The end of the previous year and the start of the current 2014 was a real outburst phase for many new, alternative, strange and incomprehensible cryptographic currencies. Tributes to famous people, the exploitation of an Internet gig about a Shiba Inu and some others have squeezed on the market to move aside more serious and experienced coins. This time the Cointelegraph is not going to report on the birth of a currency of that type, but of the death – sudden, but forecasted by many.
The Coinye is dead! To be more precise, Kanye West was able to get rid from the naughty Coinye with his own bare hands (with some humble assistance from a group of devoted lawyers). The fact dates back to yesterday, the 16th of January. On that day the massage on the domain said to visitors: “Coinye is dead. You win, Kanye”. Today the text and picture has been changed. The page says now (as on the 17th of January, 15:41 CET, London): COINYE IS DEAD, but they're still comin.”
What can be “comin” if everything is decided? The project was announced last year, the initial launch of the network was planned on the 11th of January. Before the start the developers already received warnings from the representatives of the singer. This fact has not prevented them from continuing – they have added extra power to provide users with the coin faster and earlier than the officially set date. This deed had a bad impact on the miners and changed the distribution of forces on the market. It also has made the image of the coin worse among the existing and potential users.
The next step was also incorrect – the developers replied to the warning of the performer as following - the alternative currency was inspired by “a half-man, half-fish hybrid”, a character from the episode “Fishsticks” from South Park TV-series. That was too much for Kaney West, he determined these actions as humiliation, not pure humor. Everything else was left to the legislative acts on privacy, copyright and the naming rights.
The damage left by the coin will be felt definitely for some time afterwards. The Reddit topics and some other sources reported on people unable to recover funds invested in the coin. The exchange service 0DayCoins, once providing people with Coinye, has left the scene. Their page is unavailable and no contact can be established. The official press release said: “if Mr. Kanye West feels offended in any way, we want to express our sincere apology. It was never our intention, and so, starting today, we are working on removing any trace of the coin from our platform. We hope this will satisfy Mr. West and resolve this unfortunate matter”. The massage, given to the active supporters of the coin from the initial developers, states: “Give it up. Make a new coin”. Nonetheless, all these announcements are not bringing people back to their lost funds. Who will take the responsibility for the current situation?
Congratulations, if You have not invested in Coinye, but be attentive - Kabosu might make claims on Dogecoin as well.