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There's Kanye West-Themed Crypto-Currency On the Way

samzenpus posted about 10 months ago | from the yo-bitcoin-imma-let-you-be-spent-but-coinye-is-the-best-crypto-currency-of-all-time dept.

Bitcoin 237

Nerval's Lobster writes "A bunch of anonymous developers are working on 'Coinye West,' a crypto-currency named after rapper Kanye West. Coinye West isn't an official production of Kanye West, and the developers are staying anonymous because they probably fear the inevitable copyright lawsuits. (Of course, if the currency hits the online market and proves a success, it's always possible the real Kanye West would drop any suit in exchange for a massive amount of Coinye West coins—every hip-hop artist on the planet might claim to drive a Maybach, but how many can claim a currency?) 'DROPPING JANUARY 11, 2014. 11 PM EST,' read a note on Coinyewest.com. 'No premine, no screwed up fake "fair" launches, shyster devs, muted channels, and f**ked up wallets,' it helpfully added. 'We will be releasing password protected, encrypted archives containing binaries and source for the wallet and daemon BEFORE LAUNCH, with the passwords to be released at the specified time.' Just to emphasize the supposed fairness of this particular crypto-currency, the note repeated: 'We will work with multiple pools to orchestrate a PROPER and FAIR release.' A chat room is available at irc.freenode.net. Technical details for the crypto-currency include: Algorithm: Scrypt; max Coins: 133,333,333,333; block time: 90 seconds; difficulty Re-Target Time: 12 hours; block Rewards: 666,666 COYE; every 100k blocks, the payout halves. In the future, will every major celebrity will have a crypto-currency named after him or her? And how long until Jay-Z decides to launch something similar?"

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Good grief... (4, Insightful)

Frosty Piss (770223) | about 10 months ago | (#45852565)

I know it's now a cliche to pontificate "Why is this on Slashdot", but seriously? This is not news for anyone, certainly not "nerds", and clearly doesn't matter. It's not even funny. This "story" would be more appropriate next April.

Re:Good grief... (5, Insightful)

bob_super (3391281) | about 10 months ago | (#45852591)

It proves that anyone can create a cryptocurrency based on whatever stupid meme they feel like, therefore all cryptocurrencies have no actual reason to have a value outside of the gullibility of their users.
They're modern art.

Re:Good grief... (5, Insightful)

AlphaWolf_HK (692722) | about 10 months ago | (#45852623)

Really you can say the same thing about any fiat currency.

Like playing a game of poker and saying "Ok, red chips are worth $1, white chips $5, and blue chips $10". Even the US dollar is this way -- its value is very much arbitrary.

Now just because it is only worth whatever you think its worth does not necessarily make it worth nothing.

Re:Good grief... (4, Informative)

bob_super (3391281) | about 10 months ago | (#45852711)

The US dollar does carry the signature of the Treasury secretary of the US government, and a big stick to whack you if you try to make one which looks the same.

Bitcoin is like Bansky, You don't even know who started it but it's got value because it's an original concept. Copycats can be made by anyone with even less consequences.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45852765)

It's Banksy like "Bank-see" not Bansky like "Ban-ski"

I didn't realize this either until recently since I'd hardly heard of this vandal until internet hipsters got all gaga when he was in new york or something.

Re:Good grief... (4, Interesting)

AlphaWolf_HK (692722) | about 10 months ago | (#45852975)

Sure you can copy the concept, but not the actual coin. The US dollar doesn't actually have that advantage, but bitcoin does.

Re:Good grief... (-1)

Anonymous Coward | about 10 months ago | (#45853359)

my great big nigger dick copied its impression into yo mama's asshole!

Re:Good grief... (1, Informative)

dryeo (100693) | about 10 months ago | (#45854105)

Are you claiming that a bitcoin is impossible to copy? Perfect DRM? Or do you mean that a counterfeit would eventually be caught?
It seems to me that if 2 people came to my house and I bought something off them with the same bitcoin it would be duplicated and until they had a network connection to verify the coin there are 2 in existence, then whoever connected to the network second would discover his coin is worthless.

Re:Good grief... (1)

EdIII (1114411) | about 10 months ago | (#45853101)

It has value because the people using it believe it to be so.

Once that becomes enough for somebody to believe it AND give something else of value in return, you have a working crypto-currency.

