Pages:
Author

Topic: Importance of not letting others know about your crypto holdings (Read 559 times)

legendary
Activity: 1064
Merit: 1228
Playgram - The Telegram Casino
The tendency to show off bitcoin because most of them were poor the previous day so they are aggressive, not those who have been rich for a long time because I believe they are more private.
It is possible, and I think it is very possible. The nouveau riche are more likely to show off than the real rich, their reasons will vary but of course these kinds of things are never good. Some do it to prove to others that they are capable or successful, but unknowingly it only creates unforeseen risks.

Especially in the crypto space, everyone is expected to take good care of their financial privacy. Create a sense of security for yourself by maintaining financial privacy, and thus you will sleep better without having to think about the threats that lurk you. But if not, you may have to hire some bodyguard to provide that sense of security if you have a lot of assets in crypto.
hero member
Activity: 1008
Merit: 520
Leading Crypto Sports Betting & Casino Platform
The rules of the game are quite clear in this space, "you're the sole determinant of the extent to which your privacy is maintained". However, because some people think that wealth is a pride that must be shown, they don't pay much attention to it, especially since the crime rate isn't too high in their area.
Some folks have that wrong mentality of showing off their wealth and they unknowingly attract criminals to themselves, Cryptocurrency investment is a highly privacy investment and the goal is not to look rich, but to be rich.
Keep your wealth private and never share any vital investment information with anyone even if there is a low crime rate.
hero member
Activity: 1778
Merit: 709
[Nope]No hype delivers more than hope
-snip-
If you just want to use it as an example to remind people of bragging, I agree. But if you say it's a true story I don't believe it.
Erasing traces because stealing bitcoins is 100 times easier than stealing a lambo, and you may never think that the thief is someone close to you. The tendency to show off bitcoin because most of them were poor the previous day so they are aggressive, not those who have been rich for a long time because I believe they are more private.
full member
Activity: 952
Merit: 108
1xBit recovered their reputation
If I have 1 BTC and I have a Lamborghini car, do you think I should hide my car or btc?, There is no distinction between assets, all types of valuable assets can be hacked or stolen. If you just want to use it as an example to remind people of bragging, I agree. But if you say it's a true story I don't believe it.
legendary
Activity: 2898
Merit: 1253
So anyway, I applied as a merit source :)
This could happen to someone holding a lot of fiat or a lot of precious metal commodities or a lot of well performing stocks - what makes bitcoin so special? It can happen with any asset out there.

But the scary thing is that often people we know are there, being greedy of someone else and attempting to steal from them. How much you tell others about your earnings is completely your choice.

In this context, I would like to advice people to not tell exact invested amounts to people whom you might be trying to coach about crypto. This is often done by name to gain trust but it can backfire like the above.
hero member
Activity: 1022
Merit: 642
Magic
I don’t see the difference here to other valuebal assets for example an expensive painting. If you have it and people know it will always be a risk. Still basically everyone that you see on the street has some money etc. that can be stolen and it still does not result in a lot of stealing.
member
Activity: 96
Merit: 10
It is always the security issue when it comes to money.  Others coveting your holdings and planning and doing nefarious thing just to take it from you.  So privacy is really very important so if ever we have a good amount of crypto in our position, we should be careful and not let others know our holdings because the possibility of getting an idea to stole our crypto is always there

I think this is about financial literacy. A smart person will never share his financial condition with anyone.
hero member
Activity: 1428
Merit: 653
Leading Crypto Sports Betting & Casino Platform
Don't you think letting your wife and relatives or even parents know about it is more dangerous?
It should be something secret to you only maybe your keys and phrase can be kept where it could be accessible by them or your wife only but nothing telling them the exact amount you have in your investment.
This is a serious lesson because as a bitcoiner and having such amount of bitcoin without being hidden is very bad as attack may come anytime from people which don't want you to succeed.
hero member
Activity: 2996
Merit: 609
OP all I can say is that they weren’t very good ‘friends were they. 3 bitcoin really isn’t that much, it’s quite sad that people would ruin a friendship over money, especially an amount that whilst no joke, is not exactly lottery style amounts.

A true friend should be able to tell friends that he has some bitcoin & enjoys trading crypto currency.

My friends know my involvement but they have not kidnapped me, not yet any way haha.

Not all people are the same.  You are lucky you have good natured friend.  But not all people have friends like yours.  So it is still better to be safe than sorry.  Better to keep our finances in any form secret from prying eyes.  People will ignore when it is a small amount but we can never tell if the amount is huge.  We have seen lots of news already about friends committing crime just to get the victims money.  And even the earlier reply give us link on an incident where a person is being kidnapped just to extort him of his Cryptocurrency holdings.
I agree with this since stuff like our own finances should be kept secret to anyone. If you are just basically starting to own some Bitcoin or money then better keep it to yourself because not every person you met are happy or like to have you some money or having a better life than them.

Don't just be too carefree too much since we never know who was planning something bad for us. Trust me, it's for the better although, there are people that I know would show their investment sheet but never their bank books.
Never ever make yourself to be that careless when it comes to your own security and into your family.Its true that when we do talk about money then everyone could possibly change up.

