Han Shan on Nostr: imma say it again. There are no BTC-denominated charts. Look Any currency pair or ...
imma say it again.
There are no BTC-denominated charts.
Look
Any currency pair or commodity pair are graphs of the underlying relative USD value of each commodity.
This is because if they diverge, it's trivial for traders to jump in and make free fiat trading the pair. So that action forces the currency pair or commodity pair towards the mean relative fiat value.
In other words, if the pair changes without an underlying change in USD price, I buy one commodity, flip to the other one and sell. Free fiat.
There are about a million people with alerts on their phones waiting for this sort of action to happen so they can do exactly this trade.
You cannot get away from USD while it is still unit of account. All these charts are graphs of relative USD-denominated value.
It's really ironic and sad that bitoiners don't understand this basic fact.
Published at
2024-09-27 23:55:41Event JSON
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"content": "imma say it again.\n\nThere are no BTC-denominated charts.\n\nLook\nAny currency pair or commodity pair are graphs of the underlying relative USD value of each commodity.\nThis is because if they diverge, it's trivial for traders to jump in and make free fiat trading the pair. So that action forces the currency pair or commodity pair towards the mean relative fiat value.\n\nIn other words, if the pair changes without an underlying change in USD price, I buy one commodity, flip to the other one and sell. Free fiat.\n\nThere are about a million people with alerts on their phones waiting for this sort of action to happen so they can do exactly this trade.\n\nYou cannot get away from USD while it is still unit of account. All these charts are graphs of relative USD-denominated value.\n\nIt's really ironic and sad that bitoiners don't understand this basic fact.",
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