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Bitcoin IRA: Initiating Coverage of APPX (Apptrade)

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Apptrade, the stockmarket for apps offers a wholesale opportunity to invest in the Apptrade platform with a master token, called APPX. APPX will be backed by 10% of the entire app portfolio marketplace platform.

All portfolios will set aside 10%of their liquidity reserves to make this value available as a form of dividend payments in the system with a buyback and burn of the APPX master token.

All activity happens on the OpenLedger DEX (www.openledger.io), the de-facto bitshares decentralized exchange, on top of the Graphene powered bitshareblockchain. On-line and completely transparent.

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Bitcoin IRA: Initiating Coverage of APPX (Apptrade)

  1. 1. age Initiating Coverage February 26th, 2017 Fintech, 'Stockmarket Of Apps' Lures Crowdfund Investors Forbes Magazine 10/27/16
  2. 2. Bitcoin IRA Global Investment Research 2 “Our app portfolio tokens will have the potential to explode in value without requiring large numbers of user adoption. If any app under our 2 year agreement goes viral and increases their monthly contributions, the entire portfolio may buzz with activity. Suddenly an unknown portfolio token's reserve may become a small fortune for an obscure group of participants.” Apptrade Founder, Daniel Pineda Apptrade,thestockmarketforappsoffersawholesaleopportunity toinvestintheApptradeplatformwithamastertoken,calledAPPX. APPXwillbebackedby10%oftheentireappportfoliomarketplace platform. Allportfolioswillsetaside10%oftheirliquidityreserves tomakethisvalueavailableasaformofdividendpaymentsinthe systemwithabuybackandburnoftheAPPXmastertoken. AllactivityhappensontheOpenLedgerDEX(www.openledger.io), thede-factobitsharesdecentralizedexchange,ontopofthe Graphenepoweredbitshareblockchain.On-lineandcompletely transparent. APPX Issuer: OpenLedger Decimals: 2 Type: User Issued Asset Charge market fee White list Override authority Transfer restricted Disable confidential MAX: 1,000,000,000 MAX FEE: 10,000,000 Apptradehelpspublishersanddeveloperssharerisk,withcross-marketingandcollaborative fundingviaappportfolios.Developerscanraisecapitalasagroupthroughashareddigitalreserve, ablockchainreserveofdigitaltokensthatarebackedbytherevenueoftheapps. “Appportfoliosgivespeculatorstheabilitytodiversifytheirriskacrossacollectionofdigitalgoods withouttheneedforownership,”Pinedaexplains. Brief Overview Token Issuance ITO: Feb 28 Total potential supply round 1: 8 250 000 including the added 250 000 tokens as bonus in early bird offering NOTE: Asset Issuance of temporary token APPX.WARRANT will occur post stage 1, the first day of stage 2 and only sold amounts via token crowdsale or private investors will be distrubuted. AAPX will be possible to redeem 1 year from the end of first ITO round of master token crowd sale. An estimated amount of 8.25 mllion Master tokens is offered for sale in the first round of APPX token sales. Should the entire amount be sold during the crowdsale it is an amount of approximately 5 million USD. Developers earned over $35 billion last year. Apptrade is doing to app developmnent what Uber did to the taxi industry.
