Terms of Service

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Last updated: June 29th, 2019

INTRODUCTION

Predictions is a Service provided by Hodlex Ltd (“Hodlex Ltd” or "us" or "our" or "we"). Your use of Predictions available through it is subject to these Predictions Terms of Service (“Terms of Service”) and the Hodlex Ltd Terms of Service ("General Terms"), and together these are referred to as the Terms ("Terms").

If there is any conflict between the Predictions Terms of Service and the General Terms, the Predictions Terms of Service shall prevail.

Please read these Terms of Service carefully before using the Services, because these Terms of Service affect your legal rights and obligations.

Your use of the Services will be governed by these Terms of Service, along with the hodlhodl.com Privacy Policy.

Should you not accept the Terms, Terms of Service, or Privacy Policy (at least a single rule of them), you must immediately stop using the Services. By using the Services, you will be deemed to have irrevocably agreed to these Terms of Service. Please note that any provision of the Terms of Service may be revised and reissued unilaterally by us at any time, and without notice. You should visit this page regularly to review the current edition of Terms of Service, since your continued use of the Services will be deemed as irrevocable acceptance of any revisions.


DEFINITIONS


Acceptor - a User who has accepted the published Offer on predictions.hodlhodl.com predictions platform.

Bet (also known as “Odd” or “Odds”) - a numerical expression of the Cryptocurrency amount either Offeror or Acceptor is putting on the outcome of a certain event by creating a Forecast Contract.

Forecast Contract – a contract concluded between the Offeror and the Acceptor. The Terms of Trade are specified during the Offer creation process. When Acceptor starts the Forecast Contract by the offer, the Terms of Trade are fixed cannot be changed afterwards;

Cryptocurrency – Bitcoin;

Escrow address - a P2SH Cryptocurrency multi-signature address, which requires two keys (one belongs to the Seller, one to the Buyer, and another - to Hodlex Ltd) to sign the Cryptocurrency transaction.

Escrow deposit window - timeframe within which both Offeror and Acceptor shall deposit Cryptocurrency into the Escrow Address. Escrow deposit window must be defined by the Offeror in the Terms of Trade during the Offer creation process;

Losing side – the Party that has wrongly predicted the outcome of a certain event within the Forecast Contract and/or lost the dispute;

Offer – advertisement published on the predictions.hodlhodl.com platform by any User. Offer indicates the respective User’s intention to predict an outcome of a certain event and place a bet on it;

Offeror – a User who has published the Offer on the predictions.hodlhodl.com predictions platform;

Parties – both the Offeror and the Acceptor;

predictions.hodlhodl.com – Internet website owned by Hodlex Ltd where Users can:

  • either advertise their intention to predict an outcome of a certain event or accept respective advertisements of the other Users and bet Cryptocurrency on the certain event outcome;
  • create multi-signature Cryptocurrency escrow P2SH addresses in order to ensure that both Seller and Buyer are equally protected during the course of the contract.

Terms of Trade – terms of the potential contract specified by the Offeror during the Offer creation process. Terms of Trade includes a title, description of the event, the event’s outcome, contract odds, contract expiration time, minimum and maximum contract amount, escrow deposit and window, as well as other terms the Offeror or Hodlex Ltd consider necessary. Hodlex Ltd is unilaterally entitled to amend the list of mandatory rules and conditions defined in the Terms of Trade at any time.

If any User accepts the Offer, he is deemed to have entered into the Forecast Contract with the Offeror, and the Terms of Trade specified during the Offer creation process become the rules for this Forecast Contract and cannot be changed afterwards.

Terms of Service – these terms of service;

User – an individual who has an account (record) created within the accounts.hodlhodl.com authentication system and who is actually using Hodlex Ltd Services. Any User is deemed to have entered into the Agreement;

User Account – a common account (record) created within the accounts.hodlhodl.com authentication system and associated to the specific User which allows this User to access all Hodlex Ltd Services;

Winning side – the Party that has correctly predicted the outcome of a certain event within the Forecast Contract and/or won the dispute;

Working Hours - daily hours when the Offeror is ready to perform the contract with the other Users (i.e. when the Offeror’s Offer will be available/visible for the other Users). Working Hours must be defined by the Offeror in the Terms of Trade of the respective Offer.


USING OUR SERVICES


Accessing Predictions

You will be able to access Predictions by using your User Account.

