Terms of Use

1. What Allocater is

Allocater is a publication. {{LEGAL_ENTITY_NAME}} ({{ENTITY_FORM_AND_HOME_JURISDICTION}}) publishes the output of two algorithmic research systems — Kratos, a trend-rotation model, and Athena, a Bitcoin value-accumulation model — as a written daily note and as a public forward log.

The note is published on a fixed daily schedule, at the 00:00 UTC bar close, whether or not either model changed position. Most days neither does; the note goes out anyway. Publication is not triggered by market events, by anyone's request, or by Allocater's opinion that an opportunity exists. It is a schedule, and it runs on the schedule.

You understand that every subscriber receives the identical publication. There are no tiers of content, no segments, no variants, no per-reader configuration and no personalised edition. Nothing Allocater publishes is created for any individual subscriber or delivered only to them. The single difference between a subscriber and a member of the public is timing: the forward log is published free to everyone on a two-week delay, sooner with a free account, and a subscription removes the delay. The content is the same content.

The systems are mechanical. Each signal is generated by code from public market data with no human discretion applied between the data and the published output, and every row in the forward log is dated and append-only.

2. The publication is impersonal, and could not be otherwise

You understand that nothing published by Allocater is a recommendation that any asset, portfolio or strategy is suitable for you, or for any specific person, or for any group of persons. To the extent anything published may be read as an opinion about a digital asset, it is impersonal and not tailored to the investment needs of any individual reader.

That is not a disclaimer bolted onto the product. It is a description of how the product is built. Allocater does not ask, and does not hold:

• any suitability assessment, risk-tolerance question or onboarding questionnaire;
• any information about your holdings, positions, account balances, income, net worth, tax position, time horizon, objectives or circumstances;
• any brokerage, exchange or wallet linkage of any kind.

The only information Allocater collects from a reader is an email address and, optionally, which of the two systems interests you — a value that affects only which emails are sent and never what any system publishes. When checkout opens, a payment processor will hold billing details; Allocater will not. Because Allocater holds nothing else, it is structurally incapable of tailoring anything to anyone, and no amount of correspondence can change that.

You further understand that there is no private, one-to-one or interactive advisory channel of any kind. Allocater does not answer questions about what you should do, hold, buy or sell, and will not do so if asked. Correspondence about billing, delivery and access is administrative only. Using this publication creates no advisory relationship and no fiduciary relationship between you and Allocater.

3. What Allocater is not

Allocater is not a registered investment adviser, a broker, a dealer, a futures commission merchant, an exchange, a custodian, a bank, a money transmitter, an asset manager or a fiduciary to anyone. Allocater is not a licensed securities dealer or broker, and is not a licensed or certified financial planner, accountant, tax adviser or attorney. Nothing published is legal, tax, accounting or insurance advice.

As a matter of architecture rather than policy, Allocater:

• never holds, receives, controls or has access to your funds, assets or private keys;
• never accepts exchange API keys, and has no technical means to accept them;
• never places, routes, transmits or executes an order, and is not connected to any venue's trading interface;
• holds no discretionary authority, trading authority or power of attorney over any account, and has no ability to obtain one.

You keep custody of your own assets, on your own venue, throughout. Every decision to act or not act on anything published here is yours alone, and you are solely responsible for determining whether anything published is appropriate for you.

4. How Allocater is paid — one way, and only one

Allocater is compensated in exactly one way: a flat subscription fee paid by the reader, unrelated to whether, what, when or how much that reader trades, and unrelated to whether the reader makes or loses money.

There is no performance fee, no fee calculated on assets, no transaction-based compensation, no commission, no revenue share, no spread, no rebate, no exchange affiliate or referral arrangement, and no payment of any kind — in cash, tokens, equity or consideration of any other form — from any issuer, token project, foundation, exchange, venue, market maker or third party in respect of anything Allocater publishes or declines to publish. Allocater does not accept paid placements and does not publish sponsored content.

Allocater does not trade the published signals for its own account as a business, and does not take positions for the purpose of, or in anticipation of, what it publishes. Any personal holdings of the operator are incidental, are not traded ahead of publication, and confer no benefit from a reader's decision either way.

