Topic: Coinye West is your newest Bitcoin-inspired cryptocurrency (Read 918 times)
yes there is ANN already here
The take home here for the Coinye West crypto currency is that you can create a coin to use in a specific way. You could use it to promote something or to use it as currency for a certain organization. In the case of Kanye West, one of the articles said that the promoters are interested and could use it to buy concert tickets or other tings that he will promote. Alt coins could be used in such a way as a private currency.
There’s a new player in the increasingly-crowded and increasingly-arbitrary world of cryptocurrency.
“Coinye West,” scheduled to launch on Jan. 11, is — as the name implies — a digital Kanye-themed currency. Its creators aren’t revealing their names, perhaps because the whole project surely constitutes copyright infringement. But they were, in an interview with Vice, forthcoming on their motives: “Coinye West is a cryptocurrency for the masses. Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the Internet-meme crowds … Our goal with Coinye West is to make it easier for people to use cryptocurrency.”
For those of us who still have only the most tenuous of grasps on Bitcoin and Dogecoin, an explainer: These cryptocurrencies are basically decentralized financial systems with their own invented currencies. They’re appealing because they’re anonymous and peer-to-peer — no middle-man! — and thus potentially augur an age of new, more open financial services. (My colleague Tim Lee has written a brilliant explainer on Bitcoin, which you can read here.)
Here’s the thing, though: Because the currencies are invented, and because Bitcoin’s code is open-source, anyone can theoretically start their own. By some estimates, there are more than 60 Bitcoin imitators in circulation now. These novelty Bitcoin knock-offs are, in many cases, jokes — but they can still be worth a lot of money.
That, more than any altruistic interest in educating the Bitcoin-less masses, seems like the likeliest motivation behind this latest coin. But in either case, it’s a pretty entertaining idea.
http://www.washingtonpost.com/blogs/style-blog/wp/2014/01/02/coinye-west-is-your-newest-bitcoin-inspired-cryptocurrency/?tid=pm_lifestyle_pop
Cooter
“Coinye West,” scheduled to launch on Jan. 11, is — as the name implies — a digital Kanye-themed currency. Its creators aren’t revealing their names, perhaps because the whole project surely constitutes copyright infringement. But they were, in an interview with Vice, forthcoming on their motives: “Coinye West is a cryptocurrency for the masses. Bitcoin is for hardcore money-hoarders, and Dogecoin was more for the Internet-meme crowds … Our goal with Coinye West is to make it easier for people to use cryptocurrency.”
For those of us who still have only the most tenuous of grasps on Bitcoin and Dogecoin, an explainer: These cryptocurrencies are basically decentralized financial systems with their own invented currencies. They’re appealing because they’re anonymous and peer-to-peer — no middle-man! — and thus potentially augur an age of new, more open financial services. (My colleague Tim Lee has written a brilliant explainer on Bitcoin, which you can read here.)
Here’s the thing, though: Because the currencies are invented, and because Bitcoin’s code is open-source, anyone can theoretically start their own. By some estimates, there are more than 60 Bitcoin imitators in circulation now. These novelty Bitcoin knock-offs are, in many cases, jokes — but they can still be worth a lot of money.
That, more than any altruistic interest in educating the Bitcoin-less masses, seems like the likeliest motivation behind this latest coin. But in either case, it’s a pretty entertaining idea.
http://www.washingtonpost.com/blogs/style-blog/wp/2014/01/02/coinye-west-is-your-newest-bitcoin-inspired-cryptocurrency/?tid=pm_lifestyle_pop
Cooter
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