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Author Topic: I want to invest $200K to set up an exchange and I need your help  (Read 1614 times)
arnold35
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July 06, 2017, 08:08:29 PM
 #1

Hi,

I’ve bought some bitcoins when they were worth $300 but I was not active in this industry and that is why I will need your help.

I have a budget of $200,000 monthly to invest so I thought to myself “let’s open an exchange”. You might think that there are so many exchanges now that the market does not need another one. Maybe you a right. On the other hand that is what I’ve been doing for the last 10 years, creating businesses in fast growing industries where there are already many companies on the market. Currently, I am hiring 70 people, mostly software engineers. As a company we are running an exchange in a smaller industry so we want to move to bitcoins now.

Most of you are much longer in the industry than me so I have a couple questions.

1. Why are people using poloniex? Are most of them traders or miners or margin traders or they invest in new alt coins or …. something else I am missing?
2. If you are using any exchange please tell me which one and why are using it? You are a miner, trader or …. ?
3. What are the things you think are missing in the current exchanges? At least from your personal view
4. Do you think we can use our budget($200K monthly) better than creating an exchange?
5. Is there still good money to be made in mining? Anyone with knowledge looking for some investor?
6. I was thinking about trading my money from Btc-e to Cex.io as the difference of the BTC is around 4% (as of now the prices are 2533 USD (btc-e) and 2662 (CEX.io). I think it is an easy money with every trade as I should earn extra 2%. Am I missing something? To easy to be true.

Anyone want to help us? Do you have any specific knowledge that might be helpful? Maybe you have worked in an exchange, you know margin trading better than others or you use API from exchanges to gain profit? Wanna talk more? Send me your skype login in a private message.

First 10 people with activity above 100 who will answer those questions I am happy to send $50 in BTC as a “thank you” for your time so please add your BTC address
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July 06, 2017, 08:14:42 PM
 #2

It's not an easy thing to open and manage an exchange, but I got some spare time to answer your questions.

1 - Traders, miners, people who just found out what an altcoin is and looking to profit.
2 - Per question 1, I myself use for trading and mining. So Both, an exchange should be focused on various types of trade.
3 - Speed.
4 - Investing.
5 - Yes and no, fluctuations occur very rapidly.
6 - Arbitrage? Speed is an important factor, verification will be required, fees etc. Not really "profitable" in long term.

Well, those are some of the things that came to my mind. Feel free to ask if you have any questions.

My Bitcoin address is 1DeathyY8eDGjxoqpXHeSPUrPZfT772EKB feel free to tip anytime you want Smiley

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July 06, 2017, 08:37:58 PM
 #3

1 Poloniex has been here for a long time. Most of them i guess are traders looking to make profit and invest on other alt coins.
2 I use both bittrex and poloniex, but i prefer poloniex over bittrex. Polo has a better looking interface. Use it mainly for trading.
3 A good customer support.
4 Currently there are lots of exchanges, so competition is high. If you think you can offer something better and unique you could try. Else better off investing on something else.
5 Depends on what coin you are mining.
6 You forgot to consider the "FEE" you will be spending which will eat up your profit. And also speed matters. You might end up making loss. A very risky thing to try. You might also not be able to sell at the price shown, since no sell order might be open.

My address if you wish to tip Smiley 1EsbjqNqCWLckzFBNHkDMFhR3SwG6YsKKV

 

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arnold35
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July 06, 2017, 08:39:11 PM
 #4

@Deathwing

Thanks for your reply. I ve sent BTC, hope they will be with you shortly

1. By traders you mean people doing arbitrage or traders who are doing something else?
6. Why do you think it will not be profitable in the long term?

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July 06, 2017, 08:41:04 PM
 #5

@Deathwing

Thanks for your reply. I ve sent BTC, hope they will be with you shortly

6. Why do you think it will not be profitable in the long term?


Did a little bit of googling, you can find you answer here https://99bitcoins.com/bitcoin-arbitrage/
They explained it well!
Read "Barriers to Bitcoin Arbitrage" if you don't want to read the whole article. They sum up everything really good.

 

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Deathwing
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July 06, 2017, 08:41:51 PM
 #6

@Deathwing

Thanks for your reply. I ve sent BTC, hope they will be with you shortly

1. By traders you mean people doing arbitrage or traders who are doing something else?
6. Why do you think it will not be profitable in the long term?



