Author Archives: David FRANCOIS

BitBet auction deadline postponed (slightly)

As Pete Dushenski aptly points out, “the end of Wednesday the 6th of April” doesn’t precisely define a deadline for the BitBet assets auction.

Therefore it appears to me that, in the interest of maximizing the auction revenue, the most sensible course of action is to interpret this as “the end of Wednesday the 6th of April in whatever timezone this event happens last”.

The precise auction deadline is therefore 2016-04-06 23:59:59 GMT-12, which conveniently reduces to “Thursday the 7th of April at noon GMT”.

As already said the auction ends one hour after the last best bid improving the previous one by over one Bitcoin has been posted, or at the specified deadline, whichever comes last.

The conclusion of all of this naturally being:

<mircea_popescu> you’re like totally a noob receiver and everything.

So long Paymium!

As of tuesday the 29th of March I do not work for Paymium anymore, and remain only a shareholder with no control over the operations.

This statement is made to give interested parties the opportunity to make their own determinations regarding their continued or planned involvement with Paymium.

I will remain involved in Bitcoin, as I have been since 2010, when I built the product Paymium operates today.

As an other consequence, any further X.EUR deliveries will be made by SEPA wire.

BitBet receivership second progress report

State of the receivership process

As BitBet’s receiver I am pleased to present this second progress report to all the interested parties. The next progress report will be published after the auction is completed, it will list the final payout amounts and beneficiaries for public review.

Auctioneering of the assets

As of today, the highest bid for the BitBet assets (other than the cash) is 9 BTC, by Stanislav Datskovskiy, aka asciilifeform.

The Twitter account will be included in the package, there is an API access key in the code, control over the domain will also allow the buyer to reset the account password.

BitBet’s hosting is currently provided graciously by Matic Kočevar. The buyer is expected to provide his own hosting setup. I will setup and provide the necessary infrastructure in the interim to keep BitBet online, should Matic Kočevar request so.

In the interest of maximizing BitBet’s assets, the bidding deadline will be extended if necessary. The precise deadline will be the end of Wednesday the 6th of April (as previously stated), or one hour after the last bid that improved the previous best bid by more than one full Bitcoin, whichever comes latest.

State of the assets and liabilities

Assets

My inventory of the assets has shown a discrepancy between their theoretical amount, and the amount I currently have under my control, the difference is 199.45006789 BTC. Mircea Popescu has stated he would have the numbers checked, and provide a complimentary sum, if applicable.

Liabilities

The liabilities I have certified are:

  • Receiver’s fee: 13.37 BTC
  • Bettor winnings: 331.69291390 BTC (335.04334737 BTC before 1% fee)
  • Bettor refunds for unresolved bets: 616.53072474 BTC
  • Bettor refunds for zeroconf bets on un-handled proposals: 1.99978000 BTC

I did not certify Mircea Popescu’s claim to 17.94766149 BTC. The BitBet contract, as signed by Mircea Popescu and Matic Kočevar, explicitly states:

3.2(d) All decisions with regards to any aspect of BitBet, measures taken in regards to any aspect of BitBet operation, any actions, activities or agreements involving BitBet will require unanimous agreement of all the representatives of BitBet. Any such decision, measure, action, activity or agreement which fails to obtain unanimous agreement of all BitBet representatives is void and unenforceable.

As of today, Matic Kočevar still refuses to endorse the decision to proceed with a second payment, as per the contract the decision can therefore only be considered void, and its consequences unenforceable. As a consequence it follows that BitBet may not deduct the amount that was paid a second time from its liabilities to certain winning addresses.

BitBet receivership first progress report

State of the receivership process

After working a few days on the BitBet receivership process I am pleased to present all interested parties with my first progress report. The work I have undertaken during these few days focused mainly on the identification and accounting of the theoretically available assets, as well as the listing of existing claims against BitBet.

As of today, I have received:
– from Matic Kočevar: the deedbot’d DB, codebase, and contents of the hot wallet amounting to 4.83337474 BTC [1, 2]
– from Mircea Popescu: the bitbet.us domain and the sum of 750.5 BTC.

Auctioneering of the source code, database and domain name

The source code, database, and domain will be auctioned as a single package during the next week, bids should be published directly in the comments, the highest bid at the end of Wednesday the 6th of April 2016 will be retained as buyer for the whole package.

After the completion of the auction I will publish a final list of assets, the list of certified claims (after resolving whatever bets can actually be resolved at that point in order to maximize the fee revenue). After that I shall give a few days for interested parties to comment and finally proceed to the actual transfers (Bitcoin and other assets).

