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Author Topic: Running a exchange is a very active job  (Read 1740 times)
BitcoinsGreat
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September 18, 2016, 03:45:46 PM
 #1

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange

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Sir Alpha_goy
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September 18, 2016, 03:47:49 PM
 #2

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange
Nope....scripts reign supreme.

Maybe upfront there was alot of work.

After that they just have their staff run PR and help tickets.

Full time job running their support.
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September 18, 2016, 03:53:51 PM
 #3

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange
The startup and operation to get everything tested and moving is the biggest part of the work for an exchange owner. Once it is set up and the exchange is moving some money, they really don't have to do anything and they can just make money while it runs.

I would be willing to bet that the owner of Yobit, btc-e, etc. don't spend more than a few hours on their exchange every day.














 

 

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September 18, 2016, 03:55:41 PM
 #4

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange

I don't think it's done by hand, there is a bot to take care of everything. Yes, the making and preparations are a lot of work, but then the exchanges themselves are't done by hand.



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September 18, 2016, 03:57:50 PM
 #5

Several weeks ago TuxExchange.com launched. I have been a team member since the beta tests, creating an exchange is certainly a very difficult job to do, it needs to be stable, secure and fast. Security is number one priority of course, but the uptime and the speed of the server are also important. Therefor I think TuxExchange will become big, our servers are super fast, we have a secure platform and support 2FA.

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September 18, 2016, 04:27:42 PM
 #6

Several weeks ago TuxExchange.com launched. I have been a team member since the beta tests, creating an exchange is certainly a very difficult job to do, it needs to be stable, secure and fast. Security is number one priority of course, but the uptime and the speed of the server are also important. Therefor I think TuxExchange will become big, our servers are super fast, we have a secure platform and support 2FA.
Thanks for sharing a real time experience of involving with running an exchange. I like to hear more about this. So far, only assumptions I did have. More over, only in beginning days all business needs lot of works, over time we get practice to hard work.

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September 18, 2016, 04:33:21 PM
 #7

running an exchange would certainly not be my idea of fun.

even if you have a script ticking away, you gotta worry about hacks, regulators coming after you, dimwit customers screwing up and blaming you. it would be a never ending assault.

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September 18, 2016, 04:43:08 PM
 #8

Several weeks ago TuxExchange.com launched. I have been a team member since the beta tests, creating an exchange is certainly a very difficult job to do, it needs to be stable, secure and fast. Security is number one priority of course, but the uptime and the speed of the server are also important. Therefor I think TuxExchange will become big, our servers are super fast, we have a secure platform and support 2FA.
So, you are the owner of TUXExchange and this thread is created for the reason of above post ?  Roll Eyes

To prove op is correct, OP speculated exchanges owners are very busy, it is the obvious reason he post that.

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September 18, 2016, 04:44:30 PM
 #9

Yes. it is really active, time consuming and difficult job. but as above members said. the hardest part for signature campaign is to setup everything first. once a exhange launched and coins listed then the big tasks done. but there is still a lot of works to do.


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September 18, 2016, 04:44:47 PM
 #10

Why exactly did you open the thread?
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September 18, 2016, 04:50:17 PM
 #11

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange
Nope....scripts reign supreme.

Maybe upfront there was alot of work.

After that they just have their staff run PR and help tickets.

Full time job running their support.
Except places like Yobit don't answer any support tickets.  In fact I don't call them tickets,  I call them impotent, strangled little cries for help.  OP is either very naive or very young or has a very limited understanding of how stuff works.

If the original Backside walkaround can prove to me they are the old owner of this account, I can update the email address to the email address of their choosing.
Backside walkaround has lost access to their account as they used someone else's email address to sign up, and the owner of the email address got tired of random email notifications from this site after a few months and reset the password.
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September 18, 2016, 04:56:40 PM
 #12

Most of the work these days for those exchanger is to clear trollbox which is done by hired moderators however yes actually admin also have to be active not full day but may be 2-3 hour daily to check that all things working or not as required. Specially in case of server issues during DDOS attack may make admin more busy to fix it as soon as possible. But they seem to earn good amount from trading fee enough for them to spend few hours daily to keep their platform alive.

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September 18, 2016, 05:04:29 PM
 #13

Most of the work these days for those exchanger is to clear trollbox which is done by hired moderators however yes actually admin also have to be active not full day but may be 2-3 hour daily to check that all things working or not as required. Specially in case of server issues during DDOS attack may make admin more busy to fix it as soon as possible. But they seem to earn good amount from trading fee enough for them to spend few hours daily to keep their platform alive.

It is a full time job.

www.tuxexchange.com - Tux Exchange
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September 18, 2016, 05:05:47 PM
 #14

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange

Maybe you are right, it's really time consuming. I was always wondering how much do they make per day though. I think not that much but I may be wrong of course.