1 - Altcoin traders, people who only focus on trading all kinds of coins whether if it's popular or just nothing but a shitcoin.

6 - Mainly fees, and the time you spend transferring the coins between the sites will hurt the amount you earn.

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July 06, 2017, 08:49:19 PM
 #7

1. Easy to use, High volume trade and it's not scammed us yet (yeah it has problems but they resolve them eventually).
2. Bittrex, (I'm 70% trader and 30% miner (cloud like miner, I don't buy contracts, I hire hash power) ).
3. Decentralization, We've seen lots of exit scams, mt.gox, craptsy, cryptorush.in, mintpal etc.
4. Well, if you have more money to invest in the exchange then 200k is a good start. But it wants lots of efforts and "really trusted people", Just remember Shapeshift hack (insider one).
5. If you find cheap energy and gpu's then yes, ethereum, ethereum classic, zcash etc mining is still profitable.
6. It's called arbitrage, you can do it, but if you transfer "cash" it'll take lots of time, so I suggest you to hold your money as this:
50k cash on btc-e, 50k cash on cex
50k btc on btc-e, 50k btc on cex.
when you see this arbitrage, just buy & sell 50k worth bitcoins & cash, then transfer those amounts like in the first place.
(you can tip me here if you like: 1JuMNQcRZGXp7wJj1DMciaMerfs95X2Nqa )


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July 06, 2017, 08:59:31 PM
 #8

1. Why are people using poloniex? Are most of them traders or miners or margin traders or they invest in new alt coins or …. something else I am missing? It is possible to trade a wide assortment of crypto on poloniex. Some exchanges like btc-e are very limited and only offer trading for a very small number of alts. Poloniex having so many trading options for many different coins is probably one of the main advantages it has over other exchanges.

2. If you are using any exchange please tell me which one and why are using it? You are a miner, trader or …. ? I have a btc-e account but haven't used it in years. I used to try to come up with arbitrage trade strategies but nothing I ever came up with could ever compete buying and holding long term. So I gave up on it. Arb could be me a better strategy now years later that volatility is higher than around 1% per day (price movement) I haven't checked.

3. What are the things you think are missing in the current exchanges? At least from your personal view In past times many exchanges had no option for short trading. That could be one drawback although to be honest I can't claim to have looked into whether short trading would be profitable for exchanges and an option they would benefit from having. Leverage could also be a drawback although to be honest given the lack of escrow, collateral, etc its not difficult to see how leverage would be difficult to implement on a crypto platform.

4. Do you think we can use our budget($200K monthly) better than creating an exchange? That's a really tough question. Most say its good to play to your strengths, I'm not certain what your strengths/background are.

5. Is there still good money to be made in mining? Anyone with knowledge looking for some investor?  I don't think there is money in mining unless a person has access to free electricity. Even then it may not be a good business strategy due to ASICs and GPUs being much more difficult to find & obtain. If only as it can be difficult to find people selling GPUs/ASICs these days.

6. I was thinking about trading my money from Btc-e to Cex.io as the difference of the BTC is around 4% (as of now the prices are 2533 USD (btc-e) and 2662 (CEX.io). I think it is an easy money with every trade as I should earn extra 2%. Am I missing something? To easy to be true. In addition to the trade commission percentage there is a withdrawal percentage. I think some exchanges charge a 5% withdrawal fee which makes inter-exchange arbitrage difficult across platforms.

Anyone want to help us?

One key point could be which country an exchange operates out of & how crypto friendly its laws and regulations are. That could help determine whether an exchange is viable.

1G15u8zAxkGMR6KKXLFoRkBh37W2gsTWTD


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July 06, 2017, 09:03:16 PM
 #9

1. Poloniex is the biggest Bitcoin/Altcoin exchange market in he industry. Biggest volume and most number of users.
2. I'm using Bittrex and Liqui because I play with low marketcap coins and I don't trust Poloniex.
3. We need more volume as whole industry. After we get more value we can have more markets. For example ETH/WAVES etc.
4. I think this budget is not enough to run a big exchange. You could be smaller one like Tidex.
5. Mining is like a lottery or gambling right now.
6. Arbitrage is hard to do because of hidden fees.

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arnold35
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July 06, 2017, 09:03:50 PM
 #10

@adzino

thank you for the Googling. I ve read it and watched it. BTC sent.

