Robbed of BTC at gunpoint -- a real concern?

[bitcoinrocks]

Bitcoin is a better form of cash. It is more secure than paper money, but it is still cash. In all security contexts it must be considered to be like cash.

Exactly, and having so much cash is dangerous.

[BitcoinPenny]

This is something I've been concerned about for a while now.  I just read about it happening for the first time recently.  If someone knows you have BTC, they can easily rob you of it at gunpoint.  I could see this happening a lot once the price goes nuts again.

The very reason I decided against the vanity license plate BITCOIN (B1TC01N, etc).

Regards,
Christopher

[jonald_fyookball]

ask Tim Draper who bought 30,000 coins from the FBI how
he keeps safe.  There must be institutional methods
(multisig etc) to keep high net worth individuals safe,
at least as safe as they are now.

Arguably, Bitcoin has a bigger problem than fiat,
because it is irreversible.

[dodgecharger]

Bitcoin is a better form of cash. It is more secure than paper money, but it is still cash. In all security contexts it must be considered to be like cash.

Exactly, and having so much cash is dangerous.

I imagine people will learn not to secure a large number of bitcoins with a phone they carry on their person, in the same way that people usually don't walk around with ten or twenty hundred dollar bills in their wallet.

[RealBitcoin]

This is something I've been concerned about for a while now.  I just read about it happening for the first time recently.  If someone knows you have BTC, they can easily rob you of it at gunpoint.  I could see this happening a lot once the price goes nuts again.

The very reason I decided against the vanity license plate BITCOIN (B1TC01N, etc).

Regards,
Christopher

Thats nonsense, if you put a bitcoin license plate people will know you have bitcoins (so what 90% of bitcoiners have less than 0.5 btc, thats certainly not worth robbing).

As if you would but a license plate like DOLLAR, to signal that you have dollar, where every one has dollar and 99% of the people have less than 1 million $ wealth, and probably less than 1000$ in their wallet,  so the chances of car robbery is thin.

So why would car-bitcoin robbery be more likely, when car-cash robbery is not, even though bitcoin can be theoretically traced after, while cash cant. 

[MrTea]

Nobody has robbed a bitcoin exchange yet, I assume they have insurance since most are not in secure offices.

they operate only online i think, they have not a real physical place, like bank has, their cold storage, are probably well hidden somewhere underground and in a different location( in the case they have some small office)

but they are still targeted by hackers , which is vastly worse, then a real thief

Yeah absolutely right. Like what you said. Different type of material currency has different ways to rob so has different kinds of robbers. And the more IT involves in, the more risks it is.

[VirosaGITS]

Its a tragedy but i don't think its a global concern.

Sure someone can break in and force you to give him your bitcoins. Or your jewelry, your safe, your dog.

It's a bit like someone stealing your debit card at gunpoint and asking your NIP.

Doesn't seem like it's something that would randomly happen.

[RealBitcoin]

Its a tragedy but i don't think its a global concern.

Sure someone can break in and force you to give him your bitcoins. Or your jewelry, your safe, your dog.

It's a bit like someone stealing your debit card at gunpoint and asking your NIP.

Doesn't seem like it's something that would randomly happen.

Indeed, its fare more likely to just be robbed by your purse or wallet, than it is by your bitcoins from your smartphone.

[BillyBobZorton]

Its a tragedy but i don't think its a global concern.

Sure someone can break in and force you to give him your bitcoins. Or your jewelry, your safe, your dog.

It's a bit like someone stealing your debit card at gunpoint and asking your NIP.

Doesn't seem like it's something that would randomly happen.

I think unfortuantely in the future once BTC is worldwide and mainstream, things like this will increase. People getting robbed for Bitcoins on their smartphones and stuff. I hope they don't carry a lot of BTC ever on their Mycelliums, so robbers understand that it's pointless to rob people because no one carries much money.

[BurtW]

I did a lot of trading on localbitcoins and never had any issues with being robbed at gun point. 

However, it turned out that some of the people I was trading with were undercover federal confidential informants who video taped and audio taped our transactions.

Then homeland security used this flimsy evidence to claim that I was "operating a business without a license". 

Believe it or not, operating a business without a license is a felony, punishable by up to 5 years in prison and the belief that I might have been doing that was enough to send 35 or so agents to break into my house, search it from top to bottom and take all my Bitcoins.

