Oddbean new post about login | logout That's silly. Euros, gold and whisky can be denominators just as easily. There's nothing special about the USD except the size of the govt that prints it.
you are welcome to do whatever you like. but the fact is, the world denominates things in USD. just a fact. sorry not sorry.
It was gold until 1971. It may be something else next year. BRICS countries already moving off USD standard, and they're like a third of the global economy.
BRICS countries have fuckwit governments that make the US govt look like choir boys.
Facts.
What's your "the best"? USD is certainly most popular.
That's what Unit of Account is. The one that's so popular all goods are priced in it.
Bro, any accounting package will let you choose any fiat denominator you like. The good ones will let you choose any commodity as well.
Episode 3 of "Bitcoiners Not Knowing What A Unit of Account is!!" ------------------------------------------ nostr:nevent1qqsxdnxshlp7j7qx8dsq72t0e00j7ykla3ua5atypfuu23ddx6a547gpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs2j6345gjyq2uqwhzd5g8sgaufdt7vxw2md7kk8cc2vj9gyg4x56grqsqqqqqp4a7fhh
https://en.wikipedia.org/wiki/Unit_of_account You'll find Bitcoiners far more knowledgable than typical normies on this one.
That isn't what a Unit of Account is dude.
Bro, you need to school
I'd be happy to see other units of account in niche circles. Hey maybe I'll participate in said niche circles even. They just might catch on. But there aren't any.
I love buying things in BTC or XMR. prices may still be denominated in USD originally but it's a good first step. as communities become more self-reliant and not needing to interact with fiat as much, they can start to price goods purely in what they themselves value.
Here in Australia, publications always use AUD. In Britain its the pound. BTC or gold would be my choice. Maybe XMR if the context is DNMs.
While it's true that you can have local units of account they all come back to the USD. sorry Australia. We can certainly argue that exceptions are made for countries that do not participate in the United States dollar homogeny. You mentioned BRICS. I think there are some nuances there, but basically you're right.
I might trade weed for propane, and the exchange rate might be geographically different, but generally speaking the rate is always track with the USD fiat denomination of each asset. USD denominated because that's the Units most things are Accounted for in. Any time the unit pair deviates from the underlying UOA values, it's an opportunity for a trader to step in and make free fiat. If weed is cheap versus propane, I can buy weed, flip it to propane, and sell it for free fiat. This action *forces* the trading pair to tend towards the underlying fiat UOA values. Basic economics.
That's actually quite incorrect. Basic economics. Read up on "Purchasing Power Parity", and then throw AML/CTF and sanctions into the mix.
bye
Wikipedia fixes this!
show your work or GTFO
Its framed on the wall of my office
The euro yen and usd are all backed by each other; but substations are still a principal. Even if it were walnuts to btc the transactability is still there