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Offline Rushy

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Coinye, a Bitcoin spin-off, is being sued by Kanye West
« on: January 15, 2014, 04:17:41 AM »
Among the defendants is Amazon.com, for hosting the websites, Johnny Bravo, I don't even know why, and Dogecoin, the person, not the coin, since someone is squatting Coinye domain names under the alias "dogecoin."

http://www.cryptocoinsnews.com/2014/01/15/coinye-im-sorry-kanye-west-suing-dogecoin-amazon-coinye-exchanges-developers/

Either Kanye is a complete tool or a marketing genius. I'm going with the former.

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Offline Tau

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #1 on: January 15, 2014, 04:32:36 AM »
I can't see an argument for marketing genius. Sure he's getting his name out there, but making people think you're pathetic and more jealous than the Old Testament God isn't going to make people think you're hardcore and it isn't going to sell albums.
That's how far the horizon is, not how far you can see.

Read the FAQ: http://wiki.tfes.org/index.php?title=FAQ

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Offline Rushy

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #2 on: January 15, 2014, 04:34:37 AM »
I can't see an argument for marketing genius. Sure he's getting his name out there, but making people think you're pathetic and more jealous than the Old Testament God isn't going to make people think you're hardcore and it isn't going to sell albums.

>invest in BTC
>teach courts and public about BTC by gaining publicity for suing a BTC spin-off
>watch as your investment skyrockets due to increased public knowledge

Kanye may seem pretty stupid, but sometimes I can't help but point to the fact that he has a lot more money than me. If he's stupid, well then maybe I need to be stupid too.

Saddam Hussein

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #3 on: January 15, 2014, 04:54:58 AM »
When you ride another's coattails, you risk being shaken off.

(Did that sound wise?  I hope so.  I want it to become a proverb or something.)

Offline Socker

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #4 on: January 15, 2014, 05:44:35 AM »
What a Kanye Pest.

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Offline Ghost Spaghetti

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #5 on: January 15, 2014, 01:29:43 PM »
Who actually uses bitcoins, anyway?

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Offline markjo

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #6 on: January 15, 2014, 02:24:32 PM »
Drug dealers.
(Reuters) - U.S. authorities have seized an estimated $28 million in the digital currency bitcoins from the alleged owner of "Silk Road," the online marketplace for drugs and criminal activity that law enforcement shut down three weeks ago.

Federal prosecutors in New York said Friday that the 144,336 bitcoins, a digital currency widely used on the defunct site, were discovered on computer hardware belonging to Ross William Ulbricht, known online as "Dread Pirate Roberts," who was arrested October 1 in San Francisco and charged with various conspiracy counts. They said it represented the largest ever bitcoin seizure.
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.

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Offline Pete Svarrior

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #7 on: January 15, 2014, 03:01:54 PM »
Who actually uses bitcoins, anyway?
Rushy
Read the FAQ before asking your question - chances are we've already addressed it.
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Offline Rama Set

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #8 on: January 15, 2014, 04:10:43 PM »
You don't get races of anything ... accept people.

Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #9 on: January 15, 2014, 04:14:51 PM »
I want to set up my own currency called 'Magic Beans'. You will be able to harvest beans by completing algorithms.  :-B

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Offline markjo

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #10 on: January 15, 2014, 04:26:39 PM »
Just out of curiosity, does anyone know if the bitcoin algorithms serve any useful function, other than wasting CPU cycles?
Abandon hope all ye who press enter here.

Science is what happens when preconception meets verification.

If you can't demonstrate it, then you shouldn't believe it.

Offline bj1234

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #11 on: January 15, 2014, 04:40:37 PM »
Just out of curiosity, does anyone know if the bitcoin algorithms serve any useful function, other than wasting CPU cycles?
They actually mine coinye coins and send them to the developers.

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #12 on: January 15, 2014, 07:17:32 PM »
I want to set up my own currency called 'Magic Beans'. You will be able to harvest beans by completing algorithms.  :-B
Do those algorithms crack encryption?

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Offline Rushy

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #13 on: January 15, 2014, 11:29:56 PM »
I want to set up my own currency called 'Magic Beans'. You will be able to harvest beans by completing algorithms.  :-B

Plenty of people have tried to emulate Bitcoin, but can't. You can copy the source code as many times as you want, but Overstock will be taking Bitcoin, not your Thork-coin crap.

Just out of curiosity, does anyone know if the bitcoin algorithms serve any useful function, other than wasting CPU cycles?

Does an armored bank truck do anything other than waste gas? Securing a financial system is not a "waste." In fact, if the world used Bitcoin, billions would be saved every year, as money printing and transport would be obsolete. It costs many times more to maintain the Dollar than it does to maintain Bitcoin.

Who actually uses bitcoins, anyway?

Everyone who bothers to look them up and realize how useful it is.


Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #14 on: January 15, 2014, 11:44:26 PM »
I want to set up my own currency called 'Magic Beans'. You will be able to harvest beans by completing algorithms.  :-B

Plenty of people have tried to emulate Bitcoin, but can't. You can copy the source code as many times as you want, but Overstock will be taking Bitcoin, not your Thork-coin crap.
Overstock has just made a very powerful enemy >o<

As a slight aside, I saw a guy just set up a bitcoin vault. He offlines peoples bitcoins for them and offers them insurance.
http://www.bbc.co.uk/news/technology-25680016

however I think he has unwittingly developed a multi-billion dollar business and he doesn't realise it yet. Once you look after other people's bitcoins (a currency) you can loan said currency to other people at a fractional reserve ratio of 9:1. Having a complete monopoly on the currency at present would mean he has masses of depositors.
My understanding is that its hard to get hold of a lot of bitcoins for a project or business idea so loaning other people's bitcoins I would expect to be very profitable and help the currency with hoarding issues making it more usable (how the old goldsmiths started banks).
I don't understand why he would charge people to store their bitcoins. surely you do it for free and make a killing on loan interest on the other side.
The only threat to the world's first e-currency bank would be a bank run. You really can't borrow from anywhere else. but I'd assume if panicked investors started selling coins and withdrawing, they'd have to sell to someone else who would deposit. ???

Something to mull over whilst I wait for my tea to cool I suppose.
« Last Edit: January 15, 2014, 11:51:15 PM by Thork »

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Offline Rama Set

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #15 on: January 15, 2014, 11:47:18 PM »
How would you loan bitcoin?  The system does not seem to support this kind of model.
You don't get races of anything ... accept people.

Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #16 on: January 15, 2014, 11:48:57 PM »
How would you loan bitcoin?  The system does not seem to support this kind of model.
You come to me to borrow a bitcoin. I get one out of my vault and tell you give me 1.05 bitcoins back in 3 months. I then sell my .05 bitcoins for real money. ??? Profit.
Where's the problem?

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Offline Rama Set

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #17 on: January 15, 2014, 11:54:54 PM »
That I get bits the fractional reserve system that does not fly. How do you lend bitcoins you do not have?
You don't get races of anything ... accept people.

Thork

Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #18 on: January 16, 2014, 12:00:32 AM »
How did goldsmiths lend gold they didn't have? They made paper gold. A promissory note from the bank. I promise to pay the bearer on demand ... etc and so forth.

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Offline Rama Set

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Re: Coinye, a Bitcoin spin-off, is being sued by Kanye West
« Reply #19 on: January 16, 2014, 12:04:00 AM »
How did goldsmiths lend gold they didn't have? They made paper gold. A promissory note from the bank. I promise to pay the bearer on demand ... etc and so forth.

Doesn't that make bitcoins as stupid and retarded as the present currency system?
You don't get races of anything ... accept people.