bitcoin ira: initiating coverage of appx (apptrade)

Initiating Coverage Initiating Coverage

February 26th, 2017

Fintech, 'Stockmarket Of Apps' Lures Crowdfund Investors

Fintech, 'Stockmarket Of Apps' Lures Crowdfund InvestorsForbes Magazine 10/27/16

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, 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.

APPXIssuer: 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

Apptrade helps publishers and developers share risk, with cross-marketing and collaborative funding via app portfolios. Developers can raise capital as a group through a shared digital reserve, a blockchain reserve of digital tokens that are backed by the revenue of the apps. “App portfolios give speculators the ability to diversify their risk across a collection of digital goods without the need for ownership,” Pineda explains.

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 2and only sold amounts via token crowdsale or private investors will be distrubuted. AAPX will be possible to redeem 1 yearfrom 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.

http://earlybird.apptrade.io/



Publisher Benefits

Content creators keep their rights and equity while they focus on what they do best: making profitable apps.

Cast a wider net of exposure. Get resources for development and create an ecosystem of users that adds to the portfolio's collective value. Strength In NumbersIndependent app publishers get added support for their apps with collaborative funding. Coordinating their promotional efforts as a portfolio may improve their app’s individual exposure.

Sponsors Benefits

By purchasing digital tokens that are backed by app revenue streams, Sponsors are essentialy getting early access to app portfolio earnings, putting them in the front of the line to any offers to acquisitions.

Streamlined ComplianceEach portfolio maintains a whitelist of verified participants, allowing token creators to comply with KYC (Know Your Customer) and AML laws (Anti Money Laundering).

As apps grow in value token holders are rewarded with ongoing payouts from the portfolio's reserve.

The Model Benefits Both Sides


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





What is the difference between Apptrade and other digital goods listing sites?

There are two distinct differences:

1. Apptrade’s hallmark is raising capital using blockchain tokens to fund app development. Holders of these tokens can trade them for other crypto currencies such as Bitcoin or Ether.

2. Apptrade's marketplace brings together content creators to work together to gain exposure.

Can I sponsor more than one portfolio?

There are no restrictions on how many portfolios you may sponsor. However, portfolios are unaffiliated with one another. Traffic is contained within their respective portfolio ecosystems.

How do App portfolios generate Revenue?

• Download revenue. • In app purchases. • Ad revenue from mobile ad networks. • Brand licensing. • Asset or source code sales. • Cross app promotions and advertisements.

What do app portfolios do with revenue raised from token sales?

A) Recruit more app publishers to join portfolios on our exchange.

B) App flipping: buy and sell app source codes to build inventory and value.

C) Fund existing apps. Giving app developers resources to continue their growth.

Each app portfolio creates and stores a supply of digital tokens in a shared reserve. Each app contributes a portion of earnings into this digital reserve. App portfolios distribute value from this reserve as digital tokens on the OpenLedger decentralized exchange(DEX).

Sponsors may buy portfolio tokens. Earnings from the portfolio’s digital reserve are valued as market pegged assets called Smartcoins. App portfolio tokens are tradeable on OpenLedger’s DEX marketplaces. In essence, Apptrade is pooling royalty streams on a transparent exchange.

Who decides which apps get funded?

It's all performance based. Through a private dashboard each participant will see the monetary path of their portfolio, alongside each app’s analytics. With this data, users can make the best decisions when it comes to selecting app portfolios. Apptrade appoints internal financial analysts and mobile analytics professionals that oversee the performance of all app portfolios.

How do you screen apps for quality? Since Apple, Google, and most app stores perform quality assurance, we’ll let each portfolio take an internal poll to determine which apps will be included in their group. Apptrade’s mobile app professionals will work with portfolios to screen apps for quality, value, and potential.

How long does a portfolio listing last?

Publishers may join a portfolio for a 2 year term.

How App Portfolios Work


What is a blockchain? A public digital ledger, updated and secured by a non central peer to peer network. For simplicity, a distributed network that is not own by any single institution. Much like the distributed nature of the internet, willing participants use their computational resources to verify transactions. Otherwise known as producing "blocks' of transactions. This change occurs as an update of the history of all transactions on the network. A master public ledger. This “internet of value” is available anywhere in the world from any computer.

What is the structure of an app portfolio’s reserve?

Each portfolio has a digital reserve which is backed by raw cash flow. For those in the "know' each portfolio is a decentralized autonomous entity; a shared digital escrow controlled by a smart contract. Each portfolio features a supply of tokens that are linked to digital royalty streams. Apptrade is not selling shares, memberships, or instruments of debt. Digital tokens are used to payout dividends collected by account receivables that will be secured by accounts on the DEX.

Apptrade portfolio reserves are programmed to automatically execute the terms of a contract. Rules of an agreement are programmatic business models or fee structures that can be written in code and maintained by a secure and open network.

What makes this system secure?

