Importance of not letting others know about your crypto holdings - page 2.

harizen

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Quote from: krishnaverma on November 09, 2022, 01:12:45 AM

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.

Regardless if it's crypto or not, there will always be a person that will do a sh*tty act like that and sometimes those persons are just within your circle of friends that supposedly, you won't expect to do such crap. "Money is money".

Besides, I don't see why we should tell others about how much we owned, whether it's crypto or fiat. It's not making sense to me and that alone is already enough reason why I shouldn't do that. I can share my experience like the one in the story but to tell the exact amount I've been putting up on crypto-trading or any related crypto-investment, there's no way I will tell that specific detail, especially my current holdings and profits.

Generally, just stay low-key as much as possible.

Is that story really true? What an unfortunate guy as he is surrounded by bullsh*t friends.

Baofeng

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Quote from: krishnaverma on November 09, 2022, 01:12:45 AM

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.

It's not just to tell your friends or other family members, but not to trust someone will all your crypto holdings. There is also this 5 dollar wrench attack, https://cointelegraph.com/news/5-wrench-attacks-appear-to-be-on-the-rise-in-the-crypto-community.

I would understand if this is the early years wherein we want to spread awareness, but right now, it's different, this criminals are looking for ways, online or offline to steal from someone regardless if he/she is your friend. Sooner or later they will be tempted to do this things and this will not be the last. So we have to be very vigilant and protect ourselves but not telling our crypto assets and how big or small it is.

BitcoinPanther

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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

Sterbens

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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.

RAppleby

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Never show your friends how much money you have or tell them how much money you make. If they ask you which coin you like, you can say something and let him make his own decision to buy or sell, which is best for you.

gabbie2010

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Quote from: Findingnemo on November 09, 2022, 08:44:12 AM

When it comes to money trust no one, that is one of the reason why we are all here cause it is available in decentralized bitcoin. This is not applicable to crypto holdings it can be applied to everyone who is rich but people who are rich enough may have safeguard with them all the time so others keep your financial success silent until it reaches a state you can't hide it anymore.

Cryptos anonymity is a feature that allow us to keep our hodlings secretly, revealing our holdings to a third party apart from wife or kids can be very risky, apart from setting up such a holder for kidnappers some fraudulent friends might subtly steal your important details, like password and key in a bid to hack into your wallet and steal all the coins, I don't reveal my crypto hodlings to anyone even friends and my colleagues at work, I do my things in secrecy except my wife who knows much about my trading activities linked to crypto, there are untrustworthy fellows who jealous of our financial progress.

wxa7115

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Quote from: Sanitough on November 09, 2022, 04:41:06 PM

We’re there already, once money is involved, people will chose to be greedy and selfish no matter how close your friends to you. So yes, trust no one but only yourself. Although we can always share about crypto investments to our friends because that is also one way to promote crypto, but never tell them how much you are earning out from those investments because for sure, they will always do something to get it from you.

Not only it is important to not reveal how much bitcoin you may have, I think it is even important to hide for how long you have been invested in this market, and this is because if someone were to find out that you have been part of this market for many years they may think you have a fortune and create a lot of rumors about you.

And if those rumors are listened by the wrong people then something similar to what it is mentioned by the OP could happen to you, and the worst part is that you will have no chance to save yourself by giving your bitcoin away, as most likely the amount will not be anywhere close to what those criminals expect you to have.

krishnaverma

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Quote from: DaveF on November 09, 2022, 07:07:43 AM

As has been said, this is not just a crypto thing. Don't let people know how much liquid / easily available funds you have in general.
It's not just the criminals who are going to rob you, or kidnap you and hold for ransom. It's the conmen, the relatives who need money, the tax people.

No, I'm not saying you should tell nobody. But, keeping your finances private and only let some people know is always a good thing.

-Dave

Yes it applies to other type of holdings as well. Like for instance, gold related crimes are also very common in my country. People keep gold here in their homes and even poor people have some gold surely. Whenever, there is robbery in any house, gold is stolen first and results in huge loss as it is costly. Most of the times the reason behind this happening is that private information is leaked by some maid or other family member and robbers make use of that information.

Another reason to keep all this financial information private is that this information can also spread from person to another. Suppose you casually tell to a trusted relative about your bitcoin holdings. But what will happen if that relative further spreads that information to another relative. Like for example, suppose you share it with your father and then he boasts of his son achievements in front of his friends. This is very common and can happen with anyone.

Mahanton

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You are totally dumb if you do share up these sensitive information into someone.We know that people would definitely or instantly change if we do talk about huge sums of money or something
that could really make someones lives change in terms of finances.This is why its never been a good thing on showing up everything.Its not bad to be proud but you should set out some limitations
in terms of privacy and asset holdings.You dont know on what are the things that they do have in mind and people would really do criminality if they do saw that they could get
huge sums of money.Wondering on how the owner did get the funds considering that crypto transactions are irreversible?

Finestream

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Quote from: LogitechMouse on November 09, 2022, 02:41:55 AM

3 words. Trust no one. I still remember the Netflix documentary regarding QuadrigaCX with a title "Trust no One".

