Harry on Bitcoin

Other discussions not related to the Permanent Portfolio

Moderator: Global Moderator

boglerdude
Executive Member
Executive Member
Posts: 263
Joined: Wed Aug 10, 2016 1:40 am

Re: Harry on Bitcoin

Post by boglerdude » Sun Aug 19, 2018 12:42 am

> as a permission-less currency outside the reach of governments

Right but which coin(s) will survive
Jack Jones
Executive Member
Executive Member
Posts: 260
Joined: Mon Aug 24, 2015 3:12 pm

Re: Harry on Bitcoin

Post by Jack Jones » Mon Aug 20, 2018 8:57 am

boglerdude wrote:
Sun Aug 19, 2018 12:42 am
Right but which coin(s) will survive
Yeah. Seems like the prudent thing to do at this point is to sit on the sidelines unless you have good reason to use the currency. The idea is out there; it's not going away.
gaddyslapper007
Associate Member
Associate Member
Posts: 26
Joined: Fri Dec 16, 2016 9:06 am

Re: Harry on Bitcoin

Post by gaddyslapper007 » Mon Aug 20, 2018 2:15 pm

If alive today....yes, no doubt Harry would recommend / hold Bitcoin himself. Harry was a libertarian and huge advocate of sound money and keeping government out his money. Bitcoin does this.

That said....I do not believe he would include / divide it equally alongside stocks, bonds and gold in the PP "today". (fast forward ~20-30 years maybe...) Today it is still speculative (due to peoples lack of understanding) and too young to be included in a portfolio that is intended for "money you cannot afford to lose" (it has only survived / thrived ~10years).
User avatar
sophie
Executive Member
Executive Member
Posts: 2893
Joined: Mon Apr 23, 2012 7:15 pm

Re: Harry on Bitcoin

Post by sophie » Tue Aug 21, 2018 7:07 am

dualstow wrote:
Tue Aug 14, 2018 2:19 pm
I'm almost grateful that it happened. It's like when a dog bit me in the face -- yes, it really happened -- but didn't do much damage. I am careful for life from a small inconvenience and therefore I am less likely to experience a devastating disaster.
Nice dualstow, going to put this into your signature? Thank goodness it wasn't a large Bitcoin investment that you lost! and that the dog didn't do much damage.

I think Harry's quotes at the beginning of this thread referred to paper gold investments, such as ETFs, and the need for international diversification. Thanks for posting that, as it's yet another reminder to keep ETFs and equivalent to a minimum, and gold holdings as private as possible. These low prices are a good opportunity to "transfer" gold ETFs in tax-advantaged accounts to physical holdings.

I'm pretty sure Harry would have found a very polite way to say "you're insane, good luck you're going to need it" if you had the opportunity to tell him about investing in Bitcoin. That of course is the direct translation of "I wish you well". There are too many known AND as yet undiscovered problems with Bitcoin to consider it anything but a risky speculation at the moment. Maybe one day it will become the world's backup reserve currency, but not today.
Jack Jones
Executive Member
Executive Member
Posts: 260
Joined: Mon Aug 24, 2015 3:12 pm

Re: Harry on Bitcoin

Post by Jack Jones » Thu Aug 30, 2018 2:15 pm

sophie wrote:
Tue Aug 21, 2018 7:07 am
I'm pretty sure Harry would have found a very polite way to say "you're insane, good luck you're going to need it" if you had the opportunity to tell him about investing in Bitcoin. That of course is the direct translation of "I wish you well". There are too many known AND as yet undiscovered problems with Bitcoin to consider it anything but a risky speculation at the moment. Maybe one day it will become the world's backup reserve currency, but not today.
Yeah, unfortunately everyone has confused something that was meant to be a currency with an investment/speculation. Even the people running the project now!
User avatar
Ad Orientem
Executive Member
Executive Member
Posts: 2970
Joined: Sun Aug 14, 2011 2:47 pm
Location: Florida USA
Contact:

Re: Harry on Bitcoin

Post by Ad Orientem » Thu Aug 30, 2018 6:18 pm

Harry was a hard money man. The idea that he would endorse a currency that you can't see, you can't touch, you can't spend in more than a small number of places, but you can get robbed by some 15 yo kid living in his mom's basement in any-town Wyoming, is simply risible.
gaddyslapper007
Associate Member
Associate Member
Posts: 26
Joined: Fri Dec 16, 2016 9:06 am