A decentralized environment removes counter-party and custodial risk. Bitshares is a decentralized exchange that has KYC compliance permissions built into the framework of the platform. This saves costs on compliance and security as the paper trail and identity of any account can be verified on the Bitshares blockchain explorer. The terms of contracts, and their respective algorithms in action, can be checked as the Bitshares documentation is opensource.

How long is the term for holding portfolio tokens?

Forever. Sponsors can redeem the value of their portfolio tokens one year after purchase. Apptrade portfolios will need this time to build value. Stable liquidity gives app publishers time to utilise funds for development and promotions. All portfolio tokens thereafter will be tradable at anytime. Portfolio reserves will pay token holders every month from their respective portfolio reserves. New apps are constant added and the portfolios goal is to maintain it's growth.

Is this legal?

Bitshares Smart Contracts are inherently compliant ready. The regulations for issuing digital assets are baked into the Bitshares protocol. Rules and terms of a contract can be seen by the public. This adds more layers of transparency that ensures that the token side of the platform is regulation ready.

How Bitshares Tokens Work


Compliance Features:

1. The ability for creators to seize tokens. 2. Holders have recourse through the token’s fungibility. 3. Creators may restrict trading on their tokens.4. A whitelist of accounts must be maintained by creators as is required by KYC and AML laws for token creation.

In total there are 3 layers of compliance present; one at the level of the code, then at the level of OpenLedger's KYC ID validation, and finally Apptrade’s own due diligence of verifying token buyers and app publishers upon their enrollment.

How do we screen sponsors?

Apptrade operates in a compliance friendly environment. We identify and vet all participants in Apptrade’s app portfolio marketplace. In keeping with KYC and AML validations, Apptrade requires participants to be vetted in order to become a sponsor or app broker.

How can token holders rely on price stability?

We can’t enforce how token holders store their wealth. However, we can inform users that account value can be stored in price controlled cryptocurrencies. The Bitshares platform has solved this issue of price stability through a feature called SmartCoins. One example is the Bit.USD, which is pegged against the price of the dollar. Bit.USD is less volatile than most cryptocurrencies and can be used to stabilize customer accounts, if customers choose.

What if publishers raise capital or sell apps outside of the Apptrade platform?

The revenue from selling tokens does not create dilution within corporate shareholdings as tokens are not instruments of debt. Creating a decentralized app is best classified as a company product that has costs to develop and maintain.

Is this equity crowdfunding?

No. This business model is a branch of open innovation. The public can influence some aspects of production and marketing. In Apptrade's use case it’s a consortium of publishers that self organize around one offering where no debt or equity is exchanged. Each portfolio’s buy back program is part of a for profit model where sponsors earn revenue from the app portfolio's they support.

Is Apptrade a broker dealer?

Apptrade is not a broker dealer and is not licensed as a securities broker dealer or investment advisor and does not act as such. Though Apptrade consults with securities professionals as advisors and managers, which are registered as securities professionals, Apptrade remains an


objective facilitator of activities on the app portfolio marketplace. Apptrade is paid a fee by the marketplace whenever tokens are sold or traded. Apptrade managers and brokers are rewarded when app portfolio reserves increase their cashflow.

Does Apptrade use sponsor capital for investing in cryptocurrency?

No. We acknowledge cryptocurrencies as a branch of digital goods. However, due to the volatile nature of most cryptocurrencies we are excluding them from app portfolios. We only use price pegged Smart coins to store and pay out app portfolio earnings. Capital raised is for growing apps. Token revenues are not used for speculating cryptocurrencies.

Can I customize my own token?

Apptrade has a standard of quality that it maintains for all the apps listed on its app portfolio exchange. If a brand wants to issue a market for a singular project, listed separately from app portfolios, we encourage apps to meet our requirements for a custom listing.

How do we valuate apps?

Apptrade justifies its prices with app analytics published on the site. The general price of the app is different from the price of a token. But to determine the app's monthly cash flow, a different metric is used for determining the app’s gross value.

Sponsor dashboards will feature 4 key data points:

1. Projected monetary value of portfolio.2. 6 months of trailing cash flow.3. Number of users in portfolio.4. Value of development.

The monthly average values are determined by real world data. The total value of the portfolio is based on the collective value of the individual apps.

Why did you choose the OpenLedger asset exchange?

OpenLedger has built the marketplace for SmartCoin creation. With the security and transparency of the OpenLedger, Apptrade can fully embrace this new form of collaborative marketing.

Can I invest directly into Apptrade the company?

Apptrade is launching an token sale to raise funds for further development and marketing for itself and the apps that join the platform. Apptrade will launch a master token for pre-investors & ITO participants, which will represent and receive 10% of the entire marketplace's future earnings. This master token does not represent equity in Apptrade. Payout for master token holders begins one year after purchase.


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.


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.


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.


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




bitcoin ira: initiating coverage of appx (apptrade)

Economy & Finance