Silent Bitcoin User Agreement
This agreement sets out the terms and conditions under which the user is able to use the Silent Bitcoin currency provided by Silent Bitcoin through the SilentVault wallet software and payment system. Since we would prefer that you actually read, understand, and agree with the terms set forth here, we've tried to be clear, use simple language, and include some humour now and then. You'll know that our enterprise has been taken over by a giant conglomerate when the lawyers replace this agreement with something unreadable and ask you to pretend to have read it by clicking "acknowledge" on the screen.
Agreement is the terms and conditions specified in this document.
Asset refers to a class of item which has value to users. Assets represented in the Silent Bitcoin system are issued by the Silent Bitcoin Trust through the services of Voucher-Safe voucher publishers. Assets are represented in the SilentVault system by vouchers. The actual assets are held by the Silent Bitcoin Trust which issues vouchers to represent those assets. Assets may be moved into the Silent Bitcoin Trust by transfers from other asset owners to the Trust. Assets may be moved out of the Silent Bitcoin Trust by transfers from the Trust to other owners.
Bailment is the process of transfering assets into the Silent Bitcoin Trust by a user. Typically a user bails an amount of Bitcoin into the Silent Bitcoin Trust in order to receive vouchers representing a related amount of Silent Bitcoin in the user's SilentVault wallet. A bailment is received by the Trust at one of its Bitcoin wallets and the Trust records the event within the SilentVault system for the benefit of the designated user.
Bitcoin is a type of crypto-currency or mathematics-generated currency originally developed by Satoshi.
Blockchain is a mathematical ledger related to bitcoin and other types of crypto-currencies based on similar mathematics.
Exchange means the exchange of one type of issued asset for another type of issued asset.
Expiration refers to the expiration of vouchers. Silent Bitcoin vouchers expire in renewable form after 180 days if they are not spent, exchanged, or otherwise used. Silent Bitcoin vouchers expire in final three years (1095 days) after issuance if the expired voucher is not renewed. There is no fee to renew an expired voucher during the period from 180 to 1095 days.
Fees: For the purposes of this agreement, fees may include a service fee for performing bailment, a service fee for performing redemption, or other service fees collected by the Silent Bitcoin Trust.
IP address or Internet Protocol address is a system of identifying the computer system to which information, such as web pages, is served.
Issuer means a Voucher-Safe asset issuer complying with the requirements of the Voucher-Safe system and issuing assets represented in the Silent Vault wallet technology. For the purposes of this agreement, Silent Bitcoin Trust is an Issuer.
P2P refers to person-to-person or peer-to-peer. It is distinct from client-server and other hierarchical models.
Payment means the transfer of some amount of an issued asset from one user to another.
Publisher means a Voucher-Safe voucher publisher.
Redemption is the process of transfering assets to a user from the Silent Bitcoin Trust. Typically, a user requests redemption of their Silent Bitcoin from their SilentVault wallet to a Bitcoin wallet designated by the user. Once the user pays over the vouchers representing the Silent Bitcoin from their SilentVault wallet to the Trust's SilentVault wallet, the Trust then redeems a related amount of Bitcoin to the user.
Silent Bitcoin (SBC) is a currency issued by the Silent Bitcoin Trust. Use of the Silent Bitcoin currency involves the terms of service in this document.
Silent Bitcoin Trust: For purposes of this agreement, the Silent Bitcoin Trust is our team members as a group and our services provided under this agreement.
Spark is an open source Jabber client which supports a plugin architecture and is written in Java.
Token: For purposes of this agreement, a token is a voucher-publisher-issued item which is used in the SilentVault system to pay for transfers, receipts, and other operations of the technology.
The Trust: For purposes of this agreement "the Trust" is the Silent Bitcoin Trust.
Trust is another word for contract or agreement. A trust in modern times typically refers to a group or an enterprise bound by the terms of an agreement.
User: For purpose of this agreement, "the user" is any individual, company, agency, entity, partnership, or operator of at least one SilentVault wallet containing any amount of Silent Bitcoin. A user is indicated as a single operator, whether operating multiple wallets, acting in concert with other individuals, acting as a business enterprise, or acting in any other way. Where more than one user is indicated, the term "users" is shown in this agreement, and applies to each individual user. For purposes of conveying our terms in the English language we use the generic "his" to refer to the actions and property of a particular user, of whatever gender or gender-identity.
Voucher is a digital representation of an asset. Silent Bitcoin is a digital representation of Bitcoin which is itself a digital asset. Within the context of this agreement, vouchers for Silent Bitcoin represent the bitcoin held by the Silent Bitcoin Trust.
