Oddbean new post about | logout
 bitcoin maxis

love fiat charts
dont understand what "cherry picking" is
nostr:nevent1qqsdpurewyshp42nejqnc0hh9wf64r2f3gad7xnz63zj3xc24p0634cpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgspdudqzqx5ellme3prp68qus5se3vynsddcexkv5la5p7qxxcswjcrqsqqqqqp3ggnep 
 1. Not a fiat chart. It's a Bitcoin chart. 
2. You cherry picked, not me. 
3. HFSP, crumbling beneath your own hubris  
 lol
you and Guy advertising your ignorance

that chart is a graphic the function
(XMR/USD)/(BTC/USD) 
which is obviously FIAT DENOMINATED.

Im sorry you don't understand what words mean. 
 *graph of the function 
 No. It's not... It's One char for XMR to BTC. There is no USD involved.  
 bro
stop

you're embarrassing yourself 
 Projecting  
 you got anything substantive to say?
or just HFSP, "projecting" and denying obvious facts 
 You have stated no facts.  
 the chart you shared is 

(XMR/USD)/(BTC/USD) 
which is USD denominated by definition.

Im sorry you don't understand what words mean. 
 for real man
as long as USD is the Unit of Account
*ahem*
THERE ARE NO BITCOIN DENOMINATED CHARTS

you are measuring relative fiat speculation on commodities
and talking trash about it.

pretty sad state of affairs for a so-called "bitcoiner" 
 jfc
"hardest money ever, everything over 21m, money is a zero sum game"

can't read a price chart.
and thats a *standard* misunderstanding

THERE ARE NO BITCOIN DENOMINATED CHARTS

nostr:nevent1qqsyzez3rlspzp89ljqzmq46ra8f5dlz04et6fcagawc0yp9plqvkwcpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyqt0rgqsp4x0l77vggcw3c8y9yxvtpyurtwxf4n98ldq0sp3kyr5kqcyqqqqqqgjwhsth 
 That is a Bitcoin denominated chart. You are just retarded.  
 omg dude
I'm sorry 
 i literally showed my work dude

are you saying the chart you shared is NOT the graph of (BTC/USD)/(XMR/USD)?

cause I'd love to know how I'm wrong. 
 or maybe you're saying the function:
(XMR/USD)/(BTC/USD) 

ISN'T USD denominated?

i mean
its stupid thing to say,
but maybe you can't math. 
 No. It's BTC/XMR . How are you not getting this .. 
 as measured in what?

come on, you'll get there son. don't stop now. 
 I know this may be hard for a shitcoiner to understand, but you can measure things in Bitcoin.  
 i know critical thinking isnt a maxi strong point,
but the hard truth is that:

as long as the unit of account is USD,
there are no BTC denominated charts. 
 1BTC is 1BTC. 1XMR is 1XMR. You can measure them against each other. USD does not HAVE to be the unit of account simply because it's the largest currency. That is such a stupid supposition. You can use BTC or XMR as the unit of account. The fact that you can't grasp that really speaks volumes.  
 none of these charts are using BTC or XMR as unit of account.
none of them.

nobody does. until these things are used as MoE and prices are denominated in BTC that isn't a thing.

when homeboy says he denominates large purchases in BTC, it means he sees a house price and says "thats 10 BTC."
iow, it comes back to USD
until the house is priced, marketed and sold for BTC.

so no,
you are wrong. and it matters.

THERE ARE NO BITCOIN DENOMINATED CHARTS 
 If you put BTC as the denominator, it's the unit of account... You don't understand basic comparisons man.  
 THE POINT IS THAT "BTC" IS THE FIAT USD DENOMINATED VALUE OF "BTC"

prove me wrong.

 
 If you put USD as the denominator... The chart does not involve USD. Only XMR and BTC.  
 Your argument is we don't know the value of anything and we can't measure it.  
 getting closer...

my argument is that we measure relative value with the dominant UoA.
which is USD.

that stuff you shit on 90% of the time but want to wave in XMR bros face when it suits you. 
 It always suits me. I don't measure value in USD. I measure in BTC. You should try it.  
 you are welcome to do whatever you like.

your chart however, is denominated in USD. 
 No... It's not but ok.  
 as homeboy is pointing out on the other thread there is nuance,
because an exchanges order book doesnt *necessarily* follow the USD price

but since it does in fact follow the USD price
like absolutely always,
(because if they DONT follow USD price its an opportunity for traders and they jump in until it swings back)

Exchange charts are de facto USD denominated. 
 Guy thinks you can't denominate in BTC because USD is bigger mCap. Makes sense why he shitcoins. And I'M the one that can't think critically... 
nostr:nevent1qqsfqw8l8vyp5e7utgwas7h7ckft4r5s9vp6h9rutcaglsqxpmtfkacpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyruct5cfr97gqhshr8rnrpd4wn7raeq86lqmv9taa6vudt8ztxdmkqcyqqqqqqg0ux6xy 
 nobody said that.
like ever.
not even remotely.

