BLOCKTOWER INVESTMENT ANALYST COMPETITION

OFFICIAL RULES

NO PURCHASE NECESSARY TO ENTER OR WIN.  PURCHASE OR PAYMENT WILL NOT IMPROVE YOUR CHANCES OF WINNING.

ENTRY PERIOD.   This BlockTower Investment Analyst Competition (the “Contest”) begins on June 10, 2019 at 10:00 a.m. EDT and ends on July 1, 2019 at 11:59 p.m. EDT (the "Submission Period"). Any entry received before or after the Submission Period will not be eligible to win.  

DESCRIPTION OF THE CONTEST.   The Contest is being held to identify a compelling cryptocurrency investment thesis and to encourage and surface high-quality talent in the industry.

ELIGIBILITY.   The Contest is open to natural persons who are legal residents of the 50 United States and District of Columbia (“USA”), who are at least eighteen (18) years of age at the time of entry. Void outside the USA, in Puerto Rico, the US Virgin Islands, other United States territories and possessions. Residents of the states of Arizona, Colorado, Tennessee and Vermont are not eligible to enter. Employees and directors of BlockTower Capital Advisors LP (the “Sponsor”), its subsidiaries, and affiliates (together with the “Sponsor”, collectively referred to hereinafter as "BlockTower"), its advertising and promotion agencies, and their immediate family and/or household members and/or any other persons involved in the administration or promotion of the Contest are not eligible to participate in this Contest. The Contest is subject to all applicable federal, state, and local laws and regulations and is void where prohibited or limited by law or where registration, bonding, or other localization is required. An entry may only be submitted on behalf of one individual and not a group of individuals. In the event that BlockTower determines that two or more individuals entered the Contest as a group, the entry will be disqualified.

AGREEMENT TO TERMS.   By participating in this Contest, you hereby accept and unconditionally agree to be bound by these Official Rules (the "Terms") and you hereby represent and warrant that you meet the eligibility requirements set forth herein.  In addition, you agree to accept the decisions of BlockTower, as final and binding as it relates to the Terms, the Contest and the content herein.

CONTEST; HOW TO PARTICIPATE.   Participants may enter the Contest at any time during the Submission Period by submitting an entry using the online form provided on the Contest website, located at www.blocktower.com/competition/entry. Participants will be asked to provide basic contact information, including but not limited to, name, address, phone number, and email address. Participants must complete all required fields of the entry form with information that is valid and accurate on the date of the drawing to be eligible. The entry must also include, as an attachment, an investment thesis that fulfills all Contest submission requirements and specifications, as set forth herein, to be eligible. Entries that are incomplete, or do not adhere to these Terms, the submission requirements and/or the other rules or specifications set forth herein, may be disqualified at the sole discretion of BlockTower. Each participant may only submit one (1) entry and must provide all information requested. Participants may not attempt to submit more than one entry, by any means, including without limitation, by using multiple email addresses, identities or devices, in an attempt to circumvent the rules. If a participant submits plagiarized materials, uses fraudulent methods or otherwise attempts to circumvent the rules, the participant’s submission may be subject to disqualification at the sole discretion of BlockTower. All entries become the property of BlockTower and will not be acknowledged or returned. Internet access is required to enter.

CONTEST SUBMISSION REQUIREMENTS.    All submissions must be in English and comply with the following requirements and specifications. Any entries that do not comply with these requirements and specifications are subject to disqualification at the sole discretion of BlockTower.

Participants must prepare and submit as part of their entry, an original investment thesis on a liquid cryptocurrency that has a current network value of USD twenty million ($20,000,000) or greater (as of the date of entry). The thesis may recommend taking either a long or short position but should be meaningful over a 2+ month timeframe (e.g., no short-term trade recommendations).

The investment thesis must comply with the following formatting and content requirements:

  • must be the original work of the participant

  • must be submitted as an attachment in pdf format

  • must be at least 5 pages in length but no longer than 10 pages in length

  • must be submitted using times new roman font, size 12

  • must include the following six (6) mandatory sections, in order, in accordance with the following target lengths, and should follow the spirit of the suggested content set forth herein (understanding that the suggested content may or may not be applicable in all cases and is not intended to be an exhaustive or exclusive description of appropriate content or topics for inclusion).  Participants should use their discretion and independent judgment in determining the appropriate content to be included in each section:

1. Investment Thesis Summary

  • Target Length: ¼ of a page to 1 page

  • Suggested Content: Summary of why this is an attractive investment and the form the investment should take (e.g. entry and target exit, expected timeframe, where to buy or short-sell the asset, etc.)