Voucher-Safe refers to a technology for the publication and untraceable person-to-person circulation of issued assets or the digital representation of assets.
Wallet or SilentVault wallet is a user-operated application containing information about the user's holdings of assets. The application includes the ability to transfer assets to other users on a peer to peer or person to person basis. The application also includes an embedded exchange system with the ability to make transfer via escrow. The application includes hooks and scars for an agora or marketplace system with the ability to buy and sell products, services, and assets.
Wallet login refers to the process of identifying the user's ownership of a particular wallet by signifying knowledge of a user account, its long phrase, and its pass phrase.
The SilentVault technology contains limitations that are designed into the technology. These limitations prevent the Silent Bitcoin team from having various kinds of specific knowledge.
We cannot tell who holds which wallet.
We cannot tell what assets are in each wallet.
We cannot prevent particular transactions from taking place, for any reason.
We cannot report on transactions in any way.
We have no way of discovering the identities, addresses, IP addresses, age, gender, religious preference, political preference, skin colour, fingerprints, nor photographic likenesses of any of our customers through the SilentVault technology.
We have no way to report on the identities, activities, and users of the SilentVault technology, including the users of Silent Bitcoin.
Silent Bitcoin is available only to users of the SilentVault technology. The use of SilentVault's technology is covered by terms specified by the SilentVault user agreement found at SilentVault.com.
Silent Bitcoin disavows any obligation to any user to collect information from that user relating to identity, physical or virtual address, IP addresses used, age, gender, religious preference, political preference, skin colour, fingerprints, photographic likeness, tracking of transactions, tracking of assets, filing reports of any sort with any other entity or enterprise, or preventing transactions within our technology. We do not agree to keep track of the assets in your wallet, we do not agree to keep track of your identity, we do not agree to keep track of your use of our currency, we do not agree to report to anyone on any of these things.
If you feel that you are better served by a system which gathers "know your customer" and "anti-money laundering" information from its users, you would do well to find such a system and make use of its currencies, instead. We do not warrant, nor do we guarantee, any aspect of our currency for the purpose of gathering information on our users, for the purpose of reporting on users, for the purpose of tracking user assets, for the purpose of gathering tax information, nor for any other secondary or ancillary use of our currency to serve entities other than our users.
Our currency is available so that the person logged into a particular SilentVault wallet can receive, pay, exchange, offer, and accept vouchers for bitcoin. The SilentVault technology does allow the person logged into a particular wallet to track their own assets with receipts and transaction records. We therefore strongly encourage users to keep their wallet login account particulars private.
We do not agree to limit the communications of our users in any way. Ifyou choose to disclose to other people how you use your assets, how much of which types of assets you have, and otherwise indicate your use of income or wealth, you may create regulatory and tax liabilities for yourself outside of our control. Although we always very strongly encourage our users to use encryption for all communications under all circumstances, we understand that we cannot compel our users to utilize encryption in any context beyond our control.
4. General terms and conditions:
The Silent Bitcoin currency is a digital representation of Bitcoin assets based on Voucher-Safe, Internet, and computer technology. It provides a currency that is useful within the SilentVault system to electronically facilitates trade, exchange, and commerce among and between users.
The user understands and declares his understanding that Silent Bitcoin is a voucher issuer. Silent Bitcoin is not the user of every wallet within the SilentVault system and therefore has no ability to compel transactions by any other wallet user. Silent Bitcoin does not have access to the login particulars of other users' wallets. We are therefore unable to assure users as to the individual integrity, account balances, or other information of other users.
SilentVault technology provides an escrow service within their exchange system for asset exchanges. They guarantee the escrow operation of all exchanges which are provided through their escrow service. They do not provide any guarantee for any transaction that is not exchanged within their escrow service.
Silent Bitcoin guarantees the operation of transfers into Silent Bitcoin from bitcoin and transfers out of Silent Bitcoin into bitcoin where these operations involve the SilentVault technology.
The user declares his understanding that Silent Bitcoin is not a billing agent, accounting service, tax collector, information reporter, publisher of user account information, nor economic transaction regulator. We do not have the ability to compel any user to do things you expect of them. Your use of our currency to receive and make payments, offer and accept exchanges, buy or sell, or do any other asset-related operation, is at your own risk. We agree to provide the best currency possible; we provide our currency on a best efforts basis; we make no guarantees about the people with whom you exchange and trade. If you have a problem with the fulfilment of an agreement by another user to provide goods, services, or assets in exchange for payments you make to that user, you should contact that user in particular.