Whatever the detractors of Bitcoin have to say are moot at this point. I can mine a Bitcoin. I can exchange it for cash. That's real. It makes me want to look at just what the cost is in USD to produce a single bitcoin. At the moment I'm not actually convinced the ROI on all the infrastructure is worth it, but that's an informed opinion, not snarky detraction.

I would accept Bitcoins today for my currency, but only to a locked in rate, and I would withdraw a healthy percentage immediately till I could gauge just how much if fluctuates.

CoinYe West is actually something interesting to me. I'm not going to discount it immediately because Bitcoin is operating right now in real world transactions, and millionaires have been made.

Once again, it's all about whether or not I can believe in ROI on the mining equipment.

Huh huh huh (0)

Anonymous Coward | about 10 months ago | (#45853375)

You said you're insecure about your equipment.

Re:Good grief... (4, Insightful)

rsborg (111459) | about 10 months ago | (#45852759)

Really you can say the same thing about any fiat currency.

Like playing a game of poker and saying "Ok, red chips are worth $1, white chips $5, and blue chips $10". Even the US dollar is this way -- its value is very much arbitrary.

Now just because it is only worth whatever you think its worth does not necessarily make it worth nothing.

No, you can't. Fiat currencies are backed by the will of countries or large organizations, often with armies/guns to support their decisions. That some fiat currencies are effectively worthless says more about the country/organization than it does about fiat currencies in general.

Sure a crypto currency could be used as the main currency of some large organization, but until then they all have very little intrinsic worth and no guarantee of guns and/or a large populace to back up their worth.

Re: Good grief... (3, Insightful)

iamhassi (659463) | about 10 months ago | (#45852819)

Exactly. Until someone is willing to exchange something of real value or cash for a crypto currency then it is still worthless. I can't even find someone to give me real money in exchange for bitcoins.

Re: Good grief... (1)

AlphaWolf_HK (692722) | about 10 months ago | (#45852945)

I did. I traded most of what I had for just over a grand. Probably wasn't a good idea because the value went up after that (though now it's about the same value as what I sold it at.)

Re:Good grief... (5, Interesting)

AlphaWolf_HK (692722) | about 10 months ago | (#45853081)

To really understand why this is wrong, you have to fundamentally understand what a fiat currency is. It's more or less simply a store of value.

Take for example the ruble after the collapse of the USSR. Supposedly communist right? Well, people had already been trading in currencies (sorry but Marx is wrong and always will be wrong, no matter how hard you try, private property and therefore money will never go away) and during the lifespan of the USSR that was the ruble. However when the USSR collapsed, the ruble went with it. People still needed to have a store of value until something came to replace it (barter only systems are simply incapable of fostering even seemingly dead economies -- liquidity is required for any kind of fast trading to occur, which barter does not provide.)

So what do they do? Well, turned out that people resorted to using cigarettes and vodka as currency. A single cigarette was the smallest division, a pack was larger of course, and a bottle of vodka was worth the most. You really didn't need a country or any large organization to keep this afloat and regulated. The problem with vodka and cigarettes is that they're rather easy to make, so a more well defined currency eventually replaced them (the new ruble,) but meanwhile the Russians didn't have to have somebody step in and say "use this."

This isn't the only example -- things that have been used as currencies also include coffee beans and shark teeth. These don't require governments to regulate the supply of, but they are inherently inferior because there's basically a limitless supply of them.

Bitcoin is the same deal as these, only it doesn't have the problem of being easy to create more (the total number of bitcoins that can exist already exist, by the way, just not all of them have been claimed yet.) Because of that, it is interesting to see where bitcoin will go that these previous currencies have not because they could not.

Bitcoin online only lacking offline and physical (1)

Joe_Dragon (2206452) | about 10 months ago | (#45853319)

For currency you need something that can work in an offline / not live / store and call in later setting. Also physical paying is needed as well. there are shops that like cash over CC's / some places are cash only.

Re:Bitcoin online only lacking offline and physica (1)

philip.paradis (2580427) | about 10 months ago | (#45853759)

You can store BTC offline quite easily. Copy a (hopefully encrypted) wallet to a couple of thumbdrives.

