This is another reason why digital currency is a joke - Coinye West

[Soundmanred]

I think we should give it a chance.

 

[manimal]

OP for troll of year

 

[judywhite]

Yeah right, let's give this a chance. I've heard that Coinye West is set to launch this coming Jan. 11. Let's see how far it will go.

​

 

[Kroze]

I think the whole purpose of a digital currency is that it can't be easily manipulated by governments. Governments can't just print all the currency they want just to fund a couple of Wars or fund the government's deficit.

 

[quakefiend420]

Answer one question - can any of these crypto-currency be created by botnets? Yes, or no? Very simple question. There's your freaking clue right there.

Clue to what? No, a botnet can't become self aware and create it's own "botcoin", if that's what you're asking. Yes, a botnet can hash on whatever existing coin its operator points it towards, if that's what you mean by "create". What's your point? That botnets will take over crypto?

Let's do some math. An i7 3930k(high end CPU) can mine at about 60 megahash. The current Bitcoin network is at 13,278,563 gigahash(and growing daily), or 13,597,248,512 megahash. So if a botnet were made up of nothing but ridiculously high end CPUs(unrealistic) it would take 457,774,033 compromised machines to comprise 51% of the network and have a realistic chance of doing something nefarious like a double spend. Also, they'd all have to be online at the same time. If we look at a more mainstream CPU such an i7 920, that gets 20 megahash. So now it takes 1.35 billion compromised and online computers to equal 51% of the hashrate. And the average PC is even slower than that, most laptops are going to perform extremely poorly and overheat constantly, making them about useless for this purpose.

Could a decent sized botnet 51% some random altcoin like coinye west? Easily. Does that mean that the underlying Bitcoin technology itself is vulnerable? Not even close. A botnet is not even on anyone's radar anymore as a credible threat to Bitcoin and hasn't been for well over a year now.

Educate yourself.

 

[OverVolt]

Yea that coca cola stuff was a joke they were coming out with so many different sodas in the early 1900s no way any company could survive that to become a market leader. There were like 100's of knock-offs it'll crash the whole market for sure. People in the 2000's won't even remember who coca cola is.

 

[TallBill]

Clue to what? No, a botnet can't become self aware and create it's own "botcoin", if that's what you're asking. Yes, a botnet can hash on whatever existing coin its operator points it towards, if that's what you mean by "create". What's your point? That botnets will take over crypto?

Let's do some math. An i7 3930k(high end CPU) can mine at about 60 megahash. The current Bitcoin network is at 13,278,563 gigahash(and growing daily), or 13,597,248,512 megahash. So if a botnet were made up of nothing but ridiculously high end CPUs(unrealistic) it would take 457,774,033 compromised machines to comprise 51% of the network and have a realistic chance of doing something nefarious like a double spend. Also, they'd all have to be online at the same time. If we look at a more mainstream CPU such an i7 920, that gets 20 megahash. So now it takes 1.35 billion compromised and online computers to equal 51% of the hashrate. And the average PC is even slower than that, most laptops are going to perform extremely poorly and overheat constantly, making them about useless for this purpose.

Could a decent sized botnet 51% some random altcoin like coinye west? Easily. Does that mean that the underlying Bitcoin technology itself is vulnerable? Not even close. A botnet is not even on anyone's radar anymore as a credible threat to Bitcoin and hasn't been for well over a year now.

Educate yourself.

Any business that puts out a tangible product that accepts bitcoins in its current fluctuation rate is fucking stupid, all other problems aside. Now if I sell a service that doesn't necessarily need a defined income to succeed, maybe accept them for some publicity.

 

[SSSnail]

Clue to what? No, a botnet can't become self aware and create it's own "botcoin", if that's what you're asking. Yes, a botnet can hash on whatever existing coin its operator points it towards, if that's what you mean by "create". What's your point? That botnets will take over crypto?

Let's do some math. An i7 3930k(high end CPU) can mine at about 60 megahash. The current Bitcoin network is at 13,278,563 gigahash(and growing daily), or 13,597,248,512 megahash. So if a botnet were made up of nothing but ridiculously high end CPUs(unrealistic) it would take 457,774,033 compromised machines to comprise 51% of the network and have a realistic chance of doing something nefarious like a double spend. Also, they'd all have to be online at the same time. If we look at a more mainstream CPU such an i7 920, that gets 20 megahash. So now it takes 1.35 billion compromised and online computers to equal 51% of the hashrate. And the average PC is even slower than that, most laptops are going to perform extremely poorly and overheat constantly, making them about useless for this purpose.

