The user understands and accepts the risks listed below in connection with the use of the platform and the services provided with it. These include in particular the following risks:
- Software risk: The Platform and Services provided by MIT Trust are still under development and are subject to constant change. It cannot be ruled out that the software is not yet fully developed and contains weak points or errors that may restrict the use of the Platform and the Services and the trading based on the Bots.
- Regulations: To date, the Platform provided and the Services rendered by MIT Trust have not been subject to any significant regulatory restrictions. It is also MIT Trust’s intention not to be subject to any financial market regulations at this stage. However, it is expressly pointed out that the Services offered may be extended to the extent that certain financial market regulations apply to MIT Trust or the Services offered via the Platform in the future and that this may also have an impact on Users.
- Internet dangers and loss: The platform provided by MIT Trust and the associated Services can become the target of physical or electronic attacks. This could lead to the loss of data (such as personal data or other data provided or created by the User). Data could also be taken away unlawfully and used for abusive or fraudulent purposes (such as phishing or spoofing). The User will carefully check messages and communications from MIT Trust and check whether the messages or communications originate from MIT Trust if there are any uncertainties regarding the authenticity of a message or communication.
- No guarantee of success: The use of the MIT Trust Platform and the Services offered is no guarantee that the User will derive economic success from it. The Platform provided by MIT Trust merely offers the User the possibility of programming a Bot, which can thus be linked to the User’s Wallet in which Cryptoassets are stored. A back-test of a Bot programmed by the User himself, any prior virtual trading on historical data or real time data with no connection to an Cryptoasset exchange or any other testing possibly carried out on the Platform, in no way guarantees economic success when using the Bot in live trading. Furthermore, MIT Trust expressly informs the User, that there is a certain risk that flawless execution of transactions at certain prices and quantities may occur. Due to the fact, that transactions are carried out on certain Cryptoasset exchanges, there may be a spread in price and/or quantity between the executed transactions as compared to the order generate by a Bot (e.g. Slippage). For Users who follow a certain Bot, it might be the case that the following User might not have the chance to generate the same prices and quantities as the Bot he follows due to volatility on the market.
- General market risk: The Bot programmed by the User himself does not guarantee economic success. The User is aware that the value of Cryptoassets is subject to a general market risk and thus to fluctuations in value and price. MIT Trust has no influence on the values and prices of traded Cryptoassets or other goods or assets.
- Taxes: The use of the Platform, the Services offered with it or a Bot and especially the resulting transactions can have tax effects at the level of the customer. The User expressly declares that he/she will clarify any tax effects and obtain appropriate advice (e.g. from a tax advisor). The User also expressly declares that he/she will not hold MIT Trust or any party associated therewith (in particular consultants, employees and other contractual partners) liable for tax obligations.
- The administration of the Platform and the associated Services is carried out by MIT Trust with the necessary due care. The User is aware that interruptions, failures or other errors and problems may occur in both of the software (i.e software bugs) and the hardware of internet-based and experimental technology services. MIT Trust will try to find solutions to such problems as far as possible. In any case, MIT Trust does not assume any obligations and in particular any liability for damages that may result or occur from interruptions, failures or other errors and problems of or in connection with the Platform and the Services offered and/or the software, in particular in case of not intended trades or false trades, which may lead to a financial and/or other damage of any User.
- The User is aware that technology-based and experimental systems may be subject to maintenance work or development measures (software updates) and that interruptions to the Platform and the associated Services may occur.
- To the extent permitted by law, MIT Trust shall only be liable on whatever legal grounds if damage was caused by gross negligence or wilful misconduct by MIT Trust. MIT Trust’s liability for slight negligence is excluded to the extent permitted by law, with the exception of personal injury. MIT Trust’s liability for damages arising directly or indirectly for the User or for third parties on the basis of the information provided by the User is expressly excluded. The User is responsible for the accuracy, including technical accuracy, of his own information. Further MIT Trust does not assume any liability in connection with the implementation of orders at any third-party platform and/or exchange.
- MIT Trust expressly points out that no liability is assumed for the processing of transactions based on the Bots and the availability of the Marketplace and of any Bots thereon. This applies in particular to damage caused by interruptions or other systemic failures as well as special features of third parties (e.g. server downtime, internet outage, non-availability of APIs, programming and/or system errors on the part of a trading centre or exchange for Cryptoassets).
- The User is aware that MIT Trust has no influence on the placement and/or execution of transactions with third parties. MIT Trust makes no warranties or representations regarding the timelines, size or volume of transactions based on the Bots. Liability is also excluded for any delayed transactions or transactions that have not been completed in the desired form.
- MIT Trust provides the Platform and the associated Services 24 hours a day, 7 days a week. According to the current state of the art, there is no procedure that can guarantee the faultlessness of software. Accordingly, interruptions in data transmission may occur during use of the Platform and the Services offered. MIT Trust shall not be liable for disruptions, errors, delays and other obstacles to performance that occur during the transmission of content via the Internet, unless these are caused by gross negligence or intent.
- MIT Trust’s systems are protected against attacks by hackers and viruses at MIT Trust’s best efforts and to the extend technically reasonably. However, the risk of such attacks cannot be excluded. If a virus or hacker attack is not caused by MIT Trust’s grossly negligent or intentional neglect of the security settings, MIT Trust shall not be liable for the resulting damage, whatsoever. In particular, but not limited to, if a User enables paranoia mode, the User shall be solely responsible for storing the encryption key as set forth in section 3.10 and MIT Trust assumes no responsibility, whatsoever.
- The use of the Platform and the associated Services (such as the Tutorial, Docs or templates provided) shall be at the user’s own responsibility and risk. MIT Trust accepts no liability of any kind for the Services provided to the Users via the Platform. Any Services of MIT Trust are for supporting purposes only and may at no time be understood as investment advice or any other proposal on how to use the Platform or Services.
- MIT Trust accepts no liability for loss of data or computer damage arising from the retrieval of data via the Platform.
- MIT Trust shall not be liable for any third-party content made available on the Platform by other third parties (e.g. external links, banners or other information and advertising offers), as the case may be, to which MIT Trust has created a link.
- Claims for damages of a User who is an entrepreneur expires six months after knowledge of the damage and the damaging party, but no later than two years after MIT Trust’s conduct giving rise to liability.
- MIT Trust hereby reserves all copyrights and IP-rights as used on or in connection with the Platform or the Services provided, including external Services (Docs), but, however, expressly excluding any IP on the created Bots, which shall remain with the Creator. The Platform, the associated Services and the underlying software are protected by copyright and may not be used or modified beyond the granted right of use without the prior written consent of MIT Trust. Similarly, the design of the Platform and, in particular, the contents posted on the Platform (e.g. photos, images or texts) are protected by copyright and are subject to other laws for the protection of intellectual property and MIT Trust is entitled to the rights thereto, unless otherwise indicated.
- The direct or indirect references offered on the Platform to external content (e.g. external links, banners or other information and advertising offers) are provided in the interest of the User, as the case may be. The content offered is not designed, edited or otherwise evaluated by MIT Trust. MIT Trust has no influence on these contents; access to them is the sole responsibility of the User. It is not possible to monitor the content of linked platforms on an ongoing basis.
- MIT Trust is entitled to transfer the contractual relationship with the User, if it is an entrepreneur, to third parties without the prior written consent of the User.
- Each contracting party shall bear the taxes, levies or fees resulting for it from the contractual relationship itself. Any legal transaction fees shall be borne by the User if the User is an entrepreneur.
- MIT Trust expressly reserves the right to rename or change the buttons named in these GTC with quotation marks and execution marks. The names of the buttons in these GTC shall be judged by their meaning and not by their express wording.
- Should individual provisions of these GTC be or become invalid, this shall not affect the remaining content of the GTC. The invalid provision shall be replaced by a valid provision which is legally valid and comes as close as possible to the economic purpose of the invalid provision.
- Deviations from these GTC, supplementary agreements or any conflicting terms and conditions of the User shall only be effective if confirmed in writing by MIT Trust. This also applies to the agreement to waive this formal requirement. In the event of contradictions between these GTC and deviating written agreements between the contracting parties, the provisions of the deviating agreements shall take precedence.