Re:Bitcoin online only lacking offline and physica (0)

Anonymous Coward | about 10 months ago | (#45854117)

The reason shops like cash over CC's has a lot to do with processing fees and a bitcoin transaction is one of the cheapest financial transactions there is. Even if you're using a service like Coinbase to convert all the BTC you receive into fiat currency on payment you're still going to pay less per transaction than traditional CC payment processing fees.

With smartphones and QR codes transactions can take place wherever there's a cell connection available and it happens fast. Physicial payment is of course the easiest form of payment to manage in small amounts but with a better improving wireless infrastructure it's becoming less necessary.

Re:Bitcoin online only lacking offline and physica (0)

dryeo (100693) | about 10 months ago | (#45854127)

And spend both copies quick and laugh about whoever gets caught with the worthless bitcoin.
Shit if you're organized you can copy the wallet to a hundred thumbdrives and spend the bitcoin a hundred times as long as it's done at the same time.

Re:Bitcoin online only lacking offline and physica (1)

Joe_Dragon (2206452) | about 10 months ago | (#45854147)

not talking about that offline talking about stuff where a place dials in at the end of day and or can work if say the network is down for a short time.
What about a bus where it may pick up people in a data dead zone and wait for it to get a data link back before sending out the payment info.

Re:Good grief... (1)

xvent (2615755) | about 10 months ago | (#45854085)

This might sound stupid, but question:

How exactly is using cigarettes and vodka as currency different than barter?

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853339)

blah blah armies/guns blah blah

What are they going to do, shoot the internet?

Re:Good grief... (2)

dbIII (701233) | about 10 months ago | (#45852811)

Really you can say the same thing about any fiat currency.

No. Not after it is trusted. You could say it about the Zimbabwe dollar, in hindsight, but with the rest they are tokens of trust while an unbacked currency from nowhere doesn't have that.

With plenty of these things it's as if people have read part of Cryptonomicon about the fictional digital currency in that but haven't made it as far as the bit where it was backed up with vast quantities of gold. In that novel that was what made the digital currency a trusted token.

Re:Good grief... (4, Insightful)

the eric conspiracy (20178) | about 10 months ago | (#45852849)

The US dollar has some advantages over other currencies. For example it is accepted in payment of taxes and other debts by the US government.

 

More important than just taxes (1, Interesting)

mbkennel (97636) | about 10 months ago | (#45853223)

Banks make loans in dollars. Banks are supported by the central bank in dollars. Banks are regulated in dollars and are given reserve ratios in dollars.

The problem with Bitcoin as a currency isn't that you don't pay taxes in it, but that there's no functioning debt and bond market in it. A medium of exchange from one good to another is necessary but exchange from now and the future is critical.

That's what really makes it a problem. It will never be a currency. Bitcoin is more like a commodity like Rembrandts, without the advantage of looking good, and with the advantage of being useful to evade laws against contraband.

Re:More important than just taxes (1)

impossiblefork (978205) | about 10 months ago | (#45853381)

Also, people have debt in dollars, which therefore have actual value, since people need it to pay interest and to eventually pay them back.

Re:More important than just taxes (1)

the eric conspiracy (20178) | about 10 months ago | (#45853431)

Yes. Mod parent up. BTC suffers greatly because there it is not a medium of finance. It isn't necessary to have a government back it for that though.

"Banks" have been making loans long before the existence of central banks.

Fractional reserve banking was invented by goldsmiths. People would deposit their gold with smiths, who would issue script as receipts. Soon the script would circulate as being much more convenient than gold. The smiths realized that they could make loans against the gold they held. Ta-da more script in circulation than the gold holding.

So how is this solved for BTC? I'm not sure. Perhaps it is the fatal flaw that prevents BTC from becoming a currency.

Re:More important than just taxes (0)

Anonymous Coward | about 10 months ago | (#45853459)

The other thing you buy in US Dollars is oil. Some even claim [wikipedia.org] that it's the basis for much of the US's obnoxious foreign policy.

Re:Good grief... (1)

CurryCamel (2265886) | about 10 months ago | (#45854063)

Since I don't pay such, does this mean that the US dollar is useless?

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853171)

Really you can say the same thing about any fiat currency.

Like playing a game of poker and saying "Ok, red chips are worth $1, white chips $5, and blue chips $10". Even the US dollar is this way -- its value is very much arbitrary.

