it isn't correct that its only a semantic difference.
prices only fall from your perspective because USD (the *actual* UoA) is piling into bitcoin faster than inflation and the other forces that devalue it.
it matters because that's what "the price" is measured in, which is the definition of UoA. doing some division in your head doesn't change that.
the objective of course is to have things measured in BTC. but measuring in BTC has no meaning as long as BTC itself is measured in USD.
because as long as prices are measured in USD,
when it comes down to it
you are still measuring in USD.
even if you convert to the relative value in sats.
it matters because people who don't know any better will try to argue that this is a BTC denominated chart.
It isn't.
Its a chart of the relative USD-denominated price.
UoA is sneaky and has to be pulled out by the roots.
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Thank you. This definition confirms what I was getting at by calling it "semantics"
It doesn't matter to me what the UOA is. It can be USD or gold or seashells. If my purchasing power continues to rise by holding what I value, that is all that matters to me.
Is there an argument for why it is important to have the actual UOA be Bitcoin (or USD whatever)? Isn't this just a sort of collective agreement to simplify international commerce?
It matters because you have a stable yardstick by which to measure other things.
When your UOA can be arbitrarily created, what does it mean to price something in it?
Prices do fall with a stable currency though, due to ever lowering costs of production.
What's a "stable currency" if the underlying UOA is fiat without a consistent monetary policy?
Maybe I don't understand the point you're making.
A currency that doesn't inflate. The cost of goods (NOT nominal cost) goes down but is not reflected properly in the inflating currency. It IS reflected in a non-inflating currency, all things being equal (which they aren't though)
OK I think I see the clarification you are making.
doesnt having the non-inflating currency denominated in an inflating one make things EXTREMELY "not equal"?
by which I mean accurate pricing of everything (including the non-inflating currency) becomes difficult if not impossible.
which is why I'm making a case that a non-inflating currency should be UOA.
and that its important for bitcoiners to recognize that pricing is all kinds of fucked.
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