  3. 3. Bitcoin IRA Global Investment Research 3 Publisher Benefits Contentcreatorskeeptheirrightsandequity whiletheyfocusonwhattheydobest: makingprofitableapps. Castawidernetofexposure.  Getresourcesfordevelopmentandcreatean ecosystemofusersthataddstothe portfolio'scollectivevalue.    StrengthInNumbers Independentapppublishersgetadded supportfortheirappswithcollaborative funding.Coordinatingtheirpromotional effortsasaportfoliomayimprovetheirapp’s individualexposure. SponsorsBenefits Bypurchasingdigitaltokensthatarebacked byapprevenuestreams,Sponsorsare essentialygettingearlyaccesstoapp portfolioearnings,puttingtheminthefrontof thelinetoanyofferstoacquisitions. StreamlinedCompliance Eachportfoliomaintainsawhitelistofverified participants,allowingtokencreatorsto complywithKYC(KnowYourCustomer)and AMLlaws(AntiMoneyLaundering). Asappsgrowinvaluetokenholdersare rewardedwithongoingpayoutsfromthe portfolio'sreserve. The Model Benefits Both Sides
  4. 4. Bitcoin IRA Global Investment Research 4 This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current disclosure documents which are available from Bitcoin IRA sales representatives or at https://bitcoinira.com/free-bitcoin-ira-guide. Supporting documentation will be supplied upon request. All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Not all research content is redistributed to our clients or available to third-party aggregators, nor is Bitcoin IRA responsible for the redistribution of our research by third party aggregators. For all research, models or other data available on cryptocurrency please contact a Bitcoin IRA sales representative at 1-877-936-7175 or go to https://bitcoinira.com/contact-us. Disclosure information is also available at https://bitcoinira.com/risk-disclosures or by writing Compliance, 15303 Ventura Blvd., Suite 1060 Sherman Oaks, CA 91403. © 2017 Bitcoin IRA. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Bitcoin IRA. DISCLAIMER Developers earned over $35 billion last year. Apptrade is doing to app developmnent what Uber did to the taxi industry.
  5. 5. Bitcoin IRA Global Investment Research 5 WhatisthedifferencebetweenApptrade andotherdigitalgoodslistingsites?  Therearetwodistinctdifferences: 1.Apptrade’shallmarkisraisingcapitalusing blockchaintokenstofundappdevelopment. Holdersofthesetokenscantradethemfor othercryptocurrenciessuchasBitcoinor Ether.  2.Apptrade'smarketplacebringstogether contentcreatorstoworktogethertogain exposure.  CanIsponsormorethanoneportfolio? Therearenorestrictionsonhowmany portfoliosyoumaysponsor. However, portfoliosareunaffiliatedwithoneanother. Trafficiscontainedwithintheirrespective portfolioecosystems. HowdoAppportfoliosgenerateRevenue? •Downloadrevenue. •Inapppurchases. •Adrevenuefrommobileadnetworks. •Brandlicensing. •Assetorsourcecodesales. •Crossapppromotionsand advertisements. Whatdoappportfoliosdowithrevenue raisedfromtokensales?  A)Recruitmoreapppublisherstojoin portfoliosonourexchange.  B)Appflipping:buyandsellappsourcecodes tobuildinventoryandvalue.  C)Fundexistingapps. Givingappdevelopers resourcestocontinuetheirgrowth.  Eachappportfoliocreatesandstoresa supplyofdigitaltokensinasharedreserve.  Eachappcontributesaportionofearnings intothisdigitalreserve.Appportfolios distributevaluefromthisreserveasdigital tokensonthe OpenLedgerdecentralized exchange(DEX). Sponsorsmaybuyportfoliotokens.Earnings fromtheportfolio’sdigitalreservearevalued asmarketpeggedassetscalledSmartcoins. Appportfoliotokensaretradeableon OpenLedger’sDEXmarketplaces.Inessence, Apptradeispoolingroyaltystreamsona transparentexchange.  