Importance of not letting others know about your crypto holdings

[Artem Sereda]

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

I think this is about financial literacy. A smart person will never share his financial condition with anyone.

[hZti]

I don’t see the difference here to other valuebal assets for example an expensive painting. If you have it and people know it will always be a risk. Still basically everyone that you see on the street has some money etc. that can be stolen and it still does not result in a lot of stealing.

[TheUltraElite]

This could happen to someone holding a lot of fiat or a lot of precious metal commodities or a lot of well performing stocks - what makes bitcoin so special? It can happen with any asset out there.

But the scary thing is that often people we know are there, being greedy of someone else and attempting to steal from them. How much you tell others about your earnings is completely your choice.

In this context, I would like to advice people to not tell exact invested amounts to people whom you might be trying to coach about crypto. This is often done by name to gain trust but it can backfire like the above.

[S A KHAIR]

If I have 1 BTC and I have a Lamborghini car, do you think I should hide my car or btc?, There is no distinction between assets, all types of valuable assets can be hacked or stolen. If you just want to use it as an example to remind people of bragging, I agree. But if you say it's a true story I don't believe it.

[noorman0]

-snip-
If you just want to use it as an example to remind people of bragging, I agree. But if you say it's a true story I don't believe it.

Erasing traces because stealing bitcoins is 100 times easier than stealing a lambo, and you may never think that the thief is someone close to you. The tendency to show off bitcoin because most of them were poor the previous day so they are aggressive, not those who have been rich for a long time because I believe they are more private.

[Odusko]

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.

Some folks have that wrong mentality of showing off their wealth and they unknowingly attract criminals to themselves, Cryptocurrency investment is a highly privacy investment and the goal is not to look rich, but to be rich.
Keep your wealth private and never share any vital investment information with anyone even if there is a low crime rate.

[_BlackStar]

The tendency to show off bitcoin because most of them were poor the previous day so they are aggressive, not those who have been rich for a long time because I believe they are more private.

It is possible, and I think it is very possible. The nouveau riche are more likely to show off than the real rich, their reasons will vary but of course these kinds of things are never good. Some do it to prove to others that they are capable or successful, but unknowingly it only creates unforeseen risks.

Especially in the crypto space, everyone is expected to take good care of their financial privacy. Create a sense of security for yourself by maintaining financial privacy, and thus you will sleep better without having to think about the threats that lurk you. But if not, you may have to hire some bodyguard to provide that sense of security if you have a lot of assets in crypto.