sigh
imma say it again
THERE ARE NO BITCOIN DENOMINATED CHARTS nostr:note1ty0wpgmhrls3gdr5kv07tnglumc4uwjl6s9ysakfkhqq006tdweq3rqz2s
Discussion
Ouch
that is a graph of the function
(XMR/USD)÷(BTC/USD)
obviously USD denominated
because *thats what prices are*
It doesn't matter. There are actual trades directly between xmr and btc, with no USD in the middle
XMR is a stablecoin via its use in darkweb markets and vendors fiat-bound prices - the inverse curve is very much the same shape as the USDBTC pair (the inversion of the one that's around 100k right now, some number like 0.000001 in other words
Yeah my furtive foray into darkweb markets showed xmr being used. I was only there to see what's going on.
all those trades follow the relative USD price of each asset.
if they deviate from that ratio (and they do sometimes) a million bots jump into the arbitrage opportunity for free fiat.
and push the price back towards the equation above.
that's what USD being the Unit of Account and "most saleable asset" means.
That's irrelevant. Millions of bots do that to every conceivable trading pair. They exploit differences in the pairs offered on different exchanges, not anything fundamental to assets
correct
market actions always push the trading pair back toward the relative UoA denominated prices.
(X/USD)÷(Y/USD)
fiat denominated.
i almost took a commission to build an arbitrage bot like you describe... it's not difficult to do given an adequate decision of the conditions for execution and the sizing parameters
Interesting. I never realized how stable the BTC/XMR ratio seems to be for a long time, meaning that today an X amount of XMR buys you the same amount of BTC (and vice versa) as it did since 2016 if you neglect the peaks between 2016-2019.
shhhh
they think that increased speculation by fiat maxis in 2017 was a good thing.
and they never post the whole chart 🙄
Yes I know. Always cherry picking. There was a tweet here recently from a guy who posted a photo of a gold bar and said how much more profit one could have made if he had bought bitcoin instead of the gold bar at this specific point in time. I then just for fun looked at how much more this person could have made if he had gone into DOGE and it turned out that it would have been a 3x more or so than what he could have made with bitcoin if he held DOGE until today 😂 I must admit that even I was very surprised
I posted the whole chart. Maybe tradingview doesn't have data far enough back, but I selected "all time" or whatever it was at the bottom
probably just a interface thing.
I'm just saying increased speculation around 2017 doesnt mean the value of monero has decreased since that date.
it just means that for a brief moment
shitcoin speculators thought they could make fiat by pumping it.