You can determine the value between them by measuring how much of each ot takes to buy a carton of eggs. You can price any good in any currency. Take what it would cost in any local currency and then price eit with Bitcoin. I know there's not many people pricing goods in BTC or ETH or Monero but it doesn't matter. Eggs can be priced in USD, EUR, ETH, and BTC. Volatility keeps merchants from pricing in currencies that are monetizing or demonitizing. You don't see eggs priced in Gold for instance. But you can take any merchants current price in whatever they use and determine what it would be in any other currency. Yes USD is the starting point for most merchants, but not always and there are hundreds or fiats you can compare. Again it doesn't matter what you start in. After you determine value of the eggs in one currency you can do it for all others. Then you can equally compare any currency. It doesn't have to involve the starting point to compare. You're valuing the eggs in dollars, not the dollars in eggs. Now you can value the eggs in BTC, ETH, XMR. Then you can equally compare XMR to BTC. USD not involved in the equation. Things are getting rapidly cheapers with Bitcoin. The denominator is the unit of account. Just change your denominator for any good to BTC from whatever you see it in at the present. Now look at the trend. It's going up forever.
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I do understand your train of thought, however two things to point out:
1. I did not once mention USD, I said fiat which is any central currency.
2. Using items that merchants have for sale as the comparison point does not work, because those items are only worth that value in Bitcoin/Monero because they are priced relative to fiat. An example using CAD: Eggs cost $4 a dozen. In Bitcoin the eggs would cost me 0.000047, not because the eggs are actually worth 4700 sats, but because thatβs the current conversion from local fiat. The value of the eggs can only be denominated in Bitcoin if Bitcoin is actually the UoA, and thus valuable to the merchant (legal tender, circular economy, etc). If X sats = 1 UoA then it makes sense, but in order to value things in Bitcoin, at this moment in time is HAS to be compared relative to a currency or different form of value, like fiat or gold. You cannot determine the trading price between two currencies or assets using something like eggs, because the value of 1 sat or 1 Bitcoin has not been set at a specific level of understood value, and is calculated by comparison to fiat. In a future where 1 sat is the standard unit of account (ex if those $4 eggs now cost 4 sats), then we could use it as a UoA because there would be a decided amount considered to be the lowest valuable or available(1 cent in fiat). Until then, everything has to be linked back to fiat. This includes financial tickers, so when you look at XMR/BTC, the Monero is only worth what itβs worth in Bitcoin /because/ of the fiat conversion.
So if we didn't have fiat, everything would be free? You said fiat is the only reason they have value.
The eggs are actually worth 4700 sats.
It's only going up because USD is pouring into BTC.
(ANYTHING/USD)Γ·(BTC/USD)
$ANYTHING goes down as more USD chases BTC.
Still USD denominated.
The price of eggs or any other commodity you care to name is,
the local valuation of eggs divided by the USD cost of that commodity.
iow, USD denominated.
Sure, we can get into other local UOA's, but we know that virtually all of them come back to USD.
BTC is not going up. Prices of everything are falling denominated in BTC. Prices are falling forever.