MtGox Autosale

[citboin]

I have a question about the MtGox Autosale feature, if I were to make a merchant button for $100.00 and turn on the autosale feature, how much of this will I get? (Do I pay the fees, share them, or are they paid by the buyer?) I read if the amount is sent from an external wallet, you need to wait for 6 confirmations before the coins can be sold, does this mean there is there a variance to how much I will get?

Thanks

[1714961390]

1714961390

[1714961390]

1714961390

[1714961390]

1714961390

[Stephen Gornick]

I read if the amount is sent from an external wallet, you need to wait for 6 confirmations before the coins can be sold, does this mean there is there a variance to how much I will get?

Yes, the exchange rate moves and you may get less or more than you would have gotten had the trade executed immediately. 

This situation exists for many companies who do commerce in multiple nations, though Bitcoin's exchange rate volatility exacerbates the problem.

If your selling prices have sufficient markup, the exchange rate risk should normally not be that significant and probably evens out over time between the times the rate goes up versus the times it goes down.

If there is a larger transaction or the need to lock in at the exact rate  from when the sale occurred, API calls to handle hedge trading using a custom approach rather than autosale is one solution. 

[jsmithers]

Does MtGox feature autosell without the need for a button and a fixed fiat amount? I envision you have a payment hash for your MtGox acct and everything you send there will be autosold to the currency of choice?

[Stephen Gornick]

Does MtGox feature autosell without the need for a button and a fixed fiat amount? I envision you have a payment hash for your MtGox acct and everything you send there will be autosold to the currency of choice?

Well, Mt. Gox lets you put in a sell order for a quantity higher than you have in your account.

So you simply put in a sell order (market order) for a large quantity (e.g., 100,000 BTC).   Whenever new coins are received (either deposited or from sales to customers) those coins are sold at the market rate as soon as they are credited to the Mt. Gox account.

So you can either have it done on a per-sale basis with the autosell being requested in the API call, or the "large market order" method of having funds sold upon arrival.

[jsmithers]

Many thanks! That's exactly the answer I was looking for!