Wednesday, July 29, 2015

Cryptocurrency goes mainstream with 'Coinye West'

If you're going to name an economy-destabilizing digital currency aimed at subverting the world's addiction to cheap cash after a celebrity, Kanye West is probably the best choice. Enter Coinye West, the Bitcoin killer.

Cryptocurrency goes mainstream with ‘Coinye West’

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If you’re going to name an economy-destabilizing digital currency aimed at subverting the world’s addiction to cheap cash after a celebrity, Kanye West is probably the best choice. Enter Coinye West, the Bitcoin killer.

Named after what its creators call a “trendsetter,” Coinye West comes as the latest cryptocurrency offering alongside the likes of Dogecoin and the standard Bitcoin service. However, as revealed in a recent Vice interview, Coinye will serve as a “cryptocurrency for the masses,” meaning that anonymous digital purchases are within your grasp. 

Coinye will hit the market January 11, and its creators hope to finalize approval from Kanye West himself within that time. The pop star hasn’t said anything yet, but the Coinye team remains hopeful that West will see the idea as a compliment:

 “We'd love if Kanye named dropped Coinye. I think he's gonna love that there’s a CURRENCY named in his honor. We don't want to pay him off to name check us, but it'd be sick if he does so. In-fact, we're making an open invitation to Kanye: Get hold of us at coinyewest.com and we'll send you 100,000 COINYE on launch. A hundred thousand. Bitcoin started small too, and now look where it's at.”

Bitcoin made mainstream waves last year after police arrested Ross Ulbricht, founder of the online drug bazaar, Silk Road. Ulbricht’s site operated on Bitcoin, a digital form of currency that allows users to anonymously exchange cash for goods or services online. From there, the anonymous cash service was popularized in the media as a way to quickly and easily obtain illegal drugs online. 

Problem is, Bitcoin—like Dogecoin and the like—are often too intimidating or complicated for your average user to get up and running. Coinye, on the other hand, will feature a graphical frontend that will allow users to “mine” for Coinye coins, simplifying the process invented under Bitcoin. Which is to say, get ready for cryptocurrency to join the likes of debit cards and Paypal as a form of online payment in the New Year.

With that, West has officially become the first celebrity so rich, they named money after him. If it works, expect to see HovaCoin out next year.

Lord help us.

[Vice]

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