This information contains disclaimers related to your contribution to BIT PAC, through its project Politicoin (collectively “Organization”), use of the ERC-20 Politicoin token smart contracts (“Politicoin Token Contracts”) and of the related compatible tokens distributed on the Ethereum blockchain (“Politicoin Tokens”). When making a contribution, you or the entity that you represent (“Participant(s)”) acknowledge, understand and agree to the following:
Purpose. Politicoin Tokens are obtained when a Participant makes a federal political contribution to BIT PAC as a means by which BIT PAC may allow Participant the opportunity to receive voting functionality on the Politicoin Platform (“Platform”) at a future point in time. Participants may have the opportunity to vote on which federal candidates receive a contribution from BIT PAC and which independent expenditure campaigns (including amount, for/against a certain candidate, medium) BIT PAC will disseminate. Although Politicoin Tokens may be tradable, they are not an investment, currency, security, commodity, a swap on currency, securities or commodities, or any other kind of financial instrument.
Organization’s Use of Proceeds. Participant acknowledges and understands the payment of funds to BIT PAC in connection with the receipt of Politicoin Tokens will be a federal political contribution and such funds will be used in connection with federal elections by the Organization in its sole discretion.
Organization Obligations. Organization may allocate and distribute Politicoin Tokens to Participants thereof using the Ethereum blockchain. Organization shall, from time to time, provide the procedures and other instructions for utilizing Politicoin Tokens through the official Politicoin Website (“Website”).
Participant Obligations. Participant shall follow the procedures set forth by Organization for obtaining Politicoin Tokens. Prior to obtaining Politicoin Tokens, Participant shall attest they are a United States citizen or permanent legal resident, or US domiciled legal entity eligible to make federal political contributions. Participant shall provide a valid email address and an Ethereum wallet address for which they control the private key in order to receive Politicoin Tokens. Participant should take care that the website used to make contributions to BIT PAC and thereby receive Politicoin Tokens has the following universal resource locator (URL): politicoin.org
The access or use of any Politicoin Token Contract function, other than a transfer, through any means other than the official Politicoin Website is not sanctioned by Organization. All Politicoin Tokens that are acquired by means other than through the official Politicoin Website are required to be registered with Politicoin to be eligible for any voting prior to a voting period.
Funds. The funds, including any fiat, virtual currency or cryptocurrency, Participant uses to obtain Politicoin Tokens are, if an individual, their personal funds, or if an entity, funds that have been authorized by the entity, will not be reimbursed by another person or entity, are not derived from or related to any unlawful activities, including but not limited to money laundering or terrorist financing, and Participant will not use Politicoin Tokens to finance, engage in, or otherwise support any unlawful activities. Participant shall provide an accurate digital wallet address to Organization for receipt of any Politicoin Tokens distributed to Participant pursuant to the Politicoin Token Contract.
Prohibited Sources. Politicoin Tokens are not being offered to foreign nationals, federal contractors, national banks or federally chartered corporations and are prohibited. Organization reserves the right to refuse or cancel Politicoin Token requests at any time in its sole discretion.
Foreign Nationals: Politicoin Tokens are not being offered or distributed to Foreign Nationals. A Foreign National is an individual who is not a citizen of the United States or a national of the United States and has not been lawfully admitted to the United States for permanent residence (as defined in 8 U.S.C. 1101(a)(20)), or a foreign principal (as defined in 22 U.S.C. 611(b)), or foreign entity.
Permitted Sources. If an individual, Participant must be a United States citizen or national lawfully admitted to the United States for permanent residence (i.e. Green Card holder). If an incorporated entity, Participant is duly organized, validly existing and in good standing under the laws of its U.S. domiciliary jurisdiction and each jurisdiction where it conducts business and is using U.S. funds directed solely by US individuals.
Contribution Limits. Contributions to BIT PAC are limited to the current federal contribution limits as determined by Statute, and periodically adjusted for inflation by the Federal Election Commission. Under the current limits, individuals may contribute up to $5,000 to BIT PAC with respect to Donor Coins, per calendar year, and may contribute an unlimited amount to BIT PAC with respect to Ad Coins. Corporations, labor organizations and political committees may contribute an unlimited amount to BIT PAC to receive an equivalent amount of Ad Coins only.
Anti-Money Laundering. Counter-Terrorism Financing. To the extent required by applicable law, Participant complies with all anti-money laundering and counter-terrorism financing requirements.
