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Author Topic: Running a exchange is a very active job  (Read 1745 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

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September 19, 2016, 12:00:38 AM
 #21

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.
And I think more difficult for reaching new users than trying for improving the system. Grin but it's not closing the possibilities if the site is having a good system will trying for get a sympathy for bitcoiners and wanna for joining in them with naturally.

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September 19, 2016, 02:02:42 AM
 #22

I don't think running an exchange website is a very active job. All you have to do is to set it up and do some maintenance along the way just like in any other business/website. The reason why we are using programming so that there would be codes that will automatically do the things like buying/selling altcoins. This is a very repetitive job so we need to set up an algorithm that'll do the job.

I think the only that are very active in an exchange site are the moderators and the support staff.

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September 19, 2016, 04:53:06 AM
 #23

I have no experience in back office of exchange but as a trader point of view I think yes running exchange is (or say should be) a full time job, 24 x 7 there must be some active staff members to monitor the activity of the exchange. Even not replying to a single support ticket can lead you to scam accusation section so exchanges have to stay attentive every time and make sure that train is running smoothly and passengers are enjoying the ride.

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September 19, 2016, 05:16:36 AM
 #24

Well at start it will be. But when robots are created then it wont be a problem anymore. Maintenance will just be the problem wirh upgrades and updates. If you will create an exchange one more problem is making it known.

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September 19, 2016, 05:35:50 AM
 #25

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.

I think so. the dev just needs to create the bot and the script, so the bot will do the job because it's not possible that they sit in their room to handle that exchange. besides, we're in technology era. IMO

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September 19, 2016, 05:45:11 AM
 #26

I think running any website is a busy job, exchange job of course its a busy job because the price keeps on updating every minutes, and then the transaction also at high waves, and there are a lot of hacker want to try to hack the site, so maintain an exchange is a busy and active job
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September 19, 2016, 05:51:48 AM
 #27

Yes definitely running a bitcoin exchange site is more complicated as it seems because only owner can't manage alone the whole site since around hundreds of user trade in a minute and management team have to take extra care for south running of the site
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September 19, 2016, 06:18:46 AM
 #28

I think they spend most of their time trying to secure other people's money against their own employees and also from hackers online. On the other hand, if you look at all the hacks over the last couple of years, it seems as though they not spending enough time, on that aspect of the business. ^hmmmmm^

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September 19, 2016, 06:28:55 AM
 #29

I think they spend most of their time trying to secure other people's money against their own employees and also from hackers online. On the other hand, if you look at all the hacks over the last couple of years, it seems as though they not spending enough time, on that aspect of the business. ^hmmmmm^

Security is a big concerns here since there are many hackers who are preying on sites how they can gain bitcoins/money. Building trust and good rapport to clients investor is a must and should be focused. Once the reputation is damaged, its hard to pacify clients who lost their money.

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September 19, 2016, 07:01:22 AM
 #30

I think running any website is a busy job, exchange job of course its a busy job because the price keeps on updating every minutes, and then the transaction also at high waves, and there are a lot of hacker want to try to hack the site, so maintain an exchange is a busy and active job
Please you can trying for asking the owner of the exchange site if that is a busy job. You just need for sitting in your chair and seeing your monitor and all of that will running for naturally. and you are just need for controlling your security system.

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September 19, 2016, 07:23:00 AM
 #31

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

yes its a very active job but without having any skills, then you can't be the owner of market exchange, because we should understand about progamming language, and the hard thing is we should know about security of website so we don't have to be worried if in the future our website gets many attack. beside that, we should have a solid team which join to us and they can be the person we count in if something is happen.

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September 19, 2016, 07:30:46 AM
 #32

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.

Though we are going a bit out of topic here I can't not disagree. I know people who hired those who manages the team and they do almost nothing by themselves, but the most of the profit is going to them because they own the company.

