How is the exchange rate between gold and btc made without usd?
Discussion
people trade btc and gold p2p
the most liquid markets are in usd
people trade btc and xmr p2p
the most liquid markets are in usd
But the p2p are still trading the known usd value of btc for the known usd value of xmr even if they never touch it
how else would the trade get determined?
Only under duress or immediate utility value does a trade take place outside of a usd valuation under it in my mind