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Author Topic: Running a exchange is a very active job  (Read 1740 times)
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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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