Who wants to sell STEEM for fiat?

in #steemit • 7 years ago

It's embarassing to have nobody sell STEEM for dollars.

All it would take is a few individuals with some assets and maybe a backing whale who decide to accept paypal fiat money and deliver steem to an account. It wouldn't need to be perfectly automated or as big as @blocktrades, you would only need to provide enough backing STEEM funds to secure the user.

Given that there is evident demand, one can make lots of money.

Conversion ratios, if they can't be asserted by smart contracts, can be observed on the blockchain (especially when SBD will be reverse-capped to USD)

So well, who gets first?

#steem #steem-dollar
7 years ago in #steemit by
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     7 years ago 

    It sounds very improbable. I wouldn't send fiat to anybody who claims to send me STEEM. It would take a very strong contract with any backing whale, and how could the user check that contract?

    Still, not having anybody selling STEEM for fiat is indeed a pain for us all

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     7 years ago (edited)

    especially when SBD will be reverse-capped to USD

    are there any plans do that?

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     7 years ago 

    I am not closely watching the subject, but there is a witness discussion in progress.

    In short, reverse-pegging:

    • Would be achieved by monetary creation
    • Would allow stability that is much needed for STEEM wide adoption (especially in the context of tether-related issues)
    • Would come at the expense of dramatically reducing author SBD rewards (roughly 4 to 1 after fiat conversion)
    [-]
     7 years ago 

    Well, time to sell my SBD for steem I guess :(

    [-]
     7 years ago 

    Then we are slowly leaving the technical and ecosystem discussion to enter the slippery field of investment advice. Not following you to that one :)

    [-]
     7 years ago 

    Haha, right. I'm not an "investor" in any way, but I wouldn't want to miss my chance to convert 20 today's SBD to 80-100 tomorrow's SBD. Besides, selling SBD is what platform actually needs to bring it's price back down, so it's in interest of steem itself for users to have investor's mindset on this topic.

    On more technical topics, as USDT story shows it's very harder to practically tie token's price to fiat. As far as I know nobody tried it in a way steem does, so it's all unexplored market dynamics right now.

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     5 years ago 

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