No Interest in Organization. Politicoin Tokens are obtained when a Participant makes a federal political contribution to BIT PAC as a means by which BIT PAC may allow Participant the opportunity to receive voting functionality on the Platform at a future point in time. Participant acknowledges, understands and agrees that Participant should not expect and there is no guarantee or representation made by Organization that Participant will receive any other product, service, rights, attributes, functionalities, features or assets of any kind whatsoever, including, without limitation, any cryptographic tokens or digital assets now or in the future whether through receipt, exchange, conversion, redemption or otherwise.
Intellectual Property. Organization retains all right, title and interest in all of Organization’s intellectual property, including, without limitation, inventions, ideas, concepts, code, discoveries, processes, marks, methods, software, compositions, formulas, techniques, information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyright or patents based thereon. Participant may not use any of Organization’s intellectual property for any reason without Organization’s prior written consent.
Participant Security. Participant shall implement reasonable and appropriate measures designed to secure access to: (i) any device associated with Participant and utilized in connection with Participant’s contribution to BIT PAC and to receive Politicoin Tokens; (ii) private keys to Participant’s wallet or account; and (iii) any other username, passwords or other login or identifying credentials. In the event Participant is no longer in possession of Participant’s private keys or any device associated with Participant’s account or is not able to provide Participant’s login or identifying credentials, Participant acknowledges and understands that it may lose all of Participant’s Politicoin Tokens and/or access to Participant’s account. Organization is under no obligation to recover any Politicoin Tokens. Participant acknowledges, understands and agrees that all contributions to BIT PAC are non-refundable and cannot be cancelled.
Additional Information. Upon Organization’s request, Participant will immediately provide Organization information and documents that Organization, in its sole discretion, deems necessary or appropriate to comply with any laws, regulations, rules or agreements, including without limitation judicial process. Such documents include, but are not limited to, passport, driver’s license, utility bills, photographs of associated individuals, government identification cards, sworn statements, corporate entity’s certificate of good standing, and corporate entity Articles of Incorporation. Participant consents to Organization disclosing such information and documents in order to comply with applicable laws, regulations, rules or agreements. Participant acknowledges that Organization may, in its sole discretion, refuse to distribute Politicoin Tokens to Participant until such requested information is provided.
No Organization Representations or Warranties. Participant is using the Politicoin Token Contracts and Politicoin Tokens at the Participant’s sole risk and the Politicoin Token Contracts and Politicoin Tokens are provided, used and acquired on an “AS IS” and on an “AS AVAILABLE” basis without representations, warranties, promises or guarantees whatsoever of any kind by Organization and Participant shall rely on its own examination and investigation thereof. Organization does not make and expressly disclaims all representations and warranties, express, implied or statutory.
With respect to the Politicoin Tokens, their utility and the ability of anyone to obtain or use the Politicoin Tokens, Organization specifically does not represent, warrant, and expressly disclaims any representation or warranty, express, implied or statutory, including without limitation, any representations or warranties of title, non-infringement, merchantability, usage, suitability or fitness for any particular purpose, or as to the workmanship or technical coding thereof, or the absence of any defects therein, whether latent or patent.
Organization disclaims all representations and warranties that the process of receiving Politicoin Tokens will be uninterrupted or error-free, or that the Politicoin Tokens are reliable or error-free. As a result, Participant acknowledges and understands that Participant may never receive Politicoin Tokens and may lose the entire amount Participant contributed to Organization.
Participant has carefully reviewed, acknowledges, understands and assumes the following risks, as well as all other risks associated with the Politicoin Tokens, including those not discussed herein:
Value and Price Risk. Politicoin Tokens may have no value and Participant may lose all amounts contributed. There are no guarantees as to the price of Politicoin Tokens received by Participant and no guarantees that the price per Politicoin Token determined by the market will be equal to or higher. There is the possibility that the price per Politicoin Token may fall below the price contributed by Participants of Politicoin Tokens during the initial distribution period. Organization reserves the right to change the duration of any timeframe for the distribution of Politicoin Tokens, including without limitation, bugs in the Politicoin Token Contract, the unavailability or non-functionality of the Website or other unforeseen procedural or security issues.
Ability to Transact or Resell. Participant may be unable to sell or otherwise transact in Politicoin Tokens at any time, or for the price Participant contributed. There is no guarantee or representation of liquidity for Politicoin Tokens and Organization nor Participants are not and shall not be responsible for or liable for the market value of Politicoin Tokens, the transferability and/or liquidity of Politicoin Tokens and/or the availability of any market for Politicoin Tokens through third parties or otherwise.
