Why it’s important to avoid telling everyone about your crypto holdings

[Assface16678]

Today while bitcoin is going into rapidly increasing popularity and which is good at the same time because they are now increasing supporting the use of bitcoin at the same time they are giving a lot of contribution to the world of the market price. Some of the people are saying their investment into the world of cryptocurrency because they are proudly supporting the use of it but the main problem is all about the people they are giving that information.  Sometimes even the closest one we have and the trusted one they are the one who has a dark side because of too much attraction on the money.

I don't want to refer to all of the people that they have plans on your money but the main problem is there is a chance that they will do this to you because you have a large number of money and still money is a money.

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[Maxstl007]

True, you can easily become a target for preying eye or bad people around your surroundings or street, it's not wrong tell people about how good crypto currencies are but don't ever tell them about how much you make or holding, it's 100% dangerous and unsafe

[asianguy845]

Yes, never tell anyone you know about your crypto holdings (unless it's your wife or something lol)
A Norwegian bitcoin millionaire almost lost his life.
Why? Some person robbed his house and threatened him at the door saying, "Lie down or I'll shoot."
He managed to escape by jumping down from his balcony, luckily without major harm.
However, this could've definitely gone way worse, like with him dying or getting seriously injured.

Another such case was when a bitcoin trader was kidnapped and tortured by several people because of his bitcoin riches.
Article: https://cryptopotato.com/why-you-should-never-tell-anyone-youre-a-bitcoin-millionaire/

Reading this frightened me. I'll not tell anyone about my crypto when I have a lot 
And neither should you.

[Subbir]

I accept as true with you that it's not right to inform any folks about crypto because there's no shortage of violent people around us this is often not about crypto work it's about other work. Because if we mention crypto it'll bring us danger we will be victims of blackmail repeatedly That's why you would like to stay all information about bitcoin investing confidential Protecting privacy is particularly safe at add crypto.

[KiloFoxtrot]

At first glance it doesn’t sound bad to tell other people that you own Bitcoin, but there are some details to keep in mind:

Wow! Thank you for providing us a glimpse of what to avoid and what to do in order to avoid such pitfalls, even before they could possibly happen.

I'm actually not aware or maybe I failed to notice that I may be susceptible to any of those circumstances you've mentioned. Granted that I may not be successful yet right now, but maybe I might become luck somehow in the future.

[Coin-Keeper]

This thread is full of great comments.  My spouse knows I have some coins but has no idea of how many.  I have it setup where my BIP password is located in three parts.  She will need to get all 3 and connect the password characters together in order to discover the 30-50 digits needed to open the wallet.  I do this for security knowing that a stolen/hacked Trezor presents no threat and the 3 locations are miles apart.  She has no interest, only she wants to know that they won't be lost if I die.  I don't have to trust the holders of my password partials because they don't know each other, or what those digits are for.  I am a lucky "old timer" in this game.  KYC was never an issue back in the day.  The SEED sits in my vault.

[pixie85]

I stopped telling people about it not because I was afraid but because they were asking me about scams, deep web, tax evasion and things like that.

The word Bitcoin to an average worker like your typical gardener or plumber is scary and usually a understood as a tool for hackers or some child porn addicts.

People will kill you for money that's true but there's not much difference in driving that tesla without the bitcoin license plate or with it. To a criminal you will still look like you have a bag of cash under the bed.

[jademaxsuy]

It is much safer if you don't tell people about your holdings or else many people will send you trap just to steal your money before you know it's gone. As what you have stated it could also link your identity to the address that you use in transactions and other things you do. I do tell people that I have bitcoin and that's it no more information to tell except that you have bitcoin.

[lovesmayfamilis]

In several countries, the attitude towards Bitcoin is very doubtful. For example, Russia regularly makes changes to laws on ownership of cryptocurrencies. Accordingly, I believe that talking about the fact that I have bitcoins can lead to many problems.
Even close friends, I think, should not talk about the fact that there is some kind of capital in cryptocurrencies. People are envious and talkative. Sometimes secrets a revealed by close people to scammers quite by accident.

[peterurb]

1. People who don't understand crypto will think, that you are just trying to lose your money, or you did a bad thing
2. IRS can force you to sell your crypto - really there is an article https://news.bitcoin.com/irs-tells-couple-with-7-million-in-bitcoin-to-liquidate-crypto-assets-and-pay-off-tax-debt/
3. You can be liked with some coins which are from some crypto "robbery", but you bought them legally

[xZork]

In my country there is a saying that "if you have money but don't know how to keep it, you will look like a three year old kid holding a bag of gold going to the market".
Telling others about the amount of cryptocurrency you hold will likely bring you unnecessary danger. Bad guys will try to steal your money, which can even bring danger to you and your family.

[acdc]

I think we should tell people about cryptocurrencies and the great things they bring, but it's best not to disclose the amount of cryptocurrencies we hold.
There have been many robberies and even extortion of cryptocurrency owners, we cannot know if it will happen to us or not.

[Subbir]

When it involves working in crypto most traders keep their identities secret because there are tons of scammers out there. tons went on with the knowledge that they need to be lost their cryptocurrency Therefore, it's better to not disclose the existence of cryptocurrencies we'll be those to suffer the foremost.

