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Friday , 1 August 2014

The cryptocurrency who lived twice: Coinye is back [infographic]

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Coinye’s life is not easy to follow. If the altcoin was considered dead just a couple of days ago, it now apparently returned to life and has a new “home” at Coinyetheco.in.

“Contrary to popular media opinion, we are not dead. We are working hard to bring you some exciting new additions!”, reads the website’s main page. In an effort to try to avoid any more problems with Kanye West and his battalion of lawyers, the administrators also added the following message, signed by an ‘unknown source’:

Is Kanye involved? Absolutely not! We would like to make it clear that we are entirely independent of the man, and there should be no confusion as to the intent or origin of this project. The name “Coinye” is intended solely as parody, not an indication or implication of endorsement or involvement.

So this is still if nothing else, and interesting experiment. The biggest challenge will be getting an exchange to list, and keeping enough miners in the community to keep the network up – but this is a first. This is the first attempted takedown/dismantling of a coin. This provides useful data for the future on how resilient cryptocurrencies are to outside control beyond whales manipulating the markets.

Will the First Amendment, under which certain artistic and editorial parodies of trademarks are allowed in the United States, work in this case? The team behind Coinye’s comeback hopes so, as they also hope to establish an exchange in a near future.

While that doesn’t happen, here is an infographic about Coinye brought to you by Bitcoin Examiner.

CoinYe (1)