the point is we are still measuring the relative amount of US dollars chasing different assets.
we do not magically get to a hard money standard by dividing two fiat prices.
when the underlying UoA is fiat, we inherit those fiat distortions.
the moral of the story is
"accurate pricing is impossible on a fiat unit of account"
this needs be taken into consideration by bitcoiners.
i know it LOOKS like semantics, its not.
its a fundamental distortion in prices that is invisible to most. a fish doesn't know the water etc...
i appreciate your point about the less liquid markets. those probably have more accurate pricing.
i think this is important point because it demonstrates exactly HOW challenging it is to break out of fiat evaluations and to truly use Bitcoin in a sovereign way.
ie, small communities, pricing their needs *directly in Bitcoin* without any relation to fiat UoA insanity.
but clearly you're not interested in why the difference might be important to understand π€·
pro tip
dividing the USD price of something
by the USD price of Bitcoin
doesn't change the unit of account
your personal "unit of accounting" maybe
to skip to the end Matt,
the moral of the story is "there is no accurate pricing on a fiat UoA"
we inherit the distortions of the base money.
you dont magically get to a hard money standard by dividing two fiat prices (ie XAU/USDΓ·BTC/USD)
although I agree its a data point, it doesn't say what you seem to think it does.
not really. any deviation between the relative Fiat value is an arbitrage opportunity.
if there IS any deviation immediately a million trades jump in and drive it back to the relative Fiat valuation of the pair.
why? because the UOA is the most attractive asset. free fiat.
minus the friction involved of course. which is why you see temporary variation in difficult to access exchanges/pairs.
its not a purity test.
UoA matters.
what we are *measuring with* matters.
calling them monies doesn't change anything
its literally the amount of usd chasing Bitcoin compared to the amount of usd chasing xmr/gold/silver. that fiat trying to find a safe haven.
how is that "unrelated to usd investment"?
or you think the price increase in silver is because suddenly more people think its a better money?
and that will change sometime in 2026?
your graphs are primarily measuring relative fiat speculation.
whats the weird conflation?
that chart is (XAU/USD)Γ·(BTC/USD)
does the USD price of gold and USD price of Bitcoin not measure the amount of dollars chasing those assets?
or do you have some secret market where theyre actually trading Bitcoin in gold without any relation to USD?
these are fiat-denominated charts
measuring relative fiat investment.
its not a matter of perspective.
the coins dont exist in any meaningful way until the block is mined.
All these charts are in USD nostr:npub1lxzaxzge0jq9u9cecucctdt5lslwgp7hcxmp2l0wn8r2ecjenwasu6svxa π»
"i expect USD investment in Bitcoin to increase faster than investment in gold and silver"
I'm shocked π
maybe we'll get 200k by conference day.
the smart money is watching the hashrate in 2026
nostr:npub1m5s9w4t03znyetxswhgq0ud7fq8ef8y3l4kscn2e8wkvmv42hh3qujgjl3
folks seeing information on a whitepill/blackpill gradient means they evaluate based on vibe,
and not on actual content.
+1
unless theyre the ones being difficult and belligerent, its not worth it to try and instigate change in them.
"first remove the beam from thine own eye" etc
just talk to them within the boundaries they are comfortable with and appreciate them for how they are.
being judgemental about whatever they supposedly don't understand isn't going to result in greater understanding. it will only result in bad feelings on both sides.
then it becomes a race to the bottom π
circulating supply IS total supply. differentiation is meaningless, except maybe to point out that the supply cap is already priced into the fiat valuation.
we just have reasonable assurance the circulating supply inflation stops at 21M.
pretending that the block reward already existed somewhere before the block was mined and were simply "released" is just semantic slight of hand so people can say "Bitcoin doesn't have supply inflation"
the point is that Bitcoin depends on supply inflation to pay miners to secure the network. as long as you and I are alive, miners are "robbing" us of our stored value by diluting the supply.
which is true.
except you know,
people.
honesty money doesn't stop people from being assholes.
obviously can do both
but its silly to make a MORE energy expensive transaction
when you have the option to do a simpler one p2p
I think it needs to be said that,
rather than buying online for sats and having purchases shipped to you
buy what you need locally in cash.
(and ask your counterparties to accept #bitcoin and #monero)
afaict there's nothing wrong with current version of Wasabi
its just amount and timing correlation, theres no assertion that there was any problem with the CJs themselves.
yeah, its hard to say a decentralized ledger has failed or succeeded π€
the playbook is established and well-understood.
maybe mandibles then fractional reserve bitcoin standard
life is uncertain
well if it doesn't cost him anything he might is do it to own the libs.
lol
good lord.
cant quite see it.
oh now THAT sounds like an interesting precedent....
but would nostr:npub1v7k63c6y2vktlqhsuupywt3yc7ykursujc34at964f9cv9s9y9csjutfk0 support our pardon?!
this is just trusting the system to be fair.
its not.
and its extremely expensive to play at all.
are you going to go into massive debt to play a game thats rigged against you?
it IS true that if you poke the bear like that you gotta expect them to come after you.
and they sorta did.
sorta.
but I'd say they still didn't take it seriously enough and still felt like the system would be fair.
That and Invisibles probably
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γγγγγγΎγγ
not in practice.
you have to subtract all the other electrics you need to run AND what you lost overnight and need to recharge AND a cushion for cloudiness
and with only 22kwh of storage you're worried about draining your batteries if you walk away and leave it
you could have an ASIC and use it to burn off surplus juice when its sunny though
rofl
welcome brethren
because ecash is no different than an IOU. the bank can rug you, inflate the supply of IOUs or whatever
a sat on LN is a sat locked into an onchain multisig tx. it cannot be fucked with and the channel can be closed by either party without the others consent.