HanShan on Nostr: UoA IS NOT the medium of exchange between two parties. UoA IS the base currency ...
UoA IS NOT the medium of exchange between two parties.
UoA IS the base currency prices are denominated in.
people are consistently confusing those two things
and the difference matters.
It's a step in the right direction for people to use a different Medium of Exchange,
but it does not effect the underlying unit of account.
People can transact in bales of cotton or barrels of oil
But as long as the *amount of cotton or the *amount of oil is decided by the USD equivalent value of those things,
then the unit of account is still USD.
UoA IS the base currency prices are denominated in.
people are consistently confusing those two things
and the difference matters.
It's a step in the right direction for people to use a different Medium of Exchange,
but it does not effect the underlying unit of account.
People can transact in bales of cotton or barrels of oil
But as long as the *amount of cotton or the *amount of oil is decided by the USD equivalent value of those things,
then the unit of account is still USD.