by Nuno Menezes
Last Wednesday, April 25, Kanye West, the famous American rapper sent out a tweet with one word; ‘decentralize.’ The community immediately went on a rampage of trolling and criticism as the artist was the primary advocate for a lawsuit which was responsible for Coinye’s shutdown.
— KANYE WEST (@kanyewest) April 25, 2018
Moreover, his tweet gave rise to a sequence of tweets from the community of coin holders which then seem joke about the Coinye comeback. The Bitcoin community also took a moment to ask for the artist to tweet about bitcoin. The musician also tweeted about an upcoming meeting with known bitcoin investor Peter Thiel.
A Little Bit of Coinye Coin History
Coinye, formerly known as Coinye West, is a Scrypt-based cryptocurrency project that appeared in early 2014. It was launched as a joke but soon had to face a lawsuit. Around the time of its launch in January 2014, the coin was already very popular.
However, West didn’t find much fun in the cryptocurrency joke and filed a lawsuit against the project’s team accusing them of trademark infringement. Apparently, the hip-hop artist didn’t like to be seen as the project’s mascot and since he didn’t have any affiliation with it, the project he hired lawyers that were able to win the lawsuit and shut down the project.
The coin was initially set to be launched on January 11, 2014. But before the launch the coin was already being mined, despite no pre-allocation of coins have been fixed. Because David P. McEnery Jr. was able to stay ahead of schedule and release the source code and mining software on January 7. This enabled the community to mine a lot of blocks, and therefore a lot of coins are still in the possession of many of the community members.
Since there are still a lot of Coinye holders, the motivation for its comeback is always up to the peak. In 2016, the community tried to gather up in an attempt to revive the coin and the slogan “You can’t kill a Gayfish” was the face of the rebranding. Unfortunately, the effort didn’t go so well, and there was no Coinye revival. Coinye was one of the few coins that actually died. Now, with this tweet from West, the community is looking for the support they need to make this revival happen.
Back in 2014, West felt insulted, by the half-man-half-fish hybrid mascot of the project, no doubt inspired by the 2009 South Park episode, ‘Fishsticks.’ It looks like that the artist didn’t even bother to research what was the project all about. He was probably was fixed to the idea that this was all part of a big trolling plan, and he used any means to shut it down.
Instead of trying to understand what was it all about he quietly went ahead and denied it at first glance. He could have even enjoyed and taken it under its avail and profit from it. He didn’t quite understand the power of cryptocurrency, and he butchered it.
Now, he is shouting “Decentralize” like he has found the Holy Grail. Of course it gave rise to a wave of criticism, but at the same time, some of the community seem to feel that this might be the right moment for a comeback, or even an endorsement of bitcoin.
Despite the fact that West’s lawyers have been able to shut down the project and made the development team dump all of their coins and then abandon the project, the community stood firm and decided to keep the network operational. They have been able to keep the system running, but the development has been suspended. The small community is now trying to start with the development once again, and in the unlikely case they win over West’s support, Coinye will be out in no time.