User acknowledges his understanding that Silent Bitcoin is not party to agreements and dealings between users. We do not agree to mediate disputes among users. We do not have any power to arbitrate among users. We have no power to enforce judgements against users issued by courts, whether or not the courts are of competent jurisdiction.
User acknowledges that Silent Bitcoin will not be liable in any way to user for any activities or transactions between users nor any losses suffered by any user as a result of such activities.
User agrees that Silent Bitcoin is not an interested party in any dispute between or among users of the Silent Bitcoin currency.
Silent Bitcoin is not a bank. Silent Bitcoin does not agree to engage in banking operations in any jurisdiction. Silent Bitcoin does not provide banking services. Silent Bitcoin is not subject to any type of banking regulations, is not subject to any oversight bodies, in any jurisdiction. If you are looking for banking services, we strongly suggest you look elsewhere.
User holds title to the assets in his respective SilentVault wallet or wallets. User retains all rights and privileges over this balance. User is a user of Silent Bitcoin if, and only if, he has a greater than zero balance of Silent Bitcoin in at least one SilentVault wallet. SilentVault wallet users who have zero Silent Bitcoin are not Silent Bitcoin users except in the context of initiating a bailment to become a Silent Bitcoin user or in the context of redeeming their entire account to cease being a Silent Bitcoin user.
For the purposes of this agreement, a person in the process of bailing into the Silent Bitcoin currency is a user from the moment they initiate a verifiable transfer to one of the Bitcoin wallets operated by the Silent Bitcoin Trust.
For the purposes of this agreement, a person in the process of redeeming their entire account balance continues to be a Silent Bitcoin user until the transfer to their bitcoin wallet has been verified in the block chain six times.
User uses his Silent Bitcoin and interacts with other individuals in the world on his own and at his own risk.
Silent Bitcoin provides the Silent Bitcoin currency on a best efforts basis, where is, and as is.
Silent Bitcoin is the issuer of vouchers for Bitcoin assets. Silent Bitcoin is not the voucher publisher for the Voucher-Safe system. Silent Bitcoin works with the SilentVault technology and with the Voucher-Safe technology. We have agreed to have our assets published as vouchers on the SilentVault system.
As discussed in the definitions, SilentVault has its own terms of service.
Silent Bitcoin is a currency. The Silent Bitcoin Trust is a voucher issuer.
Silent Bitcoin makes available for payers, receivers, and exchangers the vouchers we issue. Vouchers issued by the Silent Bitcoin Trust are at all times redeemable for Bitcoin held in one or more wallets owned by that trust. Fees apply to the processes of bailment and redemption.
Silent Bitcoin makes no representation about the usefulness of Silent Bitcoin, Bitcoin or other currencies, including fiat currencies such as the EU euro and USA dollar, for any purpose. Currencies have exchange rates that fluctuate according to market and political conditions beyond our control. We do not warrant any currency as to its fitness for any use.
User agrees to keep user's wallet login details private, secure, and confidential at all times, and further agrees that the protection of these login details are his sole responsibility. Silent Bitcoin is not liable for any loss in the event of the loss or misuse of the user's login details. Assets held in a wallet which cannot be accessed by any user are not recoverable. As the issuer of Silent Bitcoin, we do not have the power to log into any user's wallet, we do not have the power to restore Silent Bitcoin held in a wallet to which a user has lost access.
IF YOU LOSE YOUR WALLET LOGIN AND YOUR LOGIN RECOVERY DATA YOUR ASSETS ARE NOT ACCESSIBLE TO YOU. WHETHER OR NOT YOU HAVE ACCESS TO YOUR WALLET, THE ASSETS IN YOUR WALLET ARE NEVER ACCESSIBLE TO US. WE CANNOT GIVE YOU WHAT WE DO NOT HAVE. WE CANNOT RESTORE TO YOU ASSETS WHICH YOU LOST THROUGH YOUR ACTIONS OR INACTION. WE DO NOT ESCHEAT PROPERTY LOST OR ABANDONED IN THIS WAY TO ANY OTHER PARTY.
If you are not comfortable with a system of irrevocable asset transfer, where your account is your responsibility, and where there is no way for the currency issuers to seize your assets on the part of governments, third parties, court order holders, nor on your behalf, you might not be comfortable with our system. We provide the Silent Bitcoin currency where is, as is, without warranty, without guarantee of its fitness for any purpose. If you choose to use our currency, you do so at your own risk.
