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Topic: Do not share your bitcoin holdings with everyone - page 8. (Read 2726 times)

member
Activity: 412
Merit: 10
In my opinion this things didn't happen with only the bitcoin even it can happen with anything you have. Mostly people store more golds and I have seen some thief here in my country when they caught some person then they always go and ask for the gold from the person even he have gold at his home. In most of the houses in our country the Gold has been stolen. The first thing the thefts is going for is the Gold they have at their home which should also be kept secret. The main problem is of money even we don't have to share how much money we have.
hero member
Activity: 1498
Merit: 785
The best answer to the question, "How many BTC do you have?" is, "Not enough."

Keep stacking friends.
Grin Grin
Never reveal how much BTC you have just keep your mouth shut and don't know.

It's common for people like that to be pretentious and just want to know about BTC holdings, so choose friends who don't ask that question because it will always be sensitive and even I avoid it.
full member
Activity: 725
Merit: 142
Apart from Bitcoin when it comes to do with monetary system its best you keep your amount to yourself and not to share it with friend or family. Even if it seems like a small amount now, it could become a significant sum of money in 10 years. An this would make people around you look into your money because they are aware if what you have.

It's great to share information about bitcoin with your friends and family, but it's generally not a good idea to openly share how much you have invested, even if you trust the people you're talking to. This is for security reasons and to avoid making others feel uncomfortable or discouraged about their own investments.
hero member
Activity: 2716
Merit: 904
I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

For me crypto currencies are just another currency like US Dollar or the Euro and I would never share publicly how much Euros I carry with me when I am going out, or how much money I have in my bank account. These are private information that I might share with my closest friends and my family, but never publicly. Bitcoin shouldn't be treated any other way. What good does it do if we are open with how much money we have invested in cryptos? To me it doesn't seem that there is any benefit from it and only will make feel people bad or even risk our own health. The kidnapping story is a very rare occurrences and I wouldn't worry so much about it in my country. Here it's more about being polite to strangers, because we don't know in which financial situation they are and it would be wrong to tell them how much money we have. I can happily talk about crypto currencies without mentioning how much I have myself.

Whether its being polite or just your way to brag what you have, it's really not appropriate to flaunt your wealth because aside that it will develop envy from other people, it will certainly put yourself into danger knowing you have countless wealth that you hide within yourself. You know this kind of news is not rare in our country because it's really happening most especially to those known elite people that are publicly flaunting their wealth.

Still, whatever your reason of letting your relatives know about bitcoin, its really improper to expose whatever wealth you have achieved. Although it could be a source of inspiration for others, but for majority it could always lead a crime so they can grab and steal whatever luxury or wealth you currently have.
sr. member
Activity: 1554
Merit: 374
Vave.com - Crypto Casino
But if even those close to you hide it from them, is it right for you to do it? Have you ever thought that if you don't share your investment with anyone, even your closest relatives like your wife, and you suddenly pass away, those bitcoins will also disappear in waste? Are you living and investing for yourself or for loved ones like your parents, wife and children? If you only care about yourself, you're too selfish because without your parents, you wouldn't be where you are today.
Bitcoin is just money, it cannot be more precious than the love of parents or spouses. If you lose bitcoin, it is not difficult to get it back, but love cannot be regained.

I guess that is an exception point. You have mentioned about wife and children! Well, you should trust your better half with everything. If you do not trust her, the relationship is not good enough. I do not share how much I hold with anyone. Not even with my wife. I just told her I had Bitcoin and kept it there. I don't have to say to her the amount. I told her, if something happens to me, please find it and use it for you and the family. Sharing the amount is not necessary. But it's essential to tell that you have something. Isn't it better than telling the amount?
Wife is a part of your life so you should tell your wife about various things especially financial condition because if you die suddenly your property will be owned by your wife and children so they must know in advance how your financial condition is and where you are.  Holding. If they know these, they can access them very quickly in your presence. And the relationship will be better for these things.  I totally agree with your statement
copper member
Activity: 2268
Merit: 539
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I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

