BitBet, May 2014 Statement

Monday, 02 June, Year 6 d.Tr. | Author: Mircea Popescu

Operational results


Received 88 new propositions, of which accepted 40, rejected 47i.

Total bets in worth 449.22993482 BTC in 363 bets.ii

Revenue : 1.97850025 BTC, of which :

  • bets resolved : 0.84297930iii
  • fees from refunds : 0.0 BTC
  • advertising : 0.1 BTC
  • house bets won : 0.93552094iv
  • gracious donations to shareholders : 0.10000001 BTCv

Expenditure : 4.61210691 BTC, of which :

  • referrals paid : 0.02210691 BTC
  • house bets made : 4.59000000 BTC

Loss : 2.63360666 BTC.

Obviously this loss is not an actual loss but merely an accounting artefact, resulting from BitBet expending more than it has incoming. This then practically works as a credit I extend it at no cost, and so perversely this loss works to the advantage of the company. In either case, this month's loss is now a credit BitBet's shareholders as a whole will have to eat through, before the MPEx holders can eat through their own credit detailed below. Because yes, for my sins not only do I not get to be rid of the latter, but instead receive the blessing of the former on top of it. Le suck.

Because MPEx shareholders were paid 3.68215306 BTC instead of the 1.10464591 BTC they were actually due for February, 30% of profits going forward will be allocated to covering that credit, in lieu of MPEx dividends. This sum comes to 0.0 BTC this current period, leaving the credit to be covered in following months at 1.22827111 BTC.


Miscellaneous


I. We've still not found a single actual affiliate manager. Apparently it's an endangered species.

II. BitBet was organised as a zero-asset corporation principally because at the time that was the only type of corporation that existed [in the public mind], which in turn is principally because at the time the public mind had not yet had the benefit of a year's worth of concerted educational efforts driven by MPEx.

Meanwhile that has changed, and as the zero asset model is in places clearly inadequate for the needs of BitBet (such as for instance the credits problem above), it is perhaps a good idea to update BitBet to the newer AN0 standard. This is something I am considering, please feel free to leave your input below.

———
  1. This is a mystery! []
  2. bitbet-intake-may-2014 []
  3. 84.29789830 BTC total pool resolved this month, paid out to 72 winners - meaning the average BitBet win is over 1 BTC. Talk about rich people. []
  4. 1.50000000 BTC worth of house bets were resolved in the current month. []
  5. Which odd number is the result of three payments, not the two you'd expect. []
Category: S.BBET
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3 Responses

  1. fiftystorms`s avatar
    1
    fiftystorms 
    Tuesday, 3 June 2014

    Why is house bets made not 40 * 0.1 BTC? Where did the extra go?

  2. Mircea Popescu`s avatar
    2
    Mircea Popescu 
    Tuesday, 3 June 2014

    The cause is some ambiguity due to the fact that once a bet is accepted, it gets a timestamp, but the bets get timestamped with the block ulterior to the block they're included in, which is ulterior to them being in the mempool which is ulterior to them being broadcast which is ulterior to them being selected which is ulterior to the bet having been accepted in the first place.

    Most times this does nothing, but this month had a spill over effect. Last month was a> Accepted: 32 / House bets sent: 2.60000000.

  3. kakobrekla`s avatar
    3
    kakobrekla 
    Sunday, 8 June 2014
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    BitBet, May 2014 Operational results

    Received 88 new propositions, of which accepted 40, rejected 47i.
    Total bets in worth 449.22993482 BTC in 363 bets.ii

    Revenue : 1.97850025 BTC, of which :

    bets resolved : 0.84297930iii
    fees from refunds : 0.0 BTC
    advertising : 0.1 BTC
    house bets won : 0.93552094iv
    gracious donations to shareholders : 0.10000001 BTCv
    Expenditure : 4.61210691 BTC, of which :

    referrals paid : 0.02210691 BTC
    house bets made : 4.59000000 BTC
    Loss : 2.63360666 BTC.
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