I have set-up Multipool to auto withdraw my mined coins to Cryptsy. I have a question about the right amount of coins to transfer, what amount to auto-sell at Cryptsy, and what AutoSell Rule is best for my situation.
I have now set Multipool up to withdraw at 1 coin, and Cryptsy to auto-sell at "Sell at top bid (higher price)". Question: Is 1 a good amount to set at Multipool? Or should it be higher? (Does this matter, since the fee is relative (%))?
There are three other options/rules though, "Sell at top buy (lower price)", "Sell at 2nd highest sell bid (Highest price)", and "Immediate & Complete Sell (lowest price)". Question: What is the best and most profitable AutoSell rule?
My hashing is at ~2600 kHash, and really like Multipool's auto-switching option. Coupled with Cryptsy this is really time-saving and efficient, albeit maybe not the most profitable way. Question: Is it really thát more profitable to save the coins, and trade them yourself on Cryptsy?
Thanks very much for your help!
Well the problem for anyone is the volatility of the alt-coins is subject to pump+dump targets every now and again. Multipool uses a 'secret blend of herbs and spices' to determine what the profitability is. There are a lot of ways that auto-withdraw and auto-sell backfires:
1. you might not have enough coins while it is profitable due to confirms, then when the confirms kick you over your threshold, it autotransfers and sells low.
2. you might be mining something that is being pumped and that's why its registering as profitable, if you don't get rid of it before it dumps you might get rid of it when it drops under the correction before it flattens out again.
3. overlaps 1+2... It isn't necessarily "always" profitable to auto transfer and sell. are you selling over the 'fee' for the automation?
4. your profitability numbers allegedly don't overlap 100% with cryptsy. Maybe the reason it is profitable is a surge on btc-e? autoselling to cryptsy doesn't align with that profitability number necessarily.
to answer your question regarding good threshold: minimizing fees while maximizing profits from early withdrawal is the goal. thresh of 1 will bypass penalties, but what if the benefit of selling at a peak outweighs the penalty/transaction costs for selling?
Yes it is convenient but realize that there are still taxes/convenience charges that leave a lot of room for micromanagement to extract maximum profit. If you're not interested in max profit, it's up to you to decide how much of a 'lazy tax' you're willing to take.
The options on cryptsy basically add up to long term risks. Do you want to sell right now for less, or later for potentially way more?
An advanced feature might be to make a decision based on the size of buy/sell walls to move to the next highest/lowest...
What you can do is just autosell for a week (or whatever length of time). See what it gets you. Then auto-deposit for a week and for 10 minutes a night you can post all your sell orders manually. See which one yielded more, and there you go. Did selling manually let you beat the .1% auto-sell penalty?
From there you can look into not auto withdrawing and perhaps sending / trading cross exchange to really maximize profit.
