the point is we are still measuring the relative amount of US dollars chasing different assets. we do not magically get to a hard money standard by dividing two fiat prices. when the underlying UoA is fiat, we inherit those fiat distortions. the moral of the story is "accurate pricing is impossible on a fiat unit of account" this needs be taken into consideration by bitcoiners. i know it LOOKS like semantics, its not. its a fundamental distortion in prices that is invisible to most. a fish doesn't know the water etc... i appreciate your point about the less liquid markets. those probably have more accurate pricing. i think this is important point because it demonstrates exactly HOW challenging it is to break out of fiat evaluations and to truly use Bitcoin in a sovereign way. ie, small communities, pricing their needs *directly in Bitcoin* without any relation to fiat UoA insanity.