State of the assets and liabilities

As of the today, the minimum  value of the assets in my possession is ~755 BTC, while the maximum total amount for the liabilities, should all claims be certified, is ~981 BTC.

Assets:
  - Cash: 954.78385211 BTC (of which 755.33337474 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.

  - Non-cash assets for which the value is to be determined during the auction:
    - the 'bitbet.us' domain name,
    - the BitBet database,
    - the BitBet source code.

Liabilities: 981.54108013 BTC, detailed as:
 - Mircea Popescu's bill: 17.94766149 BTC
 - Receiver's fee: 13.37 BTC
 - Bettor winnings: 331.69291390 BTC (335.04334737 BTC before 1% fee)
 - Bettor refunds for unresolved bets: 616.53072474 BTC
 - Bettor refunds for zeroconf bets on un-handled proposals: 1.99978000 BTC

Data used for this report

See the data files in plain text format, or in CSV format.

The lists of Bitcoin addresses to be used by BitBet, as transmitted by Matic Kočevar and clearsigned by Mircea Popescu [1, 2].

April 6th update: additional data as per my response to hanbot’s comment. It includes the outstanding bets as well as the resolved but unpaid ones. It also has the resolution timestamp included.

BitBet receivership formal application and letter of intent

As sad as it is, it appears BitBet has gone into receivership territory, and is therefore in need of a liquidator.

This letter of intent constitutes a formal offer from me, David François, senior lord of Bitcoin, TMSR~, to actually implement this liquidation, with the goal of maximizing stakeholder revenue, and if at all possible ensure operational continuity.

The actual implementation of the liquidation would consist of the following steps, as per Mircea Popescu’s description:

  • construction of the list of existing claims,
  • certification or rejection of each individual claim,
  • open sale of the disposable assets (either as a package, or separately),
  • payment of the liabilities on a best-effort basis, ordered by priority (certified bills, bet winnings & refunds, shareholders)

In order to accept my appointment as liquidator and proceed with these actions, I require:

  • A signed acceptance statement by Mircea Popescu, and Matic Kočevar,
  • the actual assets (cash, domain, code, database).

The transfer of the BitBet cash is to be made to the 1DavouTAsveznCFHsz688xvbrRAq4u2qm8 Bitcoin address and should include a 0.001 BTC fee that will be certified as a valid expense against BitBet.

The liquidation implementation will be charged against BitBet in the form of a certified 13.37 BTC bill for which I shall be the beneficiary.

The contemplated timeframe for completion of the liquidation is two weeks starting from the moment all the BitBet assets are under my control.

X.EUR March 16th 2016 statement

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X.EUR statement, issued on Wednesday the 16th of March 2016 at 10:47 CEST

Close              : 0.00292981 BTC (+0.00009713 BTC / +3.43%)
Close imp. EUR/BTC : 341.32 EUR/BTC 
Open interest      : 5`413          (-2`124 X.EUR / -28.18%)
Volume             : 15`767         (   -34 X.EUR /  -0.22%)
Collateral         : 40 BTC

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X.EUR February 17th 2016 statement

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X.EUR statement, issued on Wednesday the 17th of February 2016 at 11:14 CEST

Close              : 0.00283268 BTC (+0.00024458 BTC / +9.45%)
Close imp. EUR/BTC : 353.02 EUR/BTC 
Open interest      : 7`537          (  -855 X.EUR / -10.19%)
Volume             : 15`801         (+3`553 X.EUR / +29.01%)

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X.EUR January 15th 2016 statement

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X.EUR statement, issued on 15/01/2016 16:27 CEST

Close              : 0.00258810 BTC (+0.00011601 BTC / +4.69%)
Close imp. EUR/BTC : 386.38 EUR/BTC 
Open interest      : 8`392          (-1`586 X.EUR / -15.89%)
Volume             : 12`248         (+4`794 X.EUR / +64.31%)

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X.EUR December 16th statement

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X.EUR statement, issued on 16/12/2015 15:15 CEST

Close              : 0.00247209 BTC (-0.00095922 BTC / -27.95%)
Close imp. EUR/BTC : 404.52 EUR/BTC 
Open interest      : 9`978          (+1`578 X.EUR / +18.79%)
Volume             : 7`454          (+1`391 X.EUR / +22.94%)

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X.EUR November 15th statement

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X.EUR statement, issued on 15/11/2015

Close              : 0.00343131 BTC (-0.00113595 BTC / -24.87%)
Close imp. EUR/BTC : 291.43 EUR/BTC 
Open interest      : 8`400          (+1`614 X.EUR / +23.78%)
Volume             : 6`063          (+  978 X.EUR / +19.23%)

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