CancerCoin is the newly developed crypto currency created to be charitable. CancerCoin will contribute to Cancer research by generating funds to two Cancer Institutions chosen by the world community. Everyone can contribute by mining, trading, donating or simply voting.
To aid this cause, we will need as many strong minds from the crypto currency scene as we can get. Volunteers are welcome! Many of us have lost someone to Cancer. It’s time for us to help and find a cure for it.
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Many people know the Menace Cancer has become but only few knows that 1 of every 4 people have their life cut short by it.
With the spike in the creation of alt coins and after seeing that most of them are merely about making a quick profit, our Team gathered to build something real with the main goal of contributing to finding a cure for cancer.
This coin will bring more awareness to the issue, will work as a medium of advertisement for crypto currencies and become a valuable source of funding to Cancer cure.
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Every mined Block will generate 5% directly to the Fund Wallet
These funds will be distributed towards 3 wallets. The first two wallets receiving 2% each, will be donated to two Cancer research organizations, chosen by vote in a public poll.
The last wallet receiving 1% will be used for marketing and support to the building process of a strong currency.
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Absolutely no disrespect intended with this post, but you really need to disclose your identity.
Not on the wallet, but on your website, and here.
If you don't, the issue of credibility will not go away.
You will also need to disclose your professional experience to ensure that you have the necessary skillset to manage the entire operation.
You also need to establish a 501(c)(3), and appoint a professional accounting firm to audit every stage of the operation.
Going forward, the three person holding the three wallets must also publicly disclose their identities, and there must be established SOPs for public reviews.
Substantiation and disclosure is crucial in any charitable endeavors.
More than that, even if a single individual decides to seek tax exemption on the contribution to this cause, you could get into very serious trouble with the IRS and law enforcement agencies.
While your intentions may be noble, always keep in mind that soliciting donations instantly creates a fiduciary relationship between you and both the donors and recipients, and consequently, compels you to adhere to state and federal laws.
I apologize if this sounds harsh, but I urge you to slow down, take a step back, and speak to a qualified legal professional first before going forward.
ps: 1 of every 4 people?Thanks for the post and no apologies needed as it was not harsh at all. We agree those questions need to be answered.
When we initiated this project we had the intention of making it a noble coin to raise money for cancer research. After the feedback from people from these forums, family and friends we realized that it should be a broader endeavor to help not only cancer but all sorts of charities.
We did not yet consult with a lawyer regarding the repercussions this project could bring us. Your advice is very welcomed and we will look into speaking to a professional about this matter as soon as possible.
You are right about full disclosure. Our website will be redone soon and we will make sure our identities will be revealed in one of the pages.
We apologize for the “1 in every 4” fact we mentioned before. Those figures represent the rate of cancer deaths in USA and it was taken from page 1 of this document:
http://www.cancer.org/acs/groups/content/@epidemiologysurveilance/documents/document/acspc-031941.pdfWe will rectify the incorrect info as soon as possible.
Many thanks
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