So, there is your real threat.

Don't worry about the small time thief, worry about the big time civil asset forfeiture thief.

www.jmwagner.com www.burtw.com

[VirosaGITS]

I did a lot of trading on localbitcoins and never had any issues with being robbed at gun point.  

However, it turned out that some of the people I was trading with were undercover federal confidential informants who video taped and audio taped our transactions.

Then homeland security used this flimsy evidence to claim that I was "operating a business without a license".  

Believe it or not, operating a business without a license is a felony, punishable by up to 5 years in prison and the belief that I might have been doing that was enough to send 35 or so agents to break into my house, search it from top to bottom and take all my Bitcoins.

So, there is your real threat.

Don't worry about the small time thief, worry about the big time civil asset forfeiture thief.

www.jmwagner.com www.burtw.com

Whaa, is that thing why there's a trade saying you were arrested and then released? Crazy.

I don't know your transaction volume but that sound excessive to me.

Its not like trading currency is illegal or anything and if you profit from it you just need to declare it as other income in Canada.

Its a tragedy but i don't think its a global concern.

Sure someone can break in and force you to give him your bitcoins. Or your jewelry, your safe, your dog.

It's a bit like someone stealing your debit card at gunpoint and asking your NIP.

Doesn't seem like it's something that would randomly happen.

I think unfortuantely in the future once BTC is worldwide and mainstream, things like this will increase. People getting robbed for Bitcoins on their smartphones and stuff. I hope they don't carry a lot of BTC ever on their Mycelliums, so robbers understand that it's pointless to rob people because no one carries much money.

That'd dumb, don't carry it on you then, or use a small dummy account?

It shouldn't be hard to find a way to secure your Bitcoin.

[ransomer]

I don't see how this is an issue. Even an old lady or anyone else can easily guard against this.

[VirosaGITS]

I don't see how this is an issue. Even an old lady or anyone else can easily guard against this.

It's merely a point of people not being idiots and instead being careful.

Alot of people have some kind of "this can't happen to me" mentality or "the odds are so low".
True may the odds be low, some people are just too carefree.

People shouldn't keep a wallet with their priv key on them. Not their main one.
It would be best if they only kept the money they need on them.
I don't see why some guy should walk around with a weak security wallet holding multiple BTCs when he's just going out for a coffee.

[ransomer]

I don't see how this is an issue. Even an old lady or anyone else can easily guard against this.

It's merely a point of people not being idiots and instead being careful.

Alot of people have some kind of "this can't happen to me" mentality or "the odds are so low".
True may the odds be low, some people are just too carefree.

People shouldn't keep a wallet with their priv key on them. Not their main one.
It would be best if they only kept the money they need on them.
I don't see why some guy should walk around with a weak security wallet holding multiple BTCs when he's just going out for a coffee.

I'm very certain the number of bitcoins being stolen at gunpoint will be far far far far far less than the number that will be stolen by hacking. That is what we need to be concerned with as it is also harder for old ladies etc to guard against.

Compared to the threat of hacking, bitcoins stolen at gun point is virtually a non-issue.

[foodstamps]

I am surprised it does not happen more often to be honest. The amount of money that some people walk around with on their phones and laptops would be unheard of with cash except for a few drug dealers.

[cooldgamer]

Encrypt your main wallet and keep it off your computer, have a backup somewhere hidden safe.  Have a unencrypted wallet on a USB stick with a decently small amount in your home as a 'decoy', and only carry around spending money on your phone/computer.

[VirosaGITS]

I don't see how this is an issue. Even an old lady or anyone else can easily guard against this.

It's merely a point of people not being idiots and instead being careful.

Alot of people have some kind of "this can't happen to me" mentality or "the odds are so low".
True may the odds be low, some people are just too carefree.

People shouldn't keep a wallet with their priv key on them. Not their main one.
It would be best if they only kept the money they need on them.
I don't see why some guy should walk around with a weak security wallet holding multiple BTCs when he's just going out for a coffee.

I'm very certain the number of bitcoins being stolen at gunpoint will be far far far far far less than the number that will be stolen by hacking. That is what we need to be concerned with as it is also harder for old ladies etc to guard against.

