Hello I have read this yesterday, sounds interesting.
As per the meeting, the biggest concern is that one FAQ posting:
Can we still trade directly for US Dollars?
Yes, but this may be discontinued in 2019.
During the meeting, this was dismissed as not going to be a thing (meaning USD exchange will still be available).
That really did make me reconsider things, since while I understand things are in an early stage, having to negotiate with blockchain exchanges would be a nightmare I do not want to think about. Not to mention, the fact that I don’t commonly check the blogs means this could have slipped on by with very little noticing for such a major change and perhaps decider for many creators.
In the event of where USD cashouts are somehow no longer available, here is what I highly recommend: find an ETH exchange partner who is willing to help meet USD exchanges in such a way that no one has to worry about ETH. If it can have the same integration as Digital Ocean’s cloud domains, where I can hit a button and spin up a server, to where I can go to whatever page and say I want to sell 10000 HFC, that I get around $100 (due to exchange rates and processing fees, which I totally get).
Having a partnership like that could mean being able to do faster negotiations with HFC to ETH, where the partnered exchange can move forward with the exchange while the HFC to ETH process is underway. Not to mention, this means if said partnership offers other currencies, this could allow more direct exchanges without having to get knee deep in blockchain mumble jumbo. This also means if a user wishes to exchange directly for ETH and manage it themselves, they still can, since you aren’t changing any infrastructure.
I’m not saying abandon what you have now, but at the same time, considering that the blog is a more public front in regards to the happening and now of High Fidelity, an FAQ post like that can scare a lot of people away, especially people who are creative but do not want to deal with blockchain works.
There are laws regarding exchanges. If you go to any of the blockchain exchanges you have to prove your identity. Proof of residency and photo ID. They’re currently getting around this because They currently not selling their own currency for USD. I believe they’re going in this direction because if they exchange it for another cryptocurrency outside their system they will not have to deal with storing users information and the potential for that to be either stolen or misused. Which could cause a company the size of High Fidelity a lot of grief and legal liability.
That’s why I state that if they KNOW a majority of their users are going to be wanting to deal with USD exchange, then find someone who is ready for it and do whatever can be done to help ease the transition as an offered service. If I am going to focus on content creation (an intended plan with a few ideas brewing and on standby), I am going to need to pay my bills, which currently HFC is not accepted, and neither is ETH. I still have my BTC and DOGE wallets, but I can’t think of any person I’ve worked with who is willing to dive into that rabbit hole.
Have you looked into coinbase as a intermediary. You can turn the aetherium into USD and have it paid out into your PayPal account or bank account. The unfortunate part about it is the transfer costs. I’m amazed High Fidelity didn’t get an account with them. Transfers would have been instantaneous and the cost of transferring would have been very low from account to account.
Presumably before turning off the exchange to USD they will connect HFC onto an exchange where it can be traded for a USD stable coin. That’s not much different that signing up with a paypal account and would be a totally viable way of running the money system.