Here’s their original announcement.

DROPPING JANUARY 7 2014. 7 PM PST. No screwed up fake “fair” launches, shyster devs, muted channels, and f**ked up wallets. We will be releasing password protected, encrypted archives containing the binaries and source for the wallet and daemon BEFORE LAUNCH, with the passwords to be released at the specified time. We will work with multiple pools to orchestrate a PROPER and FAIR release.

Now let’s see:

No screwed up fake “fair” launches

There were over 1.3 BILLION COYE premined. The wallet started out on block 2000+. 2000*666,666 per block = 1,333,332,000 COYE. Update: There were premined but only 759 blocks, which is still over 505 Million coins after a claim of ZERO.

shyster devs

Again, there were over 1.3 BILLION 505 Million COYE premined.

muted channels

#coinyecoin was muted all the time in between, especially when problems with pools came up.

and f**ked up wallets

No wallet at all till long after launch for non-pool owners.

We will be releasing password protected, encrypted archives containing the binaries and source for the wallet and daemon BEFORE LAUNCH, with the passwords to be released at the specified time.

Password was released way after the specified time.

We will work with multiple pools to orchestrate a PROPER and FAIR release.

The whole reason of the password protection was probably to delay pool owners, while their own private pool was up and running.

This has been posted all over the coinyewest sub-reddit and other places. This coin is completely done for and will never be worth anything. I myself have already switched all my mining power back to DOGE. I myself am going back to sleep to try and rid myself of this migraine that I woke up with.

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