You’re right, the value is derived from the fact that it is food, however the price value is able applied to the goods because of the standard unit (1 = 1).

I believe the point has been blurred because of the examples being used to explain it. The initial comment and focus of the discussion was about the value of one asset comparative to another (finance tickers, XMR/BTC), in which case they cannot have value without being denominated in a standardized UoA like fiat.

In terms of purchasing goods, I fully agree with you that it is subjective and more people should use Bitcoin as their preferred currency in circular economies. We are just not there yet.

This is a “So you hate waffles?” strawman reply dude. Nowhere in my post did I say that or anything close.

I said their current value is derived from fiat, and at this moment in time it has to be linked back to that valuation because there’s been no alternative standard determined by society. Once society understands what WE understand (the value of Bitcoin) then things can be priced and compared appropriately because it will reach UoA status.

#Bitcoin #asknostr #economics nostr:note18ne0c06gypfvh3l3y2u7vuaptxl9rv4meclv0jh7zp0em53kykpqhyg7g5

Would love to get some external opinions on this. If anyone is able to help provide insight towards the point nostr:npub1zmc6qyqdfnllhnzzxr5wpepfpnzcf8q6m3jdveflmgruqvd3qa9sjv7f60 is making regarding price comparisons, I would love to hear your thoughts.

Obviously the goal is to have Bitcoin be used as a currency system, through local and global economies, but until then, am I not correct in saying that prices will always trace back to fiat until there’s “intrinsic” value in Bitcoin determined by society? nostr:note1jwwxpqezwmg3rrkrhaztwrjmkvnav7kadwjvwtnf86dxkg2h4z7s670t3c

I do understand your train of thought, however two things to point out:

1. I did not once mention USD, I said fiat which is any central currency.

2. Using items that merchants have for sale as the comparison point does not work, because those items are only worth that value in Bitcoin/Monero because they are priced relative to fiat. An example using CAD: Eggs cost $4 a dozen. In Bitcoin the eggs would cost me 0.000047, not because the eggs are actually worth 4700 sats, but because that’s the current conversion from local fiat. The value of the eggs can only be denominated in Bitcoin if Bitcoin is actually the UoA, and thus valuable to the merchant (legal tender, circular economy, etc). If X sats = 1 UoA then it makes sense, but in order to value things in Bitcoin, at this moment in time is HAS to be compared relative to a currency or different form of value, like fiat or gold. You cannot determine the trading price between two currencies or assets using something like eggs, because the value of 1 sat or 1 Bitcoin has not been set at a specific level of understood value, and is calculated by comparison to fiat. In a future where 1 sat is the standard unit of account (ex if those $4 eggs now cost 4 sats), then we could use it as a UoA because there would be a decided amount considered to be the lowest valuable or available(1 cent in fiat). Until then, everything has to be linked back to fiat. This includes financial tickers, so when you look at XMR/BTC, the Monero is only worth what it’s worth in Bitcoin /because/ of the fiat conversion.

I genuinely don’t think you are getting the point here.

Please explain to us then: How do you determine what amount of Monero trades for what amount of Bitcoin? Where does the price basis come from?

You cannot just reply “Bitcoin is the denominator”. Conversion requires mathematics, so please explain with the equation that determines the value and how it’s done.

Hey Slim, I’m a huge Bitcoin supporter and believe that it should be our UoA, but Han is actually correct in what he’s saying. What’s being overlooked is that in charts that have a BTC denominator, the calculation is being made by comparing their relative value in fiat. So if you have ETH/BTC for example, there’s no direct way to determine the value between them without first determining their value in fiat. The value of the pair is calculated by finding the difference between their equivalent fiat value. Hope this elucidates the point a bit better.

Hahahah hey no complaints here! Great pair, I’ll never say no to a good flaunt lmao. 😝😂💜

Thank you!! 🤠💜

nostr:npub1el3mgvtdjpfntdkwq446pmprpdv85v6rs85zh7dq9gvy7tgx37xs2kl27r I just got back on Nostr and your pfp is just titties now, what in the hell did I miss? 😂

First time in a while, GM #Nostr 🤠

Huge if true, also would.

I may be a little stupid, what’s the joke here? Cathie Wood (?) is some old lady, who’s this?

Wow these Damus updates are quite nice. I can literally FEEL the app is snappier. The new comment layout is quite nice as well.

Damus on iOS! Have tried some other clients too but come back to Damus usually, feels the most intuitive to use and is quite fast & smooth. Some other clients like Nostrudel & Amethyst have great features or UI that Damus doesn’t have but it’s usability and convenience of use for me are unbeatable atm.

Thank you new friend 💜🤠🫂

God I’ve missed Nostr the past month. Glad to be back.

Thanks Vanessa! 🤠

Now the question is how do I re-add the test flight version of nostr:npub18m76awca3y37hkvuneavuw6pjj4525fw90necxmadrvjg0sdy6qsngq955 to my phone? 🤔

#asknostr #damus

I live! I’m here!

Busy life, but making the best of it. Can’t wait to be finished my upgrading so I can move into electrical work. Biology has been cool to learn. Physics is a pain.

Hope everyone here has been good! I’ll probably be back on more now that I’ve re-accessed my account.

I definitely didn’t spend a month off Nostr when my Damus purple ran out because I was too lazy to grab my nsec from storage, what are you talking about?

#grownostr #plebchain #sortof

Wait, sorry, second best only to rally racing. nostr:note1feuw9ra07jlk83v7cnvjjdaexdvpmrn8fxquk2c8wk3l9udl8ynsu6nwh5