I think this is a basic idea that can be extended to decentralized exchanges. I certainly would exchange some steem for cash with somebody who was wanting to get more steem.
If I had a well established reputation here on steemit, I think it would be fairly simple to say "I have x amount of steem I'm willing to sell for this percent premium over current price. Contact me for details."
Then the deal could go through because the people buying steem from me would trust I would send to their account after payment was made because of the reputation I've built on Steemit. Just like you trust an ebay seller with a good reputation to send out the goods after you've made payment.
yes please I am so with you on this!!! just now wanting to buy more steem with money i have in paypal and its driving me nuts the process to get the bitcoin.
Read this comment on my idea on how to do this. If you are serious, I may be able to help you with a small amount. The trouble is getting people who both have and are willing to sell larger amounts of steem.
Well, I have a PayPal account and I have transferable steem in my wallet. I haven't done this before, so I'd have to set up a secure way for you to contact me and then I could give you my PayPal ID. I could just post it publicly in a comment. That would work, but I'd rather not until I've thought through all the details.
After I received the transaction of dollars on PayPal, I would just transfer you steem directly using the Steemit.com wallet interface.
You know I wouldnt mind doing a small test on this! say like a 50 Steem. Im up for a little trust here in honor of the platform and the good nature I feel here, and motivation to explore. [email protected]
I just followed you on Twitter, if you'd like to Direct Message me there. If you message me on Twitter, I may not answer immediately, but probably within 24 hours.
I too wish buying/selling of steem, or indeed all cryptos could be simpler and not so esoteric. Apparently, regulations in the U.S. prohibit this on the steemit platform as it currently is and I guess the founders just didn't want to deal with that. I wonder if that's short-sighted on their part though.
Yes and that is why for the longest time Bitcoin had the monopoly when it came to wanting to buy other coins you had to use Bitcoin. As soon as this is replaced to being able to buy with fiat the better for all platforms including steem and steemit. I personally don't want to use a middle man coin to buy the coin I want.
Great post my friend :D
Congratulations!
Much appreciated, my friend! I want to thank yuu for your support, too! @rtdcs
This post received a 2.5% upvote from @randowhale thanks to @rtdcs! For more information, click here!
That's what I'm waiting on lol...let's cut out that middleman :)
Well said, @tamaralovelace
"Let's cut out that middleman"
I couldn't agree more!!
Yes!! If you start or hear of any type of initiative along those lines, I'd be interested lol.
It's really simple enough:
Just find a Steemian in your neighborhood who needs some fiat and has some Steem to sell... Do a private exchange.
😄😇😄
I think this is a basic idea that can be extended to decentralized exchanges. I certainly would exchange some steem for cash with somebody who was wanting to get more steem.
If I had a well established reputation here on steemit, I think it would be fairly simple to say "I have x amount of steem I'm willing to sell for this percent premium over current price. Contact me for details."
Then the deal could go through because the people buying steem from me would trust I would send to their account after payment was made because of the reputation I've built on Steemit. Just like you trust an ebay seller with a good reputation to send out the goods after you've made payment.
For those reading through the comments on this topic, here's the post detailing the person-to-person trade that @soundlegion and I made:
Details on how I purchased a Udemy course with money made by blogging on Steemit
You are absolutely right. I think this will begin to happen naturally and organically.
It would, however, be nice to have an "escrow mechanism" that could act as a well-trusted intermediary for "long-distance" exchanges.
Not a bad idea either! Thanks for sharing, @creatr
😊
yes please I am so with you on this!!! just now wanting to buy more steem with money i have in paypal and its driving me nuts the process to get the bitcoin.
Hey @soundlegion,
Read this comment on my idea on how to do this. If you are serious, I may be able to help you with a small amount. The trouble is getting people who both have and are willing to sell larger amounts of steem.
im listening my friend what you got in mind??
Well, I have a PayPal account and I have transferable steem in my wallet. I haven't done this before, so I'd have to set up a secure way for you to contact me and then I could give you my PayPal ID. I could just post it publicly in a comment. That would work, but I'd rather not until I've thought through all the details.
After I received the transaction of dollars on PayPal, I would just transfer you steem directly using the Steemit.com wallet interface.
You know I wouldnt mind doing a small test on this! say like a 50 Steem. Im up for a little trust here in honor of the platform and the good nature I feel here, and motivation to explore. [email protected]
Hi again @soundlegion,
Just sent you an email with details. I look forward to trading with you!
Sounds good. I'll email tomorrow with details. I look forward to trading with you!
I just followed you on Twitter, if you'd like to Direct Message me there. If you message me on Twitter, I may not answer immediately, but probably within 24 hours.
Thanks so much for the affirming words! Sounds a lot of us have been in a similar boat! Thanks again for your comment! @soundlegion
Just followed
nice post
good luck
♥
Thank you very much! @haji
Awesome post. Nice idea!
Thanks a whole bunch! Have a great evening, @jakemore :)
Welcome ..follow me @jakemore. Thanks
Here is the problem:
Steemit Inc very early on stated that they did not want to be labeled a money transmitter by the US authorities.
This doable but it has to be done outside of Steemit.com
I agree. Steemit Inc themselves would not want to directly exchange steem for dollars. But we are completely free to do it among ourselves.
I too wish buying/selling of steem, or indeed all cryptos could be simpler and not so esoteric. Apparently, regulations in the U.S. prohibit this on the steemit platform as it currently is and I guess the founders just didn't want to deal with that. I wonder if that's short-sighted on their part though.
Yes and that is why for the longest time Bitcoin had the monopoly when it came to wanting to buy other coins you had to use Bitcoin. As soon as this is replaced to being able to buy with fiat the better for all platforms including steem and steemit. I personally don't want to use a middle man coin to buy the coin I want.
I'm looking forward to being able to buy things directly with Steem.
Yep you got it. No more middle men exchanges or coins to buy others you want in the first place.
You're quite welcome, my friend! :)
@steemking777