Not only Bitcoins, be it any type of investment, never share it with anyone other than some close family members like mother or spouse, whom you trust the most. Shame on that relative that he tried to do all this for just some few amount of money. Moreover it’s always wise to keep your crypto investments private, as in many countries Bitcoins are not regulated, so if by chance someone complains against you, then some government can press charges on you claiming that these Bitcoin holdings are illegal holdings and you are not paying taxes for it. So enjoy the profits and investments yourself only, and never share it with anyone.
hero member
Activity: 462
Merit: 767
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But if even those close to you hide it from them, is it right for you to do it? Have you ever thought that if you don't share your investment with anyone, even your closest relatives like your wife, and you suddenly pass away, those bitcoins will also disappear in waste? Are you living and investing for yourself or for loved ones like your parents, wife and children? If you only care about yourself, you're too selfish because without your parents, you wouldn't be where you are today.
Bitcoin is just money, it cannot be more precious than the love of parents or spouses. If you lose bitcoin, it is not difficult to get it back, but love cannot be regained.

I guess that is an exception point. You have mentioned about wife and children! Well, you should trust your better half with everything. If you do not trust her, the relationship is not good enough. I do not share how much I hold with anyone. Not even with my wife. I just told her I had Bitcoin and kept it there. I don't have to say to her the amount. I told her, if something happens to me, please find it and use it for you and the family. Sharing the amount is not necessary. But it's essential to tell that you have something. Isn't it better than telling the amount?
sr. member
Activity: 114
Merit: 93
Fly free sweet Mango.
The best answer to the question, "How many BTC do you have?" is, "Not enough."

Keep stacking friends.
sr. member
Activity: 294
Merit: 433
HODL - BTC
I have actual evidence of this and such an incident happened in front of me. A friend of mine came to visit my city from far away, and met another person from the same city online.  And he easily convinced her a little bit and happily shared with her that he had $105k in BNB, BTC and USDT. As a result the friend was kidnapped and the entire $105k was taken from him. My friend gives those dollars to kidnappers to save his life. He is now financially damaged and his condition is very bad. Because he invested all his money there and also took some loans. So I would suggest that everyone hides his holdings.
Unfortunately, the person does not know privacy so that it easily shows ownership of bitcoin assets to random friends online, it is a risk where when your friend shows ownership of a large amount, other people who are not known have planned to seize by kidnapping so that they usually control their assets, obviously this is stupid for showing off their wealth by having bitcoin.

In essence, never show off our total assets to anyone it will invite disaster including kidnappings that are around us, remember thieves by seeing $105K in assets will rebel for action so that they can own by kidnapping and this should not happen if there is already this incident.

Never reveal we have bitcoin, just shut up and don't show off to anyone our ownership.
sr. member
Activity: 882
Merit: 215
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If something is confidential, if it has been told, it is no longer secret, especially when it concerns assets, both money and money. But thieves are always looking for related information if someone meets their criteria, not just those who invest in crypto. Yes. all the data they collect.

True, a careful attitude is necessary and it is to minimize the risks associated with the most grievous effect of losing one's life. Even if you have a lot of money you are confused, if you have less money you are more confused. Just simple in appearance.
sr. member
Activity: 504
Merit: 266
Wow, this is a wild story. I wouldn't wish anyone to have such relatives.

We really should not brag about our wealth, because most people will not be happy for you, but on the contrary, they will feel hatred and envy.
You will discuss your digital assets with others and if any of them are greedy for your assets, they will definitely try to put you in danger. In this case you do not discuss your bitcoin or any other crypto currency matter no matter how closely related you are. Don't walk the streets with the device you store your digital assets on as this can increase your risk. Always try to keep an eye on the security of your wallet.
legendary
Activity: 3892
Merit: 11105
Self-Custody is a right. Say no to"Non-custodial"
I agree with both of you, bitcoin is just money, nothing more, nothing less. So, this story will be more perfect if we say that we should not brag or share with anyone about our investment portfolio or assets. Flaunting our wealth to others puts us at risk even if we hold gold or fiat currency, not just bitcoin. So, even if someone does not invest and hold bitcoin, don't be foolish to share with others that we have a lot of money. But it's hard to understand why some people like to brag, what will they get in return other than danger to themselves?

Wow!!!  when you frame the matter like that, it seems that you don't know what is bitcoin... and/or what distinguishes bitcoin from other assets and/or monies.