Now just because it is only worth whatever you think its worth does not necessarily make it worth nothing.

The dollar is not this way. In the US we have to pay taxes. All sorts of taxes. Some are skimmed off our paycheck, some we pay once a year, and some we pay when we buy or sell goods and services. Some we pay to the Federal government, some to the state, some to the county, and some to a city. If you consider indirect taxes (I pay a landlord, he pays the property tax), it would be almost impossible to live even 1 day in the US without paying some kind of tax. All these taxes have one thing in common- US dollars are the only form of currency accepted. If the government values your tax contribution at $1/$5/$100/$1000, you pay exactly that amount. In dollars.

If you don't pay your taxes, all sorts of bad things happen to you in increasing orders of unpleasantness. If you live in the US, you pay the tax man or your life can become quite difficult. Since it is basically impossible to avoid all taxes if you live in the US, the value of the dollar is enforced.

Exchange rates between currencies can, and do, vary. The value of a dollar therefore can fluctuate depending on your perspective. But it is not arbitrary.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853491)

"Really you can say the same thing about any fiat currency."

Why do they keep talking about Fiat currency? What has it got to do with Italian cars?

I know that years ago the Italian currency (the Lire) was just about worthless, but they use the Euro now don't they?

Currency with really stupid names (0)

Anonymous Coward | about 10 months ago | (#45853931)

Really you can say the same thing about any fiat currency.

While it is true that the fiat currency scheme is way beyond fucked, but still, we don't have a currency (the one in our REAL wallet) that has a dog on it, or carries the name of someone who do lip-syncing on stage.

Re:Good grief... (2)

Ralph Wiggam (22354) | about 10 months ago | (#45852629)

Didn't we all learn that from Dogecoin?

Re:Good grief... (4, Funny)

QilessQi (2044624) | about 10 months ago | (#45852927)

No. They're relaunching it as SnoopDogeCoin. Or maybe SnoopDogeDogeCoin. Unless they were SnoopLyin'.

Re:Good grief... (1)

Luke has no name (1423139) | about 10 months ago | (#45852685)

Eh.

It does highlight the low barrier to entry for digital currencies, and shows how much of a "free market" it can be. Additionally, I do think that this shit will, at least in the short term, water down the "cryptocurrency" brand.

Your comment is antagonistic and arrogant, though, in that it assumes all users of a C.C. are gullible, rather than curious, hopeful, supportive, etc.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45852799)

Your comment is antagonistic and arrogant, though, in that it assumes all users of a C.C. are gullible, rather than curious, hopeful, supportive, etc.

The parent post does nothing of the sort.

Your comment, however, is the opinion of a 20-something moron.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45852967)

Don't you mean greedy and lazy leeches looking for a quick buck?

Furthermore (1)

smitty_one_each (243267) | about 10 months ago | (#45852695)

If you don't use this currency, you're raaaaacist.

Re: Good grief... (0)

Anonymous Coward | about 10 months ago | (#45852767)

How about, more generally:

"[Society] proved that anyone can create a [currency] (e.g. the dollar) based on whatever they feel like, therefore [currencies] have no actual reason to have a value outside of the gullibility of their users.
They're [M]odern art."

The revised statement is just as true, if not simply established fact (except for the "Modern art" bit, which is opinion). What makes you think "real" currencies are any more valid? What cryptocurrencies really highlight are some fallacies of money and our Modern institutions.

Re: Good grief... (2)

bob_super (3391281) | about 10 months ago | (#45852885)

Last time someone decided that the dollar wasn't worth using to sell his oil barrels, he had to hide in a hole while a few aircraft carriers and tanks showed him the error of his ways.
A few hundred years earlier, a few people learnt about applied gravity (with their necks) for forgetting that people need enough buying power to stay peaceful. More recently, letting a currency slide down too far left a few not-so-nice people seize power and cause the wrong kind of economic boom,

That's why people believe in "normal" fiat currencies. There's real power behind them.

If BTC drops to 5 cents tomorrow, people will just say "oh well, it could have been nice" and move on. Only a few speculators will be harmed. They'll have a nice shiny set of numbers in a file. With Banksi, they'd at least have a wall to shelter against and something nice to look at.