Reputation and rating

After each deal, every User has a right to rate his cooperation with the other User. Such ratings are used by Hodlex Ltd to define User’s reputation. User’s reputation is an indicator which shows the other Users and Hodlex Ltd how honestly and responsibly this particular User behaved during the course of his previous deals.

Offers and Contracts

After your account is registered and your e-mail has been verified you can start creating offers and contracts with the other Users of the predictions.hodlhodl.com platform.

A Forecast Contract is initialized if:

  • Your Offer is accepted by another User;
  • You accepted an Offer created by another User.

You can create a new Offer ("Offer” or “Offers”) to advertise your intention to forecast an outcome of a certain event, which you specify and place a bet on it. During the Offer creation process you will be asked to specify certain Terms of Trade ("Terms of Trade"), which include a title, description of the event, the event’s outcome, contract odds, contract expiration time, minimum and maximum contract amount, escrow deposit window, as well as other terms you or Hodlex Ltd consider necessary. Terms of Trade shall only contain true and accurate information.

During the offer creation process you shall enter a maximally clear, understandable, unambiguous title and description of the certain event and outcome of which you are predicting. Title and description must meet the following conditions:

  • Event is real and anyone can easily and freely check its outcome in public access on the internet;
  • Title is short and compact, reflects the essence of events in the present tense, and it states your position and prediction against the event: what exact outcome you predict;
  • Description is detailed and precise, gives explicit, full, and clear information about the upcoming event, contains references to sources where the outcome of the event may be checked;
  • Title and description are in English or Russian language.

Before the offer is published and available for the public, it’s subject to moderation by Hodlex Ltd administration violate these Terms of Services or are illegal in the jurisdiction you operate in and with any other applicable legislation.

We reserve the right to refuse the offer publication if any of the conditions mentioned above are not met, or:

  • Outcome you predict is not practically possible, according to Hodlex Ltd administration;
  • The event has already happened;
  • Violate these Terms of Services;
  • Terms of Trade are illegal in the jurisdiction you operate in and with any other applicable legislation;
  • We believe the offer somehow is related to an religion, gender, race or it can insult any minority’s feelings;
  • Less than one day left before the event outcome;
  • More than one year left before the event outcome;

In the event Hodlex Ltd administration refuses the publication of the offer, User will receive corresponding notification via email and/or hodlhodl.com internal notification system and opportunity to correct the offer and send it to re-moderation.

After Hodlex Ltd administration moderates the offer and approves it, offer might be published, visible and available for the public to accept in the Prediction offer list.

If you edit the title, description, or settlement date of the moderated offer, it will automatically be sent to the re-moderation.

Any Published Offer can be withdrawn by the Offeror at any time even if it is already accepted by the other User.

Multiple Offers dedicated to the same event are not allowed, unless the outcome you predict is radically different.

The Offers can have one of 3 statuses: Active, Inactive, Disabled. In order to improve the operations of the Hodlex Ltd, an Offer’s status may be automatically and/or temporarily changed to “Inactive” or “Disabled”.

An Offer’s transition to “Inactive” or “Disabled” status may occur in, but is not limited to, the following situations:

  • Event will happen in less than 24 hours;
  • The User has been blocked or banned, then at the time of blocking or banning, all of the User's Offers will be removed from the list, and/or the link to the Offer will be unavailable. If the User is unblocked or unbanned, the Offers will be visible again in the Offer list, and/or available through the link.
  • The User’s account is deleted, his Offers will be removed from the Offer list, and/or the links to his Offers will be unavailable.
  • The User has not been online within the past 14 days.

We may hide, or remove your Offer / Offers, if you violate these Terms of Service or any other agreement you enter into with Hodlex Ltd.

By publishing an Offer, you express your will and consent to enter into a Forecast Contract (“Forecast Contract”) with any other User who will accept your Offer. Unless your Offer is withdrawn, you are deemed to have intention, will, and consent to enter into a Forecast Contract with any other predictions.hodlhodl.com User who will accept your Offer in accordance with the rules (“Terms of Trade”) specified by you during the Offer creation process.

By accepting an Offer created by another User (the Offeror), you are deemed to have accepted and understood every single point of all of the Terms of Trade of the respective Offer, and have entered into a Forecast Contract with the Offeror. In this event, Terms of the respective contract shall constitute the rules of the Forecast Contract completed between you and the Offeror.

