Move over Bitcoin, the Coinye West is on its (virtual) way

Jan 3, 2014

New 'cryptocurrency for the masses' borrows singer's name, but isn't endorsed by the Yeezus artist

WHAT do you get when you cross the world's most dynamic virtual currency with the planet's "No.1 living and breathing rock star"?

The answer is the Coinye West, a brand new "cryptocurrency for the masses" that will be launched on 11 January.

Although the latest rival to the Bitcoin sounds like something the R&B singer would invent – he claims to have given the world leather jogging pants, after all – he is not officially linked to the Coinye project. Indeed its inventors are worried the singer may try to "shut them down", The Guardian reports.

"Kanye ... is and always has been a trendsetter, and he's always keeping things unique," the anonymous group of anarcho-financiers wrote in an email interview with the Noisey website. "[Still,] we're really not sure how Kanye is gonna react to this. We hope he loves it, but if he doesn't, he really isn't someone we want to piss off."

The group have reportedly offered West 100,000 Coinye if he contacts them before their launch. If the Coinye emulates the Bitcoin and shoots up in value, that might prove a very attractive offer indeed.

The new currency's official website promises a "PROPER and FAIR" currency launch and a script-based algorithm that will "[fire] shots at Bitcoin". Its inventors insist it's not a joke and say their aim is to make cryptocurrency easy to use.

Coinye's creators plan to court the music crowd too: "I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets," they wrote.

"Bitcoin started small too, and now look where it's at."

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