HanShan on Nostr: usually I say XMR/USD divided by BTC/USD is clearly USD denominated. even though in ...

usually I say

XMR/USD
divided by
BTC/USD

is clearly USD denominated.
even though in mathematics the denominators cancel out.

because the point is that IRL the UNITS that you are comparing the ratio of, are USD.

we don't arrive at hard money by doing the division of two fiat numbers.

on some exchanges there are straight altcoin pairs ETH/DOGE or whatever
and USD doesn't enter into it at all
But *even then*
if the price deviates from ETH/USD÷DOGE/USD ratio
a million bots jump in and force it back toward a USD standard.
because its an arbitrage opportunity and USD is the most liquid asset (ie money).

which is why its so important Bitcoiners realize the depth of the problem.