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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- mircea_popescu: anyone bored could make a tool to add up the balances in publicly displayed addies as an open audit thing.↩
- BitBet is publicly traded as a bitcoin-denominated security on MPEx under the ticker symbol S.BBET.↩
- 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.↩
- 1771.37574931 BTC before the house takes a 1% cut.↩
- In the words of kakobrekla.↩