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?