Could a decent sized botnet 51% some random altcoin like coinye west? Easily. Does that mean that the underlying Bitcoin technology itself is vulnerable? Not even close. A botnet is not even on anyone's radar anymore as a credible threat to Bitcoin and hasn't been for well over a year now.

Educate yourself.

It's getting harder and harder, but wait, what about BEFORE it got harder? :hmm:

What's the difference between that, and an arbitrary unit of ANYTHING limited to a finite amount, be the bartering tool? Tool. Anyways, it's really funny seeing you bitcrap enthusiasts get worked up over literally nothing.

I do really need to stop with the double entendre...

Seriously though, it's not too late to exchange your bitcoins for a SSSnail coin, THE currency of everything.

 

[suklee]

Yeah right, let's give this a chance. I've heard that Coinye West is set to launch this coming Jan. 11. Let's see how far it will go.

​

It has already launched:
http://coinyecoin.org/

 

[WelshBloke]

I think the whole purpose of a digital currency is that it can't be easily manipulated by governments.

I think the whole purpose of this one is to annoy the piss out of Kanye.


Which I think we can all get behind.

 

[quakefiend420]

Any business that puts out a tangible product that accepts bitcoins in its current fluctuation rate is fucking stupid, all other problems aside. Now if I sell a service that doesn't necessarily need a defined income to succeed, maybe accept them for some publicity.

Definitely agree with you there. As the adoption phase ramps up and market cap increases it will get harder and harder to move the market and volatility will decrease, it's already less volatile than it was at a 1Bil cap, at 11 now, and at 100 it will be even more stable day to day.

bitpay.com takes care of that issue.

 

[quakefiend420]

It's getting harder and harder, but wait, what about BEFORE it got harder? :hmm:

What about the USD back in the day when it was really easy to counterfeit, huh? Totally makes the USD worthless today. So your argument is based on what used to be a concern a long time ago but isn't today? Really?

What's the difference between that, and an arbitrary unit of ANYTHING limited to a finite amount, be the bartering tool? Tool. Anyways, it's really funny seeing you bitcrap enthusiasts get worked up over literally nothing.

I do really need to stop with the double entendre...

Seriously though, it's not too late to exchange your bitcoins for a SSSnail coin, THE currency of everything.

So make it. To answer your question, the difference is, that no one fucking wants a SSSNail coin. People are paying nearly $1K/each for Bitcoins on the exchanges. So the difference is that people recognize Bitcoin as a store of value because other people want it and something called network effect, Google it. Same reason that any money works, people are willing to trade it for goods and services, giving it value. Are you really this dense, or just trolling?

 

[OverVolt]

That said coinye is obviously a gimmick

 

[dbk]

Coinye is fighting back

It’s a tough gig being Kanye West.
First people try to steal your limelight on stage, then they spoof your music videos and now the rapper is fighting a legal battle against a new digital currency made in his image.
“Coinye” is the brainchild of an anonymous group of seven web developers who claim they are just a few guys “excited about the future of cryptocurrency.”
The digital currency is designed to rival bitcoin and uses Kanye’s name and image as a parody in a bid to help it become more mainstream.
However Kanye hasn’t taken kindly to his monetary likeness, with lawyers for Mr. West firing a cease and desist letter against the developers.
“Mr West is an internationally renown musical artist, songwriter, producer, film director and fashion designer, to name just a few of Mr West’s endeavours,” says a letter dated January 6 that reads as if it could have been written by Kanye himself.
The lawyers claim the name of the currency is “substantially similar” to Kanye’s name and have demanded the group deactivate all websites and social media accounts associated with the currency.
The developers have changed the name from Coinye West to Coinye and moved their website to India, according to the Wall Street Journal .
However they’ve also decided what doesn’t kill them makes them stronger and brought forward the launch date due to “legal pressure,” according to a note on their website.

 

[smackababy]

My Bipson Bucks are worth a pretty penny!