Coinye

Last updated

Coinye
Coinye 2021.jpg
Logo after 2021
Unit
PluralCOINYE
Symbol COYE‎
Demographics
Date of introductionJanuary 7, 2014
User(s)International
Valuation
Inflation Limited 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.
 Method1 reward is released per block found. Rewards halve every 100K blocks.

Coinye, formerly Coinye West, is [1] a scrypt-based cryptocurrency. Cease and desist letters were issued against it for its use of the American hip hop artist Kanye West, as its mascot despite West having no affiliation with the project. [2] [3] The project was abandoned by the original developers following West's filing of a trademark infringement lawsuit against them. [4]

Contents

History

Release

Coinye was originally slated for release on January 11, 2014, but legal pressure prompted David P. McEnery Jr. and his development team to release the source code and mining software on January 7, a few days ahead of schedule. [5] Early press materials promised a proper and fair release, with no pre-allocation of coins. [6] 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. [7] The developers claimed that this was to cover unexpected legal and development costs.

Trademark-infringement lawsuit

On January 6, 2014, Kanye West's lawyers sent the development team a cease and desist order on the basis that the then-unreleased currency constituted trademark infringement, unfair competition, cyberpiracy and dilution. [8] [9] In response to the legal threats, the development team changed the name of the currency from "Coinye West" to "Coinye" and moved to a new domain name. [10] By January 10, 2014, the development team stated 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." [11] These actions were not sufficient to appease West's legal team, and a lawsuit was filed against the creators of the coin, prompting them to sell their Coinye holdings and leave the project. [12]

Developer departure and community takeover

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." [12] Coinye's official site was replaced with text reading "Coinye is dead. You win, Kanye." and the original website is now down. [13]

Decline (2014-2020)

Coinye has been called "defunct" by numerous publications. [14] [15] [16] Coinye's global block difficulty fell from 78 to 1.012 between January 18, 2014, [17] and May 7, 2014, [18] indicating that the network's total processing power fell by roughly 99% during that time. According to music writer Sasha Geffen, in the midst of the 2017 cryptocurrency bull market, Coinye would have risen in value up to twentyfold, had Kanye West not threatened legal action. [19] However, in 2017, few people were still trading or mining Coinye. [20]

See also

Related Research Articles

<span class="mw-page-title-main">Digital currency</span> Currency stored on electronic systems

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.

A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.

Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." A digital currency issued by a central bank is referred to as a central bank digital currency.

<span class="mw-page-title-main">Bitcoin</span> Decentralized digital currency

Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that secures the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact.

<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

<span class="mw-page-title-main">Charlie Shrem</span> American entrepreneur

Charles Shrem IV is an American entrepreneur and bitcoin advocate. He co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation. In 2014 he was sentenced to two years in prison for aiding and abetting the operation of an unlicensed money-transmitting business related to the Silk Road marketplace. He was released from prison in 2016. In 2017, he joined Jaxx and served as its chief operating officer, and founded cryptocurrency advisory CryptoIQ.

<span class="mw-page-title-main">History of bitcoin</span> Cryptocurrency

Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value. The history of bitcoin started with its invention and implementation by Satoshi Nakamoto, who integrated many existing ideas from the cryptography community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.

<span class="mw-page-title-main">Dogecoin</span> Cryptocurrency

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first "meme coin", and more specifically the first "dog coin". Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of Kabosu from the "doge" meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a peak market capitalization of over US$85 billion on May 5, 2021. As of 2021, it is the sleeve sponsor of Watford Football Club.

<span class="mw-page-title-main">Legality of cryptocurrency by country or territory</span>

The legal status of cryptocurrencies varies substantially from one jurisdiction to another, and is still undefined or changing in many of them. Whereas, in the majority of countries the usage of cryptocurrency isn't in itself illegal, its status and usability as a means of payment varies, with differing regulatory implications.

<span class="mw-page-title-main">MazaCoin</span> Cryptocurrency adopted by Lakota Nation

MazaCoin is a cryptocurrency launched in 2014.

Titcoin is a cryptocurrency launched in 2014. Titcoin's blockchain is derived from the Bitcoin source code, with modifications to improve transaction speed and efficiency. Titcoin is intended for the adult entertainment industry to allow users to pay for adult products and services without the fear of incriminating payment histories appearing on their credit cards.

CoinDesk is a news site specializing in bitcoin and digital currencies. Founded by Shakil Khan, the firm also provides guides to bitcoin for those new to digital currencies.

Monero is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading Monero, transaction amounts, address balances, or transaction histories.

Kraken is a United States of America(USA)–based cryptocurrency exchange, founded in 2011. It was one of the first bitcoin exchanges to be listed on Bloomberg Terminal and was valued at US$3 billion in January 2024. The company has been the subject of several regulatory investigations since 2018, and has agreed to cumulative fines of over $30 million.