First it is really difficult to reverse if you get bitcoin taken from you.  Another thing is that it can be moved around quite a bit, and yeah maybe if you get $1million or more taken from you, someone might get interested to try to help you or to block some of the liquidity of the money at the exchanges, if the money goes to an exchange rather than some places in which it might just get mixed with other coins.

There can be a certain amount of anonymity with bitcoin too.. in terms of if some kind of vulnerability is found with you and your ways of securing your coins, the way that you might be robbed might be quite subtle and you might not even know who did it. .whether something was slipped into yuour drink or some of your information was gone through by a friend, acquaintance, relative, guest of the house, and they might not even need to rob you right at that moment, but they might be able to get enough information to get into your systems.. or maybe if a more direct robbery comes at a later point, you might not realize how much information had already been gathered on you to come to realize that some of your security systems were not as secure as you had previously thought them to be.

Some important things about oneself must be kept secret from everyone. I feel that sharing about my investment with others will not benefit me so why should I discuss my investment with others where I am not benefiting. Our main objective of investing is to earn profit from that investment and not to invest to inform others. What's the guarantee that someone you trust today about your investment won't try to harm you some time later? Bitcoin is a very valuable digital currency and when you invest in Bitcoin you have a chance of getting a lot of good things in the future, it is better not to tell others that good things should be kept to yourself. If I make money by investing from my place no one will know that I have made money and if my money is lost then no one will know that I have lost money i don't like these things at all its my personal thing only i will know other  no one

The responses of this whole thread seems to have a bit of a dilemma in terms of bitcoin still being adopted and more and more people knowing about bitcoin, but how do they find out?  merely anonymously?

There is a modified statement from fight club:  "always talk about bitcoin.  Never talk about your own bitcoin."   So that is part of the dilemma.

In this forum and also sometimes in real life, I learn more about myself and my own strategies and my own priorities by talking about what I am doing, and I hardly ever refer to specifics about my BTC holdings, but surely sometimes people are going to infer that I have more than 0.63 BTC, and sure I have admitted it, but sometimes also accidents happen, too.

Surely I am not clear where the line needs to be drawn, even though I have been in bitcoin for 10 years, so I have made various choices about where to draw the line in terms of my online discussions and also in terms of my personal life..

I cannot completely disagree with the members here proclaiming to never say anything, but then there are variants, yet people will choose to live completely closed lives in a variety of ways and others will live relatively open lives in a lot of ways.. so surely each of us should be attempting to figure out our level of balance, but then some people who had been overly public about certain aspects of their lives will sometimes become regretful.

[edited out]
Sharing our bitcoin investment with strangers doesn't really do us or our investment any favors.

You raise quite a few interesting points in your post, and I agree with some of them and don't agree with others.. and gosh sometimes it can be better, easier and even less risky to share personal information with strangers, especially if they might not know other things about you, then it is like being on the forum.. it could be quasi-anonymous.. but surely sometimes it could come back to bite you too.. when you overly-share with the wrong people and sometimes people seem nice and good when you meet them, and then you might not realize some of their tricky and/or evil ways or even how far they might go to undermine you, until after getting to know them better, but then there could be questions about how much do they know about you and how much do you know about them and have they been tested under certain kinds of circumstances.

Sometimes even a relative could fall out of trust when we might have had thought that we knew the relative, but some certain situations arise and then we might come to realize that the relative might have different values than we had expected or even circumstances could change in the life of the relative to cause them to become much more erratic than they had been earlier in their lives.. maybe everything is going fine and then pretty soon they lose their job and maybe they lose their spouse or one or the other might have been discovered to be cheating and then when we see how they react in those circumstances, we might come to realize that they might not be as trustworthy as we had previously considered them to be. .and we also might start to be concerned about what measures they might take if they fall into seemingly desperate times...and maybe they even blame us or someone close to us or they might not even be in a rational situation as they had been thought to have had been previously.

But if even those close to you hide it from them, is it right for you to do it? Have you ever thought that if you don't share your investment with anyone, even your closest relatives like your wife, and you suddenly pass away, those bitcoins will also disappear in waste?