This applies especially when it comes to crypto investment. TBH, I'm not telling anything to other people about cryptocurrency. If they will approach me then I will give advice and some tips but not my whole crypto investment. No one knows how much my total crypto portfolio is and maybe I'm lucky but there are no people around me who knows anything about cryptocurrency which is a good thing for me as it decreases my chances of my holdings getting stolen.

Don't trust anybody even your family members because you don't know what they can do to you. Maybe in the future, I will share it to my partner but only my Bitcoins and I will not give him the whole amount Cheesy

.

So keep it to yourself alone. That way, you can always avoid future problems with your own crypto hodlings. The more you save it for yourself, the more safer you are from stealing and even free from crimes that anyone can actually do as long as money is the reason. Although we can always entrust this matter to our wife because this is the right thing to do, but sometimes keeping it as a secret is always the best thing to do.

Sanitough

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Quote from: rhomelmabini on November 09, 2022, 02:28:21 AM

Quote from: krishnaverma on November 09, 2022, 01:12:45 AM

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.

We’re there already, once money is involved, people will chose to be greedy and selfish no matter how close your friends to you. So yes, trust no one but only yourself. Although we can always share about crypto investments to our friends because that is also one way to promote crypto, but never tell them how much you are earning out from those investments because for sure, they will always do something to get it from you.

Vaculin

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Quote from: rat03gopoh on November 09, 2022, 01:21:49 AM

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.

Even so, it’s always a basic thing to never disclose anything you have especially if it’s all about money. Sad reality that most of the people never pay much attention to because they trusted their friends like their own family. And in that way, they can always prove to other people how far their achievements have gone, which literally made some of those friends to get envy and some may even think that he’s too boastful to brag what he have.

spectre71

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First rule of Fight Club. Don't talk about Fight Club.

If you display your wealth you put a target on your back. Telling people about your crypto wealth is against the essence of bitcoin.

ajiz138

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Telling the assets ownership of our own assets is a stupid thing because we do not know how good the friends around us are even from them and traitors to rob your assets when they know the contents are very large amounts.

Investment must be a secret and we ourselves are responsible for it, even I have never told anyone around me how much my total investment assets are in crypto even though my family including my wife never know the total assets of all but they only know investment in crypto and I can provide what they want, that's enough for me, and I alone am responsible for all that is known.

When I'm with friends, I never talk about investing, let alone show it to them, and my lifestyle is not too excessive, it's almost the same as theirs, so they don't suspect anything, so I always compare how when I'm close to friends I don't need luxury or show assets, if it's shown it's the same we are looking for trouble to them.

crwth

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In general, I think that's what happens when the government fails the people. People start resorting to criminal offenses to survive their daily needs. If people get to be taken care of by the government, no one would probably be in the right mind to do such heinous acts.

Be careful who you let in, and that's being safe for sure.

michellee

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Holding crypto means we take full responsibility for protecting it from anyone we know. We can tell the people closest to us but with a note, they are people we can trust to hold our secrets. But if we can't or haven't found the right person, we shouldn't have to say anything about the crypto we own for our own safety. If it's about money, people can think about evil. Even friends can try to take it from us. We don't want to see other people will try to steal our crypto or money by doing a crime against us.

Nrcewker

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Quote from: rat03gopoh on November 09, 2022, 01:21:49 AM

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.

Well i too agree on the fact that wealth shouldn’t be shown off as pride. The businessman mentioned in the OP now have got a lesson and therefore he set example for many others also. This example also helps us to understand that how not to trust others blindly. Moreover in case of an emergency, always use a hardware wallet and give access to it, to your loved ones. In India Bitcoins aren’t legalised, so my only doubt is that how did the police helped in this case regarding the recovery of the coins.

xSkylarx

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Quote from: Findingnemo on November 09, 2022, 08:44:12 AM

When it comes to money trust no one, that is one of the reason why we are all here cause it is available in decentralized bitcoin. This is not applicable to crypto holdings it can be applied to everyone who is rich but people who are rich enough may have safeguard with them all the time so others keep your financial success silent until it reaches a state you can't hide it anymore.

Like others, money is the root of all evil. People will change if it is already involved with money; you need to find out if they are your real friends or if they just gained your trust to execute their plan perfectly. In real life, the best advice is not to trust your friends, such as showing off your portfolio and how much money you have. It would be best if you did this to your own family instead, so they are aware, but be cautious with anyone because it involves a lot of money.

bitzizzix

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They are treacherous and stupid friends, and I don't think that far with my friends, and all they do is don't realize the entrepreneur is their own friend which I find a bit unreasonable.
he was kidnapped and told to transfer and of course his friends have bitcoin wallets and make sure they are also involved, and he ran away after the transfer and I don't see any story how he ran away and reported to the police whether his friends were arrested and the bitcoins back might be transferred back.
I think this is a bit confusing, but whatever it is, it's best not to tell anyone about your bitcoin holdings or any wealth that I don't think most people would spread their wealth around because it's pointless and just risky.

Findingnemo

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When it comes to money trust no one, that is one of the reason why we are all here cause it is available in decentralized bitcoin. This is not applicable to crypto holdings it can be applied to everyone who is rich but people who are rich enough may have safeguard with them all the time so others keep your financial success silent until it reaches a state you can't hide it anymore.

Topic: Importance of not letting others know about your crypto holdings - page 2. (Read 559 times)