BitBet receivership third progress report

April 14th update: As discussed in #trilema [1, 2], it appears BitBet owes Mircea Popescu the sum of 0.8 BTC for the seeding of bets that has not been billed to the company yet, as was normally the case. This includes all bets[5] that were seeded after the last report certified by both representatives. This amount has been accounted for in the liabilities.

Erratum: BitBet’s receivership first report mentioned a hot wallet amount that was off by 0.00040948 BTC, the report has been corrected.

State of the receivership process

As planned, the assets auction ended last week. The 86 BTC payment has been received
and confirmed. The actual assets have been transferred, eight bets have been resolved[1], the rest will be refunded.

Assets: 1`040.78385211 BTC, detailed as:
  - Cash: 1`040.78385211 BTC (of which 841.33337474 BTC is currently under my control): 
    (1) Outstanding bets: 942.81955914 BTC,
    (2) Unpaid resolved bets: 8.75451297 BTC,
    (3) Zeroconf bets on unhandled proposals: 1.99978000 BTC,
    (4) Gracious donations: 1.21000000 BTC,
    (5) Sale of the assets: 86.00000000 BTC.    

Liabilities: 961.58027519 BTC, detailed as:
 - House bets paid for by Mircea Popescu: 0.8 BTC
 - Receiver's fee: 13.37 BTC
 - Bettor winnings: 331.01977044 BTC[2]
 - Bettor refunds for unresolved bets: 614.38072474 BTC[3]
 - Bettor refunds for zeroconf bets on un-handled proposals: 1.99978000 BTC
 - Bitcoin transaction fee for the payout transaction: 0.01000001 BTC[4]

Net surplus: 79.20357692 BTC

This net surplus is to be distributed to shareholders. The 5 million MPEx-traded shares are being guaranteed a minimum value of 0.00001 BTC per amounting to a 50 BTC total. This leaves 29.20357692 BTC to be split equally between Matic Kočevar and Mircea Popescu, joint holders of the rest of the 10 million BitBet shares.

See the detailed liabilities table for more information and don’t hesitate to point out any errors or inconsistencies in the comments.

[1] The resolved bets:

[2] The ‘bettor winnings’ item does not include the house bets winnings as a liability anymore (0.67314231 BTC). The sum of the house bet winnings and the bettor winnings differs from the previously reported sum by 115 satoshi as a result of rounding being applied in one case to the lump sum, and in the other case to each one of the amounts that will be paid out.

[3] The ‘bettor refunds for unresolved bets’ does not include the house bet refunds as a liability anymore (2.15000000 BTC)

[4] This particular amount was picked because the payout transaction will be quite large, and because an even number of satoshis was needed for the amount to split among the BitBet representatives.

[5] The bets that were seeded, but not billed to the company:

+---------------------+--------------------------------------------------------------------+
| Seeded              | Title                                                              |
+---------------------+--------------------------------------------------------------------+
| 2016-03-11 17:12:55 | John Kasich gets the Republican Party Nomination                   |
| 2016-03-07 04:31:49 | UK referendum will result in favour of remaining in EU             |
| 2016-03-01 20:21:45 | Bitcoin to top $900 before Sep 2016                                |
| 2016-02-29 16:50:15 | Donald Trump will win the 2016 United States Presidential Election |
| 2016-02-12 06:16:02 | AlphaGo will defeat Lee Sedol overall in March 2016 match          |
| 2016-02-12 06:00:42 | Ethereum to top $1 billion market cap before 2017                  |
| 2016-02-04 17:46:50 | Parties SMER-SD and SNS to win supermajority in Slovak parliament  |
| 2016-02-04 06:42:37 | Ted Cruz will be the Republicans' 2016 Presidential Nominee        |
+---------------------+--------------------------------------------------------------------+

8 thoughts on “BitBet receivership third progress report

    1. Mallory S.

      MP is holding those funds. He said last week that he would hand them over this week. I am personally not very hopeful.

      Reply
  1. Gord

    I don’t think you should pay the shareholders the remaining amount until a few days after all bets are paid/refunded in case there are any problems and remaining assets are still needed to rectify said problems.

    Reply

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