The consequence is worth stating plainly, because it is the part of this business a reader can verify from its own structure: Allocater has no financial interest in what you do after you read the note. The only thing the business can be paid for is being worth subscribing to again next month.

5. Scope — spot and unleveraged only

Both systems are designed, tested and published for unleveraged spot positions in digital assets only. Nothing Allocater publishes is intended for, designed for, tested on, or suitable for use with futures, perpetual futures, options, swaps, margin, borrowed funds, leveraged tokens or any other leveraged or derivative product, on any venue, in any jurisdiction.

Allocater does not publish analyses, reports, opinions or signals concerning commodity interests, futures contracts, options or swaps, and takes no view on them.

Allocater does not publish about equities, ETFs, mutual funds, bonds, notes, investment contracts or any security. The systems' rosters are limited to major spot digital assets.

Applying a leveraged instrument to a signal designed for unleveraged spot use will change its risk characteristics beyond anything Allocater has tested or published, and does so entirely at the user's own risk and against the express scope of this publication.

6. Performance information

Every performance figure published by Allocater — on the website, in emails, in the applications, and in any advertisement — is hypothetical. It is the result of running code over historical price data. No money was invested, no order was placed, no customer earned any part of it, and Allocater has no live trading track record.

Hypothetical and backtested results have inherent limitations. They are prepared with the benefit of hindsight, they do not involve financial risk, and no hypothetical record can completely account for the effect of financial risk in actual trading — including the effect of a real person deciding, in the middle of a real drawdown, to stop following the rules. Past performance, hypothetical or actual, is not indicative of future results. All figures are Allocater's own, self-reported and not independently audited.

Stated specifically, because the details are where this normally goes wrong:

• Kratos figures are net of trading cost. The engine charges 0.30% (30 bps) of every unit of turnover. Its slippage setting is 0 bps and exists as a stress knob rather than as an estimate of real slippage.
• Athena figures are gross. Athena's backtest models no fee and no slippage at all. Read the two systems' numbers accordingly; they are not on the same basis.
• Neither models spread, funding, taxes, withdrawal delays, exchange outages, failed executions, or the cost of this subscription.
• Positions are assumed taken at the daily close, with no market impact.
• Windows are stated, not implied. Kratos's walk-forward (out-of-sample) window runs 6 July 2020 to 5 August 2026, chosen once and not re-picked. Athena's full-history backtest runs 1 January 2015 to 1 August 2026.
• The benchmark against which results are shown is the same starting sum held in Bitcoin over the same window.
• Charts are labelled in-sample (settings chosen with hindsight), walk-forward (settings chosen from past data only), or full-history backtest. The labels are not decoration; an in-sample figure is a ceiling, not an expectation.
• Roster selection. The systems never hold an asset before it was listed, but the roster itself was chosen by Allocater in 2026 with the full price history of every candidate already visible. A crypto rotation return of this size depends on the roster having contained the winners, and the roster was picked knowing who won. That is the single largest limitation of these figures and Allocater states it rather than waiting to be caught by it.
• The subscription is a cost, and it is not in the figures. Every simulated return published is gross of what you would pay Allocater. No price is currently published — pricing is being set with reader input and will appear on the pricing page before checkout opens. When it does, run this arithmetic before subscribing: the annual cost, divided by the account it would serve, is a guaranteed drag paid before a single trade. Allocater will publish that worked example alongside the price, on realistic account sizes, and its own standing test remains: above roughly 2–3% a year of the account, no subscription is worth buying — this one included.

Kratos and Athena are built, tested and published as two standalone models. Every figure belongs to one system or the other. There is no blended backtest, no house split and no recommended allocation between them, because Allocater knows nothing about any reader's circumstances and takes no view on them.

The public forward log records what each system published on the day it published it. It is the only forward record that exists, it is short, and it is the correct thing to judge this business on.

7. Risk

You can lose money, including everything you commit. Digital assets are volatile, thinly-regulated in many jurisdictions, and subject to exchange failure, custody failure, protocol failure, delisting, liquidity gaps and total loss of value. A rules-based system does not remove any of that.