@cakir

Can you tell me why Bittrex, not poloniex? What do you mean by "I'm 70% trader"? Are you buying smaller alt coins or predicting BTC if it will go up or down?

BTC sent
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July 06, 2017, 09:06:28 PM
 #11

@adzino

thank you for the Googling. I ve read it and watched it. BTC sent.

@cakir

Can you tell me why Bittrex, not poloniex? What do you mean by "I'm 70% trader"? Are you buying smaller alt coins or predicting BTC if it will go up or down?

BTC sent
I'm using Poloniex for higher volume trades, I'm also using bittrex as 2nd choice, because some of the altcoins are not listed on Polo.
I mean My bitcoin investments are based on 70% on Altcoin/Bitcoin trading, and 30% Mining (I rent hash on nicehash, miningrigrentals etc and mine altcoins which are profitable for me). For instance I hold 0.7 btc worth altcoins and hire 0.3 btc worth hash power.

thanks for the tip!


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ralle14
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July 06, 2017, 09:24:24 PM
 #12

Here are my Answers
- People are using poloniex it's because they've watched a video about a famous user using it or bitcoin users started recommending it to them. Some of them could be miners and traders since they are on the top 3 exchange with the highest volume. Right now it's not looking good with poloniex as I see a scam accusation about them.

- I only use my local exchange which is coins.ph I like their service because it's easy to buy bitcoins and cash them out. Also they offer promotions to their users which is nice.

-With the current exchanges I think more customer support is needed as I see a lot of complaints from different exchanges.

-Maybe, a gambling site is better but could be difficult as there are tons of gambling sites opening up.

-If you have an alternative source for electricity then the answer is yes there is good money to be made with mining.

-Sounds risky as prices moves fast unless you have the bitcoins sitting on both exchanges. Also like what the other user pointed out theres a small fee that will be deducted.

Btc address: 1RaLk3SNWLjjrD6VNGCNzLM4N7JjhHwhp

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arnold35
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July 06, 2017, 09:26:12 PM
 #13

@BitMarshall

Why do you think it is the most shady? Any sources I can read about them and why they are not a trustworthy exchange?

BTC sent
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July 06, 2017, 09:28:06 PM
 #14

1. People use Poloniex because everyone else uses it. Most coins have 50%+ volume traded on poloniex.
2. Bittrex - no stupid limits, good volume, and trustworthy
3. A good community, and good support
4. An exchange is a great idea!
5. If you mine alt-coins yeah!
6. Nope! You can arbitrage and make money. Not just with BTC, but with alt-coins. If you can buy it for 0.01 on one exchange, and sell for 0.011 on another, do it! Sometimes whales who dump or buy big amounts create gaps - take advantage

Thanks - 1FA94FCb4waB9o6rcUNLxtzztTqu5M3yPM
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July 06, 2017, 09:50:32 PM
 #15

Hello

Although i sent you a pm, i d like to send a new message  with answers.

1. Why are people using poloniex? Are most of them traders or miners or margin traders or they invest in new alt coins or …. something else I am missing?

As you know we are in altcoin bubble. Altcoin prices went up, eth went 10x just in months. People want to try their lucks by buying altcoins. So poloniex is one of the best places to buy altcoins. Moreover miners anf margin traders use here but most of users are altcoin investors. Bitfinex is more popular place for margin trade, you can find also bitmex for margin trade(100x margin)


2. If you are using any exchange please tell me which one and why are using it? You are a miner, trader or …. ?

I am day trader, so i use both bittrex and poloniex for altcoin tradings.


3. What are the things you think are missing in the current exchanges? At least from your personal view

These exchanges should become more proffessional. For example poloniex has troubles now and you cant reach their support. My etc deposit still not showed up on balance since 3 weeks. Even they are earm and gsin so much öoney from fees, they dont invest to themselves to operate better.

4. Do you think we can use our budget($200K monthly) better than creating an exchange?

I think you can invest your budget to icos. Such as tezos or eos. We have already so many exchanges, it is hard to compete with them.

5. Is there still good money to be made in mining? Anyone with knowledge looking for some investor?

Mining is running by chinese almost. It is hard to make good money from mining even consider the electricity fees.

