bitcapitalist (OP)
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September 24, 2016, 06:40:40 PM |
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Hello,
I am looking forward to start a crypto currency exchange such as Poloniex.
What would be the best advice you could give me?
What would I need in order to have the best exchange?
I have around 1000 BTC to invest into a great engine.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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OmegaStarScream
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September 27, 2016, 08:12:39 AM |
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It's not the best amount you could start with but It's a start. I'm not an expert but I will give you some logical advices .
First , you should understand that It's all about security so you may want to hire some experts in that field , and whatever happens , don't store most of the coins in a hot wallet , instead use cold storage , that way , even If you get hacked (like most of exchange nowadays) you won't lose that much and so do your users.
Another thing would be the fees , If you want to compete with other exchanges then you should make something that will bring users such as low fees (by making them lower than other exchanges and keeping them profitable for you)
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electronicash
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Eloncoin.org - Mars, here we come!
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September 27, 2016, 08:23:43 AM |
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it should be easy to promote your exchange is you get to have good looking interface unlike the rest. make it simple like bittrex.
bitcoin users know where to find the links and click so i guess a good interface and just market links on the sidebar will do.
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Fuyuki_Wataru
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September 27, 2016, 10:11:14 AM |
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With 1000BTC I think you might be able to buy one that is already established. There is one exchange with a amazing UI, built by a legit team, but they lack the knowledge on how to promote their website effectively. Thus after releasing their exchange it has never been a real success (nearly no one knows about the exchange).
Hit me up and I'll link you to them.
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mobnepal
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September 28, 2016, 04:08:28 PM |
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1000 bitcoin is so much amount, i think you can find developer or even working script for around 10 bitcoin and than hire few devs and beta testers with reward which may cost you another 10 bitcoin at max. And if you can continue advertising your trading platform over few months in few bitcoin related magazine, blogs and in this forum which may cost you around 50 to 100 bitcoin. So in total less than 150 bitcoin you will have good number of regular traders and if you can provide good security over users fund with constant monitoring by hired security experts you may even overtake poloniex like established trading platform within few years.  |
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gentlemand
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September 28, 2016, 06:31:38 PM |
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Engine isn't the problem. Security, staff, compliance and support is the big ball ache. Even if you stay crypto only pressure from authorities is only going to increase and you're always going to idiot customers who need looking after.
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bitcapitalist (OP)
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September 29, 2016, 01:10:50 AM |
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Engine isn't the problem. Security, staff, compliance and support is the big ball ache. Even if you stay crypto only pressure from authorities is only going to increase and you're always going to idiot customers who need looking after.
So you'd say it's better to stay away? My main concern is compliance with US gov (I am not american or european) but anyways they are always behind everyone. |
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btccashacc
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September 29, 2016, 07:58:46 AM |
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There too many considertaion that you must prepare before build your exchanger, like building the software, maintaining it, hardware and site security, tax obligation, kyc laws, scammer issues, hiring the workers, but the most important is security of your site and your wallet. I think 1000 bitcoins is too much maybe half of them good enough to cover all of it, more budgets will be on promotion since there are many competitors out there
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gentlemand
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September 29, 2016, 01:14:01 PM |
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So you'd say it's better to stay away? My main concern is compliance with US gov (I am not american or european) but anyways they are always behind everyone.
If you're well prepared enough then go for it, but I think most people massively underestimate the level of preparation needed. You could be swamped with hack attempts and support requests when you were expecting to set your bot and go to sleep. Customers are stupid and nervous so they'll always be messing up and looking to you to solve it. |
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Patatas
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Providing AI/ChatGpt Services - PM!
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September 29, 2016, 01:47:04 PM |
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So you'd say it's better to stay away? My main concern is compliance with US gov (I am not american or european) but anyways they are always behind everyone.
If your country is legally fine with the projects you are building and it certainly lies in compliance with your laws,US or any other government should be the least of your concerns.You're not Pablo Escobar,you aren't stealing money out of American Pockets. You could be swamped with hack attempts and support requests when you were expecting to set your bot and go to sleep. Customers are stupid and nervous so they'll always be messing up and looking to you to solve it.
