'CoinyeCoin' launches early after Kanye West legal threat Speaking to the Wall Street Journal, a spokesman said: "They'll still come after us, but that's OK." A twitter account named CoinyeFaucet - a faucet is a common service for crypto-currencies where tiny amounts of currency are given away for free, usually financed by advertising - says that 0.37 per cent of CoinyeCoins were "pre-mined" or created before the public release of the currency. It also claims that the creators intend to use this amount to pay for any upcoming legal fees. No existing crypto-currency exchanges have yet agreed to deal in CoinyeCoins, but the founders say they are currently in talks with three smaller websites. The lack of active exchanges means that there is no clear price for CoinyeCoins yet, but users on forums were offering to sell 40,000 for 0.04 bitcoins, which would give them a value of fractions of a penny. The currency is mined, just as bitcoin is, with a finite limit of 133,333,333,333 coins. Although the branding of the currency is whimsical, its creators have said that they intend it to be a mainstream competitor to bitcoin.