When you dismiss xmr/btc ratio, because it "goes through usd" or however you say it, makes less clear your point since it's mathematically false (as in there's no usd in the equation)
Discussion
usually I say
XMR/USD
divided by
BTC/USD
is clearly USD denominated.
even though in mathematics the denominators cancel out.
because the point is that IRL the UNITS that you are comparing the ratio of, are USD.
we don't arrive at hard money by doing the division of two fiat numbers.
on some exchanges there are straight altcoin pairs ETH/DOGE or whatever
and USD doesn't enter into it at all
But *even then*
if the price deviates from ETH/USD÷DOGE/USD ratio
a million bots jump in and force it back toward a USD standard.
because its an arbitrage opportunity and USD is the most liquid asset (ie money).
which is why its so important Bitcoiners realize the depth of the problem.
Very well said. Have seen endless back and forths previously where this point wasn't laid out so well, and reps were wasted in discourse.
USD most salable asset not changing anytime soon, such are network effects/UoAs I guess. Not sure even sensical not to embrace it as the best complete linearly ordered expression of universal preference. At least for time being.
That said, yes "fiat speculation" helps BTC price more than xmr... not even sure I could make the argument, but sense there's some truth to it