Start a cryptocurrency with just a landing page?

February 5, 2021 8:21 PM

Request: Please suspend your disbelief and assume that what I'm creating is exactly what the world needs. I'm building a new cryptocurrency (as a non-profit) inspired by the disruption created by what happened with GameStop stock and how it showed the public just how absurd Wall Street/our financial system is (to say the least). I want to make sure I can ride off of the buzz around this disruption before people lose interest. Unfortunately, It's going to take me a few weeks to create it. Does anyone know if it's a common practice to do that with new cryptocurrencies: just throw up a landing page and give an idea of what the currency is all about and then collect emails until it's created?
posted by defmute to Work & Money (4 answers total)

Best answer: I believe the traditional route is via a landing page and a "whitepaper". They vary wildly on how detailed they actually are.
posted by BungaDunga at 8:42 PM on February 5, 2021 [4 favorites]

That said, Dogecoin began with just a landing page (and a tweet).
posted by BungaDunga at 8:44 PM on February 5, 2021 [2 favorites]

Best answer: The whitepaper is to give some thin cover to the idea that the item in question is a token for use in some kind of system that actually does something, not a security.

IANYL, but please understand that selling such an item may violate state and federal laws against unregistered offerings of securities. Consult a lawyer before doing this project.
posted by praemunire at 9:37 PM on February 5, 2021 [6 favorites]

Response by poster: Right on. Thank you to the both of you for your help and will be creating a whitepaper as well as getting some legal assistance.
posted by defmute at 12:58 AM on February 6, 2021