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RE: STEEM-focused Content and The FIRST PRINCIPLES of Steem

in #steem8 years ago

One thing I'm struggling with in all of this is to determine what exactly the function of the Steem Dollar is in reality. I know that it was stated in the video that it's there to present a familiar equivalent to something that we already use, the USD, but the problem with that is that you can't as of yet trade the Steem dollar as far as I can figure out. Without that ability to trade it directly, in other words convert it directly into USD, I think the uninitiated among us are simply just going to be confused by it (I put myself in that category). Right now you have to convert it to Steem, convert Steem into Bitcoin, then convert to USD. There's no familiarity going on there for most people. Steem by itself I think would suffice for this purpose of familiarity, simply because all you'd have to do is present a real-time conversion into USD right next to the amount that's in your wallet, and you could note the exchange rate in the header to the site where you see your navigation buttons. People ARE familiar with the idea of exchanging foreign currency, because most people have traveled across at least one international border, and in so doing were forced to exchange their home currency to the foreign one to conduct business. This could be customizable as well to accommodate the native currency of whatever global user is interested in using the site. The caveat to all of this is that you'd have to streamline Steem to the same extent that bitcoin is, so that ready conversion to USD would be forthcoming.
The reason I'm pointing all of this out is because I'm not only new to Steemit.com and the Steem crypto-commodity/currency, I'm new to BTC and crypto-currencies in general. I just got a Coinbase wallet yesterday and I haven't actually exchanged any currencies yet. This whole process has been extremely confusing to me. I think that if your average person is presented with this complexity, it's going to be an incredible turnoff.
By the way, thanks for the presentation. It was very informative and cleared up a lot of confusion for me about what all of these different currencies' functions are. It seems like there's a lot of confusion out there, not just my own.

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Very good observations. You have figured out EXACTLY why Dan and Ned are currently building an eBay competitor with Steem. A market for real goods that can be purchased with Steem Dollars. A+ to you! :)