Re: Harry on Bitcoin

Post by gaddyslapper007 » Fri Aug 31, 2018 4:10 am

Very Interesting to me how different / opposite our conclusions to Harry’s stance would be on this. The ONLY books I have ever read on investing we’re Harry’s. The first by random chance / timing (garage sale 2009) was “You can profit from a monetary crisis” and maybe 2-3 years later “Fail safe investing”. ( have also dabbled in “how to find freedom in an unfree world”). I also listened to all the old radio show recordings years back. (Love the music intro!).....all that said, Harry certainly had a influence shaping my mindset in regards to money, investing, speculating, government, etc, which to me made understanding and embracing Bitcoin all the easier. If you REALLY understand bitcoin you understand how truly powerful it is. I won’t try persuade any reader of this one way or another.....but seeing the comments in this thread it is clear many have only grasped the “headlines” and not gone down the rabbit hole. What other currency / money (whatever you want call it) can cross 10 government borders around the globe in an hour, is deflationary by design in an inflationary economy, and cannot be frozen / stolen from its owner so long the owner is responsible and controls their own keys. (Not held by an exchange or custodian that can freeze or your funds or be hacked). For “deep” cash.....that has Harry written all over it in my mind.
User avatar
Kriegsspiel
Executive Member
Executive Member
Posts: 1381
Joined: Sun Sep 16, 2012 5:28 pm

Re: Harry on Bitcoin

Post by Kriegsspiel » Fri Aug 31, 2018 9:57 pm

1. Use paragraphs, fuckwit.

2. No. That shit's made up.
gaddyslapper007
Associate Member
Associate Member
Posts: 26
Joined: Fri Dec 16, 2016 9:06 am

Re: Harry on Bitcoin

Post by gaddyslapper007 » Sat Sep 01, 2018 9:24 am

Maybe the difference in our opinions lies in that Harry thought for himself and drew is own conclusions using critical thinking skills. Like him, I do not “need” an authoritarian figure (Harry even, for example) to approve / disapprove anything before making my decisions. I used his lessons and reasonings for investments + life experiences obviously to draw my conclusions.

I’ll leave it at this, I guess maybe I was speaking philosophical’y in this scenario.... if Harry were alive today at 85....I agree that he would not recommend nor pay much attention to bitcoin. The older a person is the less likely / slower he / she embraces change and disruptive technologies. If Harry were 35 or younger using HIS same investment principals reasonings, libertarian mindset, government, etc....Again I have no doubts. It is a completely diverse option to the fluctuations of stocks, Tbonds, gold and the USD. Allocating 10% of speculative funds to this seems a no brainer....and still falls within an 85 year old Harry’s diversified portfolio structure. ;)
User avatar
Xan
Administrator
Administrator
Posts: 2094
Joined: Tue Mar 13, 2012 1:51 pm

Re: Harry on Bitcoin

Post by Xan » Sat Sep 01, 2018 9:34 am

There are lots of other things that are uncorrelated; that doesn't make them part of the PP. Uncorrelation is just one ingredient. For example, a pet rock that goes up for a while and then craters doesn't really have anything to do with any of the four assets (it's uncorrelated), but it's still terrible, and certainly not part of a *permanent* portfolio.
gaddyslapper007
Associate Member
Associate Member
Posts: 26
Joined: Fri Dec 16, 2016 9:06 am

Re: Harry on Bitcoin

Post by gaddyslapper007 » Sat Sep 01, 2018 1:36 pm

Sorry but gold is more closely related to your pet rock anology than bitcoin....Gold is nothing more than a scarce pet rock. Yet is deserves its place in the PP.

Bitcoin is scarce, can be physical or digital, the same coin can theoretically exist in 10 different physical locations (ex. 10 copies of the same paper wallet can stored in different diverse safe locations geographically) and yet if one of them is spent the other 9 become useless. Can gold, pet rocks, tulip bulbs do that? You see confiscation becomes very difficult at this point ....all 9 can be compromised by a theif or government and unless they know the password you’ve memorized you only need salvage one to recover your funds.

Children at age ~10 today were born into a world where bitcoin has always existed. They only know a world / life connected to digital world and the IOT is only growing. As these kids grow and bitcoin adoption grows they have no need, no desire for pet rocks like gold. This I fear.....which is why my 10% speculative portion of the portfolio is BTC.
boglerdude
Executive Member
Executive Member
Posts: 263
Joined: Wed Aug 10, 2016 1:40 am

Re: Harry on Bitcoin

Post by boglerdude » Sat Sep 01, 2018 10:36 pm

Why is bitcoin going to remain the preferred coin
Post Reply