/biz/ - Business & Finance

[Anonymous No.54345097]

I work for one of the largest exchanges in the world. Basically was told a few days ago that 20% of the company is getting laid off. I'm included and have been basically given 60 days to gtfo.

News will probably leak in a few days. No it doesn't start with a B or C, nor is it major enough to cause any sort of huge fud in the market, but still large enough that its a household name in the space.

Still sucks, especially since I've been there for 3+years, along with a lot of the guys getting cut, while alot of junior guys that have been there less than a year get to stay.


Anyways my team / role basically revolved around rubber stamping listing applications brought in by the BD team.

AMA besides the exchange name. Will spill w/e outside of the name.

pic not related

[Anonymous No.54345140]

the volume on bitstamp is so low, wdnt be surprised if it actually is it
i think a total of 4 btc traded the other day

[Anonymous No.54345160]

>>54345140

doesn't start with a B

[Anonymous No.54345170]

Maybe Kraken or Gemini then, but those actually would cause huge fud. Either way, without institutions and deep pockets this entire space is fucked

[Anonymous No.54345181]

How much do they gamble with user funds?

[Anonymous No.54345197]

>>54345160
robinhood

[Anonymous No.54345229]

>>54345097
I'm a guy who's worked at several L1s pre-listing

And the listing teams, especially the engineers, have always seemed retarded.

Do I just have a bad impression from bad communication, or are the integration engineers actual monkeys?

Thank you

[Anonymous No.54345237]

>>54345097
>AMA -cex name
>Biz speculates about cex name
Hi OP. I used to work for a top project that became a mid project and is now a circling the drain project. The best part was when we parted ways, I'm sure you'll land on your feet too. What's the culture like at your cex? Do you all feel like you're ushering in a new era of personal finance, or are you all openly aware of the fact that 95% of shitcoins are Ponzi schemes, and you're making money off both sides?

[Anonymous No.54345246]

>>54345097
Gemini no doubt.

[Anonymous No.54345285]

>>54345181
So granted, since I wasn't c-level , I have no idea the full extent. Also the official internal communications and the external communications was that users funds are all kept separate from the exchanges funds.

One thing to keep in mind too is that exchanges have a lot more sources of revenue than just trading fees lol.

I remember when I had first started and IEOs were a big thing. You know how most tokenomics have an "advisors"? Guess whos getting all of that. Literally projects would give us almost 5-10% of the total supply in certain cases in order for us to conduct the IEO.

Also with operating "venture" arms, that basically use the above $$ to invest into even more shit coins and then me basically be told to approve them for listing, even though there were sometimes huge red flags.

With that said its changed quite a bit nowadays, and spilled out into collecting "Marketing" fees for listed projects / new listings, and who knows where that money goes =/

[Anonymous No.54345286]

>>54345097
If the news prompts a mass withdrawal of crypto, will they be able to cover it?

[Anonymous No.54345303]

>>54345097
The only question that matters is:
If the exchange is going down but it won't cause major fud in the market, why should I care?
Sucks for you my fellow /biz/raeli, I hope that you saved money in those last years and that you'll find a new job soon.

[Anonymous No.54345306]

>>54345246
>Gemini no doubt.
Absolutely. They better not steal my BTC before it clears deposit. It’s not much but I’ll kill them.

[Anonymous No.54345329]

It's probably Kraken or Gemini

[Anonymous No.54345356]

>>54345229
So in alot of cases, you're talking with the BD teams and yeah they are literally just glorified used car salesman. Where I worked each "team" basically had a lead, a "marketing specialist", a "tech guy", and a bunch of minions. Theres a bunch of these teams though at the exchange, so basically you'd be talking usually to the minion who you were introduced to, they invite the "rest of their team", and since these guys basically operate on a incentive sharing basis, half the time they would rush you to fill out an application, ping someone on our team to "approve" it, then start asking for money

Now the actual tech team when it comes to integration especially for new layer ones, they aren't idiots,, and were some of the highest paid non management guys. but at the same time they are mostly chinks (like me), and they usually suck at english. As a result their communication blows, and they seem like low IQ retards. But in reality they really aren't most of the time

[Anonymous No.54345460]

>>54345237

The culture was pretty chill. Our team was basically remote, and noone really gave a fuck. Maybe one sync-up call a day, and the rest of it was waiting for BD guys to bug me about taking a look at a certain application, or sitting around just scanning whitepapers, then passing it off to the tech guys on my team.

