Coinye

Coinye

Coinye

Defunct 2014 cryptocurrency named after Kanye West

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]

Quick Facts Unit, Plural ...

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]

Community Revival (2024)

On 22 March 2024, CoinYe was re-launched as an Ethereum ERC-20 on the BASE network as a community revival token with a new development team. According to MSN news:

"The ethos of the cryptocurrency community is one of unstoppable and decentralized networks. $COINYE on Base now lives forever, lawyer-free. It’s the hope of the Coinye West community that this gives the chance for the original meme to live on."[21]

According to CMC - The new Coinye flew past a 10 million USD valuation in under a week.[22]

Base network, launched by Coinbase, is a layer 2 built on Ethereum which enables extremely cheap and fast trading. Many crypto traders are making their way there.

See also

References

  1. [1]
    "Coinye: Sued and Scolded, but Still Alive". ICO.li. 3 May 2019. Retrieved 28 June 2022.
  2. [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. [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. [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. [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. [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. [7]
    Vega, Danny (8 January 2014). "Coinye West: 5 Fast Facts You Need to Know". Heavy. Retrieved 19 June 2014.
  8. [8]
    Rose, Brad (6 January 2014). "Infringement of KANYE WEST Mark and Other Violations" (PDF). Pryor Cashman LLP. Retrieved 19 June 2014.
  9. [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. [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. [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. [12]
    Newton, Casey (14 January 2014). "Coinye developers say they're abandoning project as Kanye West escalates legal battle". The Verge. Retrieved 19 June 2014.
  13. [13]
    Geffen, Sasha. "How much would Coinye be worth today if Kanye West hadn't sued it to death?". Retrieved 28 January 2019.
  14. [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. [15]
    McGovern, Kyle (14 January 2014). "Coinye West Is Now Out of Print". SPIN. BUZZMEDIA. Retrieved 3 June 2014.
  16. [16]
    Burt, Chris. "Kanye West Sues Digital Currency Coinye, Alleged Hosting Provider AWS". The Whir. iNet Interactive. Retrieved 3 June 2014.
  17. [17]
    "The cryptocurrency who lived twice: Coinye is back [infographic]". Bitcoin Examiner. 18 January 2014. Retrieved 15 February 2014.
  18. [18]
    "Web Archive - CoinyeCoin Alt Explorer". altexplorer.net. Archived from the original on 7 May 2014. Retrieved 19 June 2014.
  19. [19]
    Sasha Geffen (13 December 2017). "How much would Coinye be worth today if Kanye West hadn't sued it to death?". The Fader. Retrieved 26 August 2018.
  20. [20]
    "Where some of the weirdest cryptocurrencies of the early..." The Verge. 30 December 2017. Retrieved 6 November 2018.
  21. [21]
    MSN, News. "Coinye, a 2014 memecoin reborn, flies past $10 million valuation after launching on Base". {{cite web}}: |first= has generic name (help)
  22. [22]
    CMC. "Coinye, a 2014 memecoin reborn, flies past $10 million valuation after launching on Base".
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