User agrees not to attempt to tamper with, modify, nor gain unauthorised access to the wallets of Silent Bitcoin Trust, to its web site, or to the wallets of other users. Users who engage in such actions are liable for any damages which result from the actions described. User understands that
Silent Bitcoin may take actions as it deems fit to limit the ability of persons violating this portion of the agreement from gaining access to the assets of other users.
EXPIRATION: SILENT BITCOINS EXPIRE COMPLETELY AFTER 1095 DAYS OF NOT BEING USED.
Expiration of vouchers is built into the Voucher-Safe technology. If a user abandons their wallet for a total of three years (1,095 days - one thousand and ninety-five days) of continuous non-use, the vouchers in their wallet expire. All vouchers have a built-in expiration date. The policy of the Silent Bitcoin Trust is that vouchers expire in a renewable form after 180 days. If you wish, you can renew vouchers before they expire for a fee of 4 tokens. Doing so generates new vouchers to replace your existing vouchers. Spending vouchers from one wallet to another at any time starts the clock over again. Exchanging one kind of voucher for another kind of voucher starts the clock again. If your vouchers expire in renewable form after 180 days, there is no fee to renew them at that time. You have a further 2.5 years to get to your wallet and renew expired vouchers after the 180 days have passed.
Vouchers that have expired in renewable form appear in your wallet highlighted in red to alert you to this matter. If you renew an expired voucher after 180 days, the clock starts over again.
Vouchers which have expired in renewable form can be renewed at no cost until the 1,095th day from the date of issue. You must renew any expired voucher which you wish to use in any other transaction. Expired vouchers can only be renewed for fresh vouchers, they cannot be spent, nor exchanged.
After the three years is up, if you have not logged into your wallet during that entire time, the expired vouchers cannot be renewed by the SilentVault.com software.
5. Representations of Silent Bitcoin
Silent Bitcoin has created a currency that allows users to make and receive payments in our currency. Our currency is derivative of Bitcoin. The technology of the SilentVault wallet is based upon and uses the Voucher-Safe technology. Our currency can also be used to make exchanges between and among users, including with an escrow service.
Silent Bitcoin Trust is the issuer of the Silent Bitcoin currency. The Trust is not a voucher publisher. The Trust is not a technology developer.
The SilentVault technology uses tokens to pay for asset transfers. There is no fee for creating a SilentVault wallet. There are costs for tokens which are collected automatically once the user adds vouchers representing assets to his wallet. These token quantity costs are set by the Voucher Publisher. Silent Bitcoin Trust therefore has no control over these token rates, which at present are set as follows:
To receive a voucher payment costs four (4) tokens. To store a receipt costs one (1) token. To store a pending payment (which allows for reclaiming payments after the specified time has elapsed) costs one (1) token. To make a payment costs twelve (12) tokens. To revalidate a single voucher costs four (4) tokens. To manually split or merge vouchers costs twelve (12) tokens. Reclaiming an expired payment costs zero (0) tokens. Renewing an expired voucher (where the issuer terms of service permit) costs zero (0) tokens. Closing out a wallet costs twenty-five (25) tokens.
Making a payment requires storing a pending payment, so that you can reclaim the payment if the intended recipient fails to pick it up, so sending a voucher to another user costs a total of 12 +1 = 13 (thirteen) tokens.
Receiving a payment sends a receipt back to the payer, and, unless the user manually over-rides the option, also stores a receipt copy for the recipient, too. Therefore receiving the payment involves 4 + 1 + 1 = 6 (six) tokens.
However, there is an exception to this rule: if it is the first voucher of that asset type seen by the wallet, the cost will be 2 tokens because the 4 tokens for receiving a voucher payment is waived.
Note that within the SilentVault technology, picking up a payment is functionally similar to revalidating a voucher. The old voucher, whose serial number was known to both payer and payee, is replaced by a new voucher of exactly equivalent amount with a fresh serial number known only to the recipient.
The payer would need to store the receipt from the recipient, thus bringing the total cost of a given payment to 14 tokens, provided that the recipient actually accepts and picks up the payment and provided the payer picks up the receipt within seven (7) days and stores it. A user can, of course, refuse to accept a payment. A user can, of course, set their wallet to refuse to pick up and store receipts.
Storing receipts is the default choice. However, by selecting "manual housekeeping" in the user preferences settings and then discarding the receipt when it is sent to the user, storing receipts can be avoided. Stored receipts can be downloaded to the user's local disk. They can also be deleted individually or purged categorically. Deleted receipts cannot be recovered or restored.
There is a special case where a payment would only cost four (4) tokens (the same as a revalidation of a voucher) if, and only if, the amount of the payment is exactly equal to the value of the voucher, so that there is no change back. Otherwise, an implicit split/merge action is performed, so the cost becomes 12 tokens.
