BitBet (S.BBET) August 2014 Statement

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Operational results

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Received 73ⁱ new propositions, of which accepted 27, rejected 46.

Total bets in worth 442.06645717 BTCⁱⁱ in 485 bets.ⁱⁱⁱ

Revenue : 3.18838172 BTC, of which :

• bets resolved : 1.95915655^iv
• fees from refunds : 0.05060754 BTC
• advertising : 0.13909500 BTC^v
• house bets won : 0.91049274 BTC^vi
• gracious donations to shareholders : 0.12902989 BTC

Expenditure : 2.65151023 BTC, of which :

• referrals paid : 0.12897536 BTC
• house bets made : 2.50000000 BTC
• interest : 0.02253487 BTC^vii

Profit : 0.536871488 BTC^viii.

Arears situation : 0.68592309 BTC short over all accounts (down from 1.222794578 BTC previous exercise), and a further 1.22827111 BTC on MPEx shareholders only. Hopefully a slightly stronger exercise next month will bring about the return to dividend payments.

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Miscellaneous

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Not much to say really, other than pointing out the incredible :

Incredible #1 : The largest bet in the history of Bitcoin, pitting a dead lion against a live if somewhat ethereal one, is terribly, terribly underwater. To wit, the Berkshire end of it finally breached 200k, to trade today at $205`880.00. Meanwhile, the other end of it breached 500 going the other way, and so the 314.59764223 Bitcoin in question are valued at only $151`287.98 as of today. In spite of this, the implied odds remain 85.39% in favour of Bitcoin!^ix Which roughly says that a hefty chunk of all the Bitcoin monetary mass in circulation (about a hundredth of a percent, or in fiat terms the equivalent of ~three billion dollars) doesn't see "the future of America" quite as brightly as Mr. Buffett, for some reason or other.^x

Incredible #2 : For every ten thousand propaganda pieces trying to push some angle or other as to the rosy future of the old order, there's roughly... zero news items showcasing this amazing opportunity to get rich while putting one's money where one's hopes lie. Trying to explain this presents the dilemma that either the press stopped actually trying to publish the newsworthy, and so they don't care that their readership is missing out on perhaps its only chance this lifetime ; or else the press stopped actually believing in that rosy future itself, and so won't gladly send the remainder five old people composing its whole readership off to the slaughter.

Incredible #3 : For all the effort to supress Bitcoin prices, our richer-than-they-are-wise friends over at the FED forgot a few spots, such as for instance the one above.^xi You know boys, a face mostly shaved isn't a shaved face at all, and you don't get to smell clean by whorewashing in spots. You know, don't you ?

I guess in retrospect a few of these items are not all that incredible after all :)

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1. Back to secular volume. [↩]
2. Last month it doubled, this month it stayed about the same. [↩]
3. [↩]
4. 195.91547798 BTC total pool resolved this month, a 2.5x drop over last month. [↩]
5. BitBet has moved over to the Van ads interface. Try it out. [↩]
6. 3.20000000 BTC worth of house bets were resolved in the current month. Ouch. [↩]
7. 0.9193908% on 2.451065688 BTC liquidity loan by F.MPIF, as detailed in June report. [↩]
8. Down ninety percent from last month. At this rate, by Xmas maybe we earn a whole satoshi! [↩]
9. 1.07 Yes 4.37 No for you decimal fiends. Except in Bitcoin we got decimals and we ain't affraid to use them, so it's more like 1.07572077 Yes 4.37124563 No. [↩]
10. Hint : the average volume trading Berkshire - ie, the quantity of money that fixes its price - is about fifty million a day. [↩]
11. Isn't it funny how the backstops appear magically six months before they're needed, as if retrospectively ? Review Strategic superiority, a saga. It's been ongoing. [↩]