If we look at BitShares as a company we can all agree that our end product is bitUSD (and other bit-assets). The product looks good as it does what it says on the tin: thanks to the embedded collateral it is secure and thanks to the market peg mechanism it closely tracks the value of USD. That's really cool but what I can do with it?
Can I buy anything with it? No, because nobody is selling anything for it.
Can I sell anything for it? Not really, because to pay my bills I would have to be able to convert bitUSD into fiat USD and at this stage it is both expensive and complicated (bitUSD -> BTC -> USD).
So it looks like we have designed and built a superior Tesla car but all we can do with it is keep it in garage because there is no infrastructure to charge the batteries once we try to use the car.
Imagine an internet service offering this:
A. Using a bank transfer or credit card I wire them USD 100.00 and they instantly send bitUSD 100.00 to my BitShares wallet (minus a small fee).
B. From my BitShares wallet I send them bitUSD 100.00 and they instantly transfer USD 100.00 to my bank account (minus a small fee).
I have these questions:
1. Would you agree that without the existence of such service bit-assets are doomed to be quite useless?
2. How difficult would it be to build such a service in each country? What are the main obstacles that are preventing this from happening?