6. I was thinking about trading my money from Btc-e to Cex.io as the difference of the BTC is around 4% (as of now the prices are 2533 USD (btc-e) and 2662 (CEX.io). I think it is an easy money with every trade as I should ear

You should consider that you ll pay fees in both exchanges and bitcoin miners, and prices could be change just şn minutes. So it is easy to lose money just minutes. This not looks good.


1HM6TsUHH9nNqpX37PKsShrFHorxACkD47 here is my btc address for tipping. I hope my experience could help you.
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July 06, 2017, 09:55:15 PM
 #16

@OP Good answers you'll learn from here. Here is my take as a nine-month "eternal newbie".

1. Why Poloniex? Yes, high volume, competitive rates, and a no-fuss withdrawal limit of USD 2,500 daily. This requires verification but is automated (ID and phone), nearly instant and satisfies the limits most people like myself need. Something else not mentioned here about Polonies: I also keep a balance there that is constantly lending to margin traders, at interest rates I set and from periods as short as 2 days. Their "proof of solvency" system means this loans won't disappear if the borrowers default. So there are multiple earning streams there trading and lending interest.

2. I only use Poloniex and Localbitcoins. The latter actually gets me the best rates for selling BTC.

3. There are a number of attempts, ongoing and in development, for decentralised exchanges. The main weaknesses of the current major players is that all users have to trust that the exchange won't disappear with their funds. As mentioned here, a lot of people are crying foul over Poloniex now due to increasing delays in withdrawals - typically the behaviour of exchanges when they are about to exit scam. I personally think it's just their volume and the lack of support staff to process requests. There are currently no major exchanges, in my opinion, that have good customer support. LBC comes close but if you want to differentiate yourself? Then your support must scale with growth.

4. It depends on what your financial plan is. Do you intend to make profit rightaway? Do you invest to create a brand or reputation? Do you want to see a new useful tech succeed? This isn't simple to say, but 200k monthly is more than a lot of small businesses. I ran a small private exchange pre-Bitcoin on a tenth of that a year in turnover!

5. You'll be better off looking in the Mining section of this forum and getting to know the miners there. A lot of starting miners share their setups. It is still profitable with your kind of outlay.

6. As mentioned by others, Bitcoin arbitrage is possible, and you have the capital for the necessary volume. If you widen your geographical horizon, you will easily find local exchanges in some countries trading even above 10% of the major exchanges.

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July 06, 2017, 10:07:27 PM
 #17

1. Poloniex is one of the easiest to sign up with so it attracts a lot of newbies. Also, it is popular with social media crypto Steemit.

2. I am a very small time trader, not using BTC. I have a few altcoins which I traded on small exchanges like nova and yobit.

3. Anonymity. This is crypto, and we all got in because it was anonymous. But now at exchangers, you have to be searched and asked for verification WORSE than banks! Also more local language support. I speak English but I know a lot of people in my countries who don't.
4. If you create an exchange that is different yes. If not, use it for other ventures.
5. Of course, but look at promising altcoins. Even a lot of people made money when they switched to mining ETH from last year after it dropped to $6. They were easily making a lot of cheap ETHs for many months.
6. It is true but all these exchanges need days to process withdrawals so you are gambling with volatility. Unless you find BTC/ALT differences.

Thank you:)

1Pr7SHPQ565RoDxuy33kQ7AwsKYzR9C5Fs

arnold35
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July 06, 2017, 10:13:36 PM
 #18

I ve sent $50 tip to first 10 people who have replied. Thanks everyone for your help.

If anyone else wants to give some advice you are welcome however I am out of the budget for this post
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July 06, 2017, 10:19:52 PM
 #19

Are you talking an alt only exchange or something involving fiat as well?

If it's fiat you'll find you'll need a few extra million for compliance depending on where you are. If it's alt only you may well be hit with millions in compliance somewhere down the line.

On top of that there's the avalanche of customer support and endless hacking attempts.

There's money to be made but there are also huge setup costs and ongoing costs. I don't think it's something that can be done properly any more without some very serious money to burn at the beginning.
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July 06, 2017, 10:46:43 PM
 #20

I think there is someone are selling premade exchange site with admin panel. are you actually looking for a crypto trading site script?
There are someone offering before but the post was made 2015 you can check it here maybe it you can be still contact him https://bitcointalk.org/index.php?topic=1067842.0

And look at the other old thread maybe it can help they added the open source here
https://bitcointalk.org/index.php?topic=870716.0

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