Re: Good grief... (1)

mbkennel (97636) | about 10 months ago | (#45853807)

"What cryptocurrencies really highlight are some fallacies of money and our Modern institutions."

What's that? There's a sucker bitmined every minute?

Re:Good grief... (1)

kheldan (1460303) | about 10 months ago | (#45853335)

This. I see anyone who even got involved with Bitcoin to be an idiot in the first place because I still believe in the end it's going to get squashed by governments and declared null, void, and illegal. All these copycats? They just exist to troll the idiots who feel like they "lost out" on Buttcoin in the first place. It may as well be Pogs or Beanie Babies or Pokemon, it's just useless collectible nonsense. The only "winners" in this case are companies like AMD and Nvidia who are selling more GPUs to idiots who are "mining" this stuff.

Re: Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853697)

http://nymag.com/news/features/tide-detergent-drugs-2013-1/

Re:Good grief... (2)

Macman408 (1308925) | about 10 months ago | (#45852635)

I agree wholeheartedly. But when somebody launches "Ca$ha", I'm totally in for that.

Re:Good grief... (1)

Mashiki (184564) | about 10 months ago | (#45852643)

"Why is this on Slashdot", but seriously?

See where it says /. is a Dice Holdings, service? Yeah that's why.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853037)

It was bad before Dice.

But, I'm curious, does samzenpus get paid? What do samzenpus, timothy, and soulskill do, anyway? Are they developers or do they only read and pick submissions?

Re:Good grief... (1)

superwiz (655733) | about 10 months ago | (#45853687)

Well, soulskill usually just tries to find way to justify the Communist Manifesto. But then again, I stopped reading him after I realized that there are plenty of people around, some even adults... perfectly eloquent ones.. who just don't have anything to say. So the only way they can make a living is by going through life as carnival clowns.

Re:Good grief... (1)

telchine (719345) | about 10 months ago | (#45852901)

Vanilla Ice Ice Babycoins!

Racist Site: Coinyewest.com (1)

Frosty Piss (770223) | about 10 months ago | (#45852993)

Has anyone here been to Coinyewest.com? It features three Kanyes in blake KKK hoods. And Slashdot is giving these assholes free advertising?

Re:Good grief... (3, Informative)

beltsbear (2489652) | about 10 months ago | (#45853025)

There are hundreds of alt-coins. The vast majority of them bring nothing to the table at all. This is another one of those coins, not even worth discussing.

Of the hundreds of alt-coins only two are really worth even discussing, Namecoin and Litecoin. Litecoin being the second largest market cap and being ASIC hostile keeps more of the coin generation distributed and still has enough security to be usable. Namecoin is a good idea but basically is an unfinished work.

Re:Good grief... (1)

FuzzNugget (2840687) | about 10 months ago | (#45853027)

I think *this* April would be equally appropriate.

Re:Good grief... (1)

roman_mir (125474) | about 10 months ago | (#45853049)

"Jump the shark" comes to mind, and I mean everything jumped the shark, /., West, coins....

Re:Good grief... (1)

marcello_dl (667940) | about 10 months ago | (#45853079)

> This is not news for anyone, certainly not "nerds"
Well, some nerds may want to map the Kanyecoin vs. Dogecoin value to see in real time who sucks more.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853379)

Piss off, frosty.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853753)

West was the first person, of many that followed, that told the truth that the Jorge Bush junta didn't care about black people. He is a hero for telling the truth. Nothing will ever be able to take that away from him. It was a brave stand against racism that shows he is ready to control his own currency. I love reading all of the hateful messages from the racist CONservatives that don't support this. By not supporting this, they are showing themselves to be racists.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853773)

Thanks for outing yourself as a racist. Just because he is black doesn't mean he can't do something technical. Your assumptions are disgusting and show just why blacks aren't allowed into technology jobs by your kind. You should be ashamed of yourself.

Re:Good grief... (0)

Anonymous Coward | about 10 months ago | (#45853987)

My first thought...what is this doing here?

Re:Good grief... (-1)

Anonymous Coward | about 10 months ago | (#45854035)

leave it to dumb negro editors to post dumb negro articles.
slashdot is becoming more negro every night.

Could Have Chosen Worse (1)

cervesaebraciator (2352888) | about 10 months ago | (#45852597)

Could have been Notorious B.I.G. Then we'd have had Mo Currencies Mo Problems.