They would really be trying out to stole or make bad things just to get those money in posession.You arent that dumb on letting others to know on how much you do hold.
Just like on what others been saying that its better to make yourself secretive on what you do hold and what you do earn.
You are opening yourself on possible life threatening situation if you do keep on doing this.
sr. member
Activity: 2506
Merit: 368
OP all I can say is that they weren’t very good ‘friends were they. 3 bitcoin really isn’t that much, it’s quite sad that people would ruin a friendship over money, especially an amount that whilst no joke, is not exactly lottery style amounts.

A true friend should be able to tell friends that he has some bitcoin & enjoys trading crypto currency.

My friends know my involvement but they have not kidnapped me, not yet any way haha.

Not all people are the same.  You are lucky you have good natured friend.  But not all people have friends like yours.  So it is still better to be safe than sorry.  Better to keep our finances in any form secret from prying eyes.  People will ignore when it is a small amount but we can never tell if the amount is huge.  We have seen lots of news already about friends committing crime just to get the victims money.  And even the earlier reply give us link on an incident where a person is being kidnapped just to extort him of his Cryptocurrency holdings.
I agree with this since stuff like our own finances should be kept secret to anyone. If you are just basically starting to own some Bitcoin or money then better keep it to yourself because not every person you met are happy or like to have you some money or having a better life than them.

Don't just be too carefree too much since we never know who was planning something bad for us. Trust me, it's for the better although, there are people that I know would show their investment sheet but never their bank books.
sr. member
Activity: 1372
Merit: 348
OP all I can say is that they weren’t very good ‘friends were they. 3 bitcoin really isn’t that much, it’s quite sad that people would ruin a friendship over money, especially an amount that whilst no joke, is not exactly lottery style amounts.

A true friend should be able to tell friends that he has some bitcoin & enjoys trading crypto currency.

My friends know my involvement but they have not kidnapped me, not yet any way haha.

Not all people are the same.  You are lucky you have good natured friend.  But not all people have friends like yours.  So it is still better to be safe than sorry.  Better to keep our finances in any form secret from prying eyes.  People will ignore when it is a small amount but we can never tell if the amount is huge.  We have seen lots of news already about friends committing crime just to get the victims money.  And even the earlier reply give us link on an incident where a person is being kidnapped just to extort him of his Cryptocurrency holdings.
hero member
Activity: 3178
Merit: 661
Live with peace and enjoy life!
So the lesson here is to never tell anyone exact amount you hold. You can inform just one member like your parents or wife about this so that they can recover the funds in case anything happens to you but never tell this information to casual friends or distant relatives.
Or, never tell anything at all that may involve money, trust no one. I even rarely tell my wife how much I own but she's not the persistent one so it's fine for both of us in the end. Not everyone was really happy with what they got, others get jealous or they have others intent bad behind you.
Exactly, just keep it to yourself and stay low key. You cannot hold an assurance that those people who know your crypto hodlings will also never tell it to their family and friends. And that’s where negative plans for you might be formed. That’s why disclosing too much personal informational is never good at all even if you’re with closest friends and relatives as they can always make a bad move against you if they badly needed money.
legendary
Activity: 3234
Merit: 1214
Vave.com - Crypto Casino
Searching the web came across this incident in which two policemen were involved. The amount connected with the incident is huge. Maybe OP have heard of the wrong story, the incident described in the below link seems to be real. Anyhow the message being conveyed through the story is something everyone should understand.

8 including cop held for kidnapping man for Bitcoin
sr. member
Activity: 2604
Merit: 338
Vave.com - Crypto Casino
So let me share a real incident with all of you that happened two months before in India. There was a businessman and he used to own some crypto for trading and also as an investment. His friends came to know about exact amount he had which was quite big amount in my country. It happened because he casually mentioned it to them and showed them his investment and profit.

Now these friends made a plan and kidnapped him and then asked him to trasfer all the crypto to their wallets. It was about 3 BTC in total. But the good thing was that he escaped them and then told police about all this and the funds were recovered. But he could might have lost his life and all the crypto because of this incident.

So the lesson here is to never tell anyone exact amount you hold. You can inform just one member like your parents or wife about this so that they can recover the funds in case anything happens to you but never tell this information to casual friends or distant relatives.
You cant easily trust up everyone when it comes to money even some people are really that too paranoid even trusting family members which i do really felt out sometimes with this kind of vibe

which the only one i could trust up with is myself.When you do deal up with crypto holdings or even with fiat in speaking with your business and the profits made.
Then you are just simply trying to look yourself to put on big trouble or danger considering that everyone could really abduct or kidnapped you and ask out on your wallet
information.I wasnt so sure about telling it to your family members for recovery, considering that crypto transactions are irreversible which means that
on the time it was sent then there's no way on recovering it out.Just be quiet on what you are dealing with specially if it do talks about money.
You cant just easily trust up even with your closest friend or whatsoever.
legendary
Activity: 3304
Merit: 1617
#1 VIP Crypto Casino
OP all I can say is that they weren’t very good ‘friends were they. 3 bitcoin really isn’t that much, it’s quite sad that people would ruin a friendship over money, especially an amount that whilst no joke, is not exactly lottery style amounts.