Whodecideswhichappsgetfunded? It'sallperformancebased.Throughaprivate dashboardeachparticipantwillseethe monetarypathoftheirportfolio,alongside eachapp’sanalytics.Withthisdata,userscan makethebestdecisionswhenitcomesto selectingappportfolios.Apptradeappoints internalfinancialanalystsandmobile analyticsprofessionalsthatoverseethe performanceofallappportfolios.  Howdoyouscreenappsforquality?       SinceApple,Google,andmostappstores performqualityassurance,we’llleteach portfoliotakeaninternalpolltodetermine whichappswillbeincludedintheirgroup. Apptrade’smobileappprofessionalswillwork withportfoliostoscreenappsforquality, value,andpotential. Howlongdoesaportfoliolistinglast?  Publishersmayjoinaportfoliofora2year term. How App Portfolios Work
  6. 6. Bitcoin IRA Global Investment Research 6 Whatisablockchain? Apublicdigitalledger,updatedandsecuredbyanoncentralpeertopeernetwork. Forsimplicity, adistributednetworkthatisnotownbyanysingleinstitution.Muchlikethedistributednatureof theinternet,willingparticipantsusetheircomputationalresourcestoverifytransactions. Otherwiseknownasproducing"blocks'oftransactions.Thischangeoccursasanupdateofthe historyofalltransactionsonthenetwork. Amasterpublicledger.This“internetofvalue”is availableanywhereintheworldfromanycomputer. Whatisthestructureofanappportfolio’sreserve? Eachportfoliohasadigitalreservewhichisbackedbyrawcashflow. Forthoseinthe"know'each portfolioisadecentralizedautonomousentity;ashareddigitalescrowcontrolledbyasmart contract.Eachportfoliofeaturesasupplyoftokensthatarelinkedtodigitalroyaltystreams. Apptradeisnotsellingshares,memberships,orinstrumentsofdebt.Digitaltokensareusedto payoutdividendscollectedbyaccountreceivablesthatwillbesecuredbyaccountsontheDEX. Apptradeportfolioreservesareprogrammedtoautomaticallyexecutethetermsofacontract. Rulesofanagreementareprogrammaticbusinessmodelsorfeestructuresthatcanbewrittenin codeandmaintainedbyasecureandopennetwork. Whatmakesthissystemsecure? Adecentralizedenvironmentremovescounter-partyandcustodialrisk.Bitsharesisa decentralizedexchangethathasKYCcompliancepermissionsbuiltintotheframeworkofthe platform.Thissavescostsoncomplianceandsecurityasthepapertrailandidentityofany accountcanbeverifiedontheBitsharesblockchainexplorer.Thetermsofcontracts,andtheir respectivealgorithmsinaction,canbecheckedastheBitsharesdocumentationisopensource. Howlongisthetermforholdingportfoliotokens? Forever.Sponsorscanredeemthevalueoftheirportfoliotokensoneyearafterpurchase. Apptradeportfolioswillneedthistimetobuildvalue.Stableliquiditygivesapppublisherstimeto utilisefundsfordevelopmentandpromotions.Allportfoliotokensthereafterwillbetradableat anytime.Portfolioreserveswillpaytokenholderseverymonthfromtheirrespectiveportfolio reserves. Newappsareconstantaddedandtheportfoliosgoalistomaintainit'sgrowth. Isthislegal? BitsharesSmartContractsareinherentlycompliantready.Theregulationsforissuingdigital assetsarebakedintotheBitsharesprotocol.Rulesandtermsofacontractcanbeseenbythe public.Thisaddsmorelayersoftransparencythatensuresthatthetokensideoftheplatformis regulationready. How Bitshares Tokens Work