The value of a token is set by each individual voucher Issuer. The published cost per token set by the Silent Bitcoin Trust is 0.0001 bitcoin. Again, for purposes of comparison only, we note that in August 2014 the exchange rate of a bitcoin was $589.30 for a time, so the cost of a token purchased with Silent Bitcoin was 0.0001x$589.30 = 0.0589 or about 6 cents. If the token costs change, we will notify SilentVault and the change will be reflected on their site at SilentVault.com.
Tokens never expire, no matter what happens to the exchange rates set by Issuers for tokens purchased with their assets. Old tokens continue to work until they are used.
Tokens are automatically bought by the system when a voucher from a new asset type is first seen by the wallet client, or whenever the number of tokens of that asset type is insufficient to pay for any operation performed by the user. The amount of the lot size of tokens purchased can be manually set by the user. The default setting is 50 tokens. This auto-purchase feature is necessary so that receipts can be stored.
It is due to this feature that lower limits on order sizes exist. For example, currently, Silent Bitcoin requires a minimum purchase of 0.01 bitcoin and a minimum redemption of 0.02 bitcoin. If you attempt to purchase a fraction of an asset so small that the SilentVault wallet cannot auto-purchase tokens needed to send the SVX exchange a receipt, the exchange attempt will fail.
SilentVault technology uses various tools, servers, and systems, to attempt to make available access to user wallets for users on a 24 hour a day, 7 days a week, 52 weeks a year basis. Where they are able to control the tools and technologies in operation, they do, on a best efforts basis, provide access as often as possible. The Silent Bitcoin Trust has no control over these tools, servers, and systems, and cannot be responsible for inaccessibility due to limitations in such matters.
We do not control the Internet, nor do we control your ability to access the Internet. Your ability to access your wallet and the assets in your wallet may be limited by third parties, including your Internet service provider, including government agencies. Where we are or become aware of impediments to user access, we will, on a best efforts basis, make available information about potential work-arounds and circumventions to interference to the SilentVault team so they can do their best to nake these solutions available to you.
The Trust owns and operates various wallet IDs for Bitcoin. We seek to use best practices for bitcoin (BTC) merchants with a unique bitcoin hash generated for each customer order. The user signals when they believe (or allege) they have completed the bitcoin spend to this Silent Bitcoin Trust wallet address. This signal triggers a check for a spend to that hash having 6 (six) confirmations made at roughly ten-minute intervals. We expect it takes approximately one (1) hour to establish these 6 blocks on the relevant block chain. If the amount of bitcoin actually received changes, the order size is adjusted up or down to correspond to what is received. Silent Bitcoin (SBC) is issued to the user, less tokens deducted as indicated above, on a one-to-one basis for the BTC actually received.
When the confirmations are sufficient, the Silent Bitcoin system generates a voucher spend for the matching amount in SBC to the user's SV wallet ID. The user will have seven (7) days to pick up their voucher. If they fail to do so, the bitcoin will be returned to the refund wallet hash they entered while placing the order. We do not have any control over what wallet hash was indicated by the user to receive the refund, and cannot validate that it belongs to the owner of the Silent Bitcoin wallet.
When a user wants to exit from Silent Bitcoin (SBC) into bitcoin, he makes a payment of SBC and indicates the intended destination bitcoin wallet. This transaction takes place after the voucher spend which de-circulates the SBC from the user wallet. The SBC voucher involved is destroyed and not replaced when spent back to the Issuer. The customer would need to wait to see at least one (1) confirmation before they could spend that bitcoin to another user of bitcoin.
As of August 2014, the published fees for purchasing or redeeming bitcoin into the Silent Bitcoin system are 0.0%. So a user with 0.022 bitcoin should be able to experiment with the system by purchasing 0.022 Silent Bitcoin and redeeming it - with the understanding that tokens will be auto-purchased to cover the cost of relevant receipts in the system.
The Silent Bitcoin Trust reserves the right to change its fee structure in the future. If changes are ever made to our fees, that fact will be reported on our web site at SilentBitcoin.com and on the SilentVault.com site. If changes to our fees are contemplated, we intend to do our best to notify users in advance of our intentions to make such changes.
Silent Bitcoin Trust cannot sell, rent, nor make available any user data to any third party because we do not control the SilentVault technology involved. We do not have any information about users other than what they communicate to us in e-mails or other written disclosures of their own choosing, so we cannot make information available that we do not have.