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September 19, 2016, 08:36:53 AM
 #33

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 when the exchange is just starting, he will have to be there as long as he can so that he can address the issues immediately and find solutions to problems. I believe it does not happen only to exchanges but to all companies as well who are just starting up but later on when the business is running smoothly then he can be there maybe just a few hours just to check the operations and then let his employees run the business with less supervision.


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September 19, 2016, 11:56:04 AM
 #34

sure...and it requires time and effort...dedication comes into play...
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September 19, 2016, 12:49:22 PM
 #35

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

In my own opinion owners of exchange sites wont be busy since he have staff  to order  to maintain his website and  also to support which would do the work maybe he would  spent few hours only  on checking  profits and any reports regarding to its site,


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in
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September 19, 2016, 01:00:26 PM
 #36

Well for sure to run an exchange people are spending a huge part of their time, improving the code, raising the security, and well i really believe creating the bots, the thing is you will be spending a big part of your time as you need to control everything and expect no one will try to hack your exchange, the earnings might be 1-3btc daily, but the work is also huge.
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September 19, 2016, 01:04:13 PM
 #37

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

But it is just ok right?  If you are earning decent amounts everyday because of spending some time of running your own exchange site. So it is just very fine with me even if i am not the owner as long as i am earning $15-$25 per day then i will be working 9hrs a day


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September 19, 2016, 01:16:54 PM
 #38

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 think sites with Good UI and UX can get low bounce rate. And crease user engagement. Yobit and few other names above are really awesome. But all exchanger sites are running on script. Not manually. And human is animal can make mistake in it but programs dont make even single mistake and run it virtually.

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September 19, 2016, 01:22:03 PM
 #39

Bitttrex has 4 co-founders, when i submit a ticket, their co-founder richie and rami usua;ly answered my questions, so i think their jobs are technical and customer support.
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September 19, 2016, 02:36:12 PM
 #40

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 think sites with Good UI and UX can get low bounce rate. And crease user engagement. Yobit and few other names above are really awesome. But all exchanger sites are running on script. Not manually. And human is animal can make mistake in it but programs dont make even single mistake and run it virtually.

I can assure you operating an exchange is more than just a "script". Smiley

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September 19, 2016, 02:55:59 PM
 #41

You need a team of people to sit and watch the cold and hot wallets every day, every hour, every minute. You need a team of people to sit and watch the trades as they occur.

If you're all alone or just a small team, like me, for example, you'll never get it big. About the only thing I do on my site (which is not an exchange by the way, but it accepts deposits and withdrawals of BTC), is secure the funds. Since I'm not working on it full time, I make people wait (a bit) if they attempt large withdrawals.

That wait, makes or breaks your business. If it's too long, people don't like it. There is no such thing as "too short" for waiting times, so the shorter the time waiting, or the quicker the support you can give your customers or clients, the better.

The best exchange is the one that accepts your deposits quickly, funds your account, allows you to trade almost instantly, and quickly withdraws either your cryptocoins or your fiat money to your bank accounts. All exchanges aspire to be that.

You will also need a team of people to watch, and that's all they do mostly, watch. For security purposes. They might try to do some penetration testing or whatever or try to crash your exchange on purpose. Or you have some sort of bug bounty for external security.

I would love to run an exchange, or be part of one.

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September 19, 2016, 03:09:29 PM
 #42

i bet it does, its a hectic world, where every minutes and seconds the price keep on change, the purchasing ordering and selling maybe using code to execute, but it still need a lot of development and maintain team to supervise, and because the exchanger is dealing with people's money, so it need a good customer support and the users dont like to wait when its regarding to money, so exchanger is busy, active and stressful job

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September 19, 2016, 03:11:48 PM
 #43

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 work 7 days a week on my own business OP.  When you own the thing you tend to work harder due to you getting more direct rewards for efforts. You usually also get more flexibility to break when you want or you can always sell the business i guess.