Tax Consequences and Obligations. Participant shall be solely responsible for compliance with any tax obligations arising from the receipt and use of Politicoin Tokens. Organization shall have no liability or responsibility with respect to any tax obligation of Participant.
Rights and Functionality. Politicoin Tokens have no rights, uses, purpose, attributes, functionalities or features, express or implied, other than the intended use with the Platform. The receipt of Politicoin Tokens does not provide Participant with rights, title, ownership or interest of any form in the Organization or its assets, including, but not limited to, any proprietary (including intellectual property and copyright), financial or other legal rights.
Ethereum Blockchain Functionality. On the Ethereum blockchain, timing of block production is determined by proof of work so block production can occur at random times. The Ethereum blockchain is prone to periodic congestion during which transactions can be delayed or lost. It is possible individuals may also intentionally spam the Ethereum network in an attempt to gain an advantage in obtaining cryptographic tokens. Ethereum block producers may not include Participant’s transaction when Participant wants or Participant’s transaction may not be included at all. The Ethereum blockchain may not include the Participant’s transaction at the time Participant expects and. The Organization makes no guarantees or promises as to the state, functionality, or security of the Ethereum blockchain, either now or in the future.
Token Security. Politicoin Tokens may be subject to expropriation and/or theft. Hackers or other malicious groups or organizations may attempt to interfere with the Politicoin Tokens in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing. The Ethereum blockchain rests on open source software and Politicoin Tokens are based on open source software, there is the risk that Ethereum smart contracts may contain intentional or unintentional bugs or weaknesses which may negatively affect the Politicoin Tokens or result in the loss of Participant’s Politicoin Tokens, the loss of Participant’s ability to access or control Participant’s Politicoin Tokens, or the loss of Ethereum in Participant’s account. In the event of such a software bug or weakness, there may be no remedy and holders of Politicoin Tokens are not guaranteed any remedy, refund or compensation.
Exchange and Counterparty Risks. If Participant maintains or holds Politicoin Tokens through a cryptocurrency exchange or other third party, Participant’s Politicoin Tokens may be stolen or lost. Participant holds Politicoin Tokens on a cryptocurrency exchange or with another third party at Participant’s own and sole risk.
Reliance on Third-Parties. The Politicoin Platform, Website, and additional components necessary to the functionality of Politicoin, will rely, in whole or partly, on third parties to adopt and implement it and continue to develop, supply, and otherwise support it. There is no assurance or guarantee those third parties will complete their work, properly carry out their obligations, or otherwise meet anyone’s needs, all of which have a material adverse effect on the Politicoin Platform and Politicoin Tokens.
Changes to Politicoin Platform. Although Organization intends for Politicoin to have the features and specifications set forth in the Whitepaper, Organization reserves the right and may make changes to such features and specifications for any number of reasons, any of which may mean that Politicoin does not meet Participant’s expectations.
Politicoin Platform Completion. The development of the Politicoin Platform may be abandoned for a number of reasons, including, but not limited to, lack of interest from the public, lack of funding, lack of commercial success or prospects, or departure of key personnel.
Lack of Interest. Even if the Politicoin Platform is launched, the ongoing success of Politicoin relies on the interest and participation of third parties. There is no assurance or guarantee that there will be sufficient interest or participation in the Politicoin Platform.
Uncertain Regulatory Framework. The regulatory status of cryptographic tokens, digital assets and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether governmental authorities may regulate such technologies. Similarly, it is difficult to predict how or whether any governmental authority may make changes to existing laws, regulations or rules that may affect cryptographic tokens, digital assets, blockchain technology and its applications. Such changes could negatively impact Politicoin Tokens in various ways, including, but not limited to, a determination that Politicoin Tokens are a regulatable financial instrument which requires registration. Organization may cease the distribution of Politicoin Tokens, the launch of the Politicoin Platform, or cease operations in a jurisdiction in the event that governmental actions make it unlawful or commercially undesirable to continue to do so.
Risk of Government Action. There can be no assurance that governmental authorities will not examine the operations of Organization or pursue enforcement actions against Organization. Such governmental action may or may not be the result of targeting Organization in particular. Any government action may subject Organization to judgments, settlements, fines or penalties, or cause Organization to restructure its operations and activities or cease offering certain components of the Platform, all of which could harm Organization’s reputation or lead to higher operational costs, which may in turn have a material adverse effect on the Politicoin Tokens or development of the Platform.