Silent Bitcoin Trust cannot monitor traffic nor write log files that contain personal data, including Internet Protocol or IP addresses.
Silent Bitcoin Trust cannot monitor traffic usage, even for accounting purposes.
Silent Bitcoin Trust does not collect user identity information and related data in any way.
Silent Bitcoin Trust will not pass any user data provided by a user directly to Silent Bitcoin Trust unless legally compelled to do so, by a binding court order from a court of competent jurisdiction.
Silent Bitcoin Trust has established suitable parties to fulfil the roles of: custodian, repository, customer support, and redemption. Silent Bitcoin Trust does not publish activity statistics, details of overall assets, nor other information on its assets.
The user can make payments to or receive payments from any other user wallet.
Wallet technology is provided by SilentVault and is not the responsibility of the Silent Bitcoin Trust.
User agrees that all payments initiated by the user and completed through the SilentVault system are final and irrevocable. Payments will automatically generate deductions from the payment-originating account and additions to the payment-receiving account, using the voucher system.
Users who wish to do so may set a time limit for the payment transaction to be accepted by the payment-receiving account, after which time, if the payment is not accepted, the payment-originating account would receive a refund of the transacted amount (less vouchers expended, if any).
User acknowledges that any payments he initiates from his wallet are his sole responsibility. User is responsible to set up the payment particulars, identify the correct wallet to which the payment is to be sent, and identify the time limit for the recipient to accept the payment. Silent Bitcoin has no ability to reverse or interfere with payments, even if the user incorrectly makes the payment, or makes the payment correctly to the wrong user wallet, or in some other way makes an error of judgement or operation.
Payments can be made in any amount and in Silent Bitcoin, to the limits of the decimal places available in the wallet. The granularity is currently 0.0001 units of the issued assets. That would be 0.0001 BTC, etc. For bitcoin at recent prices that would be a granularity of about 6 cents. As a result of this granularity limitation, tokens cannot ever cost less than 0.0001 units of an issued currency.
The value of payments in other currencies, including in the national or fiat currencies of various nations, is dependent on market forces and political risk factors, typically reflected in the exchange rates available on web sites and by exchange service operators. Silent Bitcoin has no control over exchange rates of any currencies, including of the currencies issued by Silent Bitcoin.
Payments can only be completed if the vouchers representing assets in your wallet are greater or equal to the amount of the payment you are making, and if you have sufficient tokens to complete the transaction. If you have insufficient tokens, the system automatically provides for token purchases from assets in your wallet. You can set the number of tokens auto-purchased at any one time in the user preferences section of your wallet.
Silent Bitcoin Trust has no control over the SilentVault technology. Although SilentVault makes every effort to ensure that the Silent Bitcoin technology and access to the users wallets by the respective users is available all day, every day, Silent Bitcoin makes no representation that the user will be able to access their technology at any particular time. User agrees that Silent Bitcoin will not be held liable for nor responsible for any loss or damage, whether direct or indirect, that may result from the use, operation, or performance of the SilentVault technology, other than as a direct result of the deliberate or negligent acts or omissions of Silent Bitcoin.
User agrees to indemnify and hold harmless Silent Bitcoin and its appointees, directors, affiliates, officers, employees, team members, franchisees, agents, heirs, and assigns from and against any and all
claims, losses, liabilities, damages, costs, and expenses, including legal fees, court costs, fines, and levies, arising out of or related to breach of the terms and conditions contained in this agreement, or from the use of Silent Bitcoin by the user.
User agrees that Silent Bitcoin Trust shall under no circumstances be liable to user for any damages of whatever nature, kind, or description in any location in the universe, except for any loss caused by wilful misconduct of Silent Bitcoin Trust. This indemnification shall be binding upon
user and user's administrators, executors, heirs, successors, and permitted assigns.
Silent Bitcoin recognises the user's right to confidentiality and privacy. The Silent Bitcoin currency is designed with confidentiality and privacy built in.
User does not have any obligation to impose legal obligations on Silent Bitcoin Trust including obligations relating to international agreements by various national governments and other entities relating to "know your customer," "anti-money-laundering," and other infringements on privacy and confidentiality. User agrees not to impose any such obligations upon Silent Bitcoin Trust, nor to seek the imposition of such obligations by third parties for any reason.