Compared to the threat of hacking, bitcoins stolen at gun point is virtually a non-issue.

xD Maybe the old ladies shouldn't walk around with BTC then?

Stealing bitcoin at gunpoint sure is possible but it doesn't seem very efficient?;

-HEY, HANDS UP. Give me all your bitcoin! *Show gun*
-Oh damn, yes sir, just let me ... boot up the app. Boot up my QR scanner. Okay mister, would you kindly hand me over a QR of the targeted address?
-There, and now i'll verify you actually sent me all the BTC you have (.......right?)
-Here sir, would you like to wait for a confirmation before releasing me?

Haha. I guess there's always the chance of hitting a motherload.

[RealBitcoin]

I don't see how this is an issue. Even an old lady or anyone else can easily guard against this.

It's merely a point of people not being idiots and instead being careful.

Alot of people have some kind of "this can't happen to me" mentality or "the odds are so low".
True may the odds be low, some people are just too carefree.

People shouldn't keep a wallet with their priv key on them. Not their main one.
It would be best if they only kept the money they need on them.
I don't see why some guy should walk around with a weak security wallet holding multiple BTCs when he's just going out for a coffee.

I'm very certain the number of bitcoins being stolen at gunpoint will be far far far far far less than the number that will be stolen by hacking. That is what we need to be concerned with as it is also harder for old ladies etc to guard against.

Compared to the threat of hacking, bitcoins stolen at gun point is virtually a non-issue.

xD Maybe the old ladies shouldn't walk around with BTC then?

Stealing bitcoin at gunpoint sure is possible but it doesn't seem very efficient?;

-HEY, HANDS UP. Give me all your bitcoin! *Show gun*
-Oh damn, yes sir, just let me ... boot up the app. Boot up my QR scanner. Okay mister, would you kindly hand me over a QR of the targeted address?
-There, and now i'll verify you actually sent me all the BTC you have (.......right?)
-Here sir, would you like to wait for a confirmation before releasing me?

Haha. I guess there's always the chance of hitting a motherload.

Yea definitely, except a few delusional old people, it's hard to think anyone else would get robbed like that.

[Amph]

I did a lot of trading on localbitcoins and never had any issues with being robbed at gun point.  

However, it turned out that some of the people I was trading with were undercover federal confidential informants who video taped and audio taped our transactions.

Then homeland security used this flimsy evidence to claim that I was "operating a business without a license".  

Believe it or not, operating a business without a license is a felony, punishable by up to 5 years in prison and the belief that I might have been doing that was enough to send 35 or so agents to break into my house, search it from top to bottom and take all my Bitcoins.

So, there is your real threat.

Don't worry about the small time thief, worry about the big time civil asset forfeiture thief.

www.jmwagner.com www.burtw.com

this was done in real life right i mean your trading? if it was done online it would be the same thing happened? i can't explain why it happened to you only, there are plenty of traders that trade in real life using bitcoin without any licence, even here on the forum there is plenty of these guy

[AtheistAKASaneBrain]

I did a lot of trading on localbitcoins and never had any issues with being robbed at gun point.  

However, it turned out that some of the people I was trading with were undercover federal confidential informants who video taped and audio taped our transactions.

Then homeland security used this flimsy evidence to claim that I was "operating a business without a license".  

Believe it or not, operating a business without a license is a felony, punishable by up to 5 years in prison and the belief that I might have been doing that was enough to send 35 or so agents to break into my house, search it from top to bottom and take all my Bitcoins.

So, there is your real threat.

Don't worry about the small time thief, worry about the big time civil asset forfeiture thief.

www.jmwagner.com www.burtw.com

this was done in real life right i mean your trading? if it was done online it would be the same thing happened? i can't explain why it happened to you only, there are plenty of traders that trade in real life using bitcoin without any licence, even here on the forum there is plenty of these guy

As far as I remember it has happened more times to other people as well. I think there was a recording of a raid of some guy that was trying to exchange some Bitcoins. I think it's safe to say now that not even meeting in person with people through LocalBitcoin is anonymous and safe. I think there's no safe way to cash out Bitcoins anonymously. You either keep all of your stuff in Bitcoin or you get your Bitcoin taxed if you plan to cash out as far as im seeing.