2. People

  • Target Length: 1 page to 2 pages

  • Suggested Content: Key stakeholders in the ecosystem (founders, project leaders, developers, influential miners or stakers, etc.)

3. Market Information

  • Target Length: ½ of a page to 2 pages

  • Suggested Content: Liquidity, largest holders, price action and technical analysis, lock-up schedule for early investors, current and projected circulating supply

4. Regulatory

  • Target Length: ¼ of a page to 1 page

  • Suggested Content: What, in your opinion, is the asset most likely to be classified as from a regulatory perspective (based on US law). Any concerns or restrictions for a US investor? Risk of regulatory action against the project or people associated with it?

5. Confirming and Disconfirming Evidence

  • Target Length: ¼ of a page to 1 page

  • Suggested Content: What should an investor be watching for to update their opinion? What could happen to encourage or discourage this investment?

6. Downside Scenarios

  • Target Length: ¼ of a page to 1 page

  • Suggested Content: If this investment does badly, what are the most likely causes?

Optional sections that may be included, in addition to the foregoing mandatory sections, but are not required: timeline of key milestones and events (past and future) for the asset and any other additional informational or relevant appendices, as desired, however, these materials will not be graded and any review or consideration of these materials will be in BlockTower’s sole discretion.

OTHER ENTRY TERMS.    By submitting an entry, the participant represents and warrants that the entry, the investment thesis, and all components thereof, do not and will not violate any rights of any person or entity, including without limitation, any copyright, trademark, patent or other intellectual property rights, or violate any applicable national, federal, state, or local laws, regulations, or policies. The participant further represents and warrants that participant’s submission does not include, and participant has not and will not disclose, any material non-public information regarding the issuer of the security or asset or any information in violation of any obligations of confidentiality or other restrictions owed to any party by the participant, entries controlled by the participant or entities for which the participant provides services.

In order for a submission to be eligible, unless explicitly disclosed otherwise by the participant in the participant’s submission, the participant hereby agrees that the participant does not own the security or asset nor does participant have a short position in such asset (including through any derivative arrangements) directly or indirectly through any entity that participant owns, controls, is employed by, manages or provides services to (including, without limitation, any funds or accounts managed by any of the foregoing).

BlockTower reserves the right to make modifications to entry, judging, or other criteria (for example, additional clarification or detail for submission requirements) as deemed appropriate by BlockTower in its sole discretion. BlockTower reserves the right to modify or supplement these Terms and to communicate such modifications or supplements to participants, as and by any means BlockTower deems reasonable.

Any questions regarding the eligibility or appropriateness of any submissions for consideration in the Contest shall be resolved by BlockTower in its sole discretion. BlockTower reserves the right to disqualify any entries by participants who submit false or misleading entry information or who BlockTower determines to be tampering with or abusing any aspect of the Contest. BlockTower reserves the right to disqualify participants whose submissions are frivolous or fail to meet applicable requirements.

CONTEST JUDGING AND CRITERIA.   Judging will be conducted by Ari Paul, BlockTower’s co-founder and CIO, whose decisions and interpretations on all matters relating to the Contest, and these Terms will be final and binding in all respects.

Each investment thesis will be evaluated based on three (3) weighted criterion and will be assigned a score for each category. The investment thesis that receives the highest cumulative score will be the winner of first place, the investment thesis that receives the second highest cumulative score will be the winner of second place, and the investment thesis that receives the third highest cumulative score will be the winner of third place. Ties will be broken at the judge’s sole discretion.

Criteria 1: weighted 60%: Depth and Breadth of Research – How detailed and comprehensive is the analysis of the opportunity?

Criteria 2: weighted 20%: Creativity – How original is the thesis presented?

Criteria 3: weighted 20%: Quality of Communication? – How clearly does the author communicate their findings?

Submissions will be evaluated on the basis of the submitted materials via the criterion set forth herein, which is subject to change based on BlockTower’s sole discretion. Only submissions submitted in accordance with the Terms will be deemed part of the official entry. Any required materials not included in the submitted materials will not be considered.

PRIZES.   BlockTower anticipates awarding prizes to the participants who submit the top three submissions, as set forth below. All prizes and prize amounts are subject to change or cancellation with or without notice in BlockTower's sole discretion. The top three winners will receive the below prizes:

First Place Prize: 2 Bitcoin (BTC) or cash equivalent

Second Place Prize: 1 Bitcoin (BTC) or cash equivalent

Third Place Prize: 0.5 Bitcoin (BTC) or cash equivalent

Participant’s ability to receive the prize in the form of BTC is contingent upon legal and regulatory considerations, which may vary depending on the residency of the participant and may be subject to additional requirements or limitations, at BlockTower’s sole discretion, including but not limited to, provision of a valid wallet address.

