Oddbean new post about login | logout Only fiat maximalists think like this, you are projecting your own fiat mind I could literally price things in bigmacs or bottles of water if I wanted to, you are the one bringing up USD all the time and asserting that "everything" is priced in it BTC/XMR has its own rate but you just can't stand to look at it without coping, but here it is again, sans usd -76% prices in SATS, hfsp 🫂 https://i.nostr.build/DMwAsjyuVmYxwrcG.jpg
Bitcoin is 👑 of NGU in more than one way 💀 https://image.nostr.build/4cfc5cb92a64555d444309b444cbcbdeab498d0f1beb762c50f19cd3eb871fcf.jpg https://image.nostr.build/7faf094284748b0e4ce23650ed45a89797524302a2e3df456b6e30bafe0d0df3.jpg https://image.nostr.build/43c5e1c32f9047b88d9ed608603d1d6656cd2d6b6df3bae33095e31b53c56fda.jpg
I believe you must be an intelligent person, so this must be willful ignorance or something. A common unit of account is how we determine relative prices between two items. I CAN decide to price sats or anything else in big Macs or ballpoint pens if I want. It's mostly meaningless to anyone else because there's no common frame of reference. In actual fact, one bottle of water is about 0.25 BigMacs ( Depending on your geographical region, of course) But the ONLY reason that ratio is reached is because of their fundamental unit of account, the US dollar. *What the goods are priced in* You don't get away from the unit of account just because you're measuring against a different commodity. That's the unit that you're using to do the comparison with. I mean, this is like super obvious.
BREAKING –------------------------– Bitcoiners Don't Know What Unit of Account Is nostr:nevent1qqsvztyuaqt5m4xz5hgm82cl73relj4ahgj94g8c5ztmr2qsee29xuqpzdmhxue69uhhwmm59e6hg7r09ehkuef0qgsw9n8heusyq0el9f99tveg7r0rhcu9tznatuekxt764m78ymqu36crqsqqqqqp74vzfc
Remember to connect with me through SimpleX Chat using the following link: https://simplex.chat/contact#/?v=2-7&smp=smp%3A%2F%2FPtsqghzQKU83kYTlQ1VKg996dW4Cw4x_bvpKmiv8uns%3D%40smp18.simplex.im%2FD1yZe9VTHaaYgGw5orbCq5dKNRuXn67I%23%2F%3Fv%3D1-3%26dh%3DMCowBQYDK2VuAyEA8jxuVUwBtzlwikmHx9Tqpstet3raCJyvenI2ql6lWyk%253D%26srv%3Dlyqpnwbs2zqfr45jqkncwpywpbtq7jrhxnib5qddtr6npjyezuwd3nqd.onion
I’ve still not got an answer from someone to these questions so I’ll ask you, utxo: Can you tell us how many Monero can be purchased with 1 Bitcoin? Now can you tell us WHY you can buy that many Monero for that amount of Bitcoin? How do they calculate how much Bitcoin is worth in Monero?
I can buy x amount of any day because Monero holders are willing to sell x amount on any day It is calculated by supply and demand, same way all prices are determined
the exchange rate of a pair follows the *prices* of each individual asset, as measured in the dominant Unit of Account. because otherwise degens can jump into one asset flip to the other and sell for free fiat. this action forces the trading pair to follow the USD prices of the assets. All assets and all charts, we are going to mention here are USD denominated. nostr:nevent1qqsx94969d6yqlu0ngrkp7c2qcd5mmkxpk89y3wnmnf9nwyv72spn0gpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsyg8eshfsjxtusp0pwxw8xxzm2a8u8mjq047pkc2hmm5ec6kwykvmhvpsgqqqqqqs52wwe7
Incorrect, wrong, dominant unit of account is made up nonsense
show youe work or GTFO People use a *unit of account* to make value comparisons between two assets. This is econ101 shit.