Kanye can just screw off already (4, Insightful)

msobkow (48369) | about 10 months ago | (#45852607)

Kanye this. Kanye that.

The bloodsucking money hungry leech just won't go away...

Bastard can't even sing.

Re:Kanye can just screw off already (1)

msobkow (48369) | about 10 months ago | (#45852647)

If they ever figure out how to harness the energy of his ego, we'll have free power for the entire world for as long as he lives. :P

Re:Kanye can just screw off already (4, Informative)

newcastlejon (1483695) | about 10 months ago | (#45852719)

Kanye this. Kanye that.

Kanye who?

Greetings from a Radio 4 listener.

Re:Kanye can just screw off already (1)

jd2112 (1535857) | about 10 months ago | (#45853509)

Kanye this. Kanye that.

The bloodsucking money hungry leech just won't go away...

Bastard can't even sing.

Cut the guy some slack, he's still engaged to a Kardashian. I for one pity the guy.

Re:Kanye can just screw off already (0)

Anonymous Coward | about 10 months ago | (#45854003)

Cut the guy some slack, he's still engaged to a Kardashian. I for one pity the guy.

You mean he's a recovering gay fish and engaged to a hobbit. FTFY.

derp another shitcoin (0)

Anonymous Coward | about 10 months ago | (#45852611)

Hey, what do you call half a Coinye?

50 cent

I'm curious how many coins we're gonna need until it all collapses on itself in a spectacular way.

Yo Bitcoin (5, Funny)

mysidia (191772) | about 10 months ago | (#45852615)

Yo Bitcoin, I'm really happy for you, I'ma let you finish, but Kanye had one of the best Cryptocurrences of all time! One of the best cryptocurrencies of all time!

Re:Yo Bitcoin (0)

icebike (68054) | about 10 months ago | (#45852969)

LOL.

Re:Yo Bitcoin (-1)

Anonymous Coward | about 10 months ago | (#45853309)

Yo Doge, I heard you like cryptocurrency! Better get with the good stuff.

Kanye West? Jay-Z? (5, Funny)

Anonymous Coward | about 10 months ago | (#45852617)

And how long until Jay-Z decides to launch something similar?

Who the fuck cares? I'll take 50 cents any day of the week.

The fate of Bitcoin and friends (0)

mysidia (191772) | about 10 months ago | (#45852675)

"A bunch of anonymous developers are working on 'Coinye West,' a crypto-currency named after rapper Kanye West.

Death by a million vanity currencies, until Bitcoin itself.... is de-legitimized, because it's just one blockchain out of hundreds thousands of vanity alternatives, intended mainly to enrich whoever created them. Maybe some with some "claimed" advantages, like diversity, different block rates; harder to concentrate hashing power, or whatever.

Sure, there is a finite supply of Bitcoins... but who will limit how many new cryptocurrencies people can make? :)

Next Crypto Currency (0)

Anonymous Coward | about 10 months ago | (#45852689)

Johnny Cash

Really slashdot? You can't do the symbol for cents?

What about 50-cent? (1)

berchca (414155) | about 10 months ago | (#45852745)

The cryptocurrency for smaller purchases?

Fail, but idea has possibilities (3, Insightful)

Animats (122034) | about 10 months ago | (#45852795)

This is yet another lame altcoin. It barely has a mention on bitcointalk. It's not really associated with someone famous. But it points the way to a potential success.

This could be a way to monetize fame. What if some major performer came out with an alt coin? They could anchor the coin value by making it exchangeable for concert tickets, downloaded tracks, and promotional merchandise. None of those things cost much to make, so they're not too vulnerable to price swings. The coin client can be combined with a music player/store client program, distributed with a few free tracks.

The problem with most of these alt coins is that you can't buy anything with them. If they were at least guaranteed to be tradeable for some music tracks and a T-shirt, there'd be some backing behind them.

Re:Fail, but idea has possibilities (0)

Anonymous Coward | about 10 months ago | (#45853155)

To add to your idea:

What would really be cool is a cryptocurrency that hosts websites in the process of "mining". Any kind of community could mine and use this coin, backing it with whatever they want to trade among themselves.