The cash equivalent of each prize will be determined by BlockTower at its discretion and calculated based on the fair market value as of the first day of the Contest (June 10, 2019). Actual/appraised value may differ at time of prize award. The specifics of the prize shall be solely determined at BlockTower’s discretion. No cash or other prize substitution permitted except at BlockTower’s sole discretion, or as otherwise set forth herein or required by law or regulation. All prizes are non-transferable. Participant shall be responsible for any fees or costs associated with receipt and/or transfer of prize, which may reduce the total value of the prize ultimately received by Participant. All federal, state and local taxes on prizes are the sole responsibility of the winners, who may be required to complete appropriate tax forms.

In addition to the monetary prizes, the winners will also have the opportunity to present their investment thesis to BlockTower’s founders, Matthew Goetz and Ari Paul.  The presentation may be in-person or via video or telephone conference.  All expenses associated with a prize and the investment-thesis presentation, including but not limited to transportation to and from BlockTower’s office, lodging, meals and any other incidental expense are the sole responsibility of the winners.

Additionally, at BlockTower’s sole discretion, the winners, as well as any participant who submits an exceptional submission, may be invited to apply for a position with the firm.

NO OFFER OF EMPLOYMENT.   BlockTower may keep entries and participant information on file for outreach related to current or future opportunities for employment or recruitment purposes. By participating in the Contest, participant hereby consents to receiving future communications from BlockTower. Should BlockTower, in its sole discretion, determine that a participant may be a potential candidate for employment, BlockTower reserves the right to contact any such participant to request additional information after the conclusion of the Contest. Participants are not required to provide additional information related to employment in order for an entry to be eligible, nor will such be considered as part of the judging criteria. Participation in this Contest shall in no way guarantee or otherwise suggest that any participant has or will receive any opportunity for employment with BlockTower. Nothing in these Terms or any other communication related to the Contest shall be construed as entitling any participant to be considered for an interview or future employment with BlockTower.

WINNER SELECTION AND NOTIFICATION.   Winners of the Contest will be selected by the judge based on the general criteria set forth herein, under the supervision of BlockTower. Winners will be selected on or around August 15, 2019 and will be notified via email to the email address that was provided as part of their Contest entry. BlockTower shall have no liability for a winner’s failure to receive notices due to winner’s spam, junk e-mail, or other security settings or winners’ provision of incorrect, outdated or otherwise non-functioning contact information.

BlockTower’s inability to reach a potential winner after a reasonable (as solely determined by BlockTower) effort has been made, the failure of a potential winner to timely respond to a prize notification, the return of any prize notification as undeliverable, and/or a potential winner's failure to comply with any term or condition of these Terms may, in BlockTower's sole discretion, result in the potential winner's disqualification. BlockTower, in its sole discretion, may select a substitute winner by awarding the prize to the submission that received the next highest score according to the judging criteria. If BlockTower makes a reasonable effort to select another potential winner and that winner does not respond or is ineligible, the prize will not be awarded and will remain the property of BlockTower.

Taxes and all other costs not expressly specified as provided by BlockTower in these Terms are the sole responsibility of the participants. Prizes are not transferable to any individual or business entity. BlockTower may substitute a prize at any time, in its sole discretion, provided that such substitute is of at least the same approximate retail value as the prize described in these Terms.

Each winner will be required to complete and promptly submit any and all documentation requested by BlockTower, which may include but is not limited to, an affidavit of eligibility, applicable tax forms, assignment of rights, and any other documentation that BlockTower requires to verify eligibility and compliance with these Terms, in its sole discretion, as well as a liability and publicity release.

ODDS.   The odds of winning will depend on the number of eligible entries received, according to the eligibility requirements of the Contest.

ASSIGNMENT OF WORKS.   By participating in the Contest participant agrees that it will assign, and hereby does assign to BlockTower all rights, title and interest in and to all materials, concepts, ideas, charts, graphs, writings and other works of authorship submitted as part of participant’s Contest entry, including but not limited to the investment thesis and all content thereof (collectively, the “Works”), without further compensation or remuneration of any kind. The participant understands and agrees that the decision whether or not to use, commercialize, market or otherwise profit from any of the Works is within BlockTower’s sole discretion and for BlockTower’s sole benefit and that under no circumstances shall the participant be entitled to receive any royalty related to the Works.

