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Author Topic: Protection against armed robbery of Bitcoin  (Read 564 times)
stomachgrowls
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March 09, 2018, 12:35:57 PM
 #21

I am sure that there is no way to protect except ideas below.

1 Make yourself strong.
Do workout and always bring something to protect.
However, if the robber has gun it will be hard to protect your life by muscle.

2 Hire someone
I once met a co-founder of ADA and he has bodyguard to protect himself.
If you have enough, you can have your own secret service.
However, it means that you are going to lose your private.

So, I think the safest way is to immigrate to a country where only rich lives; Monaco could be good.
Rich people do not need to rob BTC, since they already have enough in fiat.
When you are man even do have a tough body but it wont really work out if 3 man would really rob you out.You cant perform those moves which can be seen on movies but when it comes to single person  then you might have a chance but would really a life-threatening move.If you arent sure on what you gonna do then better to surrender those coins and dont risk your life on it.This is why its important to consider your own security if you do know yourself is handling lots of money.In this world criminal minds are just on the surroundings just waiting for the right timing on robbing people which they do know that have some serious amounts in their pockets/wallets.
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May 02, 2018, 02:45:00 PM
 #22

How about fingerprint scan? Or iris scan locks? To able to protect it, maybe it would be best if it would be personalized. I mean, you've done all the other types and for last confirmation, either your fingerprint, iris, voice or a specific code only you have access to. We live in a dangerous world, and crime cannot be avoided, just prevented. Try to keep a low-profile and secure your personal information.
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May 10, 2018, 07:21:06 AM
 #23

Protection against armed robbery of Bitcoin....

My rule #1 is -- do not tell anyone in real world (specially to unfamiliar people) that I'm involved in crypto. Because I don't want to repeat this scenario, or maybe this one. In past 2017 there was a tons of news like this two.

In The Commonwealth of Independent States very often the police are thugs. Also there are situations that you can make a deal with thugs, and that deal can be better than with police...

Rule #2 -- Use FOSS: Linux + full encryption of SSD; PGP/GPG; VeraCrypt; StegHide; KeePassX.
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May 11, 2018, 08:26:15 PM
 #24

How do you get robbed as a crypto trader? I sure as hell would never bring private keys or anything useful in accessing my crypto out in public. There is literally no need. It also sounds like the guys that robbed him knew exactly who he was nad what he had, because how else would it happen?
xtraelv
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June 03, 2018, 01:38:04 AM
 #25

The best protection is "don't own anything worthwhile stealing".  Grin

Failing that -

Spread your risk. Hardware devices are cheap. Don't just own one. Own multiples. Different types of storage in different locations.

100 wallets are safer than everything in 1 wallet.

Keep your seed in a separate location from your hardware device.

Plan for all eventualities.

Have a pre-arranged plan for what to do if a robbery occurs.

Armed robbery is relatively low risk compared to other methods of theft or loss due to an external event.

Consider destruction due to fire, earthquake, war, volcanic eruption, hurricane, flooding, tsunami, solar flare, EMP, death, paralysis, theft by someone close to you, hackers, seizure by authorities, exchange collapse.

Have a backup plan if you lose physical access to a hardware device. (e.g. the secure deposit box is no longer accessible.)

Hardware devices can also be "hacked" if the hacker has physical access to it. So if you have it in a location you cannot control it can be accessed by thieves or the authorities.

Avoid linking your private details to your online identity.

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June 03, 2018, 08:15:59 PM
 #26

If you've invested in Bitcoin then you've stumbled upon some new found wealth. With this wealth you should buy a tank. That should be pretty well suited against the averaged armed robbery.

Seriously though the best protection would be spreading your coins into multiple wallets. Even if you did get robbed you could just give up one private key which would have less than 5% of your true investment.

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June 07, 2018, 08:34:51 PM
 #27

Ledger Nano S has a feature to protect you against a regular robbing (like tell your private key or die).
It's called Alternative Pin or Hidden Account.

How to set up and/ or recover a hidden passphrase and alternate PIN on your Ledger Nano S?