Both systems have had losing years and deep drawdowns in simulation, and Allocater publishes those drawdowns beside every return curve on purpose. Kratos's out-of-sample simulation includes a 49% peak-to-trough decline and a losing year. Athena's includes a 59% decline. A future decline can be worse than any simulated one, and the fact that a simulation recovered is not evidence that a future one will.

Only commit capital you can afford to lose entirely. If you are unsure whether any of this is appropriate for your circumstances, consult a licensed professional who is permitted to consider your circumstances. Allocater is not, and will not.

8. Subscriptions, renewal, cancellation and refunds

Checkout is not open at the time of publication of this draft, so nothing in this section is in force against any customer yet. It is published now so the terms are on the record before they apply rather than after.

Monthly subscriptions.

• A monthly subscription renews automatically each month at the price stated at signup, charged to your payment method, until you cancel.
• You may cancel at any time. Cancellation is available in your account and takes effect at the end of the period you have already paid for; access continues until then.
• Monthly payments are not refunded — including the payment for the period in which you cancel. The 30-day refund described below applies to lifetime purchases only.
• Founding monthly rates stay locked at the rate you signed up at for as long as the subscription remains continuously active. If it lapses, the then-current price applies.

Lifetime purchases.

• A lifetime purchase is a single payment for continued access to the named system, including updates to it, with no recurring fee.
• Lifetime purchases carry a 30-day full refund from the date of purchase, no questions asked. The refund returns the subscription price you paid Allocater. It does not, and cannot, cover anything that happens in a market.
• What "lifetime" means, precisely: access for as long as Allocater continues to operate that system. It is not a promise that Allocater will exist for any particular length of time. Allocater is a new business with no operating history and no reserves, and will not pretend to know how long that is. If that uncertainty matters to you, start monthly — the last three months of subscription payments count toward the lifetime price if you upgrade later.

Both.

• No price is currently published. Pricing will be stated on the pricing page before checkout opens, and is exclusive of any tax that applies where you are; you are responsible for any such tax.
• Allocater may change prices for future purchases and future renewal periods on reasonable advance notice to you by email. A price change never applies retroactively to a period you have already paid for.
• Refunds beyond those stated above are at Allocater's discretion and are not an entitlement. Nothing in this section limits any non-waivable right you have under the consumer law of your own jurisdiction.

9. Your licence, and no redistribution

A subscription grants you a personal, non-exclusive, non-transferable, revocable licence to access and read the publication for your own use. All content, code, models, charts, text and the forward log remain the property of {{LEGAL_ENTITY_NAME}} and are protected by copyright.

You may not forward, republish, syndicate, mirror, resell, sublicense, share credentials for, or otherwise distribute the daily note or any signal, in whole or in part, to any person who is not a subscriber; nor use the publication to operate a fund, a managed account, a copy-trading service, a signal-resale service or any product offered to third parties; nor scrape, bulk-export or systematically extract the content; nor use it to train a machine-learning model. Quoting a short extract with attribution and a link is fine, and welcome.

Allocater is not liable for anything a third party does with content you passed on, and passing it on will end your access without a refund.

10. Availability, data and accuracy

The systems run on third-party market data. Some series are reconstructed from public daily candles and, where a vendor series is unavailable, from documented proxies; these reconstructions can differ from any particular vendor's series. Data can be revised by its source after the fact, which is exactly why the forward log distinguishes rows recorded on the day from rows replayed afterwards. Only recorded rows prove what was said at the time.

Allocater does not guarantee uninterrupted delivery. Servers fail, mail is delayed, exchange APIs go down, and a note can be late or missed. Where a signal cannot be produced or delivered on schedule, the log records that fact rather than omitting the day.

11. Disclaimer of warranties

THE PUBLICATION, THE WEBSITE, THE APPLICATIONS AND ALL CONTENT ARE PROVIDED "AS IS" AND "AS AVAILABLE", WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, OR ANY WARRANTY AS TO ACCURACY, COMPLETENESS, TIMELINESS, RELIABILITY OR UNINTERRUPTED AVAILABILITY. ALLOCATER DOES NOT WARRANT THAT ANY SIGNAL, FIGURE OR ANALYSIS IS ACCURATE, COMPLETE OR PROFITABLE, AND MAKES NO REPRESENTATION OR GUARANTEE AS TO ANY RESULT.