User may at user's choice disclose information to Silent Bitcoin team members, including customer service members, relating to user, user's contact particulars, user's attempts to make or receive payments, user's experiences with other users, user's concerns, or any other information, through the contact information provided on our web site, through e-mail, in chat rooms or in private chats with customer support, and by other means as they become available. User agrees and understands that, notwithstanding extensive efforts to safeguard the confidentiality and privacy of the user, including through the use of e-mail encryption, Silent Bitcoin may be ordered by a court of competent jurisdiction to disclose information it has been provided by the user. Unless ordered to do so by a court of competent jurisdiction, Silent Bitcoin will not make any such disclosure without the express written consent of the user.
User agrees that Silent Bitcoin monitors the systems, tools, and technologies involved in making its technology available to user in order to keep it functioning to the best of Silent Bitcoin's ability.
10. Third Party links:
On our web site, in its blogs, and in various other locations, we sometimes provide links to other web sites which we believe may have topical information or may be useful to users in some way. We do so solely for the convenience of ourselves and users unless otherwise indicated.
User agrees that such convenience-motivated links to third party web sites or other information about third parties are not recommendations, endorsements, or encouragements to the user to follow such inks. User understands that any links which do imply endorsement or recommendation will be clearly indicated as such. User agrees that following links on our web site to third party sites is at the user's own risk.
User agrees that Silent Bitcoin Trust is not a party to agreements it is not a party to, including agreements amongst and between users, between the user and third parties, and that therefore, Silent Bitcoin cannot be held liable for losses or damages that may arise from such agreements, nor form any sort of intermediary between the user and other parties. User understands that user enters into agreements with other parties at user's own risk.
User acknowledges that franchise operations working with Silent Bitcoin to provide any part of our currency do so as independent operations, not as part of the Silent Bitcoin technology and system. Therefore, Silent Bitcoin can not be responsible for losses or damages that result from interactions between users and franchisees.
User acknowledges that franchise operators may be obliged to adhere to laws and regulations in given jurisdictions, especially if they are store-front operations, and that, as a result, may have different terms, conditions, rules, and limitations, including "know your customer" and "anti-money-laundering" requirements to obey. User agrees that if user works with a franchise operator, user may be bound to a separate agreement with that franchise operator.
At all times, the performance and success of franchise operators are of interest to Silent Bitcoin, and we are interested in hearing from users about the successes and failures of franchise activities. If a franchise operator fails you in some particular, please do let us know. Depending on the political risks and current contractual obligations under which that franchise operator is conducting business, we may be able to help on a best efforts basis.
12. Outages and Force Majeur:
We live in strange times in a weird world. Entities of all kinds exercise various types of power which may interfere with our ability to provide services to you. We do our best to avoid being subject to arbitrary power, and so should you, but not every effort is successful.
User agrees not to hold Silent Bitcoin Trust responsible for any damages, delays, failures in transmissions, or losses resulting from situations or circumstances beyond the control of Silent Bitcoin Trust, including but not limited to, acts of God and of nature, acts of terrorism, civil disobedience, lockouts, riots, social or economic upheaval, strikes, wars, acts of governments, acts of agents of government operating beyond or within the scope of their authority, or any breakdown in normal communications or utilities infrastructure services or any other cause beyond the reasonable control of Silent Bitcoin and to indemnify and hold harmless Silent Bitcoin Trust and its appointees, directors, officers, staff, employees, franchisees, agents, heirs, and assigns against any such losses or damages.
SilentVault and the Voucher-Safe technologies charge fees. The token fees are outlined above in section 5. Token fees are collected automatically. Tokens may be purchased with any of the published assets you hold in your wallet.
Their escrow service fee is currently 1% of the exchanged vouchers.
It is the case in August 2014 that fees are not charged for converting Silent Bitcoin to and from Bitcoin, but it is possible that the fee schedule will change in the future. There is a fee for converting Silent Silver to and from Bitcoin, as published on our site.
Silent Bitcoin does not charge storage fees.
Silent Bitcoin does not make any warranties nor any representations about exchange rate risks. Bitcoin and Silent Bitcoin may be subject to legal, political, and economic risks and their exchange rates will change without notice according to market preferences beyond our control.
Silent Bitcoin Trust does not have any way of contacting its users without first being contacted by a user. Therefore we do not charge any fees through postal mail nor through e-mail. If you receive any
notification in e-mail or by postal mail indicating that you owe "Silent Bitcoin" a fee, you are receiving a scam message which you should ignore. We won't bill you, so if you receive a bill purporting to be from us, don't pay it.
14. Account access recovery:
When you sign up with SilentVault to create a new wallet, you are provided with the login particulars for your wallet. You choose and are also provided one time, on screen, with a copy of account recovery security information. If you lose or forget your wallet's login details, you should be able to recover new login information using the recovery information. If you lose both your wallet's login details and the recovery information, your wallet is not recoverable.