[lovesmayfamilis]

I also agree that it is not worth talking a lot about the fact that you have some assets in cryptocurrency. Today, the time is very difficult, all analysts predict a big crisis, people lose their jobs, and, accordingly, the number of crimes is growing. The criminals do not sleep, they seek any means of deception. And if someone actively talks about his income in the crypto industry, then this once again provokes scammers to become interested in his personality. Proper storage and silence - these are several ways to maintain a good mood and not worry every second about your capital.

[actmyname]

In my country there is a saying that "if you have money but don't know how to keep it, you will look like a three year old kid holding a bag of gold going to the market".
Telling others about the amount of cryptocurrency you hold will likely bring you unnecessary danger. Bad guys will try to steal your money, which can even bring danger to you and your family.

If we draw from simplicity, you wouldn't tell random people that you won the lottery, nor that you hold precious metals or high-value stocks. The same should be applied to any financial instrument, bitcoin or not.

The criminals do not sleep, they seek any means of deception. And if someone actively talks about his income in the crypto industry, then this once again provokes scammers to become interested in his personality.

Considering the esoteric nature of bitcoin, there are a number of quite involved scammers in the industry, and I would even say that the ratio of scammers to regular users must be higher in the space considering the fact that there are no chargebacks on non-centralized blockchains. Users have no scam protection but their own intelligence, and with increasingly advanced accessibility options for new crypto users, the number of potential scams grow quickly.

[xZork]

In my country there is a saying that "if you have money but don't know how to keep it, you will look like a three year old kid holding a bag of gold going to the market".
Telling others about the amount of cryptocurrency you hold will likely bring you unnecessary danger. Bad guys will try to steal your money, which can even bring danger to you and your family.

If we draw from simplicity, you wouldn't tell random people that you won the lottery, nor that you hold precious metals or high-value stocks. The same should be applied to any financial instrument, bitcoin or not.

I think we should not tell people about the money we have.
Tell people about bitcoin and its greatness, spreading the word about bitcoin and cryptocurrencies to people will help the market grow and we will make money.

[Digitradez]

Look at all the famous crypto whales: Roger ver, Vitalik, Winklevoss twins, Charlie Lee, etc. Do you see anything happening to any of these guys? Nope. stop being so paranoid.

[Rengga Jati]

Look at all the famous crypto whales: Roger ver, Vitalik, Winklevoss twins, Charlie Lee, etc. Do you see anything happening to any of these guys? Nope. stop being so paranoid.

It is not paranoid, It's a prevention to avoid bad things that may happen to us. You cannot say a harmful statement to your friends or random people that can lead to losing your asset or losing trust from others. Especially if you are in a country that still cannot legalize crypto. Telling much about your crypto assets may trigger people to not trust you again as they may think you did an illegal activity. On the other hand, we don't know that there are people who become intending to steal or hack your crypto assets. Except you are a rich person like Roger ver, Vitalik, Charlie Lee, then you can hire private guards to protect you at any time. But if you are an average person, you can't do it.

[Digitradez]

Look at all the famous crypto whales: Roger ver, Vitalik, Winklevoss twins, Charlie Lee, etc. Do you see anything happening to any of these guys? Nope. stop being so paranoid.

It is not paranoid, It's a prevention to avoid bad things that may happen to us. You cannot say a harmful statement to your friends or random people that can lead to losing your asset or losing trust from others. Especially if you are in a country that still cannot legalize crypto. Telling much about your crypto assets may trigger people to not trust you again as they may think you did an illegal activity. On the other hand, we don't know that there are people who become intending to steal or hack your crypto assets. Except you are a rich person like Roger ver, Vitalik, Charlie Lee, then you can hire private guards to protect you at any time. But if you are an average person, you can't do it.

This is the type of paranoia that caused the patriot act to pass and it is why they are banning encryption. We all have to watch out for those bad terrorists! they will all hurt us. ridiculous.

[1miau]

Look at all the famous crypto whales: Roger ver, Vitalik, Winklevoss twins, Charlie Lee, etc. Do you see anything happening to any of these guys? Nope. stop being so paranoid.

It is not paranoid, It's a prevention to avoid bad things that may happen to us. You cannot say a harmful statement to your friends or random people that can lead to losing your asset or losing trust from others. Especially if you are in a country that still cannot legalize crypto. Telling much about your crypto assets may trigger people to not trust you again as they may think you did an illegal activity. On the other hand, we don't know that there are people who become intending to steal or hack your crypto assets. Except you are a rich person like Roger ver, Vitalik, Charlie Lee, then you can hire private guards to protect you at any time. But if you are an average person, you can't do it.

This is the type of paranoia that caused the patriot act to pass and it is why they are banning encryption. We all have to watch out for those bad terrorists! they will all hurt us. ridiculous.

I don't know all details of the "patriot" act, but it's actually the total opposite of privacy protection (what's recommended in my OP) and the result of the patriot act is such shit like identity theft (by KYC) and similar BS endangering users privacy. In Europe, some retards (a minority) are even talking about forcing internet users to use solely their real name on the internet (Forums etc.) 

That, what you call here paranoia is actually the opposite of the patriot act, it's privacy... ^^

In fact, the patriot act encourages crime against individuals by exposing their privacy.