Exclusive for Steem, Interview with COO/HoO of Okex, Andy Cheung.

in bitcoin •  4 months ago 

In honor of newsteem, I wanted to try something new: posting unique content to Steem that could have been sold to magazines or websites for money. I want to show authors that they can gain more by posting to Steem because they can earn a stake in this undervalued protocol, and build a loyal community at the same time.

That’s why today I am happy to bring you this exclusive interview with the Chief Operating Officer of OKEx, Andy Cheung, from their recent Summit. OKEx offers a STEEM trading pair and is one of the top Chinese exchanges in terms of real volume.

This article was never posted anywhere before, even on my crypto blog and is fully exclusive to Steem/Steemit. If anyone wants to copy or mention it, it should add Steemit link to this post.

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Tell us who you are and what do you do in OKEx?

I’m Andy Cheung, Head of Operations of OKEx. I’m based out of Hong Kong, OKEx headquarter is based here in Malta. We have a small team here in Malta.
I pretty much run the entire operations across international market. Marketing, PR, so everything about sales.

OK. And how long are you in cryptocurrency?

A little more than three years.

So what’s your background from before?

My background is more on the technology side. So, I started my own business related to internet businesses. With experience working for Alibaba and my internet-related businesses, I have extensive experience in E-commerce.
Moving on from Alibaba, I also started again with setting up an e-commerce website in Hong-Kong. Later we successfully sold it to Groupon in the US and stayed for another few years.
We didn’t stop there, I also did pitch door marketing, prop tech, so pretty much everything about internet.
So then I came across blockchain technology, and people talking about Bitcoin.
This interested me a lot and I am glad to have a chance speaking to the founding team of OKEx, after the chat, I started my OKEx journey three years ago.
Then we started expanding, not just in the Asian market but in different regions such as Europe, Latin America, Africa…

I’ve noticed when one of your colleagues was having presentation on the summit that he showed a map that you have not only OKEx China, but also Korea, that I knew before. But I saw that you also have the India branch, Netherlands and Poland. So I wanted to hear more about your expansion to Europe..

Yes, so we started from Malta as the European hub, and we also expand to UK from here. We also have people in France, Spain, Portugal, Poland, Russia, Ukraine, Serbia. In many countries we have for big corporate clients and we are always pleased to welcome any people who are interested in cryptocurrency.

What’s your plan with your own top-end OKB. I mean, it’s in the news already but what are your future plans for the token and its usage?

OKB has been used for more than one year already. We are always committed to bringing in innovation and we’ve been looking into using the OKB to do payments in shops.
Like, I was talking to a big merchant just now, that people can use and apply OKB, maybe a chain of a restaurant or grocery shopping, maybe not everywhere but certain countries with guideline and framework. Each country serves with different demands and we are to cater in different ways, so let’s say in Latin America. Countries like Venezuela and Argentina, pretty much everyone has crypto in Venezuela and are actually using it. On the other hand in Argentina, the situation is totally different even just with short distance. They might not be fully aware how crypto can help with their currency fluctuation. I would say, even daily there could be a 50% difference. So those guys need crypto.
And we go in to educate them. So that’s how we use it. By using the OKB we can do education, applications, that’s our plan.

Alright. And you are big in perpetual markets futures, right? So what’s the plan of expansion. Are you planning to put bigger leverage or add options ?

We are at a top position in terms of derivatives market. There are lots of products within derivatives and futures trading is just one of them.
We are constantly looking into developing different kind of products, especially for derivatives. Trades are usually very familiar in trading spot on our platform and derivatives traders are usually more professional, with that said, it is essential for us to keep looking into our existing offerings to keep enhancing, at the same time to bring new elements to the party.

And futures are now getting really popular, so…

But right now, there are only two or three key players in the world.

Yeah, exactly. The banks and corporate investors join the party with futures, because this is for them, the big players like futures.

Because they believe it’s comfortable. I would say yes, I’ll agree but it’s not easy to operate such a platform. I mean your technology at back end must be very good and supportive. Your team must monitor, like surveillance 24 hours to minimize claw-back. Any one single trader could manually play the market. So we have to be on top of this. To make sure that nobody can come to the platform and try to crash the market or whatever.

On the summit we learned about OkDEX. Tell us more about plans for it.

We announced this and we are working hard on this. The plan would be by the end of the year. We’ve been planning this for quite some time. So even we stated here, we were scheduled to launch in this year. But you never know given this ever-changing market environment, opportunities and challenges arise every minute, like Libra, being the talk of the town but people started to move on from such topic. Anyways, we will keep developing OKDex, and maybe there would be new things in between as well. Let’s say the ICO then became the IEO. So new things come up, and we are always welcome to embrace.

Okay, because when the crypto started, you didn’t need KYC or AML, you just registered anywhere and trade, right? And now almost all exchanges need KYC. So maybe DEX’es are the thing that will take us back where this all started. So possibly they are stil the initial way crypto was created ?

Yeah, things always change in this market, right? So we must sustain our top position and adjust our strategy accordingly to fit the market. Therefore, we have the OKDEX plan and be ready to create a wave in the market.

Thanks for the Chat!

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OKEx offers a STEEM trading pair

Where can I find this?

It's great he could get that post after only 3 years in cryptocurrency. Don't know why, but when I upvote a high rank as you are I'm able to give eleven cents, but when I upvote a rank of around 60 I give half that, and on some posts of really low rank I upvote zero; don't know why this is.