I get your point about some kind of need to share with close relatives, but it is not a total loss to die with your bitcoin, and it is quite likely that bitcoin is getting more and more scarce because there are going to likely be more lost keys than we anticipated, and there might even be a decent number of current bitcoiners in the process of losing their keys. .because they might not know that they are not able to access or move their bitcoin.. even though they think that they can, but if they go to do it, they might not be able to accomplish it. So losing your private keys is increasing the value of the remaining BTC HODLers... and they might not be a bad group to give to because sometimes family members might not deserve it, but there might be other cases where the BTC HODLer is too selfish and/or failing to recognize and/or appreciate the deservedness of some of his/her relatives... even though sometimes receiving something for free might not create very good incentives for the recipient... which is part of the reason why anyone who earns something (by employing proof of work) will tend to appreciate the value of the thing more than the person who received the thing for free..

Are you living and investing for yourself or for loved ones like your parents, wife and children? If you only care about yourself, you're too selfish because without your parents, you wouldn't be where you are today.

Sometimes it is true that people deserve more in terms of sharing in the wealth, but it is not necessarily true in all cases.

Bitcoin is just money, it cannot be more precious than the love of parents or spouses.

Sure there can be something greedy and materialistic about money and bitcoin, but I doubt that bitcoin is just money.. if you try to understand what is money then bitcoin may well have some money properties that are quite profound. and sure. yeah relationships have value too.. but sometimes relationships are not necessarily good and the lack of goodness may or may not relate with money.  You should not presume too much about how everyone has a good relationship with people yet money is bad or evil or whatever you seem to be suggesting with you attempt to proclaim that your priorities should be the same as the priorities that others might create in regards to those topics and/or other topics of relations to people versus things versus options.

If you lose bitcoin, it is not difficult to get it back, but love cannot be regained.

If you are thinking like that, you better be careful with your bitcoin because you might not realize how difficult it might be to get your bitcoin back if you lose them. A lot of people are coming to appreciate that, and you should be able to either look at a price chart or just to go through some of the math to come to appreciate how difficult that it might be for people to get bitcoin back that they likely had purchased at much lower prices.

Your forum registration date is pretty similar to my own, and just think about how many BTC you would d have been able to stack 10 years ago, versus various points in between then and now, and gosh even someone who might have started stacking bitcoin 6 years ago, they might not be ever able to get back anywhere close to the quantity of BTC that they had stacked over the past 6 years, depending on how they might have gone about their stacking of sats over the past 6 years and especially if they might have had been aggressive in their stacking when BTC prices were below $10k, they may well have an average BTC cost that is well below $10k..and then just stacking for so many years.. and it is even more difficult if someone had been stacking heavily in 2014, 2015 and 2016 to even come close to being able to stack as many sats now for even a multitude of what it might have cost them in that period in which they might have an average cost per BTC of less than $1k.
full member
Activity: 532
Merit: 181
I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

It's really nice that only you know the Bitcoin you have or other cryptocurrencies. Or if you have someone to trust, it's no one else but your husband, whom you know you can trust, or close family or friends.

That's a bit strange, using one's own relatives just for personal interest or greed. This is not the normal behavior of a bitcoin fanatic. This seems like a bad example for someone who believes in bitcoin in this business industry.

That is why it is important to keep your secret with you because sometimes the person you believe in will cheat you later, some people or let me say some family members don't want you to succeed in this life and will try their hardest to keep you down, that is why anything you do you need to think before you do it, if he didn't tell anyone about his bitcoin investment I don't think they will kidnap him because they will just think is just a normal person. I believe the person you should tell about your bitcoin holdings is your blood brother or parents because if anything happens to you, they will be aware of it so that he will not be wasted in the wallet, now he has learned a lesson next time he will not expose himself on any achievement he receives or any business that he is running, he will keep it secret without anyone knowing about it.
hero member
Activity: 1666
Merit: 513
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I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.
It's really nice that only you know the Bitcoin you have or other cryptocurrencies. Or if you have someone to trust, it's no one else but your husband, whom you know you can trust, or close family or friends.

