You have probably all heard of “Coinye West” by now. It’s a scrypt coin, which has been released quite recently. To gather attention to the coin, the people behind the coin decided to name if after a very famous artist. To get your coin some exposure, naming it after “cool” things is always a good idea. Going after celebrities, however, might not be the smartest move….
A cease and desist letter has been sent to the developer(s) of “Coinye West”, telling them to remove any association with or any hinting at their client’s name (you all know who he is, but to avoid legal trouble, I’m not going to mention it).. This was to be expected, in fairness, but I don’t think anyone expected this to happen in such a short span of time.
As a general warning to all you (proper) coin developers out there : please, for the love of whatever if it you believe in, name your coin carefully. It will come around to bite you in the rear if you pull off stupid stunts like above. Not to mention that the altcoin community is also getting a bad reputation if there are too many infringements coming from that direction.
Try to refrain from naming at after movie titles, celebrities, big corporations, athletes, entertainers,…..Anyone or anything that might be powerful enough to take you to court , worst case scenario. There are still some coins out there which, according to me, are on the list of receiving the same kind of latter as the “Coinye West” developer(s) did…..
We will go further into details on why naming your crypto coin is important in the first edition of our free digital magazine, set for release at the end of January.