once again
THERE ARE NO BTC DENOMINATED CHARTS
Discussion
??? I am not following ??? There are bitcoin denominated charts. Are you making the point that the iPhones might not have been for sale in bitcoin?
this graph is the function
(iPhone)÷(BTC/USD)
as the USD price of Bitcoin increases the graph goes down.
All supposed Bitcoin-denominated charts are just graphs of the relative USD value of two commodities.
They are fiat denominated because that's what prices are.
Yeah, now I understand, but I don't see it that way. The usd measures the supply and demand for a commodity this is why prices change. So does bitcoin or anything in that matter, it doesn't have to be converted into dollars.
It isn't a matter of perspective.
Here you are just measuring *relative USD-denominated value*
Obviously a fiat measurement.
Because it all comes back to US dollars and how many US dollars are chasing a particular commodity.
It isn't "converted into US dollars." It's ALREADY US dollars. And you're converting it into Bitcoin terms and pretending like its those.
More US dollars start chasing BTC faster than US dollars start chasing iPhones and its price goes down relative to Bitcoin. It's that simple.
Clearly USD denominated. It's amazing we even have to have this conversation.
I guess with this type of thinking bitcoin will never be a currency.
Why should that be true?
The point is that as long as the UoA is USD, all prices are fiat denominated in the eend
Telling yourself, "this is BTC-denominated" just glosses over the fact that it's actually BTC-price denominated. Which of course is a USD price.
What we're after is a stable UOA that actually can be used to measure. Until we have that, no prices actually accurately measure the value of a commodity
only in an arbitrary fiat way.
I understand the need of stability in an UoA. Many of us grew up with usd, many companies set their prices in usd, it is easy for many to imagine the true labor cost/asset price in usd.
I guess when the usd goes the way of the German Weimar Republic, then it will be more practical to measure in btc? 