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Coinye West: Cryptocurrency for a song?

By Allison Ross · Bankrate.com
Monday, January 6, 2014
Posted: 9 am ET

Oh Yeezus!

Has Bitcoin mania reached a new level of awesome ... or a new level of ridiculousness?

This week, a new cryptocurrency was revealed: Coinye West. And yes, it appears to be inspired by rapper Kanye West.

We're not sayin' he's a gold digger, but ...

OK, truth time: I'm only writing about this latest cryptocurrency so I can try to weave in song lyrics.

In fact, it's unclear whether the cryptocurrency will even make it to its scheduled Jan. 11 launch date. The creators of the new coin did not talk over the Coinye West with the real Kanye West, according to an interview they did with "Vice." It's unclear how the rapper and main squeeze of Kim Kardashian will take the idea of having his face representing a virtual currency. Maybe he can't wait 'til he gets his money right.

A lot of other people aren't sure what to make of it.

We've already seen the rise of the Dogecoin, which was based on a silly Internet dog meme. Why not let fans of Kanye have their chance at chillin', trying to stack these millions?

The website for Coinye West announces that it's "takin' shots at Bitcoin" and says that "we ain't minin', we pickin'."

If you're confused how this could even happen, cryptocurrency Bitcoin uses open-source code, meaning that anyone with a desire could technically create their own cryptocurrency.

Indeed, it's estimated that there are more than 70 cryptocurrencies floating around right now, many of them very similar if not downright copies of Bitcoin. Most are in penny stock territory.

Who knows how well the Coinye West will go over. The Dogecoin briefly became one of the largest cryptocurrencies by market cap, although it has now since lost some of that market share.

If nothing else, the Coinye West can serve to introduce more people to the idea of cryptocurrencies.

And to provide writers with opportunities to use song lyrics in our stories.

Follow me on Twitter: @allisonsross.

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