GENERAL CONDITIONS.   By participating in the Contest or accepting any prize, except where prohibited by law, participant grants BlockTower a perpetual, worldwide, royalty-free license to use the participant's name, photograph, likeness, voice, biographical information, and any content or actions associated with the Contest without further authorization, compensation or remuneration of any kind for advertising, publicity and promotional purposes in any and all media now or hereafter known throughout the world. For the avoidance of doubt, nothing in the foregoing sentence shall limit, restrict or otherwise impact the rights granted in the immediately preceding section of these Terms. By participating in the Contest, you release and agree to hold harmless BlockTower, its affiliates, subsidiaries, advertising, and promotion agencies and their respective directors, officers, employees, representatives, and agents from any and all liability for any injuries, loss, or damage of any kind to person, including death, and property, arising in whole or in part, directly or indirectly, from acceptance, possession, use, or misuse of a prize, participation in any Contest related activity, or participation in this Contest. BlockTower reserves the right, in its sole discretion, to disqualify any individual it finds, in its sole discretion, to be tampering with the operation of the Contest; to be in violation of the Terms of Use of its website; to be acting in violation of the Terms; or to be acting in a non-sportsmanlike or disruptive manner. If for any reason this Contest is not capable of running as planned, BlockTower reserves the right to cancel, terminate, modify, or suspend the Contest. The Contest and its benefits are offered at the discretion of BlockTower. BlockTower has the right to change, limit, modify, or cancel the Contest, the Terms, prizes, and prize levels at any time, with or without notice. Any and all changes and amendments to these Terms will become binding upon all participants immediately. Neither participation in the Contest nor anything in these Terms entitle you to any vested rights with prizes or Contest benefits.

WARNING.   ANY ATTEMPT TO DELIBERATELY DAMAGE, DESTROY, TAMPER WITH OR VANDALIZE  ANY WEBSITE OR MOBILE APPLICATION OR RELATED SOCIAL NETWORKING SITE, THE ENTRY PROCESS, OR OTHERWISE INTERFERE WITH OR UNDERMINE THE LEGITIMATE OPERATION OF THE CONTEST IS A VIOLATION OF CRIMINAL AND CIVIL LAWS AND SHOULD SUCH AN ATTEMPT BE MADE, BLOCKTOWER RESERVES THE RIGHT TO SEEK DAMAGES OR OTHER REMEDIES FROM ANY SUCH PERSON(S) RESPONSIBLE FOR THE ATTEMPT TO THE FULLEST EXTENT PERMITTED BY LAW.

LIMITATIONS OF LIABILITY.   The Contest or any of its features may be unavailable, inaccurate, or interrupted from time to time for any number of reasons. BlockTower is not responsible for any unavailability, interruptions, or errors of the Contest. BlockTower is not responsible for unauthorized use of or loss of prizes. BlockTower makes no representations or warranties of any kind, express or implied, regarding the Contest or any prize, including but not limited to any warranty of merchantability or fitness for a particular purpose. BlockTower will not be responsible for any costs, damages, accident, delay, injury, loss, expense, or inconvenience that may arise in connection with (i) the use of or defect in any prize or (ii) your participation in the Contest.

DISPUTES.   This Contest is governed by the laws of New York without respect to conflict of law doctrines. Except where prohibited, as a condition of participating in this Contest, participant agrees that any and all disputes which cannot be resolved between the parties, claims and causes of action arising out of or connected with the Contest, or any prizes, shall be resolved individually, without resort to any form of class action, exclusively before a court located in New York having jurisdiction. Further, in any such dispute, under no circumstances will participant be permitted to obtain awards for, and hereby waives all rights to claim, punitive, incidental, or consequential damages, including reasonable attorney’s fees, other than participants actual out-of-pocket expenses (i.e., costs associated with entering this Contest) and participant further waives all rights to have damages multiplied or increased.

PRIVACY POLICY.   Information submitted with an entry is subject to the Privacy Policy stated on BlockTower’s website. By entering into the Contest, you agree to the terms of the Privacy Policy which can be located here:

www.blocktower.com/privacy-policy

SPONSOR.   The Sponsor of the Contest is BlockTower Capital Advisors LP with a mailing address of 65 High Ridge Road, Suite 318, Stamford, CT 06905, USA.

NO THIRD-PARTY AFFILIATION.   This Contest is in no way sponsored, endorsed or administered by or associated with any third party, including without limitation, Facebook, Twitter, LinkedIn, Instagram, Telegram, or Google. You understand that you are providing your information to the Sponsor of this Contest and not to any third party.