Talked to someone about doing this at conference.
Doing this in general or interested in doing it for btsx/bitUSD ..etc?
Someone was going to setup a USD gateway for Stellar. I pitched them the alternative of setting up a USD gateway for BitUSD with the argument that they wouldn't be liable for IOUs and could mainly perform an arbitrage function. I also pitched that they could provide a BitstampUSD -> BitUSD service...
Lots of money for people to make out there performing these services
This is so Key I don't think people have any idea how huge it would be . BitUSD to USD will give people even more confidence in the system and making cashing out easier. I believe it will also get users used to the system and help to build faith, in that in the future they wont want that dirty old paper money.
If we get this right the DAC could be superior for employment than traditional companies. Delegates will be among the first to get a taste of these advantages.
If you work for a DAC you can basically choose your payout. You could get paid in any asset you choose. So much power that we can't imagine how that would change things.
But the key to it all is to have an IOU network with gateways and to have it all be completely under the hood. Users shouldn't have to deal with any of it. They should be able to push a redeem button from inside Bitshares X or any DAC and automagically it should handle it in the background.
So your gold should be sent to your vault. Your USD sent to your bank account. Your Overstockshares IOU used to purchase real Overstock shares and put in your account as legal stock certificates.
And there isn't really anything legally that could be done to stop it. IOU isn't a stock, a share, or an asset, so really all of the legal problems would be dealt with at the Ripple Gateway level which protects delegates and Bitshares users to the fullest.
Lots of money for people to make out there performing these services
Has anyone (like Brian) approached BitPay? While they don't offer USD>bitUSD, it seems like they'd be a perfect fit for Bitshares because merchants already using BitPay could choose to accept bitUSD... and think of the gold dealers like Euro Pacific Precious Metals using bitGLD! Such a scenario is exactly what Peter Schiff said he'd support ... a true gold-backed Bitcoin
Start with Ripple Gateways. If anyone wants to try setting up a Ripple Gateway that would be the best thing we could do for the long term future of Bitshares. Steller Gateway should be set up simultaneously so users can choose which one.
Coinkite should be approached before BitPay. Then approach Coinbase after a Ripple and Stellar Gateway are up as proof of concepts.