Risks | Terms
RISKS ASSOCIATED WITH BUYING MYCRYPTOCOIN (MCC) TOKENS.
Last updated January 10th, 2016
This document is not a solicitation for investment and does not pertain in any way to an offering of securities in any jurisdiction.
1) What is MCC?
MCC is a cryptographic software token that can be used in the upcoming MCC network to send information based on transactions. It is software that enables transactions.
2) What MCC is not.
MCC should not be considered a cryptocurrency, even if it may have been described as that by us or others previously. Currently MCC tokens (i) cannot be exchange for any goods or services (ii) has no known uses outside of the MCC network, and (iii) cannot be traded on any exchanges and as such does not fit the the description of a cryptocurrency.
MCC should also not be considered an investment. There is absolutely no guarantee that the MCC that you purchase will increase in value. Instead you need to consider that over time it may decrease in value.
3) Risk of Unfavorable Regulatory Action in Jurisdictions
MyCryptoWorld (MCW) have been the subject of scrutiny by various regulatory bodies around the world. The functioning and adoption of MCC Technology and MCC can be impacted by one or more regulatory inquiries or actions, including but not limited to restrictions on the use or possession of digital tokens like MCC.
4) Risk of Alternative, Unofficial Tokens Based on the Open Source Code of MCC.
After MCC launches and opens its code, it is possible that a competitor copying the official MCC open source code in an attempt to establish a competing network which could adversely affect the MCC network.
5) Risk of Insufficient Interest in the MCC network or Decentralized Tokens
It is possible that the businesses and use cases that MCC aims to be of use for simply do not adopt it in massscale. This kind of response from these parties could negatively impact MCC’s potential use and value.
6) Risk that the MCC Network Will Not Meet the Expectations of Purchaser
MCC is still under intensive development and may therefore change significantly before release. Any and all expectations regarding the exact functionality and performance of MCC by the purchaser could potentially not be realized due to design changes or unexpected limitations
7) Risk of Hacks and Theft
Hackers or other groups may attempt to interfere or disrupt the development, MCC network or MCC distribution in several ways, including but not limited to attacks such as denial of service attacks, Sybil attacks, spoofing, smurfing, malware or consensus attacks.
8) Risk of Security Deficiencies in the MCC Network and Core Software
MCC is a completely new and untested technology whose future development postlaunch lies in the hands of the opensource community. It is possible that either the team developing MCC currently or in the future will unknowingly or knowingly introduce security holes, leaving MCC vulnerable to unpredictable problems and attacks.
9) Risk of Weaknesses or Exploitable Breakthroughs in the Field of Cryptography
Unpredictable technical advances in the field of cryptography and quantum computers could reveal unintended security holes which could in worst case scenario result in the theft or loss of MCC.
10) Risk of ProofofWork and Double Spend Attacks
MCC could have unexpected security flaws including but not limited to doublespend attacks. Despite the MCC team working really hard to secure the network, this is still a possibility. In the event of such a successful attack it is impossible to predict the effects on MCC.
11) Risk of an Unfavorable Fluctuation of Bitcoin Value
As the MCC team plans to spend the proceeds of the MCC crowdsale on development of MCW and MCC, marketing and community growth, a negative fluctuation in the fiat value of Bitcoin could leave the project without sufficient funding to complete all the milestones and goals.
12) Risk of an Illiquid Market for MCC
There are currently no exchanges upon which MCC can be traded. Although this is largely due to the fact that it does not exist yet, there is no guarantee that an exchange will ever add MCC. Additionally, as has been witnessed in the exchanges that trade Bitcoin and other cryptocurrencies, they are often operated by inexperienced people. Also as seen in this space before, this can lead to big problems such as theft from these exchanges which can affect the MCC network negatively.
13) Unanticipated Risks
Cryptographic token technology, especially MCC, is a new and untested technology. In addition to the list of risks already mentioned here, there are other risks that the MCC team cannot predict.