Thats what I suspected. In that case how does a blockchain make any difference to the PeerTracks website?
So I think your question is how he manage to accept credit card and user get USD, and why this is not working already for say BitshareX ?
That a good question that Cob probably could answer, I'm curios too .
Well that wasnt exactly my question, but youve actually raised an interesting point: In order for PeerTracks to accept fiat for the purchase of BitUSD on the NOTES blockchain, they would be acting as an exchange and money transmitter, thereby placing themselves in the firing line of KYC regulation etc.
If PeerTracks were to ditch the blockchain and just make artistcoins tradable on its centralized website, then regulation becomes less of an issue.
So there are now 2 disadvantages to PeerTracks having a blockchain backend: extra costs AND regulation.
Also: saying that a blockchain backend is protection against PeerTracks being taken doesnt really stack up: if that were to happen then the NOTES shares would tank, and buy-backs from music sales would stop.
It would be great for cob to clarify this for us.