Re:Fail, but idea has possibilities (0)

Anonymous Coward | about 10 months ago | (#45853247)

You can't buy anything with them until someone starts accepting them. Dogecoins are worth actual money and people sell them.

Re:Fail, but idea has possibilities (1)

westlake (615356) | about 10 months ago | (#45853503)

What if some major performer came out with an alt coin?

There are a bare handful of performers who become icons of their generation --- and beyond --- and while the geek may remain eternally adolescent, artists age. The concert tour becomes more physically demanding and disruptive with each passing year.

For most of our history, the US has was extremely reluctant to issue coins, stamps or currency based on the image of any living person or anyone dead for less than 25 years. It kept the mint or the printing press non-partisan.

And thus gold... (1)

Rigel47 (2991727) | about 10 months ago | (#45852809)

gives a big toothy grin. Immutable, immortal, obstinate, rare, impervious to alchemy and gimmicks. Hated by the bankers, heavy to carry en masse, just simply good old fucking stupid gold.

When the power goes out gold is still there like the precious big turd it is. But I will take the turd over kanye-coins or bitcoins or shitcoins or other brave new world trinkets..

And no, the 'crash' in gold doesn't really matter. Smooth your purchases over time and forget about the yellow lump just like your don't think about the foundation that keeps your house upright.

Next /. crypto currency (0)

Anonymous Coward | about 10 months ago | (#45852827)


The GoatCoin.

Re:Next /. crypto currency (1)

distilate (1037896) | about 10 months ago | (#45852923)

The GoatCoin.

You mean one with Gaping security holes?

You can not copyright a name (1)

rminsk (831757) | about 10 months ago | (#45852829)

Coinye West isn't an official production of Kanye West, and the developers are staying anonymous because they probably fear the inevitable copyright lawsuits.

You can not copyright a name. You can trademark a name and your trademark would only be valid for a particular use.

Re:You can not copyright a name (0)

Anonymous Coward | about 10 months ago | (#45852897)

+1

Copyright versus trademark (1)

thue (121682) | about 10 months ago | (#45852865)

> the developers are staying anonymous because they probably fear the inevitable copyright lawsuits

So Kanye West wrote the code for the platform, and therefore owns the copyright to the code, and they pirated it? Why else would they fear a copyright lawsuit?

Re:Copyright versus trademark (0)

Anonymous Coward | about 10 months ago | (#45852981)

Note the web site features Kanye in a black KKK outfit. It's clearly complete bullshit. I'm surprised it wasn't Timothy who posted this.

Why on Slashdot? Here's one possibility? (1)

King_TJ (85913) | about 10 months ago | (#45852997)

I know most of us don't give a care that yet another alt-coin is launching (and with a primary feature of a sound-alike name to a rapper).

But to me, this is part of a much larger question. How long will it remain feasible to create new alt-coins, and what does this do to the existing alt-coin economy?

Not more than 6 months ago, I was fairly convinced that Litecoin had an interesting and very viable creation. (You know, the ever popular quotes of it being the "silver to Bitcoin's gold", and the fact it still used (scrypt) protocol so people could mine it with off the shelf, relatively affordable graphics cards?) Actually, it's still doing really well by most measures, with a current worth of something like $23-25 USD per Litecoin. But as more and more alt-coins pop up and scrypt mining trends towards people mining on sites that auto-switch among whichever coin is most profitable to mine at that given hour -- I start losing faith in the whole thing.

I mean, clearly anyone can launch an alt-coin just by essentially copy/pasting the code used to make an earlier one, give it some cute or catchy name, and its off and running. Common sense might tell you there's no point in wasting time trying to amass these silly creations, except with automation bundling laundry lists of altcoins under one roof, so to speak? I'm not sure miners will care WHAT their mining rigs are pointed at, as long as the system they use indicates it has the best combo of ease of mining and exchange rate at that moment in time. Eventually, it seems to me that behavior will just "normalize" all of the altcoin values so if you mine with scrypt, all scrypt generated currencies wind up being worth about the same thing. I guess a few that were clearly scams (developer was shown to have pre-mined a bunch before release with intentions to dump it all at once and walk away with a profit after it crashes) might get de-listed and rejected. But overall, it just seems to me like we're headed to a bad place with these coins -- where you've got Bitcoin out there standing alone as a high value cryptocoin (due largely to the huge financial investment needed to mine it successfully right now). The rest becomes a sea of mediocrity, all worth some piddly amount because as difficulty levels climb too high on one altcoin, people migrate to an easier to mine variant -- generally feeling like they're all "about the same thing anyway", being all scrypt-based and little more than coins you trade out for fiat currency or swap for Bitcoin as the long term plan.

