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Hanshan 1y ago

The USD Denominates Everything

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Because apparently it needs to be said,

the only reason you can make the conversion BTC->XMR

or to whatever

is because you have an underlying UoA denomination to compare them with.

its the US dollar.

it denominates everything.

you are comparing

two USD denominated prices.

the price of one thing.

as measured in USD.

against.

the price of another thing.

as measured in USD.

A comparison of the relative FIAT value of two things,

that is what a price graph is.

As long as the UoA is the US dollar.

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Discussion

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Low Information Voter 1y ago

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.

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Hanshan 1y ago

you are welcome to do whatever you like.

but the fact is,

the world denominates things in USD.

just a fact.

sorry not sorry.

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Low Information Voter 1y ago

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.

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frphank 1y ago

BRICS countries have fuckwit governments that make the US govt look like choir boys.

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Low Information Voter 1y ago

Facts.

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frphank 1y ago

What's your "the best"? USD is certainly most popular.

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Hanshan 1y ago

That's what Unit of Account is.

The one that's so popular all goods are priced in it.

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frphank 1y ago

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.

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Hanshan 1y ago

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.

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frphank 1y ago

> prices may still be denominated in USD

#btcfail

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Low Information Voter 1y ago

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.

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frphank 1y ago

Can you show me some prices you're quoting in BTC or gold or XMR.

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4rge/michina 1y ago

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

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4 1y ago

I’m 100% a layman on this topic, but this makes sense to me. Probably why I’ve seen people say 1BTC = 1BTC and same could be said 1XMR = 1XMR if it’s just viewed as money.

For the other side of the argument, it’s very difficult for me to wrap my head around how someone could say something is more valuable just because the fiat (USD) price of it is more. The entire point is that the fiat system is literally shit. Plus even though the price of Bitcoin could be going up in USD, while that’s happening the dollar is getting weakened. So like … my brain just does twirls trying to grasp it