Econ101 also teaches that economies collapse without inflation and MMT is the way, miss me with that fiat minded nonsense 🐸
lol cool bro you're right economies dont use a UoA Keynesians made it up lol
I use sats as my unit of account, your hard on for USD is really embarrassing
I’m not sure I’m understanding this so forgive me if I’m ignorant here, but is it not based off of their prices in fiat? Like 1 XMR = ~0.0023 BTC, and it’s exchanging at that rate because 1 XMR = ~$146 USD, which also is = ~0.0023 BTC. So you get that amount of Bitcoin /because/ that’s how much the XMR would be worth in fiat. Or is there another way to calculate it?
It's not because of the USD price. Sats trade in hundreds of currency pairs and Thousands crypto pairs and real world goods. There was a time where two pizzas = 10,000 BTC and there was no fiat price. All prices everywhere are determined by supply and demand, fiat has nothing to do with it. If they printed trillions more USD, the Monero/sats pair probably wouldn't move that much even tho the USD/sats pair would move a lot
I suppose this would be why we see arbitrage between exchange pair prices - different supplies & demands on the various platforms?
I definitely have to learn more about this all lol
Consider this hypothetical scenario, let’s say all other currencies, except for bitcoin and monero, disappear overnight. We only have bitcoin and monero left. Do you think more people will want to start using monero instead of bitcoin and thus start paying more and more bitcoin in exchange for monero? Personally, I don’t think so. Imo monero’s use case is much more niche than bitcoin. If bitcoin is the internet of money, then monero is like TOR (much lower adoption)
no. obviously incorrect. if the pair fluctuates away from the underlying UoA price about a million traders notifications go off and they jump into the cheaper asset flip to the other and sell for free fiat this is why it matters what the UoA is, because as the most salable good everyone ends up trying to get it. you aren't learning. nostr:nevent1qqsyte02494s67k633vu8pc90y69ns3ss9drfkjl6ktc2npwgqgdv2spr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqp66pqqd
I see now why this guy avoids discussions and just posts memes obviously the exchange pair would move if the new USD went into either BTC or XMR... SMH nostr:nevent1qqs9zyrms66jaxx4gucgg9wu994dtrev6zncml6txr5eeqew6y7txvgpzdmhxue69uhhwmm59e6hg7r09ehkuef0qgsw9n8heusyq0el9f99tveg7r0rhcu9tznatuekxt764m78ymqu36crqsqqqqqp6j9dxt
even otherwise intelligent people who build cool things, can be mistaken on the simplest, most basic ideas. nostr:nevent1qqsvztyuaqt5m4xz5hgm82cl73relj4ahgj94g8c5ztmr2qsee29xuqpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsyg8zenmu7gzq8ulj5jj4kv50ph3muwz43f747vmr9ld2alrjdswgavpsgqqqqqqspax5u3
don't feel bad bro nostr:nprofile1qqsw9n8heusyq0el9f99tveg7r0rhcu9tznatuekxt764m78ymqu36cpzdmhxue69uhhwmm59e6hg7r09ehkuef0qy2hwumn8ghj7enjv4h8xtn4w3ux7tn0dejj7qg4waehxw309aex2mrp0yh82arcduhx7mn99ueat4s3 doesn't know what UoA is either nostr:nevent1qqsvztyuaqt5m4xz5hgm82cl73relj4ahgj94g8c5ztmr2qsee29xuqpzdmhxue69uhhwmm59e6hg7r09ehkuef0qgsw9n8heusyq0el9f99tveg7r0rhcu9tznatuekxt764m78ymqu36crqsqqqqqp74vzfc
no, you unfortunately just keep proving the #Bitcoin maxi point. And utxo made a similar point to mine. I guess some people just don't want to be helped, and you're on that list
uh huh tell yourself whatever you need to get through the day I guess otherwise, show your fucking work. anyone can talk shit. doing division in your head doesn't change the unit of account. you're dividing by USD *denominated* prices for gods sake. are you retarded?
But you're only doing this because everyone in the world is forced to be using USD. If the free market took over, we would be doing this division with #Bitcoin Do you get that simple fact, or are you retarded?
