Terms and Conditions for Chain Split Tokens

These terms and conditions (these “T+Cs”) govern your use and exchange of Chain Split Tokens (as defined below) on the Site. You should read these T+Cs carefully. The Site’s Terms of Service continue to apply to all Site users; these T+Cs are in addition to, and supplement, and not in substitution of, the Terms of Service. The Terms of Service are available here. By using any CSTs on the Site in any manner from time to time, you agree to these T+Cs and, for the avoidance of any doubt, to the Terms of Service.

These T+Cs may be amended, changed, or updated by Bitfinex at any time and without prior notice to you. You should check back often to confirm that your copy and understanding of these T+Cs is current and correct. Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms of Service, as modified by such amendments, changes, or updates.

The use of, ownership of, and trading in any Chain Split Token (as defined below) is void where prohibited by applicable law.

  1. 1.Definitions: In these T+Cs, the following words have the following meanings unless otherwise indicated:
    1. 1.1“BCC” means a CST representing Bitcoin Core;
    2. 1.2“BCU” means a CST representing Bitcoin Unlimited;
    3. 1.3“BTU” means a Digital Token converted from BCUs at or after Contract Settlement, as set out in these T+Cs;
    4. 1.4“Bitcoin Core” means software as set out from time to time in the repository https://github.com/bitcoin/bitcoin;
    5. 1.5“Bitcoin Unlimited” means software as set out from time to time in the repository https://github.com/bitcoinunlimited/bitcoinunlimited;
    6. 1.6the “Contract Period” starts on March 17, 2017 and ends at 11:59:59 pm UTC on December 31, 2017;
    7. 1.7“Contract Settlement” means 11:59:59 pm UTC on December 31, 2017;
    8. 1.8“CST” means a Chain Split Token, which are Digital Tokens designed to facilitate trading on the value of incompatible ledger units associated with a potential, contingent, and non-guaranteed forking event on the Bitcoin blockchain; and,
    9. 1.9“T+Cs” means these terms and conditions governing the use and exchange of CSTs on the Site.

    Other terms not expressly defined in these T+Cs have the meanings set out in the Terms of Service.

  2. 2.Exchange & Trade: You may exchange bitcoins for BCCs and BCUs using the Site’s token manager platform until immediately before Contract Settlement. The rate available for exchange is 1 BCC + 1 BCU for each bitcoin. You may also redeem bitcoins using the Site’s token manager platform until immediately before Contract Settlement. The rate available for redemptions is 1 bitcoin for 1 BCC + 1 BCU. You may trade CSTs on the Site during the Contract Period in four market pairs: BCC/USD, BCC/BTC, BCU/USD and BCU/BTC.
  3. 3.Settlement—Generally & BCCs: At Contract Settlement, CSTs shall be converted on a 1:1 basis to Digital Tokens on their respective blockchains. In the case of BCC, the blockchain shall be defined by the latest release of Bitcoin Core.
  4. 4.Settlement—BCUs: In the case of BCU: the blockchain shall be defined by the latest release of Bitcoin Unlimited; and, the blockchain shall be deemed to exist only if has diverged incompatibly from the blockchain defined by Bitcoin Core. If no Bitcoin Unlimited blockchain exists pursuant to these T+Cs, BCU tokens shall be deemed to have a value equal to zero and shall be confiscated and destroyed by Bitfinex. Any settlements of BCUs shall be to BTUs.

    Important: Settlement of any BTUs may be delayed in Bitfinex’s sole and absolute discretion. If the BTU blockchain is destroyed, reorganized, or experiences a technical malfunction, in any manner and by any party or source, before settlements have been completed, BTU tokens shall be deemed to have a value equal to zero and shall be confiscated and destroyed by Bitfinex.
  5. 5.No Representations & Warranties by Bitfinex: Bitfinex makes no representations, warranties, or guarantees to you of any kind. All CSTs, all software, and all blockchains are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose.
  6. 6.Limitation of Liability & Release: Important: Bitfinex assumes no liability or responsibility for and shall have no liability or responsibility for any Losses directly or indirectly arising out of or related to your use of or trading in one or more CSTs and BTUs and the use of any one or more blockchains, including but not limited to the Bitcoin Unlimited blockchain after Contract Settlement. You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, or any other basis, even if the Associates have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of any other remedies.
  7. 7.Post-Contract Settlement: After Contract Settlement, Bitfinex may or may not list BTUs, if they exist, on the Site, in its sole and absolute discretion.