<span class="mw-page-title-main">Bitcoin Cash</span> Cryptocurrency that is a fork of bitcoin

Bitcoin Cash is a cryptocurrency that is a fork of bitcoin. Launched in 2017, Bitcoin Cash is considered an altcoin or spin-off of bitcoin. In November 2018, Bitcoin Cash further split into two separate cryptocurrencies: Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).

A cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification, or legally signing a 'document'.

Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.

Diem was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Facebook. The plan also included a private currency implemented as a cryptocurrency.

WhopperCoin was a cryptocurrency launched by the Russian branch of Burger King as a loyalty program in the summer of 2017. It was primarily notable for being the first issuance of branded cryptocurrency by a major company and the first form of loyalty points that could be traded freely; the BBC noted that Burger King was the "first major corporate brand to issue its own crypto-cash", with WhopperCoin turning a burger into an "investment vehicle". It was hosted on the Waves blockchain platform.

References

  1. ↑ "Coinye: Sued and Scolded, but Still Alive". ICO.li. 3 May 2019. Archived from the original on 31 March 2022. Retrieved 28 June 2022.
  2. ↑ Yannick LeJacq (2 January 2014). "Oh Yeezus! Cryptocurrency gets hip with Kanye-inspired 'Coinye West'". NBC News . Archived from the original on 2 January 2014. Retrieved 19 June 2014.
  3. ↑ Adam Gauntlett (3 January 2014). "Bitcoin Rival Coinye West To Launch This Month". The Escapist. Archived from the original on 7 January 2014. Retrieved 19 June 2014.
  4. ↑ Winograd, David (14 January 2014). "Kanye Sues Coinye, and The Cryptocurrency's Creators Back Down". TIME. Archived from the original on 2 February 2014. Retrieved 19 June 2014.
  5. ↑ Danny Yadron (7 January 2014). "Kanye's Lawyer Moves to Block Coinye". Digits. The Wall Street Journal. Archived from the original on 7 January 2014. Retrieved 19 June 2014.
  6. ↑ Clark, Liat (3 January 2014). "CoinYe West: a new cryptocurrency for the masses and ode to Kanye". Wired. Archived from the original on 25 July 2014. Retrieved 19 June 2014.
  7. ↑ Vega, Danny (8 January 2014). "Coinye West: 5 Fast Facts You Need to Know". Heavy. Archived from the original on 13 August 2014. Retrieved 19 June 2014.
  8. ↑ Rose, Brad (6 January 2014). "Infringement of KANYE WEST Mark and Other Violations" (PDF). Pryor Cashman LLP. Archived (PDF) from the original on 1 December 2017. Retrieved 19 June 2014.
  9. ↑ Kyle Chayka (7 January 2014). "Bound 2 Happen: Kanye West Demands Coinye Programmers Shut Down the Digital Currency". TIME. Archived from the original on 8 January 2014. Retrieved 19 June 2014.
  10. ↑ Danny Yadron (7 January 2014). "Kanye's Lawyer Moves to Block Coinye". Digits. The Wall Street Journal. Archived from the original on 7 January 2014. Retrieved 19 June 2014.
  11. ↑ Adi Robertson (10 January 2014). "Coinye responds to Kanye complaint, says currency now based on 'half-man half-fish hybrid'". The Verge. Archived from the original on 10 January 2014. Retrieved 19 June 2014.
  12. 1 2 Newton, Casey (14 January 2014). "Coinye developers say they're abandoning project as Kanye West escalates legal battle". The Verge. Archived from the original on 22 March 2023. Retrieved 19 June 2014.
  13. ↑ Geffen, Sasha. "How much would Coinye be worth today if Kanye West hadn't sued it to death?". Archived from the original on 14 December 2017. Retrieved 28 January 2019.
  14. ↑ O'Rourke, Patrick. "Kanye West kills the Coinye, a bitcoin-like cryptocurrency named after him". canada.com. Postmedia Network. Archived from the original on 19 January 2014. Retrieved 3 June 2014.
  15. ↑ McGovern, Kyle (14 January 2014). "Coinye West Is Now Out of Print". SPIN. BUZZMEDIA. Archived from the original on 6 July 2015. Retrieved 3 June 2014.
  16. ↑ Burt, Chris. "Kanye West Sues Digital Currency Coinye, Alleged Hosting Provider AWS". The Whir. iNet Interactive. Archived from the original on 17 January 2014. Retrieved 3 June 2014.
  17. ↑ "The cryptocurrency who lived twice: Coinye is back [infographic]". Bitcoin Examiner. 18 January 2014. Archived from the original on 21 January 2014. Retrieved 15 February 2014.
  18. ↑ "Web Archive - CoinyeCoin Alt Explorer". altexplorer.net. Archived from the original on 7 May 2014. Retrieved 19 June 2014.
  19. ↑ Sasha Geffen (13 December 2017). "How much would Coinye be worth today if Kanye West hadn't sued it to death?". The Fader. Archived from the original on 14 December 2017. Retrieved 26 August 2018.
  20. ↑ "Where some of the weirdest cryptocurrencies of the early..." The Verge. 30 December 2017. Archived from the original on 30 December 2017. Retrieved 6 November 2018.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.