Quote from: LedgerNano
The hidden passphrase is used for two reasons

1. Protection of your 24 words recovery phrase if your accounts are behind a passphrase then you are protected.

2. "Plausible deniability" is a security feature that combats the risk of being threatened and/or forced to enter your PIN code. With this option, you can manage two PIN codes, unlocking two separate accounts:

- Your first PIN code provides access to your main wallet, like a basic account, with low amounts used for daily payments and small transactions.

- Second PIN code, linked to a specific passphrase you need to set up, opens an hidden account, to save large amounts, which will only be used occasionally. With this option, in case you are forced to recover a wallet from your 24-word backup, only the main wallet will be displayed, and the second account will remain hidden, as long as you don't reveal the attached passphrase.

It works like this: You you will have 2 PIN. So if someone gets inside your house and say "give me your bitcoin or die" you can unlock just the basic wallet with your PIN. The other one is totally hidden, only unlockable with the second PIN.

This is a feature which not many users know... But pretty useful.
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June 08, 2018, 11:50:16 AM
Last edit: June 09, 2018, 02:48:15 PM by vapourminer
 #28

Ledger Nano S has a feature to protect you against a regular robbing (like tell your private key or die).
It's called Alternative Pin or Hidden Account.

How to set up and/ or recover a hidden passphrase and alternate PIN on your Ledger Nano S?

Quote from: LedgerNano
The hidden passphrase is used for two reasons

1. Protection of your 24 words recovery phrase if your accounts are behind a passphrase then you are protected.

2. "Plausible deniability" is a security feature that combats the risk of being threatened and/or forced to enter your PIN code. With this option, you can manage two PIN codes, unlocking two separate accounts:

- Your first PIN code provides access to your main wallet, like a basic account, with low amounts used for daily payments and small transactions.

- Second PIN code, linked to a specific passphrase you need to set up, opens an hidden account, to save large amounts, which will only be used occasionally. With this option, in case you are forced to recover a wallet from your 24-word backup, only the main wallet will be displayed, and the second account will remain hidden, as long as you don't reveal the attached passphrase.

It works like this: You you will have 2 PIN. So if someone gets inside your house and say "give me your bitcoin or die" you can unlock just the basic wallet with your PIN. The other one is totally hidden, only unlockable with the second PIN.

This is a feature which not many users know... But pretty useful.

trezor also has this. you can have as many wallets on one device as you have passwords for. 2, 10, 20 whatsever. just dont write the passphrases down in the same place as the recovery seeds.

keep chump change in the 1st two (the more sophisticated btc robbers will know that hardware wallets can have "hidden" wallets). keep the real stash in the 3rd, 4th, whatever wallet.
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June 10, 2018, 07:16:49 AM
 #29

I agree with the philosophy to not tell anything to anybody, past that is just about matter of valuing more your ( or somebody close to you) life or your possessions, since there is no 100% guaranteed. This is maybe one of the few downside of not having a bank involved with your money.
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June 23, 2018, 08:38:15 AM
 #30

If you've invested in Bitcoin then you've stumbled upon some new found wealth. With this wealth you should buy a tank. That should be pretty well suited against the averaged armed robbery.

Seriously though the best protection would be spreading your coins into multiple wallets. Even if you did get robbed you could just give up one private key which would have less than 5% of your true investment.



I have always wanted a tank. I'm not sure how useful they are against armed robbery but it would be a lot of fun. Ex military or a Howe & Howe Ripsaw ! https://www.youtube.com/watch?v=P5FjZUwe000

https://www.youtube.com/watch?v=9WxO6TwnFzU
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June 24, 2018, 06:24:25 AM
 #31

Always trade in a public place with plenty of CCTV.

For the "somebody comes around the house" scenario, I like the idea of using the Shamir secret sharing for any serious amounts. Make it something 4 out of 12. But instead of putting them in locations that you control, hand the parts to other people who do not know each other (also think lawyers, notaries etc.). It will be impossible for you to spend the coins without making the rounds and see these people. Not entirely risk free of course and you still might get shot.

So, yeah, the fewer people know, the better.
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