Harry on Bitcoin

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Tyler
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Re: Harry on Bitcoin

Post by Tyler » Sun Sep 02, 2018 12:42 am

Image
There's a meme for every situation. ;)

But in all seriousness, while I can't speak for Harry I can at least speak for myself. I'm not opposed to the idea of Bitcoin but I'm personally not that interested because I already have that portfolio role covered with my gold allocation. And frankly I trust real assets over virtual blockchains and am fairly confident gold will continue to outlast the new kid on the block just like it did so many currencies that came before.
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Re: Harry on Bitcoin

Post by Kriegsspiel » Sun Sep 02, 2018 11:09 pm

Tyler wrote:
Sun Sep 02, 2018 12:42 am
Image
There's a meme for every situation. ;)
;D ;D ;D ;D ;D ;D O0 O0 O0 O0 O0 O0 O0 O0 >:D >:D >:D >:D >:D >:D >:D
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Re: Harry on Bitcoin

Post by technovelist » Sun Oct 14, 2018 4:30 pm

sophie wrote:
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.
Unlike most people on this forum, I actually had a fair amount of interaction with Harry in person.

I would bet a lot of money that he would have the same opinion on Bitcoin that I have. Namely, that it has almost nothing in common with gold and should be avoided like the plague for the PP.

Of course it is fine to speculate on it with your VP if you feel that it would go up. The VP is for money that you don't consider precious, and can be invested in virtually anything.
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Re: Harry on Bitcoin

Post by Ad Orientem » Sun Oct 14, 2018 6:24 pm

technovelist wrote:
Sun Oct 14, 2018 4:30 pm

Unlike most people on this forum, I actually had a fair amount of interaction with Harry in person.

I would bet a lot of money that he would have the same opinion on Bitcoin that I have. Namely, that it has almost nothing in common with gold and should be avoided like the plague for the PP.

Of course it is fine to speculate on it with your VP if you feel that it would go up. The VP is for money that you don't consider precious, and can be invested in virtually anything.
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Re: Harry on Bitcoin

Post by kalgari » Mon Oct 15, 2018 12:12 am

I don't trust to Bitcoin after its last fall down!
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Re: Harry on Bitcoin

Post by Kbg » Mon Oct 15, 2018 9:47 am

technovelist wrote:
Sun Oct 14, 2018 4:30 pm
A
Unlike most people on this forum, I actually had a fair amount of interaction with Harry in person.
Really, investing, political? Please share your experiences!

Very cool!
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Re: Harry on Bitcoin

Post by dualstow » Mon Oct 15, 2018 11:07 am

It was computer-related, wasn't it, Tech?
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Re: Harry on Bitcoin

Post by technovelist » Mon Oct 15, 2018 11:36 am

dualstow wrote:
Mon Oct 15, 2018 11:07 am
It was computer-related, wasn't it, Tech?
Yes. Sometime in the 1980's I wrote a permanent portfolio calculator that he mentioned in the newsletter. I think I still have that issue of the newsletter somewhere but can't lay hands on it right at the moment.

I also helped him speed up some software on an HP 9845 (minicomputer). He owned that computer and had it with him in Switzerland when I visited him there but I couldn't do the work while visiting.

So after I got back to the US I had to rent time on such a computer, and it turned out that the person I rented it from (in NJ, IIRC) was named Francis Key. I asked him if he was any relation to the author of the "Star Spangled Banner" and he said, yes, that was his direct ancestor.
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Re: Harry on Bitcoin

Post by Xan » Mon Oct 15, 2018 11:39 am

technovelist wrote:
Mon Oct 15, 2018 11:36 am
dualstow wrote:
Mon Oct 15, 2018 11:07 am
It was computer-related, wasn't it, Tech?
Yes. Sometime in the 1980's I wrote a permanent portfolio calculator that he mentioned in the newsletter. I think I still have that issue of the newsletter somewhere but can't lay hands on it right at the moment.

I also helped him speed up some software on an HP 9845 (minicomputer). He owned that computer and had it with him in Switzerland when I visited him there but I couldn't do the work while visiting.

So after I got back to the US I had to rent time on such a computer, and it turned out that the person I rented it from (in NJ, IIRC) was named Francis Key. I asked him if he was any relation to the author of the "Star Spangled Banner" and he said, yes, that was his direct ancestor.
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Re: Harry on Bitcoin

Post by technovelist » Mon Oct 15, 2018 12:47 pm

Xan wrote:
Mon Oct 15, 2018 11:39 am
technovelist wrote:
Mon Oct 15, 2018 11:36 am
dualstow wrote:
Mon Oct 15, 2018 11:07 am
It was computer-related, wasn't it, Tech?
Yes. Sometime in the 1980's I wrote a permanent portfolio calculator that he mentioned in the newsletter. I think I still have that issue of the newsletter somewhere but can't lay hands on it right at the moment.

I also helped him speed up some software on an HP 9845 (minicomputer). He owned that computer and had it with him in Switzerland when I visited him there but I couldn't do the work while visiting.

So after I got back to the US I had to rent time on such a computer, and it turned out that the person I rented it from (in NJ, IIRC) was named Francis Key. I asked him if he was any relation to the author of the "Star Spangled Banner" and he said, yes, that was his direct ancestor.
There's nothing about this story that isn't great.
Thanks!
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Re: Harry on Bitcoin

Post by bitcoininthevp » Thu Dec 20, 2018 1:34 pm

Jack Jones wrote:
Fri Aug 03, 2018 2:04 pm
I think the glaring difference between Bitcoin and Gold Money is that gold is gold, but as we've seen, people have been coming out the woodworks with competing cryptocurrencies. There's a term for this that is escaping me at the moment.
I can spin up a cryptocurrency tonight. That does not mean it is a replaceable alternative to Bitcoin. Bitcoin has different properties than other cryptos. Those properties are largely targeted towards hard money. The most obvious difference is the hashrate which secures the network. See here for why having hash rate to defend the network is important: https://www.coindesk.com/blockchains-fe ... ng-regular
Jack Jones wrote:
Fri Aug 03, 2018 2:04 pm
Somewhat tangentially, it's beginning to seem to me that although the original principles and implementation of Bitcoin is sound, the project has become the victim of a social engineering attack that has crippled the currency unnecessarily. See: the rise in fees late last year, merchants dropping support, etc. Fortunately the faithful have forked the project (Bitcoin Cash) and the prospect of a peer-to-peer digital currency outside the reach of the government remains.
Money evolves as a store of value before moving on to medium of exchange and eventually unit of account. We are still in the store of value phase and jumping to medium of exchange in the way bitcoin cash has risked the store of value attribute. More details here:

https://medium.com/@vijayboyapati/the-b ... ecc8bdecc1
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Re: Harry on Bitcoin

Post by bitcoininthevp » Thu Dec 20, 2018 1:38 pm

Ad Orientem wrote:
Sun Aug 12, 2018 11:35 pm
Bitcoin is the greatest racket since someone started selling pet rocks. Of course when you bought a pet rock, you actually got... a rock.
Care to elaborate?

Do you encourage hard money, which Bitcoin is attempting to provide? If so, is your concern Bitcoin will not deliver on its promise of hard money? If so, what specific concern do you have?
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