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September 19, 2016, 03:14:32 PM
 #44

haha, there are a lot of online businesses that are similar to exchanges and none of them require the owner to sit behind a computer 24/7 because that is impossible. instead there are developers automating everything with their code so everything is being handled through the code and all automatically and only they will have some support team to watch over everything and check for bugs and possible problems.

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September 19, 2016, 03:38:19 PM
 #45

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 yobit administrator is not too active when it come on the website why? because sometimes if yobit get ddos it always takes 3 or more than hours before it fix totally and it always takes weeks before the funds of campaign will be funded again so that i think no there also have personal activities to face
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September 19, 2016, 03:44:06 PM
 #46

haha, there are a lot of online businesses that are similar to exchanges and none of them require the owner to sit behind a computer 24/7 because that is impossible. instead there are developers automating everything with their code so everything is being handled through the code and all automatically and only they will have some support team to watch over everything and check for bugs and possible problems.

Yeah. This is also the exact thing that came to my mind when I read of OP's statement.
I think if you make a "cost-benefit analysis", hiring a developer or a team of developers may be more feasible than hiring people who watch your business 24/7.
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September 19, 2016, 03:53:00 PM
 #47

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

they're probably just enjoying their day with their family or maybe even gambling online as well Smiley
but sure they are worried about the security of the site every now and then. its not an easy job actually, they have to spend thousands for their servers to be secure.



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September 19, 2016, 04:09:03 PM
 #48

Of course running a big exchange is a full-time job and not just for the owner but probably for 1-2 team members with him particularly considering how impatient people are when it's related to bitcoins being held or anything like that, Even smaller exchanges has at least 1 full time member.
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September 19, 2016, 04:25:45 PM
 #49

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

they're probably just enjoying their day with their family or maybe even gambling online as well Smiley
but sure they are worried about the security of the site every now and then. its not an easy job actually, they have to spend thousands for their servers to be secure.

Nope... I don't think they would be enjoying their days with their families.
It is a full time job, one that involves fire fighting most of the time.
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September 19, 2016, 04:32:41 PM
 #50

I would have so much stress running an exchange. It seems almost everyone that has run an exchange has end up badly. Remember MtGox, Mintpal, Cryptsy, Bitfinex... all those people now have really bad reputation and their rep is too damaged to do big things in crypto, even tho people seem to still trust Bitfinex..
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September 19, 2016, 06:30:55 PM
 #51

Any business where you are dealing with other people's money, have it's own challenges and are at most times very stressful. Then you

have the government blowing in your neck to police money laundering practices with the regulated exchanges. { AML/KYC regulations }

So it's constant monitoring and prompt reaction when things goes wrong. Not a job for the 9 to 5 person.  Roll Eyes

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September 19, 2016, 06:35:51 PM
 #52

I know that is it a very active job. As a matter of fact, starting up an exchange necessitates alot of work, especially much test. By time and with the help of scripts, you can automate a lot of jobs and hire more people but further development will take much work too and you cannot just automate the whole development.


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September 19, 2016, 07:24:02 PM
 #53

an exchange is a business, and running a business is never easy...
updates, problems with customers, marketing, manage a staff and other things.

it will be hard at the begin and it will get even worse with time. if you are a entrepreneur and your job is easy, you already are millionaire(and in most cases, easy job will never be achieved).

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September 19, 2016, 08:34:24 PM
 #54

yes there is no doubt about this, running a exchange is not such an easy job if need a gook skill and experience, if you have some good skill and experience of running an exchange they you can run it in a proper way but if you do not have any experience then it will be very difficult for you to run an exchange.
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September 19, 2016, 08:39:11 PM
 #55

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

Not only an exchange but any business if a person want to start he will have to give full day for that. Without that it is impossible to give any success to his business. Just think how will a car run when it will not have the driver in it.

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September 19, 2016, 09:05:07 PM
 #56

It would def be a massive operation that i doubt most people could handle.  you prob would need great technical skills to manage the problems
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September 19, 2016, 09:22:12 PM
 #57

You need a team of people to sit and watch the cold and hot wallets every day, every hour, every minute. You need a team of people to sit and watch the trades as they occur.