DESU pay was ok.
Base pay sucked. bonuses were like literally equal to our salary (which still sucked).
Tbh most of the money came from knowing which coins were in line to be listed.

I have enough to be comfortable, travel for a few years , and get by for the rest of my life in a first world country or live like a king for the rest of my life in SE asia or some shit.

The bigger thing is the lack of empathy or loyalty they showed for senior employees, like imagine literally being told sorry but gtfo, after over 3 years of wageslaving. Whatever part of me is kind of happy now that I can go just relax, but part of me is upset about the treatment and also losing access to future listings

[Anonymous No.54345488]

>>54345303
you probably shouldn't care unless you're holding that exchange token, but you'll be fine who the fuck buys/holds exchange tokens in the first palce

[Anonymous No.54345575]

>>54345097
How do you suggest I profit from this event?

[Anonymous No.54345590]

i wonder if these exchanges actively trade against their customers,
since they have both sides of the order book
trading on a CEX seems very foolish

[Anonymous No.54345627]

>>54345460
>Most of our money came from knowing what was finna boutta be listed
I hope you're using a VPN and burner laptop, OP. I really do

[Anonymous No.54345632]

>>54345590
For the most part no, the bigger issue is how "MM" (market making") works.

You ever look at some tokenomics and see a "liquidity" section and wonder wtf is this?

[Anonymous No.54345649]

>>54345627
Not based in Yankee land, nor do we officially accept yankee customers either

[Anonymous No.54345742]

>>54345632
thanks, i'll look into market making
afaik the liquidity is all just bots trading back and forth

[Anonymous No.54345767]

>>54345632
>63
Heres a trick, anytime you see a whitepaper that has a "CEX Liquidity" or something similar heres how to play the system.

That allocation goes to market making funds (MM), who basically get a "loan" of those tokens with set strike prices.
Ex. Lets assume listing price of a token was $0.10, the MM will get a "loan" at $0.10, $0.15 , $0.20 etc set prices.
Basically, they get the tokens and have to pay back that amount at those prices. Which means if an MM firm has a strike price of $0.20 for a token that lists at $0.10, they need the price to go above $0.20 in order to remain profitable for that position.

Now, exchanges most of the time give these guys corporate no-fee accounts, AKA they can trade infintely without paying any fees. The exchanges don't care either cuz free volume.

So the play used to be

Ask the project what MM firm they are using
message contact at so and so firm
find out strike prices
buy below and sell @ average of strike prices

[Anonymous No.54345805]

>>54345767

The rule of thumb is 150% of listing price

Look at INITIAL listing price. Anything under 150% of that is a buy
anything over that is a sell

granted this doesn't work for more established projects with real volume across multiple exchanges but for smaller projects doing a couple mil in daily volume and only listed on 1-2 "top" exchanges........150%.

[Anonymous No.54345831]

>Gemini
case closed

[Anonymous No.54345842]

RIP kucoin

[Anonymous No.54345849]

>>54345329
Okay it's Kraken, gg

[Anonymous No.54345876]

not going to mention names, because even though I feel like I got fucked over, I'm a simp and feel some loyalty to the company lol and the guys still there

[Anonymous No.54345911]

>>54345831
>>54345849
aren't these both US-based though?

[Anonymous No.54347093]

>>54345876
So, as an average guy, are we just committing financial suicide trying to trade the crypto markets? I guess what I'm asking is if you do end up cutting ties with this exchange, and lose access to privileged information, would you still trade or does the knowledge of how big exchanges work deter you, knowing the odds are stacked against you?

[Anonymous No.54347209]

>>54345097
what are the best exchanges in your opinion OP? who else would you work for?

[Anonymous No.54347379]

>>54345849
It's either Kraken or KuCoin; this will be the case. Whatever it is, I don't have funds outside of DEX. Even some DeFi platforms I'm on have plans to support interchain liquidity pools, for instance, MagicYearn. I can do anything I want without interacting with CEX shit