![]() ![]() "Coinye West: 5 Fast Facts You Need to Know". Archived from the original on 25 July 2014. "CoinYe West: a new cryptocurrency for the masses and ode to Kanye". Archived from the original on 7 January 2014. Archived from the original on 2 February 2014. "Kanye Sues Coinye, and The Cryptocurrency's Creators Back Down". "Bitcoin Rival Coinye West To Launch This Month". Archived from the original on 2 January 2014. "Oh Yeezus! Cryptocurrency gets hip with Kanye-inspired 'Coinye West' ". ![]() ^ Cease and Desist Letter - Pryor Cashman LLP.^ "Coinye: Sued and Scolded, but Still Alive".By 2017, few were trading or mining Coinye. Had West not sued Coinye, some predictions put the hypothetical value at approximately twenty times its original worth, as of 2017. Coinye's global block difficulty fell from 78 to 1.012 between January 18, 2014, and May 7, 2014, indicating that the network's total processing power fell by roughly 99% during that time. Decline (2014-2020) Ĭoinye has been called "defunct" by numerous publications. You win, Kanye." and the original website is now down. On January 14, 2014, a representative of Coinye announced on Reddit that "the developers basically dumped all their coins on the one exchange and left the scene." Coinye's official site was replaced with text reading "Coinye is dead. Developer departure and community takeover By January 10, 2014, the development team stated that they had removed all references to West but instead "to a half-man-half-fish hybrid," a nod to a South Park episode in which West fails to realize why people are jokingly calling him a "gay fish." These actions were not sufficient to appease West's legal team and a lawsuit was filed against the creators of the coin, prompting them to sell their Coinye holdings and leave the project. In response to the legal threats, the development team changed the name of the currency from "Coinye West" to "Coinye" and moved to a new domain name. On January 6, 2014, Kanye West's lawyers sent the development team a cease and desist order on the basis that the then-unreleased currency constituted trademark infringement, unfair competition, cyberpiracy and dilution. The developers claimed that this was to cover unexpected legal and development costs. However, later statements from the developers confirmed that approximately 0.37% of the maximum money supply of Coinye had been reserved for the creators of the coin before launch. Early press materials promised a proper and fair release, with no pre-allocation of coins. ![]() and his development team to release the source code and mining software on January 7, a few days ahead of schedule. 1.3 Developer departure and community takeoverĬoinye was originally slated for release on January 11, 2014, but legal pressure prompted David P. ![]()
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