This post is about Centra.
I was interested in investing in this project due to the hype and the idea behind it. But once i got on the website and read through their white paper (no longer on website) and it's T&Cs, it became clear that the people investing in this project have absolutely had no legal recourse nor financial compensation if Centra decided to close up shop and leave. By purchasing Centra, you are essentially giving up ALL your rights and can loose all your assets overnight with no legal right to go to the courts. Apparently assets stored in Centra wallet is insured but that's 'down the line' etc. coming soon
If this is a legit company with a legit product and posses the licence to work in the financial industry, which is heavily regulated, i don't see any reason to put ridiculous conditions like Centra has.
I have posted on their forum to ask for clarification, but none was provided and on top of that they asked the mod to delete my posts so it wont be seen by unsuspecting investors. This i unacceptable for a company that claims to be legit. I will paste my deleted posts below so you can decide for yourself along with their T&Cs.
Thank you
PS: Bolded lines are my post. It seems Centra is being promoted by so called 'celebrities'.
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« Sent to: DraGonD on: Today at 06:08:17 PM »
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Quote from: UAE Seasider on Today at 07:32:44 AM
Quote from: DraGonD on Today at 02:42:29 AM
Seems like a very good project and should work flawlessly, BUT
I have one serious concern here.
Just read through the T&Cs and noticed that, you guys offer absolutely no protection whatsoever to the investor.
Whether legally nor financially, there is no protection. Why is that?
From a legal stand point the T&Cs are absolutely shameful and investors will be left out of pocket and without legal remedies.
You are essentially asking your investors to give up all rights and legal recourse if anything happens? Id like to emphasise on ANYTHING per your T&Cs.
My question is, will you be updating the T&Cs to give some protection to your investors? As it stands, people can loose everything they hold without an explanation, compensation and will have no legal rights to pursue this matter in courts. I'm sure when operating in financial industry, you are bound by the laws that govern that industry, including financial compensation.
Thank you Have you read the whitepaper ICO conditions for any other companies recently?
Look at the EOS one in particular that will give you palpitations I expect.
What you have read is relevant only to the ICO and
not the cards and wallets that is coming down the line, and by the way did you know your assets stored in the Centra wallet will be insured?
What does other companies policies have to do with Centra?
Like i said, the project looks good except for one important detail. That is the lack of, or should i say non-existent protection for the investors.
Coming down the line means nothing when the question is the present. Everyone is investing with real money NOW, not 'coming down the line', yet they have absolutely no avenue of recourse if shit hits the fan.
What im talking about is NOW not the FUTURE.
I want to invest but due to this, im having second thoughts, and your meaningless reply is not helping built confidence.Report To Admin
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« Sent to: DraGonD on: Today at 06:08:25 PM »
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Quote from: jujugoboom on October 14, 2017, 12:02:25 PM
Centra is an awesome project, Mayweather's show makes everyone very confident. Therefore investors have faith in the long term. I am long term too.
Not to burst your little bubble there BUT have you read the terms & conditions of the coin you're blindly promoting?
You must be dumb as a rock to skip over the parts where Centra can keep investors assets and lock up shop without explanation or any kind of recourse legally?
People like you are pathetic and cheap! You're either too deeply involved or working as a shill. No other explanation for being a willing participant for something that can be closed/takenaway in an instant.
Now go carry on listening to Mayweather since you seem to be mentally retarded for not thinking for yourself.Here is the T&Cs:
II. Status of these Terms2.1. The purpose of these Terms is to explain the functionality Service and to notify the persons who intend to enter into the relations with Service about the risks connected with the use of Service.
2.2. The list of risks specified in these Terms is not comprehensive, as well as it may not contain those risks which cannot be predicted at the present moment. If you are not sure that you can estimate the probability of occurrence of such risks by yourself, you are advised to contact an appropriate specialist (a lawyer, an auditor, an adviser or a programmer) before making a decision about entering into the relations with the Service.
2.3. Reviewing these Terms does not substitute reviewing the Blockchain system. By transferring bitcoins/ethereum to the Service you confirm that you have read the Blockchain system instructions and fully and unconditionally agree with the conditions hereof.
2.4. You may not take legal actions against the Service connected with using of Service, including, but not limited to claims based on the fact that you did not read nor did not understand the terms and conditions of the Blockchain system. Legal actions against the services offered for reasons of misunderstanding will not be substantiated.2.5. These Terms might be amended and/or updated in the future. The relevant Terms are the ones showed on the Site. In order to obtain the most complete and current information regarding the Service you should periodically review this section.
III. Token sale3.1 In order to complete the Centra Line of products Centra Tech is Holding a Initial Coin Offering of CTR Tokens. This Token will act as a connection to our service, enhancing and allowing the functionality to take place while not directly connecting the registered purchaser to the accessible value of the token based on terms of use restrictions outlined.
3.2. By transferring Bitcoin (BTC) or other supported cryptocurrencies to the Centra Tech address in exchange for CTR Tokens, the Purchaser confirms to understand and accept that he/she makes a rewarded output based contribution into a Centra Tech System for the development of the project, as described in the Centra Tech Whitepaper, available at the Centra Tech website.
3.3.
The Purchaser understands and accepts that while the individuals and entities, including Centra Tech, assigned to this task will make reasonable efforts to develop the Centra Tech System, it is possible that such development may fall from the scope and purchaser’s CTR Tokens be rendered devalued and/or valueless due to technical, commercial, regulatory or any other reasons subject to these and project terms.3.4. The Purchaser understands that there may be serious risks connected with cryptocurrency, such as heavy fluctuations of virtual or actual currency values, which in turn may lead to loss of currency over short or long periods. This is an uncontrollable factor based on Centra Tech market availability.
