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Jan 09 2014

Kanye West Doesn’t Think New Digital Currency Coinye – Or Fishsticks – Is Funny

coinye

Coinye is a digital currency inspired by Bitcoin. According to creators, it started as a joke. Coinye – originally coined “Coinye West” – went viral and actually made Kanye West pretty mad. So naturally, Coinye became the real deal and even launched several days early. The coin features Kanye in the form as a fish, which is a reference to a South Park episode called Fishsticks. In the episode, comedian character Jimmy writes a joke and Cartman tries to take all the credit. The joke becomes a national hit, but West is left behind being the only person in the world who just doesn’t get it.

The currency's original logo

The currency’s original logo

The developers of Coinye – who are remaining anonymous – state they reached out to the rapper in an effort to promote a new digital currency they thought could be used to purchase concert tickets and help introduce more people to the idea of cryptocurrency. They reportedly offered Kanye 100,000 Coinyes in exchange for approval.

Instead, Kanye’s lawyers sent the currency a cease and desist letter on the basis of “trademark infringement, unfair competition, and cyberpiracy.” In response, the currency was launched four days early “due to legal pressure.” They also changed the name from “Coinye West” to simply “Coinye” and moved servers. They also adopted the “gay fish” logo – previously sporting a cartoon version of the rapper’s face.

Since launch, dozens of pools are mining blocks of 666,666 Coinyes at a time, according to the currency’s website and Twitter.

Creators could potentially be prosecuted under the Uniform Domain-Name Dispute-Resolution Policy of the Internet Corporation for Assigned Names and Numbers (ICANN) for “coin-squatting.” However, the currency’s popularity and decentralized quality would make it difficult – if not impossible – to wipe out.

There are currently over 60 cryptocurrencies, including Litecoin, Dogecoin, and Ron Paul Coin.

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  1. Kanye Digital Currency | All About Positive

    […] Kanye West Doesn’t Think New Digital Currency Coinye – Or … – Coinye is a digital currency inspired by Bitcoin. According to creators, it started as a joke. Coinye – originally coined “Coinye West” – went viral and actually made Kanye West pretty mad. […]

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