I never said anything about that. Sure you might be right. That would be a better world with MUCH more accurate pricing. You can't price accurately on a fiat UoA. Which is the point on the conversion and something bitcoin maxis agree with, except when fiat charts confirm their perspective on the inevitability of Bitcoin. *Those* charts are an extremely correct hard money measurement 🙄
no, you unfortunately just keep proving the #Bitcoin maxi point. And utxo made a similar point to mine. I guess some people just don't want to be helped, and you're on that list
uh huh tell yourself whatever you need to get through the day I guess otherwise, show your fucking work. anyone can talk shit. doing division in your head doesn't change the unit of account. you're dividing by USD *denominated* prices for gods sake. are you retarded?
But you're only doing this because everyone in the world is forced to be using USD. If the free market took over, we would be doing this division with #Bitcoin Do you get that simple fact, or are you retarded?
I never said anything about that. Sure you might be right. That would be a better world with MUCH more accurate pricing. You can't price accurately on a fiat UoA. Which is the point on the conversion and something bitcoin maxis agree with, except when fiat charts confirm their perspective on the inevitability of Bitcoin. *Those* charts are an extremely correct hard money measurement 🙄
You keep saying it but fail to understand the price of sats comes from the same place the price of USD comes from. You fail to see that USD itself has a price, relative to any other good. 1 USD = 0.5 bottles of water, 1.35 CAD, 6400 sats, whatever you want It's all supply and demand, USD is not special Anyway if you don't get it or don't understand, I'm too busy to explain it to you, sorry
well for one the main thing that makes the USD different is that it is the *most saleable good*. accepted practically anywhere. that is another of the primary characteristics that makes it "money" and bottles of water are not because they are only salable based in their utility that is why prices are *accounted* in USD. and not something else. so while i see your point it doesn't really express the reality of the situation people *account* in USD *units* because it is universally saleable. that is just how the world is not saying it *should* be this way but its a fact.
To elaborate on this point I would like to refer the reader to Ludwig von Mises "Theory of Money and Credit" pg 48, Money as a Price Index "Nowadays exchange is usually carried on by means of money, and since every commodity has therefore a price expressible in money, the exchange- value of every commodity can be expressed in terms of money. This possibility enabled money to become a medium for expressing values when the growing elaboration of the scale of values which resulted from the development of exchange necessitated a revision of the technique of valuation. That is to say, opportunities for exchanging induce the individual to rearrange his scales of values. A person in whose scale of values the commodity 'a cask of wine' comes after the commodity 'a sack of oats' will reverse their order if he can exchange a cask of wine in the market for a commodity that he values more highly than a sack of oats. The position of commodities in the value-scales of individuals is no longer determined solely by their own subjective use-value, but also by the subjective use-value of the commodities that can be obtained in exchange for them, whenever the latter stand higher than the former in the estimation of the individual. Therefore, if he is to obtain the maximum utility from his resources, the individual must familiarize himself with all the prices in the market. For this, however, he needs some help in finding his way among the confusing multiplicity of the exchange-ratios. Money, the common medium of exchange, which can be exchanged for every commodity and with which every commodity can be procured, is pre-eminently suitable for this. It would be absolutely impossible for the individual, even if he were a complete expert in commercial matters, to follow every change of market conditions and make the corresponding alterations in his scale of use- and exchange-values, unless he chose some common denominator to which he could reduce each exchange- ratio. Because the market enables any commodity to be turned into money and money into any commodity, objective exchange-value is expressed in terms of money. Thus money becomes a price- index, in Menger's phrase."
Its crops up in surprising ways with people who should know better smdh nostr:nevent1qqsw4egqv0xp79k5xsc3fz4vh6dqrttckjh2dn5mfgfmryu4gcc6unspz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsyg8zenmu7gzq8ulj5jj4kv50ph3muwz43f747vmr9ld2alrjdswgavpsgqqqqqqslwae8s
I'll just stick with I don't get it and don't understand and wouldn't get the explanation if someone took the time to give me one and skip the holier than thou cuntchutery boards.
doesn't seem like it should be THAT hard to understand. its like "the fish doesn't see the water" and some people dont care to think about it.
