The Money Shot - Yeezy does it

Image of Kanye West
Kanye West, yesterday (Image: NRK30)
"The mysterious team behind Coinye reckoned that they were attempting to drag cryptocurrencies into the mainstream"
  • | by Kristian Dando

Are there no limits to Kanye West’s talent?

The producer, rapper, sneaker designer and croissant enthusiast is a man whose ambition is seemingly limitless. But even seasoned Yeezy observers were surprised when a so-called ‘cryptocurrency’ called Coinye West appeared a few weeks ago.

While West has long been vocal about his ambitions to move into the world of high fashion, seeing a Bitcoin rival emblazoned with the image of the ‘I’m In It’ hitmaker was a curveball, even by his own outrageous standards.

Except it had nothing to do with him.

The mysterious team behind Coinye reckoned that they were attempting to drag cryptocurrencies – previously the preserve of online drug dealers and weapons sellers – into the mainstream. Similar attempts at alternative digital currencies have been attempted using the likenesses of Doge, the fluffy canine internet meme, and the less cuddly Republican senator Ron Paul.

Rather hopefully, Coinye's creators hoped that West would throw his weight behind it. Unsurprisingly, an unimpressed ‘Ye' got his (presumably very expensive) legal team on the case.

Coinye’s creators hastily rejigged their logo to something resembling a cross between the rapper and Viz stalwart Billy the Fish, saying it had nothing to do with West, but to no avail. This week, Coinye's site shut down, waving a white flag in the direction of the rapper and his army of lawyers.

Image of 'Coinye' cryptocurrency

Image: Wikipedia Commons

But digital gold diggers are still mining thousands of Coinyes as we speak. And just a day after shutting down, Coinye’s Twitter account boldly declared:  “We’re here to stay.”

It seems that due to the transient, decentralised nature of cryptocurrencies, Coinyes will be very hard to get rid of as long as there is a market for them - even for a self-professed god like Yeezy.

As if that wasn’t enough, a religion worshipping the rapper has just sprung up, called Yeezianity. Its membership presumably exclusively consists of 30-something metropolitan design and creative types, if this photo is anything to go by.

You can read more about this wacky 'faith' here, if you so desire.

Short change - money news in brief

Ed Miliband wants to break up the big banks, should Labour get into power.

Elsewhere in Westminster, George Osborne has called for an above-inflation rise to the minimum wage.

Complaints to Npower have risen by 25%, making it the most moaned-about energy supplier, according to Consumer Focus.

The exponential rise in rental prices for homes is finally slowing down, helped in part by Help to Buy mortgages, reckons LSL Property Services.

On Covered mag this week

This week marks five years since the recession began, so we chatted to some people about whether they’re better or worse off than when it started.

There are potentially automotive bargains galore as the forecourts swell with pre-reg cars.

With TSB offering to pay stamp duty up to £2,000 for first-time buyers, we asked if these sort of mortgages are all that they seem.

Felicity Hannah took a look at the murky world of Facebook scams.

And finally

Monks in Devon have hit back at accusations that their highly alcoholic ‘tonic wine’ is to blame for 6,500 crimes in Scotland over the past three years.

Buckfast, a highly alcoholic (and cheap) beverage is highly popular in deprived areas of Scotland. It’s produced at the other end of the UK, by monks at Buckfast Abbey near Totnes. It’s also known as ‘Wreck the Hoose Juice’ and ‘Commotion Lotion’.  (We’re not making this up.)

Scottish police reckon that ‘Buckie’ has been cited in thousands of cases of anti-social behaviour, and there have been calls for the drink to be banned.

But chief monk at the abbey, Abbot Charlesworth, told BBC Devon: "I don't want Buckfast Abbey to be associated with broken bottles and drunks. If you ban Buckfast, ban Scottish whisky. It's alcohol, much stronger. But oh no, they wouldn't do that. So they are picking on a particular thing as a conscience salver.”

Buckfast certainly isn't to everyone's tastes - and at a mean 15%, it's certainly not something one should make, er, a habit, of drinking too often.

Join us NEXT WEEK for another THRILLING instalment of THE MONEY SHOT.