It's interesting both of you seem to think it's possible to cash out of crypto via bitEUR. Which platform do you log into?
On wallet.bitshares.org the daily traded volume is 5bitEUR on the bts market and non existent on the other markets.
And the rate for buying bts with bitEUR is actually pretty bad. So borrowing bitEUR instead of bitUSD would be a pretty bad gamble since it's also hard to sell them back at a good rate if the bts price would rise.
And on openledger it's pretty similar, no market for obits/bitEUR for example. Where can you sell 1000bitEUR? ( I would actually love to do it)
So if someone is creating bitEUR right now, they would be taking a risk without anywhere to get a possible gain, right?
So I agree with what you're saying if it would apply to bitUSD, but hardly to bitEUR at the moment.
The only bitEUR market that has any liquidity right now is bitUSD to bitEUR, and that can hardly be called 'cashing out of crypto.'
Oh yes, I'm sorry. I actually completely agree with you. The BitEUR is currently even less liquid than the BitUSD was even at inception years ago.
What would be interesting is figuring out why the european exchanges don't offer it to their customers. If I owned (or had inside connections to) say BitStamp, I would create a bunch of BitEUR, then would have it listed on it as a Tether for the Euro zone customers.
Chicken or Egg problem I guess. They don't add it because there's no liquidity, but there won't be any liquidity if they don't add it.
Thing is they could hugely profit from add it, since they could buy it back with less BTS than they locked up in the first place.
BitShares needs to market this!
:P
Even better, people could use BitShares MPAs for P2P exchange like localbitcoins except without the volatility. That would take a lot of the confusion and friction out of the exchange. Each trader could just offer a fixed percentage fee known in advance without anyone having to worry about price variance while arrangements were being made.