Coinye, also known as Coinye West is nothing more than an abandoned scrypt-based cryptocurrency company.
Coinye was founded in 2014 by Robin Clayton ( CEO) and Clive Bruce (COO). The 2 teamed up and created the company in hopes to being the next Bitcoin. While many believe Coinye is nothing more than a Bitcoin Clone others are under the impression that it is a Litecoin Clone. Not long after the release, Kanye West filed a lawsuit against the company on the grounds of Trademark Infringement . The company was also charged with unfair competition, cyberpiracy, and dilution.
Clayton was responsible for developing new products, marketing aspects, and any communication necessary. Clive was the chief operating officer, responsible for all of IT and the supply chain. According to the website Clive Bruce is a fellow of The Institute of Chartered Accounts and is also affiliated with the RSA.
The Coinye website is still up and can be viewed. The company had 6 Coinye Packages to choose from:
- Owner – An owner pays in at $15,000. This will generate a daily trade cap of $200 and a network cap of $7,500.
- Executive – The pay in is $7,000 and you can generate a $100 daily trade cap and a network trade cap of $3,000.
- Professional – The pay in is $3,00 with a daily trade cap of $50 and a network cap of $1,500
- Business – You pay in at $1,500 with a daily trade cap of $25 and a network cap of $700.
- Starter – The pay in is $700, with a daily trade cap of $10 and a $300 network cap.
- Basic – The Basic pay in is only $200 and you can earn $2.5 on your daily trade cap and $100 on the network cap.
The opportunity intended was for people to pay into Coinye, begin the mining process, then eventually start earning capital on all of it. According to the Coinye.com website members were able to generate a network cap of $100 daily all the way up to $7,500 as an Owner.
All of this could have been a major deal for those interested in investing, as well as, competition for Bitcoin. The opportunity would have been incredible, unfortunately, there is currently NO opportunity for investors or business owners.
This one is going to be harsh! When you review the about section of the coinyecoins.com/profile.html it brings you to the founders of the company. It turns out that Mr. Robin Clayton has seen lawsuits before. In 2005 Clayton was sued by Robin Williams, you will notice a resemblance in the company profile picture. Clayton, whose actual name was Michael Clayton was sued by Robin Williams for fraudulently portraying the actor while performing comedy skits for money. This is not his first rodeo.
The whole about section is a re-cap on Kanye West and the things he has done. Kanye is not even affiliated with them in any way, which brought on lawsuit number 2. Coinye lost the lawsuit miserably and decided to retreat and close up shop. The people are left to wonder when they will show their faces next.
The Coinye website is accessible, but there can be no purchases made. The cryptocurrency mining company has abandoned the scrypt-based cryptocurrency and have admitted defeat. Many were skeptical about the company immediately, earning it the Bitcoin Clone and the Litecoin Clone nicknames. It would have held a decent opportunity for those interested in online currency. However, the company has bad reviews floating all over the internet.
Coinye gets an F rating for lack of originality, the fact that they were sued for Trademark Infringement and the whole thing is widely known as a scam. The fact that Clayton has a record for fraud and trademark infringement trailing behind him might have him hiding in the shadows for some time. There has been no current news on Clive or his current situations. This one's a dud. We may never know if the 2 were in on it together, or if there was one sole partner responsible for the illegal actions.