RE: SoS Daily News : news about the State of Steem @ 31 January 2019
Thanks for these posts, @pennsif, and for your involvement/hosting of the the different forums going on. There really isn't a reason for anyone not to know what's going on for lack of knowing where to find it (once they've found you, of course), as long as it is recorded on chain, obviously.
I went and looked at the peer to peer exchange you mention. Apparently, it's okay for individuals to make such exchanges, whereas it's more difficult for a regular exchange? Seems like the same regulations restricting it or causing difficulties (at least in terms of the US dollar) would apply. I guess I need to look into how that works. Not complaining at all if it does, though. One more potential way to go from fiat straight to STEEM is good news indeed. :)
I guess since they’re’s no central owner it isn’t really an exchange... It’s the wild wild west here and no-one knows really what’s regulated and how.
I see, @shredz7. It would be like me buying something at a garage sale, or making a purchase from a friend. No one is a business, per se, so not necessarily regulated or taxed.
Done right, I can see such a peer to peer exchange being game changing. At this point, any fiat to STEEM mechanism is going to be game changing, as long as it's secure, cheap, and available to the masses.
I looked into it more and it isn’t really that either... SwapSteem doesn’t actually exchange the USD for STEEM/SBD, nor does the p2p network. It just acts as a facilitator for OTC (over the counter) exchanging. It just links two people together who then facilitate the transaction. It then uses escrow to make sure the transaction works out, but doesn’t actually handle transferring the money.