And what of Mastercoin? Sounds to me like this is an attempt to obsolete the whole mess of altcoins by tying new ones onto the back of the existing Bitcoin blockchain? Is that an accurate assessment?

Racist Web Site (4, Interesting)

Frosty Piss (770223) | about 10 months ago | (#45853077)

There *IS NOT* another "alt-coin" launching. This is a joke site that contains racist imagery, using Kanye West to bait gullible young people.

The site graphics open to a cartoon image of a "stereotypical" big lipped black man, presumably Mr. West. In the all black background, three sets of black-face eyes show up. The black background then drops to reveal three brack men in black KKK garb.

This is not the kind of crap Slashdot or Dice should be promoting.

Have you lost your mind? (0)

Anonymous Coward | about 10 months ago | (#45853387)

Have you lost your mind? This [coinyewest.com] is your "stereotypical" big lipped black man? Seriously?

Re:Have you lost your mind? (0)

Anonymous Coward | about 10 months ago | (#45853403)

Have *YOU* lost your mind, you racist AC pig? What are you? 16? 17? Obviously WHITE.

Re:Have you lost your mind? (-1)

Anonymous Coward | about 10 months ago | (#45853513)

The only thing missing is a side of fried chicken, some watermelon, and a crack pipe.

Re:Racist Web Site (0)

Anonymous Coward | about 10 months ago | (#45853699)

Racist imagery eh?
Where do you think that video came from?

50 cent (0)

Anonymous Coward | about 10 months ago | (#45853047)

It could be worse.

not a respected name in hip-hop financials (2)

Trepidity (597) | about 10 months ago | (#45853075)

Nothing against Kanye West, but for when it matters, I'll take the gold standard of financial planning, Wu-Tang Financial [comedycentral.com] , with a proven record of superior returns and risk mitigation.

Hey! I'mma let you buy in a minute, but... (2)

Dutchmaan (442553) | about 10 months ago | (#45853115)

Will this currency constantly over value itself?

MY TURN! I get to name this currency! (0)

Anonymous Coward | about 10 months ago | (#45853179)

It shall be called the douchecoin!

KEVIN BACON CRYPTO COIN THEME THING !! (0)

Anonymous Coward | about 10 months ago | (#45853301)

Because there is nothing like the smell of bacon in the morning !!

Hey, and Imma let you finish but... (1)

BringsApples (3418089) | about 10 months ago | (#45853481)

...any form of fiat currency is as silly as the next. At least Kayne works for a living, art at that. What we all use now as money is setup and run by those that have the most money (imagine that) and are self-regulated. It's no different than Kayne sitting at his house with a special machine that he uses to print money, and handing it out to all of his friends to spend as they wish. This is exactly how the current monetary system works.

Once people see 'their time' as the 'real currency', they'll wonder why they're spending so much of it on money.

Pathetic (0)

Anonymous Coward | about 10 months ago | (#45853527)

We used to laugh at the blatant crypto coin pumping here. Now half the comments are retarded diatribes on the evils of fiat. Just shut the site down. It is past its useful lifespan.

laugh (1)

koan (80826) | about 10 months ago | (#45853531)

Is this good for his ego? I'm sure there's an inflation joke in there some where.

wow (1)

superwiz (655733) | about 10 months ago | (#45853655)

How is he a public figure? He is boring on every account. There is just nothing there. How? Wha? He couldn't even make impregnating a Kardashian controversial or even interesting. Now if you tell me that Dennis Rodman wants to have money named after him, I could see why. Money would be more popular if you named it after youtube kittens than Kanye West... or furniture. Ikea coin. How about that? At least it wouldn't be useless.

fishsticks (0)

Anonymous Coward | about 10 months ago | (#45853667)

He's just a gay fish.

Needs a Better Name (1)

Stormy Dragon (800799) | about 10 months ago | (#45853963)

He should call his crypto-currency "fishsticks". Then everyone will be asking why Kanye West likes fishsticks so much.

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