If you're all alone or just a small team, like me, for example, you'll never get it big. About the only thing I do on my site (which is not an exchange by the way, but it accepts deposits and withdrawals of BTC), is secure the funds. Since I'm not working on it full time, I make people wait (a bit) if they attempt large withdrawals.

That wait, makes or breaks your business. If it's too long, people don't like it. There is no such thing as "too short" for waiting times, so the shorter the time waiting, or the quicker the support you can give your customers or clients, the better.

The best exchange is the one that accepts your deposits quickly, funds your account, allows you to trade almost instantly, and quickly withdraws either your cryptocoins or your fiat money to your bank accounts. All exchanges aspire to be that.

You will also need a team of people to watch, and that's all they do mostly, watch. For security purposes. They might try to do some penetration testing or whatever or try to crash your exchange on purpose. Or you have some sort of bug bounty for external security.

I would love to run an exchange, or be part of one.


Besides that, you've got to have a support team on stand-by, for inquiries and such.

All-in-all, it's a huge task fit for an organization. That's why it's very interesting to hear or read stories of how exchanges started way back then. Imagine having to deal with all that when the one behind the exchange is just you and your biz partner.
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September 19, 2016, 10:46:14 PM
 #58

haha, there are a lot of online businesses that are similar to exchanges and none of them require the owner to sit behind a computer 24/7 because that is impossible. instead there are developers automating everything with their code so everything is being handled through the code and all automatically and only they will have some support team to watch over everything and check for bugs and possible problems.

Do you really believe the owners go sleep without worry if some skilled hacker will be able to attack and steal the funds?
The developer might be the best but hackers are pro into everything they do, soo its a fight of two developers at one place. Exchange where the people do trust their money, any issue that happens at exchange they will send unlimited messages, soo a team is need to handle those questions.
To manage an exchange really you will need a big team to handle all questions and problems that might appear.
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September 19, 2016, 11:53:49 PM
 #59

Of course running a big exchange is a full-time job and not just for the owner but probably for 1-2 team members with him particularly considering how impatient people are when it's related to bitcoins being held or anything like that, Even smaller exchanges has at least 1 full time member.
you are right, it would generate a huge amount of money in my opinion if you had an exchange but i think that it might be risky too
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September 20, 2016, 02:51:02 AM
 #60

Very well said in previous replies that we need and you need to know about this running a exchange matter .there you all need first of all expenses the scripts for you to build an exchange ,people who will watch the things going around your exchange it might so difficult for this especially mamy hackers want to steal any amount on the exchange . There all you need all .
I think you can't build by yourself only you will need for most business partners for this a big exchanges especially needs more people who will watch alternately 24/7 .


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September 20, 2016, 02:55:34 AM
 #61

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 think yes, although there are bot,scrypt or another proggram for it. But sometime they can be error and the owner or administrators must be ready for services costumers who trade on there.
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September 20, 2016, 05:13:13 AM
 #62

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 think yes, although there are bot,scrypt or another proggram for it. But sometime they can be error and the owner or administrators must be ready for services costumers who trade on there.

i don't think this is true about yobit but when you start an exchange service and running a big service with lots of customers you start it with a team of developers and support team to handle all the things from developing, security against hacks and exploits, maintaining the wallets,... but it is never a full day job. all the work is being done by the programs not people.
besides it is a lot of money, you should be working your ass of to protect it.

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CraigWrightBTC
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September 22, 2016, 05:18:38 AM
 #63

I don't think so, the owner of exchangers just will online couple time every weeks, because there are the administrator who will be online every days and make sure everything fine about the exchange.
davis196
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September 22, 2016, 06:13:29 AM
 #64

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 owner of Yobit,cex,bitrex usually has employees who do most of the work.

Why do you care about that?

It isn`t very easy to run an cryptocurrency exchange.It requires capital and employees.

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