It's why everybody with money here has stopped selling their vote, and now "gives it away".... but only to posts that are guaranteed to make at least $10. The more a post is worth, the more the upvoter gets for upvoting it. It's basically the opposite of how curation is intended to work, since now, everybody all just gang-votes the same post, to maximize their curation rewards. (Creation rewards are now so small, that very few people are bothering to create content anymore. Unless they're on the list of people guaranteed to get at least $10.... then upvotes are extremely easy to come by.)
Long story short, if you don't care about the blockchain and just want to maximize your share of the rewards, only upvote already-successful posts.

I'd like money of course, I'm living like a pauper in my own life, but what interests me most is being read. I'm good at what I do, but without an audience I'm like a boat without any wind in my sails...

Sometimes I feel like the same, when I write blog posts on the Steem blockchain.
I rarely receive real, human comments under my Steem blog posts.
The only exception is dPoll, where I (and many other people) get a good/proper level of real, human interaction.

You speak the truth @drutter. It's very sad that if you're in the <$5 post club (like me) and you wanna pay for some upvotes to maybe gain some new followers, the over-righteous gang will come swoop in on your post and reprimand you. Meanwhile, if you're in the over-righteous gang, you can possibly shitpost whatever the fuck you want and get upvoted to the moon.

Bidbots were definitely crap. It made the content just terrible. But the way it is now is not much better, and pretty much guarantees an oligarchic economy. Hopefully, the next hard fork will start to fix that. Resource credits, SMTs, and a Steemit token might be able to rejigger the economy such that we can actually true tokenized curation that is the real vision behind this community. But it's pretty frickin' hard to get that just right tbh.

Simply burn author rewards and your chances of getting downvotes fall dramatically. It is kind of annoying to hear the work of ocdb as "gang." OCDB is spending countless unpaid hours curating content and making sure paid votes don't offer ROI.

The real question is, did you want to buy votes to earn ROI, or did you want paid votes for the publicity? If you want the paid votes simply for publicity, then burn author rewards or send them to Steem.Dao.

We do need a clearer way for people to promote content, the promotion tab is hardly used. We need to blend the promoted tab with trending in a nonintrusive way, so everyone can easily promote post by burning Steem.

Dude, why would anyone who spends time making a decent post burn author rewards? That makes no sense! Is there some kind of benefit to burning author rewards that brings publicity that is not advertised on the platform?

Posted using Partiko iOS

If you buy votes you still get the curation rewards. We need a better promotion system, blending promoted tab with trending is a good start. If you burned the amount you spent on the paid vote, and kept the organic votes, there would be no issue. You would simply be paying for publicity.
The rub is when you buy votes and earn free steem for doing that, if you find a way to make the paid votes not profitable, then you have a working business model. Getting paid to advertise your own stuff does not work anywhere for anything and Steem is no exception.

Definitely need a better promotion system. Sending to null and using a bidbot (as they currently exist) will never work because there’s no way to tell how much yield (if any) is gonna come off those bidbot bids.

The problem with what the ocdb guys are doing is that, for some reason, the only content that gets upvoted is meta content. That is, content on steem about steem, these days, is the path of least resistance to higher value upvotes. So that’s most of the content that we see.

And that’s great for engaging with the people currently on steem, but it’s shit for bringing new turtles to the island. The key to increasing the value of steem tokens is creating a trending page or pages that will attract new un-Steemed eyeballs to engage with the content AND be inspired enough to join the ecosystem as a staked consumer and/or staked content creator.

And that’s almost impossible to do with meta content.

  ·  4 months ago Reveal Comment

It is not rank, it is value of the reward on the post. Search for Info on "convergent curve" or look at posts from steemitblog pre-hardfork.

Okay, thanks, I'll look and see if I can find anything...

I was just thinking the exact same thing.

Hi @kingscrown

thank you for giving us this interview with Andy Cheung

doing my best to bring content to steemit since may 2016 :)

Great interview ;) It's so hard to think someone like him has only been in crypto for that short of a time...I'm a veteran compared to him LOL.

Cool, too bad there weren't any steem questions squeezed in there though. :)

hes more into operations of exchange than knowledge of each blockchain etc, hes from financial side of running stuff, hence why ;)

  ·  4 months ago Reveal Comment

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Congratulations @kingscrown!
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Nice! Am just starting out to venture in Crypto. Hope it's not too late! Just love the times we are living in

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Nice and interested post, but are the handsome guy o

Just curious, since the OP mentioned it.
How much would a writeup like this be worth to magazines/websites?

@tipu curate

thank you for liking the text

Upvoted 👌 (Mana: 0/4)

Indeed, a unique content that could have been sold to magazines or websites :)

excelente publicasion

i don't understand what you mean :))

Okay, thanks muhammetyt

This is really a very nice interview i wish that this outstanding handwork will 🅱ring to full cognizance in the minds of all the viewers 📌 herein and further enhance their activities in this platform. I am @sanctuspierre that's my opinion and wishes!!

teach me what to do here in steemit, i am new to this

Excellent regards.

thank you for giving us this interview

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Éxitos

Wow, I hope this site have Indonesian language too, because Indonesia have citizen that very much in world number 4.

  ·  4 months ago Reveal Comment

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