  7. 7. Bitcoin IRA Global Investment Research 7 ComplianceFeatures: 1.Theabilityforcreatorstoseizetokens. 2.Holdershaverecoursethroughthetoken’sfungibility. 3.Creatorsmayrestricttradingontheirtokens. 4.AwhitelistofaccountsmustbemaintainedbycreatorsasisrequiredbyKYCandAMLlawsfor tokencreation. Intotalthereare3layersofcompliancepresent;oneatthelevelofthecode,thenatthelevelof OpenLedger'sKYCIDvalidation,andfinallyApptrade’sownduediligenceofverifyingtoken buyersandapppublishersupontheirenrollment. Howdowescreensponsors? Apptradeoperatesinacompliancefriendlyenvironment.Weidentifyandvetallparticipantsin Apptrade’sappportfoliomarketplace. InkeepingwithKYCandAMLvalidations,Apptrade requiresparticipantstobevettedinordertobecomeasponsororappbroker. Howcantokenholdersrelyonpricestability? Wecan’tenforcehowtokenholdersstoretheirwealth. However,wecaninformusersthat accountvaluecanbestoredinpricecontrolledcryptocurrencies.TheBitsharesplatformhas solvedthisissueofpricestabilitythroughafeaturecalledSmartCoins.Oneexampleisthe Bit.USD,whichispeggedagainstthepriceofthedollar. Bit.USDislessvolatilethanmost cryptocurrenciesandcanbeusedtostabilizecustomeraccounts,ifcustomerschoose. WhatifpublishersraisecapitalorsellappsoutsideoftheApptradeplatform? Therevenuefromsellingtokensdoesnotcreatedilutionwithincorporateshareholdingsas tokensarenotinstrumentsofdebt. Creatingadecentralizedappisbestclassifiedasacompany productthathascoststodevelopandmaintain. Isthisequitycrowdfunding? No.Thisbusinessmodelisabranchofopeninnovation.Thepubliccaninfluencesomeaspectsof productionandmarketing.InApptrade'susecaseit’saconsortiumofpublishersthatself organizearoundoneofferingwherenodebtorequityisexchanged.Eachportfolio’sbuyback programispartofaforprofitmodelwheresponsorsearnrevenuefromtheappportfolio'sthey support. IsApptradeabrokerdealer? Apptradeisnotabrokerdealerandisnotlicensedasasecuritiesbrokerdealerorinvestment advisoranddoesnotactassuch. ThoughApptradeconsultswithsecuritiesprofessionalsas advisorsandmanagers,whichareregisteredassecuritiesprofessionals,Apptraderemainsan
  8. 8. Bitcoin IRA Global Investment Research 8 objectivefacilitatorofactivitiesontheappportfoliomarketplace. Apptradeispaidafeebythe marketplacewhenevertokensaresoldortraded.Apptrademanagersandbrokersarerewarded whenappportfolioreservesincreasetheircashflow. DoesApptradeusesponsorcapitalforinvestingincryptocurrency? No.Weacknowledgecryptocurrenciesasabranchofdigitalgoods.However,duetothevolatile natureofmostcryptocurrenciesweareexcludingthemfromappportfolios.Weonlyuseprice peggedSmartcoinstostoreandpayoutappportfolioearnings.Capitalraisedisforgrowing apps.Tokenrevenuesarenotusedforspeculatingcryptocurrencies. CanIcustomizemyowntoken? Apptradehasastandardofqualitythatitmaintainsforalltheappslistedonitsappportfolio exchange.Ifabrandwantstoissueamarketforasingularproject,listedseparatelyfromapp portfolios, weencourageappstomeetourrequirementsforacustomlisting. Howdowevaluateapps? Apptradejustifiesitspriceswithappanalyticspublishedonthesite.Thegeneralpriceoftheapp isdifferentfromthepriceofatoken.Buttodeterminetheapp'smonthlycashflow,adifferent metricisusedfordeterminingtheapp’sgrossvalue. Sponsordashboardswillfeature4keydatapoints: 1.Projectedmonetaryvalueofportfolio. 2.6monthsoftrailingcashflow. 3.Numberofusersinportfolio. 4.Valueofdevelopment. Themonthlyaveragevaluesaredeterminedbyrealworlddata.Thetotalvalueoftheportfoliois basedonthecollectivevalueoftheindividualapps. WhydidyouchoosetheOpenLedgerassetexchange? OpenLedgerhasbuiltthemarketplaceforSmartCoincreation.Withthesecurityand transparencyoftheOpenLedger,Apptradecanfullyembracethisnewformofcollaborative marketing. CanIinvestdirectlyintoApptradethecompany? Apptradeislaunchingantokensaletoraisefundsforfurtherdevelopmentandmarketingfor itselfandtheappsthatjointheplatform.Apptradewilllaunchamastertokenforpre-investors& ITOparticipants,whichwillrepresentandreceive10%oftheentiremarketplace'sfutureearnings. ThismastertokendoesnotrepresentequityinApptrade. Payoutformastertokenholdersbegins oneyearafterpurchase.
