Bitcoin Rival Coinye West To Launch This Month

[Karloff]

Bitcoin Rival Coinye West To Launch This Month

It might have his name, but it's not affiliated to rapper Kanye West.

Bitcoin's latest rival, Coinye West, is due to launch January 11th. Coinye's creators promise there will be "no screwed up fake "fair" launches, shyster devs, muted channels, and f**ked up wallets." It aims to be a Bitcoin for the masses. Hear that, masses? Someone's making a digital cryptocurrency for you. Aren't you lucky?

Yes, it is named after rapper Kanye West, but it isn't affiliated with him in any way. The currency's creators don't want to get West upset, and have offered him 100,000 Coinyes if West contacts them before launch. They picked his smiling face because "he is and always will be a trendsetter [http://noisey.vice.com/en_uk/read/screw-bitcoin-and-dogecoin-theres-a-new-kanye-west-themed-cryptocurrency-on-the-way]," just like they hope to be.

The idea is to make it simpler for users to get hold of cryptocurrency, by making mining much easier for non-tech people. Its CoinyeMiner program will make getting hold of digital currency a breeze, its creators claim. Whether or not anyone will accept Coinyes as currency is, as yet, an open question.

It's not the only not-quite-Bitcoin Bitcoin on the market right now. Fancy a shot at Namecoin [http://dogecoin.com/].

Source: Guardian [http://www.theguardian.com/music/2014/jan/03/kanye-coinye-west-bitcoin-coinye-cryptocurrency]


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[Z of the Na'vi]

Alright, all of these Bitcoin knockoffs are getting just a bit ridiculous now.

I scoffed at Dogecoin, but this? Come on.

 

[SonOfVoorhees]

In the future i predict a Bitcoin crash were all the varients will gain high value and then tank losing people tons of cash. People are stupid, just stick with normal money and not all this bitcoin crap.

Captcha said Narrow minded. :-(

 

[Cowabungaa]

Alright, all of these Bitcoin knockoffs are getting just a bit ridiculous now.

I scoffed at Dogecoin, but this? Come on.

I mostly just don't get it. Are they interchangeable with other digital currencies in terms of buying things with them? Or are all of these separate currencies? If so, aren't these 'joke' currencies completely worthless?

I really have no idea what to expect from this whole affair. It'll probably end up being a bubble that'll pop.

 

[Scrythe]

Alright, all of these Bitcoin knockoffs are getting just a bit ridiculous now.

I scoffed at Dogecoin, but this? Come on.

I wish I had something to link here, but I recall speculating way back that with the fall of Bitcoin, we were to start seeing all kinds of ridiculous variants popping up all over the place, causing a divided base and an unsurprising collapse of the entire idea of "crytpocurrency" or whatever the hell it's called.

I hate being right.

 

[Illessa]

I mostly just don't get it. Are they interchangeable with other digital currencies in terms of buying things with them? Or are all of these separate currencies? If so, aren't these 'joke' currencies completely worthless?

I really have no idea what to expect from this whole affair. It'll probably end up being a bubble that'll pop.

There's tons of the bastards [http://coinmarketcap.com/]. They're all separate, and vary somewhat in the details, but work on largely the same principles. There's nothing stopping you trading between them (I'm sure there's someone out there providing that service), but generally everyone uses US$ value to denote their value, which is kind of an issue.

I have no particular objection to cryptocurrency in theory, and would absolutely love some kind of reliable international currency I could use. But by and large the market has been inevitably shaped by the people using it (ie. libertarians, tech geeks and those wanting a pseudo-annonymous currency for illegal purchases/moneylaundering), and I don't think any of the current incarnations will make the grade in the long run.

 

[BloodSquirrel]

Is this some kind of plan to feed Kanye West's ego until an eldritch abomination spawns from it and destroys the world?

 

[The Apple BOOM]

Alright, all of these Bitcoin knockoffs are getting just a bit ridiculous now.

I scoffed at Dogecoin, but this? Come on.

I wish I had something to link here, but I recall speculating way back that with the fall of Bitcoin, we were to start seeing all kinds of ridiculous variants popping up all over the place, causing a divided base and an unsurprising collapse of the entire idea of "crytpocurrency" or whatever the hell it's called.

I hate being right.

There was a crash, but it didn't fall out completely.

http://bitcoincharts.com/charts/mtgoxUSD#rg180ztgSzm1g10zm2g25zv

 

[DelinquentTurtle]

Well I'm guessing there aren't many people involved in Crypto mining here so might try my hand at shedding some light on these new variants.

The second most valuable variant is Litecoin and has been around for a while since before the huge Bitcoin boom earlier this year and was not founded as a cash in on Bitcoin's super high value. I think they are roughly worth $25 per coin but are becoming increasingly harder to get as well as causing a shortage of high-end AMD graphics cards.

I've personally endorsed Dogecoin as my preferred cryptocurrency which I'm mining as a hobby simply because of the fun enjoyable community behind it vs the way-too-serious people behind the coins such as litecoin and bitcoin. So far I've mined around $40 worth (through Bitcoin conversion) over a week or so or the amount could go as high as $75 on eBay if I find the right buyer.

Wiki estimates that the current number of Dogecoins in circulation amount to the value of 8 million USD and it is as far as I know the most active crytpocurrency right now whereas Bitcoin and Litecoin owners are hoarding most of theirs waiting for the next boom.

Also there are sites that are selling real goods such as Steam keys for Dogecoins right now and I think there is a Starcraft 2 show match between two pro teams (don't know what tier though) happening next week with the prize money being given entirely in Dogecoins so we've got that going for us :\

 

[Strazdas]

Alright, all of these Bitcoin knockoffs are getting just a bit ridiculous now.

I scoffed at Dogecoin, but this? Come on.

Will you trade your Nyan Cat Coids for my forever alone coins?
Also, there actually are Fedoracoins.

Alright, all of these Bitcoin knockoffs are getting just a bit ridiculous now.

I scoffed at Dogecoin, but this? Come on.

I mostly just don't get it. Are they interchangeable with other digital currencies in terms of buying things with them? Or are all of these separate currencies? If so, aren't these 'joke' currencies completely worthless?

I really have no idea what to expect from this whole affair. It'll probably end up being a bubble that'll pop.

The only worth of ANY currency is how much other people are willing to pay you for it (preferably in goods). There are locations where one can exchange these currencies with other currencies and as such some people pay them or it apperently.

In the future i predict a Bitcoin crash were all the varients will gain high value and then tank losing people tons of cash. People are stupid, just stick with normal money and not all this bitcoin crap.

Already happened with bitcoinds multiple times, yet it keeps on rising.