3.5. The Purchaser acknowledges and understands that the Tokens have no warranty whatsoever, expressed or implied, to the extent permitted by Applicable Law and accordingly that Tokens are purchased on an "as is" basis, expecting no forward retribution further as an example of ‘dividends’.
3.6. The Purchaser also understands that Centra Tech will not provide any refund of the purchase price for Tokens under any circumstance, pursuant to these terms.
3.7. The Purchaser further agrees to accept sole and exclusive risk for the purchase of Tokens through the Centra Tech Service. The Purchaser recognizes that the Centra Tech Platform is currently
being developed and may undergo significant changes before release, undisputed by individual or group contribution.3.8. In order to reduce the possibility of fraud, phishing attempts and other schemes perpetrated by malicious third parties, the Purchaser agrees not to respond directly to any inquiry regarding its purchase of Tokens, including but not limited to email requests purportedly coming from Centra Tech. The Purchaser understands that Centra Tech may send the Purchaser emails from time-to-time, but these email notices will never ask for information or require a response from the Purchaser. Furthermore, the registered purchaser understands that its contribution to the program will be viewed as a for-benefit purchase.
3.9. The Purchaser recognizes that Centra Tech does not warrant the period of time for which the Centra Tech Service will be operational. The Centra Tech Service may be abandoned by Centra Tech for a number of reasons, including a lack of interest from the public, a lack of funding to develop similar products, and competing non-affiliates built on the same underlying protocol and open source technology.
3.10. The Purchaser understands that between the time of purchase of Tokens by means of the Token sale and the inception of the Centra Tech Service, Tokens will be usable in the Purchaser's discretion and shall be therefore be a considered an asset class.
3.11. By purchasing the CTR Tokens, the Purchaser confirms that he/she:
- Is legally permitted to purchase Tokens in the Purchaser’s jurisdiction;
- Is of a sufficient age to legally purchase Tokens or has received permission from a legal guardian who has reviewed and agreed to these Terms and the Sale Agreement;
- Will take sole responsibility for any restrictions and risks associated with the purchase of Tokens as set in the Terms;
- Is not exchanging Bitcoin for Tokens for the purpose of speculative investment;
- Has a full and complete understanding of the usage and intricacies of Blockchain-based assets, like Tokens, Bitcoins and Blockchain-based software systems.
3.12. After purchasing CTR Tokens, the Purchaser becomes a Token Holder. Token holders are enrolled in the Centra Rewards program to earn rewards and obtain benefits. Token Holders by no means own any securities or interest in Centra Tech.
3.13. The price of one CTR Token is set at 2750/1 BTC, and 40/1 LTC during our ICO. There will be maximum 100,000,000 Tokens issued with the following distribution:
- 68% of the Tokens for sale (including pre-ICO);
- 12% allocated for development team;
- 20% of the Tokens - for advisors and bounty campaign, escrow costs, tech and marketing consulting;
All unsold Tokens will be burned.
3.14 CTR Tokens are classified as utility tokens and are equivalent to program points redeemable on the Centra Card or cBay platforms.
VI. No Liability
6.1. The Purchaser acknowledges and agrees that, to the fullest extent permitted by any applicable law, the Purchaser will not hold any developers, auditors, contractors or founders of the Service, the Blockchain System liable for any and all damages or injury whatsoever caused by or related to the use of, or the inability to use, Tokens, Services or Blockchain system 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 developers, auditors, contractors or founders of the Blockchain System and/or the Services shall not 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 the inability to use of the Blockchain System and/or Services. The Purchaser further specifically acknowledges that developers, auditors, contractors or founders of the Tokens, Smart Contract System and/or the Services are not liable, and the User agrees not to seek to hold them liable, for the conduct of third parties, including other creators of Token, and that the risk of creating, holding and using Token rests entirely with the User. By creating or holding Token, and to the extent permitted by law, the User agrees not to hold any third party (including developers, auditors, contractors or founders) liable for any regulatory implications or liability associated with or arising from the creation or ownership of Token or any other action or transaction related to the Smart Contract System.
6.2. The Service does not guarantee the permanent and uninterruptible operation of the Site and does not take any responsibility for direct, indirect, accidental, special, circumstantial or punitive damages, including but not limited to the losses in the form of lost profit for the mistakes and/or technical issues in operation of the Site, or restriction of the access to the Site on the territory of any jurisdiction.VII. Miscellaneous
7.1. The User understands and accepts that the network of miners will be ultimately in control of the Smart Contract System. The User understands that a majority of these miners could agree at any point to make changes to the official Smart Contract System and
to run the new version of the Smart Contract System. Under such a scenario, Tokens will likely have no intrinsic value.
7.2. T
he User agrees that if any portion of these Terms is found illegal or unenforceable, in whole or in part, such provision shall, as to such jurisdiction, be ineffective solely to the extent of such determination of invalidity or unenforceability without affecting the validity or enforceability thereof in any other manner or jurisdiction and without affecting the remaining provisions of the Terms, which shall continue to be in full force and effect.7.3. The Terms govern the creation, transfer and holding of the Tokens and supersede any public statements about the launch of Tokens and/or the Smart Contract System made by anyone in the past, present and future.
7.4. The applicable law is State of Delaware law. Any dispute arising out of or in connection with the creation of the Tokens and the development of Services shall be finally settled by the ordinary courts of the registered domicile of the defendant.