That's a bit strange, using one's own relatives just for personal interest or greed. This is not the normal behavior of a bitcoin fanatic. This seems like a bad example for someone who believes in bitcoin in this business industry.
Humans are greedy by nature though not all. Many cannot keep their integrity with money or many may become vindictive. But Bitcoin is a decentralized digital currency that is best kept anonymous. A person can certainly be in danger when he tells others about his Bitcoin holdings. He may be one of his relatives or someone else. For security reasons we must refrain from sharing our Bitcoin holdings or anything crypto related with anyone else. What the OP mentioned is definitely important especially for a bitcoin holder. There are some people among us who trust anyone else but many take advantage of their simplicity to deceive them. So of course whoever is a cryptocurrency holder or investor should keep their activities private.
hero member
Activity: 2268
Merit: 588
You own the pen
People should know the boundaries of what they can only show to the people and what should be private to others especially wealth because there are lots of enviers out there who are not pleased with what you have and some of them want to get that blessing from you by force. This should not be happening if only people are not greedy but this is the true scenario right now. He can prevent this from happening to him if only he was careful but he wasn't and he became just a lesson for us in the future and learn from his fatal mistake. People should know this phrase "For every blessing there is an envier for it".
hero member
Activity: 980
Merit: 947
Sharing our bitcoin investment with strangers doesn't really do us or our investment any favors. But if even those close to you hide it from them, is it right for you to do it? Have you ever thought that if you don't share your investment with anyone, even your closest relatives like your wife, and you suddenly pass away, those bitcoins will also disappear in waste? Are you living and investing for yourself or for loved ones like your parents, wife and children? If you only care about yourself, you're too selfish because without your parents, you wouldn't be where you are today.
Bitcoin is just money, it cannot be more precious than the love of parents or spouses. If you lose bitcoin, it is not difficult to get it back, but love cannot be regained.
It seems to me that hiding such investments from your wife/husband will not be so easy. If you live together, you probably know about, what source of income does your family have, how much do you spend and how much do you save, so you won’t be able to hide any significant investments.

But in any case, you need to share your investment with your closest person, so that, as you said, if some force majeure will hapend, this investment does not go in vain, but benefits your family.
full member
Activity: 938
Merit: 108
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I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

It's really nice that only you know the Bitcoin you have or other cryptocurrencies. Or if you have someone to trust, it's no one else but your husband, whom you know you can trust, or close family or friends.

That's a bit strange, using one's own relatives just for personal interest or greed. This is not the normal behavior of a bitcoin fanatic. This seems like a bad example for someone who believes in bitcoin in this business industry.
jr. member
Activity: 43
Merit: 1
Wow, this is a wild story. I wouldn't wish anyone to have such relatives.

We really should not brag about our wealth, because most people will not be happy for you, but on the contrary, they will feel hatred and envy.
hero member
Activity: 546
Merit: 516
Sharing our bitcoin investment with strangers doesn't really do us or our investment any favors. But if even those close to you hide it from them, is it right for you to do it? Have you ever thought that if you don't share your investment with anyone, even your closest relatives like your wife, and you suddenly pass away, those bitcoins will also disappear in waste? Are you living and investing for yourself or for loved ones like your parents, wife and children? If you only care about yourself, you're too selfish because without your parents, you wouldn't be where you are today.
From the caption of the thread, the emphasis is on sharing your Bitcoin holding with "everyone", this means the public. You seems to have accepted that it is not actually a good practice. I'm yet to picture any advantage of it that is devoid of problems. One could easily become the target for hacks and other security concerns. It could also attract the attention of government authorities as question of source of funds tax details and others, might begin to trickle in.

As for sharing with family and close allies, that is another topic which have been extensively discuss in this forum. Some of the links are:

Using Locktime for inheritance planning, backups or gifts

HOW DO WE TRANSFER BITCOIN WEALTH TO HEIRS AND THE NEXT GENERATION

full member
Activity: 448
Merit: 129
These days people don't want to talk about their income because of lack of attention or some other reason. Many people knowingly don't want to disclose their income because they earn a lot so that they don't face any trouble from the government. One thing I don't like in my case is that it's my income, my effort, what do you care about. Now if one person earns 10 thousand dollars a month and another person earns twenty thousand dollars, does it matter to me or to you? I don't think it will do you any harm if your close relatives know about bitcoin holdings because it's not the same for everyone. I was introduced to the Bitcoin world through a close relative of mine. You may not tell anyone how much bitcoin you hold or how much you intend to do, but that doesn't mean you don't tell those close to you about bitcoin.
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