i guess its understandable that

lacking any actual logical response,

you've gone for the "misinterpreted strawman quoted to my own followers" method of argumentation.

weak. 
 "there are no BTC denominated charts" 

You just said that. It's right there man. Get a grip.  
 Just to be clear

If it ain't in the chart, it doesn't exist; your words don't really add anything useful to the chart.  You made the USD bit up from nowhere, but you put it in 2 places where they cancel out 😅  Folks don't usually look at a BTC-EUR chart and think "ahh yes right, USD denominated! Let me just make this math a bit more difficult for myself..."  🤣 
 they do not "cancel out" dude
i think you failed algebra

that chart is a graph of the relative USD price.
iow, it is USD denominated. 
 (1/10) / (1/10) = 1 
(1/9) / (1/9) = 1
(1/8) / (1/8) = 1
(1/USD) / (1/USD) = 1

I see a chart denominated in dragons.

(XMR/Dragons) / (BTC/Dragons) = (XMR) / (BTC) 😉 
 nostr:nevent1qqsq25x79a0qe7de54ma54pfvkj2nxn53gwtchyd3wlxc9zml7jlvyqpzpmhxue69uhkummnw3ezumt0d5hsyg8jvcn2jsvfh9z6puq5dvtvf79xemf3kdvcfppnld3sd7xkampkvypsgqqqqqqsuccv4y 
 Okay, point taken.
But your unit of account is still the USD. Exactly what do you think you're measuring these things in anyway?

iow, they are USD denominated.
You are comparing relative fiat "value." 
 Dragons.

"Do you understand words?"  🙃 
 Really though, I measure big things (house, car, wedding ring) in BTC & smaller stuff in fiat, but there's no good reason for me to measure XMR in fiat.  Hell, the reasons I used to measure BTC in fiat are dwindlimg with time. 😉 
 you are welcome to measure with whatever you like.

these charts however,
are measuring in USD. 
 Welp when it comes to math & algebra:  I simplify all the way.

I end up with a BTC denominator, even though I still sometimes measure things in dragons, no one needs to care (except I guess, USD maxis like yourself)  😅 
 the point is that BTC denominator is actually (BTC/USD)

and the only reason I harp on this is because maxis trash fiat as an arbitrary UoA 90% of the time,
then whip out a USD denominated chart when it suits them.

the intellectual dishonesty bothers me. 
 The denominator **is** arbitrary, because they always cancel out.  

It's amusing you're harping on this **necessity** for USD to be in the conversation, when there's provably no logical need for it!  (see the above algebraic proof, and the fucked up state of the global economy, "denominated in dollars") .

Look, you can't just arbitrarily put USD into the chart (in your head) & then complain when folks tell you you're being arbitrarily & stubbornly horny for fiat. 
 while you are correct that algebraically it cancels out,
the reason I make the argument this way is because the chart is ALREADY usd denominated.

the BTC value is (BTC/USD)
the XMR value is (XMR/USD)

you are still using fiat equivalence to measure them against each other.

while you are correct, you could use anything
exchange charts use USD. 
 exchange PAIRS are literally order books with two assets.  Why would XMRBTC traders, for no reason, calculate the XMRUSD price, then calculate the BTCUSD price, then divide the two?  The order book has a bid/ask/LAST price right there!

Bisq is a p2p bitcoin exchange that uses atomic swaps between cryptocurrencies.  It doesn't just randomly inject USD bullshit into each trade! 
 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. 
 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) 
 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. 
 nostr:nevent1qqsfqw8l8vyp5e7utgwas7h7ckft4r5s9vp6h9rutcaglsqxpmtfkacpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0npwnpyvheqz7zuvuwvv9k460c0hyqlturds40hhfn34vufvehwcrqsqqqqqp29ghd4 
 and frankly man
you're still measuring in USD when you translate the price (in USD) of a house or car into bitcoin.

still fiat denominated.

this continues until it is an actual UoA and MoE. that is to say, that prices are set in BTC. 
 I've been measuring RE, used cars, my salary, these days groceries too in bitcoin for years.  

You're welcome to wait your turn to switch denominators for that (again arbitrary) time in your head when it makes sense to switch, but it's a major life hack you're waiting to take advantage of.

Patience is a virtue 
 omg I can't

literally just "but it says BTC in the chart"

nostr:nevent1qqsy20wurumduzatnsxepnnlz0ygazss9g689hz2p9078gfse9n057gpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0ye3x49qcnw295rcpg6ckcnu2dnknrv6esjzr87mrqmuddmkrvcgrqsqqqqqpae0pfn 
 also shame on you for responding this way to a note basically saying
"look people are still pursuing privacy after the Samourai arrest"

don't be so threatened.

 
 I am not the one threatened... You're projecting again.