Well,running an exchange successfully isn't a one person job.Buying better servers/programmers to code the back-end removes 70% of those problems.As far as support requests are concerned,they should be taken seriously. |
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eternalgloom
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September 30, 2016, 04:23:23 PM |
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1000 bitcoin is so much amount, i think you can find developer or even working script for around 10 bitcoin and than hire few devs and beta testers with reward which may cost you another 10 bitcoin at max. And if you can continue advertising your trading platform over few months in few bitcoin related magazine, blogs and in this forum which may cost you around 50 to 100 bitcoin. So in total less than 150 bitcoin you will have good number of regular traders and if you can provide good security over users fund with constant monitoring by hired security experts you may even overtake poloniex like established trading platform within few years. I think you're vastly underestimating the costs if you want things done seriously. Also you really need some better advice than you will find here on this forum. |
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oser41eric
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October 01, 2016, 01:59:14 AM |
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with 1k BTC you can buy poloniex |
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bitcapitalist (OP)
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October 03, 2016, 03:28:40 PM |
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with 1k BTC you can buy poloniex I don't think I can. they make that profit per month so they wouldn't sell it for 1x only  |
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Hannu
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October 03, 2016, 04:09:45 PM
Last edit: October 03, 2016, 04:23:12 PM by Hannu |
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Hello, I recommend you cloudflare to protect on Ddos attacks 1000 BTC is treasure to own...  Start XMR or ETH data cloud is better opinion? If i were you i invest it. Think twice!  |
BTC: 3Qnnx4cu45Gx4WcksNCnBPu3TaUZ5sKkLo
LTC: LYX1ZH7f4qcXq52AzA6grUYDfDngVz7BEi
XRP: rLrbZMJDdL8eQd7HsW314bCtvE16LTLYkM?dt=1113
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arwin100
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October 04, 2016, 07:16:20 AM |
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with 1k BTC you can buy poloniex I don't think I can. they make that profit per month so they wouldn't sell it for 1x only You are very right with that provababilities that they will just ignore your 1k btc since they are earning more revenue for their site, and if you want to make really i think you need to get some partner who's knowledgable about running on those thing and 1k btc huge but not enough since their are so many factors where you need to spend mor btc to get more beautiful and interactive exchanger aswell as you need some budget to advertise it to the people who are trading enthusiast. |
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Timeline
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TokenHouse decentralized cryptocurrency exchange
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October 04, 2016, 09:41:27 AM |
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with 1k BTC you can buy poloniex I don't think I can. they make that profit per month so they wouldn't sell it for 1x only Polo makes much more than 1k BTC per month profit. Anyways good luck with the project if you decide to follow your passion. |
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gentlemand
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October 04, 2016, 09:58:49 AM |
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with 1k BTC you can buy poloniex Hmm. Or they could continue growing and developing and sell for unicorn levels of money some day. If they manage to keep on top of it all their future is epic. |
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CoinMega
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October 04, 2016, 01:16:25 PM |
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Make it as secure as you can.
You'll also need huge money for promotion. You can use Google Adwords, Bitcointalk Signature campaign and PRs for promoting it.
You can also partner with good ICOs so that they launch only on your exchange for first few weeks.
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mobnepal
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October 04, 2016, 04:20:55 PM |
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with 1k BTC you can buy poloniex You can't buy whole poloniex for 1000 bitcoin for sure, check their daily trading volume 24hr Volume: 19852 BTC / 3617 ETH / 781 XMR / 278436 USDTIf you calculate 0.2% trading fee on those volume they are earning more than 40 btc everyday at minimum as today volume is one of the lowest trading volume per day i have seen. There are few days where volume rise upto 10 times than this on so basically one that single day they could earn 400 btc. So for sure they will not sell their whole platform for only 1000 btc. NOTE: This are only my rough calculations not exact or verified one. |
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buxlover
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October 04, 2016, 04:29:20 PM |
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1000 BTC is enough to run successfully a trading site if you have partners who has good knowledge in developing and marketing, Else you may end up loosing 1000 BTC without making a profit. There are many excellent ideas put into action and turned out to be dust just because of not having enough exposure.
So plan your steps from the beginning how and when with whom you are gonna complete this website and turn into a successful one.
I don't recommend buying any running services, since we can't really know what their intentions and plan to look forward, we may end up in bankrupt
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