In accordance with this Forecast Contract, the Offeror and Acceptor agree to bet a certain amount of Cryptocurrency, specified by the Offeror, on certain outcomes of the same event in full compliance with the Terms of Trade:

  • Offeror always bets the funds on the outcome he expects, that is specified in the Offer title and/or Offer description, which has been used for creating the Forecast Contract, and agrees with the fact his counterparty will obtain these funds, in the case Acceptor predicted the outcome correctly.
  • Acceptor always expects and bets the funds on any other outcome than what is specified in the Offer title and/of Offer description, which has been used for creating the Forecast Contract, and agrees with the fact his counterparty will obtain these funds, in the case Offeror predicted the outcome correctly.

Terms of Trade, as determined by an Offeror, are binding for both Offeror and Acceptor until the completion or termination of the Forecast Contract, unless the Terms of Trade contradict these Terms of Service or are illegal.

To enter the Forecast Contract, these requirements shall be met:

  • Minimum amount of Forecast Contract should be at least 0.001 bitcoins;
  • At least one 24 hours or more left until event outcome;

The Forecast Contract is deemed to be completed and all mutual obligations of both parties are deemed to be fulfilled, if the Losing Side admitted defeat, and the Winning Side has received the Cryptocurrency from the Escrow Addresses in full compliance with the Terms of Trade.

In the Forecast Contract a draw can be recognized by the both Parties of the contract in the event nor Offeror not Acceptor predicted the outcome of the event correctly as it was stipulated by the Terms of Trade and neither party has initiated a dispute - the Forecast Contract is deemed to be terminated. In this event, Cryptocurrency (if any) which was transferred to the Cryptocurrency escrow addresses associated with this specific Purchase Contract shall be transferred back to its sender (or senders).

Both the Offeror and the Acceptor can also unilaterally cancel the Forecast Contract if and when they are allowed to do so by these Terms of Services. In this event, Cryptocurrency (if any) which was transferred to the Cryptocurrency Escrow Addresses associated with this specific Forecast Contract shall be transferred back to its sender (or senders).

Within 180 days after respective Forecast Contract is completed or terminated or respective dispute is resolved, both Parties, upon request, must be able to provide explicit and sustaining proof of the event outcome and information of the event.

Course of the deal

During the course of the Forecast Contract both Offeror and Acceptor will receive instructions on how to act in order to finalize the deal and complete the Forecast Contract. These instructions can be found on the respective contract page (additional notifications will also be sent via email and/or predictions.hodlhodl.com internal notification system).

Contract page can be opened by clicking on the respective contract in the Dashboard or My contracts section of the website.

There are 8 status indicators, which indicate current status of the deal and make it easier for the User to understand what he has to do at a specific moment in order to finalize the deal.

  • Pending — The very beginning of a contract workflow. Offer is accepted, but the none of the Parties have yet sent Cryptocurrency to the Escrow addresses.
  • Depositing — Both Parties are currently in the process of sending Cryptocurrency to the Escrow addresses.
  • Confirming — Both Offeror and Acceptor transferred the funds to the Escrow addresses, and both Parties are waiting for the transaction to receive the necessary amount of confirmations.
  • Funded — Transactions to the Escrow addresses have received the necessary amount of confirmations, and now funds are locked. Parties are now waiting for the event settlement date.
  • Settling — Event settlement date has come, but funds are still locked in the Escrow addresses. Both Parties now have to agree on the event outcome.
  • Settled — The Losing Side has admitted defeat and now both Offeror or Acceptor can release locked funds to the Winning Side.
  • Completed — The contract is completed and Winning Side received the funds from the Escrow Addresses, or both Parties recognized a draw. A completed deal cannot be appealed, revised or reversed.
  • Cancelled — Contract was cancelled by one of the Parties.
  • Disputed — Dispute is initiated by one of the Parties or started automatically and has not yet been resolved.
  • Resolved — Dispute is resolved. Resolved dispute cannot be revised or reversed.

At the contract stages Pending and Depositing, both Offeror and Acceptor have a right to unilaterally cancel the contract, otherwise, neither Party can cancel the ongoing contract.