  9. 9. Bitcoin IRA Global Investment Research 9 Description of Terms and Disclaimers Each app portfolio is a profit sharing market hosted through a decentralised application (DAPP). The terms of collaboration and exchange are managed by decentralised software that lives on a permissioned blockchain. The value of each portfolio’s reserve is represented in digital units called tokens. These tokens are part of a DAPP and can also be referred to as smart contracts that are created by a DAPP. The OpenLedger (DEX), Bitshares’s online wallet, itself is a larger decentralized autonomous application. These various portfolio token reserves are smaller DAPPs that run on top of the OpenLedger’s DEX, powered by the Bitshare’ s protocol. Tokens are the conduits into any app portfolio’s profit sharing ecosystem. The term permissions refers to the necessary on-ramps to compliancy. Such requirements allow participants to interact in an environment where laws can be enforced. For example, each portfolio reserve of tokens will maintain a whitelist for each portfolio’s respective market. All tokens featured on Apptrade’s app portfolio marketplace will adhere to a baseline of requirements necessary to protect customers, while promoting transparency. In the process the type of tokens featured via app portfolios will be standardized to maximize security, stabilize prices, and improve accountability. Our goal is to standardize a particular set of terms for all app portfolio tokens on www.Apptrade.io. Creating a turnkey solution that both token sellers and their sponsors can rely on is important to us. Making a standard token available streamlines the process of creating tokens on www.Apptrade.io. Having a preset standard helps groups wishing to create their own supply of tokens through the FPO model without having to spend on R&D . In other words you don’t have to be an expert in block chain technology or apps to benefit from these utilities. Some may wish to add or modify terms in the future. Apptrade is open to this possibility as eventually supply and demand will guide policy, Apptrade acts as an objective facilitator to the access and flow of resources. The terms of all DAPP creation are set forth in the smart contract code existing on the Bitshares blockchain at (TBD) Nothing in this explanation of terms or in any other document or communication may modify or add any additional obligations or guarantees beyond those set forth in a DAPP’s code. Any and all explanatory terms or descriptions are merely offered for educational purposes and do not supercede or modify the express terms of the DAPP’s code set forth on the blockchain; to the extent you believe there to be any conflict or discrepancy between the descriptions offered here and the functionality of any DAPP, the code controls and sets forth all terms of all possible portfolio token creation. Important Disclaimer:The tokens that DAPPs create do not represent or constitute an equity ownership stake, share, or equivalent in any public or private company, corporation, or other entity in any jurisdiction; DAPP, also known as tokens, are only for use in connection with a DAPP under the terms of any DAPP’s smart contract code and do not entitle any holder of tokens to any additional rights with respect to any other corporation, company, or entity in any jurisdiction. When you sign up on www.Apptrade.io you are agreeing that you are taking part in the token marketplace under the terms set forth in each DAPP’s smart contract code at your own risk. If you are entering into a DAPP’s creation and distribution for another entity or any third-party, such as any company you work for, you represent to any and all DAPPs, you warrant that you have legal authority to bind that entity to these terms as set forth in each token’s smart contract code. By creating tokens through interaction with OpenLedger or Apptrade you expressly agree to all of the terms and conditions set forth in their terms. If you do not understand or do not agree to those terms, you should not create tokens or participate in any app portfolio’s token sale. The use and creation of tokens is associated with significant financial risk, including using experimental software. This document does not constitute a prospectus of any sort, is not a solicitation for investment and does not pertain in any way to an offering of securities in any jurisdiction. A token’s smart contract code governs the creation of tokens and supercede any public statements about any DAPP’s creation made by third parties or individuals associated with a DAPP, in the past, present and future. The bitshare’s open sourced software documemtation is currently available at https://docs.bitshares.org//index.html.
