Rapper Kanye West has a love-hate relationship with the internet and he has already been the subject of quite a few memes, some of which were so popular that they were satirized by South Park on more than one occasion.
Though we can't fault the design and Coinye is certainly getting plenty of coverage, we are not sure Kanye or his lawyers will be flattered (if South Park is to be believed Kanye hasn't always taken jokes well). Especially as it doesn't appear that the Coinye West team got permission to use his image. (In an interview with Noisey, the developers said they "want to stay sorta anonymous in case kanye gets pissed off.")
The Coinye West team reached out to Kanye on Twitter, but so far they have not received a reply.
— Coinye West (@CoinyeWest) December 31, 2013
Coinye West is supposed to launch on 11th January and the team behind it hopes to make it as simple as possible, so it appeals to as wide an audience as possible. The developers are still working on mining software dubbed ‘CoinyeMiner’, although we would have gone with ‘Gold Digger’. The currency is Scrypt-based and the developers say their goal is to make mining a one-click proposition, allowing every user to mine their coins.
The developers told Noisey they could imagine a future "where Coinye is used to buy concert tickets" and said they'd give Kanye West 100,000 Coinye at the launch if he got in touch with them. They have also reportedly said that some online merchants have been in touch to find out how they can accept Coinye payments.
So while we eagerly await the world's latest altcoin, it would perhaps be wise to mentally prepare ourselves for the possibility that we could all soon be using a Kanye West-branded currency.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.