User agrees that Silent Bitcoin Trust does not control the SilentVault technology and therefore has no capability to lock user accounts, change user login particulars, or recover access to an account without either the login details or the recovery information. Silent Bitcoin will not make any attempt to lock user accounts, change user login particulars, or seize assets in a wallet for anyone, for any reason. We are not in the business of taking your property, assigning it to regulatory or tax
authorities, or fixing problems beyond the scope of our technology.
There is one possible way that a wallet becomes invalid: if the owning user closes it. In order to do this, the wallet must either be empty of vouchers and tokens, or contain vouchers/tokens of only one asset type. A successor wallet is created, and all value is transferred to it. The fee for this is 25 tokens, and after it's done, the old wallet's public key goes on a "certificate revocation list." This approach means that while the owner can still log into it (to examine old receipts, for example), it can no longer be used to receive voucher payments.
SilentVault uses this system to prevent a "dead wallet spend," which is an Achilles heel of bitcoin. Of course an abandoned wallet also will not pick up a payment, which means it becomes reclaimable after at most 7 days. But an attempt to spend to a closed wallet will fail immediately, owing to its public key being withdrawn from the public key server.
Silent Bitcoin Trust urges all users to learn and use encryption for their e-mails. Silent Bitcoin team members use Open PGP encryption. Our public keys are available upon request.
DO NOT SEND US YOUR LOGIN DETAILS. WE WON'T LOG INTO YOUR WALLET FOR ANY REASON.
Unless a user sends the login details or account recovery details for their account to a Silent Bitcoin team member, we cannot log into that account. We don't want to log into any user wallet, ever. User agrees not to send user's login details to Silent Bitcoin team members under any circumstances. If someone purporting to be from Silent Bitcoin Trust requests you to send your login details, you should recognise that message as a scam and not reply to it, or otherwise treat it as you would other false and abusive e-mails.
Any controversy or claim arising under this agreement or arising as a result of a dispute between Silent Bitcoin Trust and one or more user(s) shall be discussed among the parties to the dispute, shall be referred to competent mediator(s) as mutually agreed, and may be referred to an arbitrator appointed by mutual consent of the parties.
Failure to exercise or delay in exercising any right, power, or remedy hereunder by Silent Bitcoin Trust shall not operate as a waiver of that right, power, or remedy, nor shall any single or partial exercise of any right, power, or remedy of Silent Bitcoin Trust hereunder preclude any other or future exercise thereof or the exercise of any other right, power, or remedy.
The provisions of this agreement shall be continuous and shall inure to the benefit of Silent Bitcoin Trust, its successors and assigns, and shall be binding upon user and or the estate, personal representatives, administrators, agents, and successors of user.
Silent Bitcoin Trust may assign its rights and delegate its duties as to any or all aspects of this agreement. User shall not delegate any obligations hereunder without the prior written consent of a duly authorised officer of Silent Bitcoin Trust signed by the officer's Open PGP private key and counter-signed by at least one other duly authorised officer of Silent Bitcoin Trust by Open PGP key. Any attempt at such delegation without such consent shall be void.
Members of the Silent Bitcoin Trust team are users of the SilentVault technology and, as such, are functionally anonymous. Silent Bitcoin Trust has made no attempt to collect the identity and location particulars of any users.
Notices of actions against Silent Bitcoin Trust may be sent by e-mail to relevant members of the Silent Bitcoin team. User agrees that Silent Bitcoin team members are under no obligation to disclose their location, identities, or other particulars.
In the event that any provision(s) of this agreement are determined by an arbitrator appointed by mutual consent of the parties of this agreement, or by a court of competent jurisdiction to be unenforceable, such provision(s) shall not be enforced in that particular jurisdiction, while the remainder of the agreement shall remain binding upon the parties as if such provision was not contained therein. The enforcement of such provision(s) shall otherwise remain unaffected and be enforceable in all other jurisdictions.
This agreement is the complete, entire, and whole agreement between user and Silent Bitcoin and is intended as a complete and exclusive statement of the terms of the agreement. This agreement supersedes all other communications between the parties. This agreement may not be modified by third parties through the establishment of regulations, nor through the passage of laws, under any circumstances. User agrees to abide by the terms of this agreement notwithstanding user living in a jurisdiction that prohibits entering into this agreement. This agreement may be amended only upon execution of a subsequent agreement or upon user's failure to object within 10 days to modifications to this user agreement posted to the Silent Bitcoin web site. This agreement cannot be modified by third party seizure of the SilentBitcoin.com web site.