A true friend should be able to tell friends that he has some bitcoin & enjoys trading crypto currency.

My friends know my involvement but they have not kidnapped me, not yet any way haha.
legendary
Activity: 3010
Merit: 1280
Get $2100 deposit bonuses & 60 FS
I have also faced some problems after revealing my holdings and my involvement in crypto. People will always target me and ask some question which was really annoying.
I had to tell everyone later on that i left crypto world. Yet here i am here on BTC forum.
Also now i feel safe being myself.
Money is your worst enemy if you have bad friends. This post shows us that. Be safe guys.


When it comes to money, we should be discrete to others about it.  We must know that when it comes to finance people become paranoid especially those who have vices and ill-intention.  We should keep our holdings private and secret.  There are lots of instances that friends turned rogue and do bad things to their friends when it involves money, even couples are not exempted.  I have heard lots of news about partners getting murdered because of insurance claims.   This simply states one thing.  Never trust anyone or confides to anyone if you have holdings of cryptocurrency.
hero member
Activity: 1680
Merit: 845
I have a feeling that I read a similar or even the same story on this forum recently. Nevertheless, that's applicable in every aspect of life; be modest and avoid showing off your wealth. Not only does it make you look arrogant, but it also makes you a target in situations like the one explained here. On top of that, the topic of Bitcoin and cryptocurrencies attracts a lot of questions when being brought up in conversations and may also be perceived as bragging by others. Thus, I generally refrain from mentioning cryptocurrencies to people with whom I don't feel comfortable.
sr. member
Activity: 1008
Merit: 366
I have also faced some problems after revealing my holdings and my involvement in crypto. People will always target me and ask some question which was really annoying.
I had to tell everyone later on that i left crypto world. Yet here i am here on BTC forum.
Also now i feel safe being myself.
Money is your worst enemy if you have bad friends. This post shows us that. Be safe guys.
legendary
Activity: 3164
Merit: 1127
Leading Crypto Sports Betting & Casino Platform
in my country when someone asks me about bitcoin i always tell him the basics and i don't say anything about me and the bitcoin i have, i prefer the person to buy and hold, so i teach him only how to buy and do hodl and the risks of losing everything and I tell you to do more google research, the problem with that in my view is that when they lose money they tend to blame the person who pointed them out or taught them that's why I stopped talking about bitcoin in my country, even when the person comes with desperation and asks me I don't tell him anything. In my country, saying a large amount would be the same as asking to be kidnapped, I just told my family. I even admire some people who keep posting luxury on social networks, it looks like they are not afraid of being kidnapped and killed

Money is a very sensitive thing, they will not know friends, relatives or even family. There is a saying that "money is the sharpest breaker" be it with friends, relatives or even the closest family members. So it is not recommended to say the exact value of the money we have, be it in cash or in the form of assets, in this case bitcoin or altcoin. I hardly say what the exact total is in my investments, and if anyone asks me what my total assets are, I'll be joking. This is my way of protecting myself personally from things that are not desirable as the OP said for example. Because we don't know what other people think of us, it's not our negative thoughts about them, but rather anticipating things we don't want.

One has to be very careful when someone else is asking about assets or earnings. Like if some close relative is asking, you can say to them that I will not tell you. You cannot be harsh to them as it will break relation. There are other practical ways to avoid giving them this information. Like you can tell them that you make as much as Warren Buffet. So you are just making a sweet joke to them and avoiding the question with a smile. They will also take is supportingly. If some distant relative is asking or just a casual friend has interests in your assets, you should clearly tell them that this is none of their business.

this depends on the degree of kinship, you will not say to your father, mother and brothers "I will not tell you" if they ask you questions, even because they are right in you to ask questions, imagine that one day you arrive home with a car luxury you bought with bitcoin and they ask you questions, won't you tell them the truth? if you don't tell the truth they will think you stole the car or money and went to buy the car
full member
Activity: 1442
Merit: 108
Money is a very sensitive thing, they will not know friends, relatives or even family. There is a saying that "money is the sharpest breaker" be it with friends, relatives or even the closest family members. So it is not recommended to say the exact value of the money we have, be it in cash or in the form of assets, in this case bitcoin or altcoin. I hardly say what the exact total is in my investments, and if anyone asks me what my total assets are, I'll be joking. This is my way of protecting myself personally from things that are not desirable as the OP said for example. Because we don't know what other people think of us, it's not our negative thoughts about them, but rather anticipating things we don't want.

One has to be very careful when someone else is asking about assets or earnings. Like if some close relative is asking, you can say to them that I will not tell you. You cannot be harsh to them as it will break relation. There are other practical ways to avoid giving them this information. Like you can tell them that you make as much as Warren Buffet. So you are just making a sweet joke to them and avoiding the question with a smile. They will also take is supportingly. If some distant relative is asking or just a casual friend has interests in your assets, you should clearly tell them that this is none of their business.
Pages:
Jump to: