This site is for informational purposes only. This communication does not constitute an offer to sell, or a solicitation to buy, any shares or securities in any jurisdiction, including, without limitation, an offer to sell or a solicitation to buy, any shares or securities in any related or associated company.
None of the information presented in this site is intended to form the basis for any investment decision or provide any recommendations. You should not consider the contents of this site as legal, tax, or investment advice. To the extent necessary, you should consult your own legal counsel, accountant, and/or business advisor as to legal, tax and related matters concerning the BitShares Blockchain and/or Hertz.
Hertz tokens are not a security or a currency. As of the date of this site, Hertz (i) cannot be exchanged for goods or services; (ii) have no known uses outside the BitShares Blockchain; and (iii) cannot be traded on any known exchanges. Hertz are not an investment and should not be held as an investment or for speculative or financial purposes. There is no guarantee that Hertz will increase in value. Hertz may be subject to volatility in terms of price outwith the intended min/max bounds and Hertz may decrease in value.
This site does not constitute or form part of, and should not be construed as any offer for sale or subscription of, or any invitation to offer to buy, or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. Hertz do not grant its holder ownership or equity in the BitShares Blockchain or the right to participate in the control, direction or decision‐making of the BitShares Blockchain.
Do not hold Hertz if you do not have experience with, and an understanding of, the usage of blockchain‐based software systems and cryptographic tokens like Bitcoin. Holding Hertz carries with it a number of risks. Prior to using Hertz, you should carefully consider the risks listed below and, to the extent necessary, consult an appropriate lawyer, accountant, or tax professional. If any of the following risks are unacceptable to you, you should not hold Hertz.
The initial creator of Hertz (CM) expressly disclaims any and all responsibility for any direct, indirect or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this site; (ii) any error, omission or inaccuracy in any such information; or (iii) any action resulting therefrom. By holding Hertz and to the extent permitted by law, you agree to not hold the initial creator of Hertz (CM) and his respective affiliates, subsidiaries, officers, directors, trustees, agents, partners, employees, shareholders and service providers, now or in the future, liable for any direct, indirect, special, incidental, or consequential losses, damages, expenses, costs or liabilities of any kind whatsoever arising out of, or in any way connected to the Hertz or the BitShares Blockchain.
Holders and Shorters of Hertz must use a cryptographic key for signing transactions for their Hertz. Best practices dictate that users safely store their private keys in one or more backup locations geographically separated from the working location.
Hertz and the BitShares network are based upon the Graphene protocol. As such, any malfunction, unintended function or unexpected functioning of the Graphene protocol may cause the BitShares network or Hertz to malfunction or function in an unexpected or unintended manner.
Hertz is a product that runs on the BitShares network and thus may be adversely affected if the DAC governs the BitShares ecosystem maliciously or carelessly or members of the DAC disagree or are in conflict with one another. Further, the DAC may decide not to support funding proposals that are beneficial to the long‐term development of BitShares and the Hertz. In this event BitShares may not be able to grow and the network and the Hertz may be adversely affected.
Being a collateralized financial product on BitShares, Hertz faces risks of a black swan event if the least collateralized position goes below a certain threshold. At this point in time, it will no longer be possible to borrow new Hertz from the BitShares blockchain nor possible to force settle the Hertz asset back into Bitshares. BSIP-0018 should help revive the Hertz token if such a black swan event occurrs. Such an event may result in a financial loss for either the shorter, or the holder.
Please note that even though Hertz does technically not pay interest, the Hertz is supposed to both appreciate and depreciate in value by approximately 14% using the Hertz sine wave algorithm. From an economical point of view, the Hertz itself, however, does not change in value, but the underlying collateral is required to grow/shrink depending on the current phase of Hertz. Given the market mechanisms described in the peg, Hertz is supposed to both grow in value by +14% and shrink in value by 14% (in USD terms) every 28 days. There is no guarantee that Hertz will appropriately follow the intended price feed value. Hertz may be subject to volatility in terms of price and Hertz may fluctuate in value beyond the intended minimum and maximum bounds.
To minimize the risk of theft, holders should guard against unauthorized access to their electronic devices.
Cryptographic tokens, cryptocurrencies and blockchain technologies have been the subject of scrutiny by various regulatory bodies and agencies around the world and currently face an uncertain regulatory landscape. In the near term, certain jurisdictions may adopt laws, regulations, or directives that affect blockchain technology, cryptographic tokens, cryptocurrencies and their end‐users. One or more countries may take regulatory actions in the future that severely restricts acquiring, owning, holding, selling, or using or converting cryptographic assets into fiat currency. The functioning of the BitShares network and Hertz could be impacted by one or more legal or regulatory inquiries or actions, including but not limited to restrictions on the use or possession of digital tokens like Hertz, which could impede or limit the development of the BitShares network. The effect of any future regulatory change on the Hertz and the BitShares network is impossible to predict.
Advances in cryptography, or technical advances such as the development of quantum computers, could present risks to cryptographic tokens and the BitShares platform, which could result in the theft or loss of Hertz.
While a Hertz token should not be viewed as an investment, it may have value over time. That value may be limited if the BitShares network lacks use and adoption. Any impediment to the growth, development, use and/or acceptance of the BitShares Blockchain may adversely affect the Hertz. If this becomes the case, there may be few or no markets upon the launch of the platform, limiting the use and value of the Hertz.
The value of cryptographic tokens, including bitcoin and the collateral of Hertz, is highly volatile and can be affected by a number of factors, including, without limitation, market sentiment, blockchain news, attacks and/or hacks, potential regulatory measures, global or regional political, economic or financial events and situations and the launch of new competing cryptographic tokens.
There are currently no exchanges upon which Hertz might trade. Exchanges on which certain other cryptographic tokens like bitcoin currently trade are relatively new and are subject to unclear and uncertain regulatory oversight. Such exchanges may therefore be more exposed to fraud, security failures and other operational issues than established, regulated exchanges for other products. To the extent that the Hertz are listed on any exchanges in the future, and any exchange representing a substantial portion of the volume in Hertz trading experiences fraud and/or operational or security failure, such an event could result in the loss of Hertz and/or a reduction in the value or liquidity of the Hertz. Even if Hertz are listed on an exchange, if there are very few people buying or selling Hertz, the market for Hertz could be illiquid.
Unlike bank accounts or accounts at some other financial institutions, funds held using the BitShares or BitShares network are generally uninsured. In the event of loss or loss of value, there is no public insurer, such as the F.D.I.C., or private insurer, to offer recourse to the token holders.
Hertz holders and shorters may be subject to adverse or unexpected tax implications or consequences in one or more jurisdictions if Hertz are held. You should consult your own legal counsel and tax advisor as to legal and tax matters concerning BitShares and the Hertz token.
Digital currencies and cryptographic tokens are new and untested technologies. In addition to the risks set forth herein, there are risks that cannot be anticipated. Risks may further materialize as unanticipated combinations or variations of the risks set forth herein.