Also I think that if you are owner of an exchange it's not necessary to spend your whole day working there. If you have enough profit you hire someone to do the hard work for you. )

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September 18, 2016, 05:07:23 PM
 #15

i know CEO of our local exchanger he's not busy since he has lot of workers in his company that handle everything on that exchanger,  he's just controlled his staff in order to make their service is stable, however they, owner spent lot of money and time when they created their exchanger in the begining, now they're just watching what they've created.

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September 18, 2016, 05:07:53 PM
 #16

As part of your job running an exchange you will be:

- Building software.
- Maintaining that software.
- Actually still developing that software, developing really never finishes, if someone tells you it does then they don't know what they are talking about  and you should run away fast!
- Fix things when code and scripts stop working for various reasons:
-- Hardware failure.
-- Wallet lockup.
-- Fibre between servers down.
-- Upstream carriers experiencing problems.
-- Unforeseen issues where code behaves in an unexpected way.
- Keep on top of scammers and other issues.
- Keep on top of wallet security for all of your wallets.
- Keep up to date with tax obligations.
- Accounting.
- Legal issues.
- KYC laws. They may or may not apply.
- Deal with support issues, you will have many many support queries.
- And guess what, you can't fob off all support to some lowly paid employee because BAM! You're know entering the world of enterprise level security. (How to secure internal systems from employees)
- Working on version two of the software so you're still relevant in 6 months.

I work as a software engineer at a non exchange company and I also see the workload of system administrators.

All companies that rely heavily on engineering and software will need constant work, it's sit and forget for the investors only.

Running a piece of software on the internet that it supposed to be safe and secure whilst being maintainable is hard work.

Also you're not just running a piece of software, you're also running a business.
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September 18, 2016, 05:10:50 PM
 #17

As part of your job running an exchange you will be:

- Building software.
- Maintaining that software.
- Actually still developing that software, developing really never finishes, if someone tells you it does then they don't know what they are talking about  and you should run away fast!
- Fix things when code and scripts stop working for various reasons:
-- Hardware failure.
-- Wallet lockup.
-- Fibre between servers down.
-- Upstream carriers experiencing problems.
-- Unforeseen issues where code behaves in an unexpected way.
- Keep on top of scammers and other issues.
- Keep on top of wallet security for all of your wallets.
- Keep up to date with tax obligations.
- Accounting.
- Legal issues.
- KYC laws. They may or may not apply.
- Deal with support issues, you will have many many support queries.
- And guess what, you can't fob off all support to some lowly paid employee because BAM! You're know entering the world of enterprise level security. (How to secure internal systems from employees)
- Working on version two of the software so you're still relevant in 6 months.

I work as a software engineer and I also see the workload of system administrators.

Running a piece of software on the internet that it supposed to be safe and secure whilst being maintainable is hard work.

Also you're not just running a piece of software, you're also running a business.

You've nailed it. The skill sets required to build and manage a successful exchange is not a task for a single person. Simply building a functional platform period is a massive under taking, set aside the operations side of it. Smiley

www.tuxexchange.com - Tux Exchange
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September 18, 2016, 05:11:02 PM
 #18

i think that running a exchange is a very active job... i believe that the owner of Yobit , c cex , bitrex is spending the whole day on his exchange

Maybe you are right, it's really time consuming. I was always wondering how much do they make per day though. I think not that much but I may be wrong of course.

Also I think that if you are owner of an exchange it's not necessary to spend your whole day working there. If you have enough profit you hire someone to do the hard work for you. )

You often begin alone before you starts to find peoples/empolyees to help.
And when you find those people to delegate tasks, it's to work on some others. Managing your team is also time consuming.
The hardest part is to deal with customers and issues. Yes, it's a full time job. If you want to succeed nowadays, you must go full time on it, and support pressure.

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September 18, 2016, 06:38:13 PM
 #19

Why exactly did you open the thread?

Maybe he was waiting a answer like: "it's very easy to open a exchange and you will earn a lot of money doing nothing"
because 9/10 people think bitcoin is a easy money and stuffs like that.


Nice reply @drawingthesun

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September 18, 2016, 08:32:05 PM
 #20

if your starting an exchange with a team of less than 30 people. then expect issues and expect it not to run well.

this is because if you split the day up into 3 shifts of 8 hours work over 7 day. you would have 10 people working at any one time on 56 hour contracts each.

which usually doesnt work well because some people dont want to work weekends. so already you will need more relief support for weekends

anyway the daily tasks needed are

things like a decision maker (manager) who needs to over see all the staff and deal with issues outside of individual employees control.

you need finance trained people to promptly handle deposits/withdrawals inline with policies (usually regs)
you need someone who can handle chargebacks and wire reversals(scam attempts/ basic bank processing/account management)
you need network admin monitoring for issues and/or hackers
you need customer support

and then theres the staff not required to work around the clock, like advertising, graphic design, PR, legal, etc
along with the guys that can understand and specialise in the large investments and behind the scenes business VC stuff.

so if you think you can run a long term legit and sustainable exchange with less than 30 employee's then you are skimping (being light handed/running a skeleton crew) somewhere, which will negatively affect business at some point

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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