Krakin Posted January 4, 2014 Report Share Posted January 4, 2014 A new Bitcoin-like virtual currency inspired by rapper Kanye West is set to be launched, and has been dubbed "Coinye West". Kanye West is not involved and has yet to comment on its inception. It will follow in the footsteps of "Dogecoin", another virtual currency based on the popular Doge meme. The value of Bitcoin, the most famous virtual currency, peaked at over $1000 (£613) last year but is currently worth around $850 (£520). Various alternatives to Bitcoin have sprung up, such as Litecoin, Namecoin and PPCoin. Virtual currencies are often linked to the purchase of illegal items, namely drugs, thanks to transactions being extremely difficult to trace. However, more humorous currencies like Dogecoin are used for more tongue-in-cheek transactions. One user, posting on Dogemarket, a section on popular link sharing site Reddit, offered Dogecoins in exchange for ideas to name a company. Speaking anonymously to music site Noisey, they said: "I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets, and other ideas I can't give away just yet." They said they planned to give away a number of Coinye to early users when the currency launches on 11 January. "It will get people who are on the fence interested and help them to start using the currency, and we hope they'll share it with their friends, too." However, one Bitcoin expert urged caution in investing in new virtual currencies that were as yet untested in public use. "There's been a number of people who have put out 'joke' currencies in the past," said Johnathan Turrall, chief technology officer at Metalair, a cryptocurrency start-up based at the University of Sussex. "There were some coins in the past that seemed to be a 'pump and dump' operation. "In one case, the original developers launched on obscure websites, but when they took it mainstream, and the price spiked, they sold up and disappeared. Estimated earnings in one instance were $800,000." Mike Hearn, a Bitcoin developer, said Coinye West was, at the very least, an expression of the "democratic" nature of the technology behind virtual currencies. Cryptocurrency explained: how Bitcoin works Bitcoin is often referred to as a new kind of currency. But it may be best to think of its units being virtual tokens rather than physical coins or notes. However, like all currencies its value is determined by how much people are willing to exchange it for. To process Bitcoin transactions, a procedure called "mining" must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins. This provides an incentive for people to provide computer processing power to solve the problems. To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day. There are currently about 11 million bitcoins in existence. To receive a bitcoin a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual postbox to and from which the bitcoins are sent. Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction. These addresses are in turn stored in Bitcoin wallets which are used to manage savings. They operate like privately run bank accounts - with the proviso that if the data is lost, so are the bitcoins owned. "I thought the whole Dogecoin thing was interesting," said Jeremy Bonney, from virtual currency news site Coindesk. "It grew into something somewhat legitimate. There are people that genuinely believe in it out there." Gig tickets The makers of Coinye West have lofty ambitions for the currency which they described as a "cryptocurrency for the masses". Link from the BBC: http://www.bbc.co.uk/news/technology-25588883 Krakin's Home Dipole Project http://www.stevemeadedesigns.com/board/topic/186153-krakins-dipole-project-new-reciever-in-rockford-science/#entry2772370 Krakin, are you some sort of mad scientist? I would have replied earlier, but I was measuring the output of my amp with a yardstick . . . What you hear is not the air pressure variation in itself but what has drawn your attention in the two streams of superimposed air pressure variations at your eardrums An acoustic event has dimensions of Time, Tone, Loudness and Space Everyone learns to render the 3-dimensional localization of sound based on the individual shape of their ears, thus no formula can achieve a definite effect for every listener. Link to comment Share on other sites More sharing options...
RooTxBeeR Posted January 5, 2014 Report Share Posted January 5, 2014 lmao, he is so going to try and lawsuit. Probably go on national TV and complain about it. but that's funny as hell though, I didn't even know of doge one either till now. good share On 11/20/2012 at 8:54 PM, AMI CUSTOMS said: Turned mine up today at a light, guy next to me his steering wheel started moving and he looked over at me like I was a magician lol. On 5/9/2012 at 8:45 PM, skittlesRgood said: fuck the plating. look at what the main metal used is. you could buy unicorn blood plated terminals but if its just covering up dog shit, whats the point On 4/10/2013 at 12:26 PM, mrd6 said: I'll admit, half way through sanding that fiberglass in the rain and cold while I was all itchy I was definitely starting to question why i was doing this haha Soon To Be '04 Ford Escape US Alternator 280A Hairpin D4800 Under the Hood (6) XP3000's in Rear 1/0 SHCA & XS Power 4 runs to back TORK2 kit from Tony @ CE Auto Supply Pioneer DEH-80PRS DD AW6.5 (2) per door *Tweeter Unkown* DD SS4a & C3d (2) SCV4000 @ .5Ohm (2) 15" Sundown Zv5 Link to comment Share on other sites More sharing options...
Facekicker Posted January 5, 2014 Report Share Posted January 5, 2014 Complete stupidity. There really is no long term success for anything except for LTC & BTC. Dogecoin blew itself up in 48hrs. Hopefully this one doesn't even materialize. And if it does, I hope Kanye tanks when Coinye does. 2002 Monte Carlo Started a build log Fi, DC, Mechman, XS Power Link to comment Share on other sites More sharing options...
KillaCam Posted January 5, 2014 Report Share Posted January 5, 2014 This virtual currency bullshit is ridiculous. I've never had a problem using the USD to order anything online. Paypal is about as virtual as I'll get. And the fact more than one person agrees does not make it a circle jerk, it makes it a bukkake scene and you're in the middle Chick took 3 shots of Jager, and then, pissed in my mouth.. B5 Passat Build Log Link to comment Share on other sites More sharing options...
Krakin Posted January 5, 2014 Author Report Share Posted January 5, 2014 Now all we have to do is ban it in the US and maybe Kanye will get the message. Krakin's Home Dipole Project http://www.stevemeadedesigns.com/board/topic/186153-krakins-dipole-project-new-reciever-in-rockford-science/#entry2772370 Krakin, are you some sort of mad scientist? I would have replied earlier, but I was measuring the output of my amp with a yardstick . . . What you hear is not the air pressure variation in itself but what has drawn your attention in the two streams of superimposed air pressure variations at your eardrums An acoustic event has dimensions of Time, Tone, Loudness and Space Everyone learns to render the 3-dimensional localization of sound based on the individual shape of their ears, thus no formula can achieve a definite effect for every listener. Link to comment Share on other sites More sharing options...
Maxim Posted January 5, 2014 Report Share Posted January 5, 2014 Seems that a lot of crypto-currencies have popped up very quickly after Bitcoin started to bubble and even more have shown up since the bubble burst. I feel like Bitcoin and Litecoin are established enough that they'll hang around but most of them are going to die off or turn into "pump-and-dump" operations as the article states. There are only so many payment methods that people/companies will accept. Most websites only accept VISA, MasterCard, AMEX, and Discover for credit cards and there are thousands of other cards that they don't. As websites start supporting virtual currencies they will only accept the most widely used and those will likely be Bitcoin and Litecoin. wtf is lolcats? I'd def get a fat hooker if i had to resort to that kinda thing. I feel like they'd be grateful and work harder. Also its more bang for my buck, more real estate for my dollar if you catch my drift. its like the Costco of streetwalkers. I was hoping for 150 . I was hoping she would let me put it in her butt Link to comment Share on other sites More sharing options...
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