  10. 10. Bitcoin IRA Global Investment Research 10 By interacting with a DAPP’s smart contract code and creating tokens, you: You further agree to accept sole risk for the creation of app portfolios and DAPP managed supply of tokens. You also must recognize that DAPPs are continuously being developed. Risks The creation of tokens carries with it significant risk. Prior to creating a supply of tokens, carefully consider the exemplary and non-exhaustive list of risks set forth below and, to the extent necessary, consult a lawyer, accountant, and/or tax professional prior to creating and holding tokens through a DAPP. 1. Risk of Security Weaknesses in Bitshares Software The idea of profit sharing with blockchain tokens is both experimental in nature and unproven. There is a risk that, as an open source project, any contributor to the token software could introduce weaknesses or bugs into the token software, causing the loss of value of the tokens in one or even all of the accounts. 2. Risk of Weakness in the DAPP’s underlying blockchain, and/or Bitshares Network. The token’s software is itself based on an unproven platform: the Bitshares blockchain. There is a risk that, as an open source project, any contributor to the Bitshares blockchain could introduce weaknesses or bugs into the Bitshares software, causing the loss of tokens in one or more or even all of the token holder’s accounts. 3. Risk of unforeseen attack vectors The field of digital cryptography is very new and for this reason, there is a risk of unforeseen attack both in terms of the underlying cryptographic protocol that backs the functioning of DAPPs as well as 'game theory' related vectors which have not been documented to date. Both these vectors represent a risk that could lead to the loss of tokens in one or more or even all of the token holder’s accounts. 4. Regulatory risks Blockchain technology and Bitshares are improving access to value between individuals and/or companies, some still to be imagined and implemented. As with the appearance of cryptocurrencies such as Bitcoin, it is very likely that specific regulations will be set in different jurisdictions targeting blockchain technology and more specifically token sales. These regulations may or may not be DAPP friendly and some might even forbid any relationships between an individual or company and a DAPP. Taxation No party involved with the creation of DAPPs makes any representations concerning the tax implications of the creation of tokens or the possession or use of tokens. Token holders bear the sole responsibility to determine if the creation of tokens or the potential appreciation or depreciation in the value of tokens over time has tax implications for the token holder in their home jurisdiction. Users create tokens with their own actions. To the extent permitted by law, third parties or individuals associated with the creation of tokens are not responsible for any tax liability associated with or arising from the creation of DAPPs tokens. • represent and warrant that you have an understanding of the usage and intricacies of cryptographic tokens, and other blockchain-based software systems; • represent and warrant that you are legally permitted to create tokens in your jurisdiction; Before listing or creating tokens, you must check your local regulatory climate. • represent and warrant that you waive your right to participate in a class action lawsuit or a classwide arbitration against any entity involved with the creation of app portfolios and DAPPs; tokens. • represent and warrant that you take sole responsibility for any restrictions and risks associated with the creation of tokens as set forth below; • represent and warrant that you are not exchanging cryptocurrencies for tokens for the purpose of speculative investment; • represent and warrant that you are not exchanging tokens for any illegal purpose within your jurisdiction; • represent and warrant that you understand that token creation does not involve the purchase of shares or equivalent in any existing or future public or private company, corporation, or other entity in any jurisdiction; • represent and warrant that you understand that there is no warranty whatsoever on tokens, express or implied, to the extent permitted by law, and that tokens are created on an “as is” basis.
