Jack Tao, CEO of Phemex began his career in high-level traditional finance before entering the crypto space. After 10 years with Morgan Stanley, he discovered bitcoin and crypto and set out to develop a superior exchange. Since Jack's recent arrival to the crypto space, his expertise in legacy markets has resulted in his trading platform's meteoric rise through the ranks, all while setting new trends around the ways traders pay fees and interact with derivatives. Scott Melker and Jack Tao further discuss the transition from the traditional financial sector to a non-traditional sector, lessons learned interning at Morgan Stanley right before the 2008 crash, who is behind big price movement, the interactions between an exchange and a whale, how many Bitcoins it takes to be a whale, common misunderstandings around leveraged positions, the chaos of the American political climate and the origin of the name ‘Phemex.’ --- ROUNDLYX RoundlyX allows you to dollar-cost-average into crypto with our spare change "Roundup" investing tool, manage multiple crypto exchange accounts in one dashboard and access curated digital asset content and services. Visit RoundlyX and use promo code "WOLF" to learn more about accumulating your favorite digital assets when making everyday purchases and earn $4 in free Bitcoin. --- VOYAGER This episode is brought to you by Voyager, your new favorite crypto broker. Trade crypto fast and commission-free the easy way. Earn up to 6% interest on top coins with no lockups and no limits. Download the Voyager app and use code “SCOTT25” to get $25 in free Bitcoin when you create your account --- If you enjoyed this conversation, share it with your colleagues & friends, rate, review, and subscribe.This podcast is presented by BlockWorks Group. For exclusive content and events that provide insights into the crypto and blockchain space, visit them at: https://www.blockworksgroup.io

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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