These charts are still in dollars. The underlying unit of account is still dollars. We don't seem to know how to measure outside it.
Discussion
Actually…..no. It’s the relationship of an ounce of gold to a 100mil satoshis.
No, both are measured in USD. You can bet that the relationship will be very different without USD.
Throw in Monero and you might understand that the predominant MoE (UoA) gets an extra bonus.
So we will need to see how gold vs Bitcoin vs Monero vs CBDC vs X? will fare against each other in the race for dominant MoE (UoA).
When you compare two different numerators against the SAME denominator (USD, Euro, bananas, guitars), the denominator cancels out. Sorry. That’s just “math”.
Don’t shoot the messenger….
I see you are already try to be smart citing mathematics. Of course it is a mathematical operation that seems to make sense.
But then we have to take reality into account. Which means arbitrage will keep the e.g. BTCXMR pair according to their uniquie BTCUSD and XMRUSD exchange rate.
There is no XMRBTC. Only the proxy vs USD pairs. Simply because the reserve UoA is what literally everything gets meassured against.
Take it away and you'll see a totally different pricing.
I guess nostr:npub1lxzaxzge0jq9u9cecucctdt5lslwgp7hcxmp2l0wn8r2ecjenwasu6svxa can explain it better than I do.
No.
You do not magically arrive at a hard money standard by dividing two USD numbers together.
This should be obvious.
In the real world you are measuring the actual movement of real things. And it matters *which* real thing you are using to measure.
In this case, we are measuring the proportional USD-denominated value of two assets.
That is what that graph measures. How many US Dollars are chasing an oz of gold relative to how many US Dollars are chasing a bitcoin.
ie, US Dollar denominated.
So if the Maxi hypothesis is correct and we are entering hyperinflation, what you're seeing is the cantillionaire effect into gold versus the cantillioner effect into Bitcoin.
How is that a hard money standard?
Its still fiat bullshit.
A data point, but a fiat data point.
So, using that logic….under our USD “Cantillionare” system that confuses value of real world things, a banana might ACTUALLY be the most valuable thing on the planet. If we weren’t measuring it in dollars. 🍌
Or maybe a fork 🍴
Since prices in USD are meaningless to compare RELATIVE values of things.
I get it 🤣
yeah
when your UoA is fiat, accurate pricing is impossible.
Holy shit dude
I see it too!