There seems to be a little decoupling going on. Here's a link to the Shanghai Spot Market:
https://www.goldpricedata.com/en/silver-rates/china/
To check COMEX silver, just check CNBC:
https://www.cnbc.com/quotes/@SI.1
Why should bitcoiners care? Well, in my opinion there will be a time when the marker loses faith in paper bitcoin, and self custodied "physical" bitcoin will reflect the true value. Its a nice lesson in why you should take custody of your own bitcoin.
So you're saying
1sat=1sat?Exactly. You know, it is hard to wrap your head around the significance of your statement when you first get into bitcoin. Even guys who have been around a while have trouble.
It's very hard to not care about exchange rate when everyone is screaming NgU.
The art is to ignore it completely if you're not exchanging.
I have been thinking a lot about unit of account lately. I have lived in the US my whole life, so measuring everything in dollars is second nature. I wonder about people in other countries. Do they also use the USD price to calculate bitcoin in their head, or do they watch it in local currency to measure buying power?
Most people I know do it in their local currency.
Personally I try to use sats as a unit of account for myself, but it doesn't work so well with high volatility, because I just set an approximate exchange rate in my head, instead of first going to dollars. Right now shit is expensive vs 2 months ago, when it was cheap - in my head.
The only thing Fink had to deliver on was "we'll tame this thing" and that's what they thus far failed to.
if there was, why aren't you arbitraging it?
Me? I only buy bitcoin. If I wanted to arbitrage it, I would be competing with the big boys anyway. It's not easy. I wouldn't know the first thing about trying to open an account that would allow me to trade on the Shanghai silver exchange. Even if I did, I would need the ability to execute very fast trades. It's not for amateurs.
Looks to be roughly the same.
Whatever decoupling you saw may have been due to the difference in trading hours?
It keeps bouncing around. Arbitragers will step in to capitalize on the difference either way, so they are normally the same. Early this morning there was a divergence.
I know I’m looking into ways to unload my paper bitcoin