12. Limitation of liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, NEITHER {{LEGAL_ENTITY_NAME}} NOR ITS OWNERS, OFFICERS, CONTRACTORS OR SUPPLIERS SHALL BE LIABLE FOR ANY TRADING OR INVESTMENT LOSS, LOST PROFITS, LOST OPPORTUNITY, LOSS OF DATA, OR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES ARISING OUT OF OR RELATING TO THE PUBLICATION OR THESE TERMS, ON ANY THEORY OF LIABILITY, EVEN IF ADVISED OF THE POSSIBILITY. ALLOCATER'S TOTAL AGGREGATE LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE PUBLICATION OR THESE TERMS SHALL NOT EXCEED THE TOTAL AMOUNT YOU PAID TO ALLOCATER IN THE SIX (6) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

Some jurisdictions do not allow certain exclusions or limitations, in which case the exclusions and limitations above apply to the fullest extent permitted there.

13. Indemnification

You agree to indemnify and hold harmless {{LEGAL_ENTITY_NAME}} and its owners, officers and contractors from any claim, demand, loss, liability or expense (including reasonable legal fees) arising out of your breach of these terms, your redistribution of the publication, your use of the publication with leveraged or derivative products, or your violation of any law or the rights of any third party.

14. Suspension and termination

You may stop using the publication at any time; cancellation terms are in section 8. Allocater may suspend or terminate access for breach of these terms — in particular credential sharing or redistribution — and may discontinue a system or the publication as a whole. If Allocater discontinues a system for its own reasons, it will give reasonable notice by email and will refund a pro-rated share of any prepaid period; the treatment of lifetime purchases in that event is governed by the definition of "lifetime" in section 8. Sections 6, 7, 9, 11, 12, 13 and 16 survive termination.

15. Changes to these terms

Allocater may update these terms. The effective date at the top will change, and material changes will be notified by email to subscribers before they take effect. Continuing to use the publication after that date constitutes acceptance. Superseded versions are kept and available on request, so that what was in force on any given date can always be established.

16. Governing law, venue and disputes

These terms, and the relationship between you and {{LEGAL_ENTITY_NAME}}, are governed by and construed in accordance with the laws of the State of {{GOVERNING_LAW_STATE}}, without regard to its principles of conflict of laws. You and {{LEGAL_ENTITY_NAME}} submit to the personal and exclusive jurisdiction of the state and federal courts located in {{VENUE_COUNTY_AND_STATE}}, and waive any objection to jurisdiction, venue or inconvenient forum in those courts.

Before filing anything, contact {{LEGAL_CONTACT_EMAIL}} with the details; most disputes about a subscription are a billing problem and can be fixed the same day.

For counsel: two open questions in this section, both material and both deliberately left open in this draft — (a) which state, which depends on where the entity is finally formed and on the private-right-of-action landscape in the candidate states; and (b) whether to include an arbitration clause and class-action waiver at all, or to elect courts exclusively. Do not treat the omission of an arbitration clause as an oversight.

17. General, and how to reach us

These terms, together with the Privacy Policy, are the entire agreement between you and {{LEGAL_ENTITY_NAME}} in respect of the publication, and supersede any prior understanding. If any provision is held unenforceable, the rest remains in force. A failure to enforce a provision is not a waiver of it. You may not assign these terms; Allocater may assign them to a successor in connection with a sale of the business.

The publication is directed solely to persons in jurisdictions where receiving it is lawful. It is not offered to anyone under 18. If you are in a jurisdiction where a publication of this kind requires a registration Allocater does not hold, do not subscribe.

{{LEGAL_ENTITY_NAME}}
{{BUSINESS_POSTAL_ADDRESS}}
{{LEGAL_CONTACT_EMAIL}}

Correspondence at that address is administrative — billing, access and delivery. Allocater does not answer questions about what any individual should hold, buy or sell, and does not make exceptions.