Adarnit on Nostr: USD denominates everything, only because the State mandates it. If the free market ...

USD denominates everything, only because the State mandates it.

If the free market determined the money, then the market would tend to the hardest asset out there.

Since #Bitcoin has a lower rate of issuance now than gold, which had the lowest for a long time (hence, why we once had a gold standard), the market would naturally trend to a #Bitcoin Standard.

This #Monero bro really needs a crash course in economics. We shoild send him a copy of saifedean (nprofile…93dl) 's books

quoting nevent1q…garm

The USD Denominates Everything
---------------

Because apparently it needs to be said,

the only reason you can make the conversion BTC->XMR
or to whatever

is because you have an underlying UoA denomination to compare them with.

its the US dollar.
it denominates everything.

you are comparing
two USD denominated prices.

the price of one thing.
as measured in USD.
against.
the price of another thing.
as measured in USD.

A comparison of the relative FIAT value of two things,
that is what a price graph is.
As long as the UoA is the US dollar.