  11. 11. Bitcoin IRA Global Investment Research 11 Cryptocurrencies and crypto assets that are ultimately converted into local fiat, via any withdrawal gateway linked to a traditional banking institution, could be subject to capital gains. However converting existing cryptocurrencies into other crypto products could be treated with a whole new set of policies. Once such policy is set to treat the conversion of crypoproduct to crypoproduct (C2C) as a capital deferment with a reduced tax obligation. Similar to how many businesses transfer gains to purchase more assets, gains on crypto currencies could be shielded from tax exposures. However these terms do not represent any form of legal advice or recommendation. Converting the value of tokens into other crypto assets would have to be treated under a new framework. Any participation may lead to an eventual best practices framework that can continue to improve the transparency and security that Apptrade.io aims to achieve. Forward looking statements This description contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as “outlook”, "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond anyone's control. Forward looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed in the “Risks and uncertainties” of this document. None of the third parties provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. Token holders are cautioned not to place undue reliance on these forward-looking statements which only apply as of the date each Apptrade account is created. All third parties involved with a DAPPs creation and their affiliates expressly disclaim any intention, obligation or undertaking to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. The making of this document does not constitute a recommendation regarding any securities. Disclaimer of Warranties THE USER EXPRESSLY AGREES THAT THE USER IS CREATING AND HOLDING TOKENS AT THE USER’S SOLE RISK AND THAT DAPP BASED TOKENS ARE CREATED ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE OR IMPLIED WARRANTIES, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE (EXCEPT ONLY TO THE EXTENT PROHIBITED UNDER APPLICABLE LAW). WITHOUT LIMITING THE FOREGOING, NONE OF THE THIRD PARTIES OR INDIVIDUALS ASSOCIATED WITH ANY TOKEN CREATION WARRANT THAT THE PROCESS FOR PURCHASING DAPP TOKENS WILL BE UNINTERRUPTED OR ERROR-FREE. Limitations Waiver of Liability USER ACKNOWLEDGES AND AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY ANY APPLICABLE LAW, USER WILL NOT HOLD THIRD PARTIES OR INDIVIDUALS ASSOCIATED WITH ANY TOKEN CREATION LIABLE FOR ANY AND ALL DAMAGES OR INJURY WHATSOEVER CAUSED BY OR RELATED TO USE OF, OR INABILITY TO USE, DAPP TOKENS OR THE DAPP PLATFORM UNDER ANY CAUSE OR ACTION WHATSOEVER OF ANY KIND IN ANY JURISDICTION, INCLUDING, WITHOUT LIMITATION, ACTIONS FOR BREACH OF WARRANTY, BREACH OF CONTRACT OR TORT (INCLUDING NEGLIGENCE) AND THAT NONE OF THE THIRD PARTIES OR INDIVIDUALS ASSOCIATED WITH TOKEN CREATION SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING FOR LOSS OF PROFITS, GOODWILL OR DATA, IN ANY WAY WHATSOEVER ARISING OUT OF THE USE OF, OR INABILITY TO USE, OR CREATION OF, OR INABILITY TO CREATE, DAPP TOKENS. USER FURTHER SPECIFICALLY ACKNOWLEDGES THAT THE THIRD PARTIES OR INDIVIDUALS ASSOCIATED WITH A DAPP CREATION ARE NOT LIABLE, AND USER AGREES NOT TO SEEK TO HOLD ANY OF THE THIRD PARTIES OR INDIVIDUALS ASSOCIATED WITH THE CREATION OF DAPP TOKENS LIABLE FOR THE CONDUCT OF THIRD PARTIES, INCLUDING OTHER CREATORS OF TOKENS, AND THAT THE RISK OF CREATING AND USING TOKENS RESTS ENTIRELY WITH THE USER.
  12. 12. Bitcoin IRA Global Investment Research 12 This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current disclosure documents which are available from Bitcoin IRA sales representatives or at https://bitcoinira.com/free-bitcoin-ira-guide. Supporting documentation will be supplied upon request. All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Not all research content is redistributed to our clients or available to third-party aggregators, nor is Bitcoin IRA responsible for the redistribution of our research by third party aggregators. For all research, models or other data available on cryptocurrency please contact a Bitcoin IRA sales representative at 1-877-936-7175 or go to https://bitcoinira.com/contact-us. Disclosure information is also available at https://bitcoinira.com/risk-disclosures or by writing Compliance, 15303 Ventura Blvd., Suite 1060 Sherman Oaks, CA 91403. © 2017 Bitcoin IRA. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Bitcoin IRA. DISCLAIMER Developers earned over $35 billion last year. Apptrade is doing to app developmnent what Uber did to the taxi industry.

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