How to determind what to sell bitcoins for?

[marnie]

Using Mtgox for reference. If I wanted to sell a bunch of bitcoins, how do I determine what price I should list it at?
I mean if I have it at the default sell price, will it move fast?
Or should I take the "last price"?
Or "low price"?
And usually how long does it take before they get sold? (roughly)
Thanks.

[MoonShadow]

Depends upon how quickly you desire to sell.  If you're in a hurry, sell at the current offer.  If you can stand to wait a bit, put up an ask around the last price.  If you have the time to wait, set your ask to a bit higher, and see if someone will come up to you.  Or you could split up your bitcoins into some combination.

[RodeoX]

You are asking the right questions. But there are no easy answers. As MoonShadow mentioned you can choose a strategy based on time and risk.  If you put some coins up for sale at a higher than current price, you are betting that the price will climb up to your ask. If you just want dollars right now, you can sell to the highest current offer to buy. Another option is to spend your bitcoins and buy stuff you would have used the dollars for. Sometimes that is the best value.

[BFL_Theo]

You are asking the right questions. But there are no easy answers. As MoonShadow mentioned you can choose a strategy based on time and risk.  If you put some coins up for sale at a higher than current price, you are betting that the price will climb up to your ask. If you just want dollars right now, you can sell to the highest current offer to buy. Another option is to spend your bitcoins and buy stuff you would have used the dollars for. Sometimes that is the best value.

I agree with RodeoX its w.e your really into, like me for instance i use Mtgox and post the value i feel is worth the amount of each bitcoin i want rather then letting the highest bidder take or buyer, but don't take my way as the only one sometime i'll have my coins for almost a week there taking a risk. just think of it as Stocks if it makes any sense

[marnie]

Depends upon how quickly you desire to sell.  If you're in a hurry, sell at the current offer.  If you can stand to wait a bit, put up an ask around the last price.  If you have the time to wait, set your ask to a bit higher, and see if someone will come up to you.  Or you could split up your bitcoins into some combination.

So the default offer will sell pretty quick? The default price is the last ask price. Or should I go a bit lower if I want to dump them quick?
Also, is it automatic or do I have to approve it?

Thanks for the help.

[MoonShadow]

Depends upon how quickly you desire to sell.  If you're in a hurry, sell at the current offer.  If you can stand to wait a bit, put up an ask around the last price.  If you have the time to wait, set your ask to a bit higher, and see if someone will come up to you.  Or you could split up your bitcoins into some combination.

So the default offer will sell pretty quick? The default price is the last ask price. Or should I go a bit lower if I want to dump them quick?
Also, is it automatic or do I have to approve it?

Thanks for the help.

I believe the default is the last sale price, but in order to sell immediatly, set your ask to where the current highest bid price is.  That is literally a current standing offer someone has made, waiting for someone else to come along who needs the cash quickly.  The sale would happen before you could pull your index finger away from the mouse.

[knight22]

If this can help



Source: Mt.Gox Live

[marnie]

Thanks everyone.