as I see no value in it - just like you see no value in bitcoin. The reality is that we will see many of these "community currencies" bloom and maintain certain market niches. Of course, those currencies with the highest acceptance (and the most hashing power dedicated to securing the network from hostile actors) will have the most value.

      It will be extremely difficult for a new alt-coin to overcome bitcoin's first-mover advantage and infrastructure. With that said, let a thousand currencies bloom and leave it to the market to sort them out.

    2. "Gold, gold, gold is what you want."

      Yeah OK. Get back to me when you can wire gold bars over the internet.

  4. Wow... I never knew it was so easy to make money.

  5. I'm starting up a new altcoin myself. I'm going to call it "Bitchcoin".

    Unlike Bitcoin, Bitchcoin will be backed by something of value, the world's oldest profession:


    How will I make sure that Bitchcoin is always backed by something of value? I'm a pimp you fools.

    After Bitchcoin takes off I'm gonna go legit, just like the mafia went into trash service. I'll make sure that that Bitchcoin isn't messed with by sending over Bubba Delight(my enforcer) to pimp slap anyone trying to screw with the Bitchcoin blockchain.

    My mining software will be called "Johny come lately" and it will feature on board security to prevent manipulations called "penicillin".

    Peace out peeps. Long live Bitchcoin.

  6. Im all for pissing off the government, no matter how absurd it may get.