Results Of First BitBet Audit, April 7 2014

As the result of a fun little proposal,i Mats_cd03 has completed the first-ever audit of BitBet’sii financial position.iii The results as of 7APR2014 19:37:00GMT are:

Liabilities: 1753.6619918169 BTCiv

Assets: 2889.82820674 BTC

There you have it, folks, a “double reverse fractional reserve.”v Or, y’know, 5/3 reverse fractional reserve, but “double” has a bit more ring to it.

Oh, the fun of #bitcoin-assets! And of real Bitcoin businesses!

 

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  1. mircea_popescu: anyone bored could make a tool to add up the balances in publicly displayed addies as an open audit thing. []
  2. BitBet is publicly traded as a bitcoin-denominated security on MPEx under the ticker symbol S.BBET. []
  3. This was accomplished, in the words of Mats, by “an html parsing library in python to scrape bitbet then pinged blockr with the balance requests.” Full list of addresses of assets and liabilities. []
  4. 1771.37574931 BTC before the house takes a 1% cut. []
  5. In the words of kakobrekla. []

7 thoughts on “Results Of First BitBet Audit, April 7 2014

  1. kakobrekla says:

    Well, the coins on bitcoinds change addresses aren’t accounted for under assets, but I will accept 5/3.

  2. […] Bitcoin “investors” look for returns on their returns. While some look to dice or BitBet, most look […]

  3. […] BitBet and Qntra are valuable properties in their own right, they trade irregularly at best and therefore […]

  4. […] is quite the opposite of Bitcoin companies, such as BitBet, which run double reverse fractional reserves. […]

  5. […] you can see from the logs above, the endlessly fascinating economic experiment that is the BitBet prediction market […]

  6. […] and perhaps even hundreds of BTC lined up to purchase BitBet, and that that business was running a double reverse fractional reserve last time anyone bothered to check,vii it’s hard to imagine why someone in your position […]

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