Importance of not letting others know about your crypto holdings

[wxa7115]

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.

[1714981601]

1714981601

[1714981601]

1714981601

[1714981601]

1714981601

[1714981601]

1714981601

[gabbie2010]

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.

[RAppleby]

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.

[Sterbens]

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.

[BitcoinPanther]

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

[Baofeng]

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.

[harizen]

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.

[krishnaverma]

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.

[Slow death]

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

[tjtonmoy]

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.

[Ultegra134]

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.

[serjent05]

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.

[DeathAngel]

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.

[Hamphser]

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.

[romero121]

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

[Viscore]

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.

[BitDane]

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.

[Oceat]

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.

[Oilacris]

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.

[Adbitco]

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.