Change in prices for some coins

[Steve Sokolowski]

I wanted to point out a change in listed prices we will be paying customers beginning tomorrow, September 26.

Chris received notice recently that Cryptsy recently increased its fees. In addition to a 0.25% trading fee, they have now added a 0.05% withdrawal fee (plus their original constant withdrawal charge). The withdrawal fee makes it cost 0.3% to sell any coin at Cryptsy.

In response, we will be forced to adjust the prices we post for coins at Cryptsy's markets. We will lower their sell prices by 0.05%. For coins where Cryptsy is the only market available, the likely outcome is that those coins will be chosen less frequently to mine. Where Cryptsy is not exclusive for a coin, that probably means that the system will send more volume to Poloniex. You'll see that the prices available on Cryptsy's website will now always be higher than what we display on our website. The block explorer's coin values will also be adjusted, because an interesting side effect is that Cryptsy-only coins have effectively lost 0.05% of their market capitalizations as a result of this fee increase.

The reduction in profitability is likely to be much less than this Cryptsy fee increase, because we will either not select coins that are now less profitable, or the trader will send more money to alternatives like Poloniex and Bittrex.

We apologize for the inconvenience. If you use Cryptsy, make sure that you consider these increased withdrawal fees when trading.