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Kanzan | 2 months ago (raw) | root | parent | reply | flag 
 it's true that DEXs are where BTC is going to become a UoA first. in exactly the way you suggest 👍
and other p2p markets denominated in BTC will help

but CEXs are still mostly the way I describe it. and your bid/ask etc still basically follows the USD price of the other asset.
in almost ALL cases.
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AbstractEquilibrium | 2 months ago (raw) | root | parent | reply | flag 
 I highly doubt CEXs do those unnecessary conversions, when the order book already has the data they need to execute teades.  Simply a bunch of offers and a bunch of takers, with different sizes and different price points, neither side having any interest in USD here, constantly matching their order lots between eg BTC & XMR or whatever..

Even shitty engineers would need to put in legitimate effort to be that wastefu & it presents a big risk of slippage if the conversions aren't 100% realtime.  (It's certainly not impossible)
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Kanzan | 2 months ago (raw) | root | parent | reply | flag 
 no you're right, they don't.
I was oversimplifing.
You're being specific and I appreciate that.

but however you slice it,
the order book is following the USD price of the asset 99.9999% of the time.

so while I acknowledge there's nuance,
the charts are de facto USD denominated.