The argument used by Socrates to refute the thesis that piety is what all the gods love is one of the most well known in the history of philosophy. Yet some fundamental points of interpretation have gone unnoticed. I will show that (i) the strategy of Socrates' argument refutes not only Euthyphro's theory of piety and such neighboring doctrines as cultural relativism and subjectivism, but nominalism in general; moreover, that (ii) the argument needs to assume much less than is generally thought, and finally that (iii) while Socrates' argument, properly understood in its full force, appears to be inconsistent with the goal of his own inquiry, his own 'Platonic' position escapes the inconsistency