HanShan on Nostr: now if EVERYONE IN WORLD is measuring it in feet (a Unit of Account) and you decide ...
now if EVERYONE IN WORLD is measuring it in feet (a Unit of Account)
and you decide to measure it in meters
you haven't changed the unit of account.
Now they change the definition of "feet" to be 20% longer.
Six weeks later they change it to be 10% more than that.
then after a little while they ot goes down 7%.
So you adjust your "meters" 20% more
and 10% more
and 7% less
because the *underlying Unit of Account* has changed.
This is exactly what you're doing with the underlying US dollar price of Bitcoin in relationship to any other good you might name.
its true that the distance traveled (UTXOs) haven't changed
all that's changed is the arbitrary fiat assessment of "value"
which is the whole point of what I'm saying.
the yardstick is arbitrary bullshit.
and you decide to measure it in meters
you haven't changed the unit of account.
Now they change the definition of "feet" to be 20% longer.
Six weeks later they change it to be 10% more than that.
then after a little while they ot goes down 7%.
So you adjust your "meters" 20% more
and 10% more
and 7% less
because the *underlying Unit of Account* has changed.
This is exactly what you're doing with the underlying US dollar price of Bitcoin in relationship to any other good you might name.
its true that the distance traveled (UTXOs) haven't changed
all that's changed is the arbitrary fiat assessment of "value"
which is the whole point of what I'm saying.
the yardstick is arbitrary bullshit.