Contract will be also cancelled at these stages if either Party did not transfer bitcoins to the Escrow address within the Escrow Deposit Window, specified in Terms of Trade or Cryptocurrency transaction did not receive the required number of confirmations, and the settlement time and date for the event’s outcome has passed.

Dispute Resolution

The Dispute will start automatically and will be resolved by Hodlex Ltd support staff in the following cases:

  • both Parties claim they won the Forecast Contract;
  • one of the Parties claim it won the Forecast Contact and another Party recognizes a draw;
  • none Party makes a decision regarding the event outcome within three (3) days after the contract status changed to “Settling”;
  • one of the Parties claim it won the Forecast Contract or recognizes a draw, and another Party doesn’t admit the defeat within three (3) days after the contract status changed to “Settling”.

Hodlex Ltd support resolves disputes with due diligence by carefully inspecting and considering the Terms of Trade, event outcome, Users’ chat messages, Users’ reputation, other data submitted to us by Users, and data collected on our own.

Hodlex Ltd can take Offeror or Acceptor side if a Party predicted the outcome of the certain event correctly, according the Terms of Trade, and can provide clear evidence of this, and/or if Hodlex Ltd can verify it.

Both Parties are required to provide accurate, unquestionable and complete evidence, documents that confirm the correctness of the User in case of a dispute.

Hodlex Ltd can decide against the Offeror or Acceptor if any of the following criteria have been met:

  • Party does not respond in a timely manner and/or does not cooperate with Hodlex Ltd in order to resolve the dispute;
  • Party cannot provide clear evidence of the event outcome and prove that he predicted the outcome correctly;

Which will lead to the following result: Hodlex Ltd will sign a transaction with which the locked Cryptocurrency shall be released from the Escrow Addresses to the Winning Side. In this event, status of the deal will be - “Resolved”.

In case both Offeror and Acceptor provide strong and credible evidence, Hodlex Ltd will resolve the dispute to the Party that provides stronger evidence.

Hodlex Ltd can also recognize a draw, in the following cases:

  • Event outcome did not come for reasons beyond the Parties control;
  • Neither Party predicted the outcome of the event correctly as it was stipulated by the Terms of Trade;
  • Both Parties clearly express their agreement on a draw;

Which will lead to the following result: Hodlex Ltd will sign a transaction with which the locked Cryptocurrency in the Cryptocurrency Escrow Addresses associated with this specific Forecast Contract shall be released from the Escrow Addresses transferred back to its sender (or senders). In this event, status of the deal will be - “Resolved”.

Any party that knowingly submits fraudulent, false, or inaccurate documents or information, or forcefully tries to control the outcome of a disputed trade, or makes false claims, or obstructs the dispute resolution process in any way, including but not limited to, not responding, not providing information, files or documents to customer support within the established timeframe, or any user that violates any rule of the dispute resolution process is deemed to be in violation of these Terms of Service, which may also be grounds for losing a dispute and/or the User Account to be suspended and/or terminated.

You may request a review if you were a party of a dispute in any way, and you believe Hodlex Ltd did not resolve the dispute according to these Terms of Service. To do so, you must notify us by contacting customer support and request a review within 120 days after the dispute resolution.

FEES

Hodlex Ltd is entitled to charge its Users for each contract performed using the predictions.hodlhodl.com platform. Fees that Hodlex Ltd charges shall be deducted from the entire amount of Cryptocurrency transferred to the Escrow address within each deal/transaction by the Losing Side.

Fees charged by Hodlex Ltd are calculated as a certain percentage of the amount of Cryptocurrency transferred to the Escrow address. The exchange fee of a certain contract is determined by the lowest exchange fee rate between Parties.

All Cryptocurrency transaction fees related to transferring Cryptocurrency from the Escrow addresses to the receiving side shall always be covered by the receiver.

Both Parties acknowledges and agrees that he shall on their own and at their own expense cover all Cryptocurrency transaction fees related to transferring Cryptocurrency to the Escrow addresses.

Taking into account the fact that the Cryptocurrency transaction fee may vary from time to time and cannot be predicted, the total and final fee (both Hodlex Ltd fee and Cryptocurrency transaction fee) will be visible to both Parties only after the Seller transfers Cryptocurrency to the Escrow address.

At the same time, estimated (but not final) fees are visible to the User when creating a Purchase Contract on the Offer page.

The fee for using predictions.hodlhodl.com platform can be found in each User’s profile.