Do not share your bitcoin holdings with everyone

[Ahli38]

I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

Cases like this happen quite often. And that's why people have to start considering that privacy must be properly protected. And we shouldn't trust anyone too much, even if it's our own relatives. But that doesn't mean we just have to hold it alone without anyone knowing. At least there must be someone we can trust who knows that we have an asset that we store safely. I only told my wife about this. Because he is the only person I trust about this. Because we have struggled from zero from before marriage to marriage and now we have children. That's why i trusts my wife. Because even I wouldn't have gotten to this point without the support of my wife. We have a dream together and we are in the process of making it a reality. So I have good reason to believe it. But I didn't tell my assets even to my siblings. It's not that I don't trust my brother. But I think one person is enough for me to tell about the important assets I keep. But I am very concerned about today's young generation who sometimes trust their friends too much. And in my country there was even a case of murder by a friend of his own friend. And yeah that's about crypto. I don't know the details of the story but it was broadcast by the news media. And quite viral at that time. Even though they are still young. But they share a boarding house. And the mistake was that A told B that he had a lot of crypto assets in his personal wallet. And one day this incident happened. This is truly a lesson for everyone. To not trust anyone except the family closest to us.

[1714248650]

1714248650

[1714248650]

1714248650

[1714248650]

1714248650

[1714248650]

1714248650

[1714248650]

1714248650

[Hewlet]

I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

i am having this experience as it stands now.  Because of the environment I stay that has so many persons staying with me, whenever I'm working on my phone a particular guy will come asking what I'm doing with my phone and i will just shun him off but then he just looked into my and immediately he saw the bitcointalk.com in my phone he understood I was into Bitcoin although he doesn't know ty amount of bitcoin I have accumulate but the unnecessary attention and conversations he is bringing up to me is becoming strange by the day.

It's easy to hide your bitcoin holding from people but once some persons know that you are into bitcoin, they seems to have a particular way they see you.

[Out of mind]

It is only natural that when a person invests in bitcoins and tells others about the money, they must try to harm him. If you share your Bitcoin holdings with a second person, he will certainly be greedy for your money. And when that relative of yours comes to know about Bitcoin, he will definitely try to get hold of your money in various ways and try to trap you. This incident is actually known by one person who informed a second person about the holdings due to which the person demanded bitcoins as ransom. That's why we should be careful not to tell anyone about these holdings when we invest in Bitcoins, rather it's our own personality. It is better to keep the investments than to share these investments with others for your own safety as you may face losses at any time.

[Samlucky O]

I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

It is truth an nothing but the truth. We should be careful of how we talk. Sometimes we get over excited over bitcoin up trend price, and decide to tell your friends about it, thinking they will give it a trial without knowing that people are very deadly. The more people know how much investment you have made the more risky you become. Because when people don't know about your investment they keep calm. But when they know about it they become jealous of you and becomes naive and bitterd over your success.

This is also applicable to what we do in our everyday life, not only in crypto. Same scenario happened in my state. A man who always brag of how successful he is, and how educated he is, how his children are all graduates and all successful with high grade in school. Hoodlums who literally never achieved anything in life became angry and lay an ambush for the man, and kidnapped him with several tuture and bruces all over his body. And he paid heavily for Ransom for his bail. After which he never speak much about his success anymore rather silence in action.

[Dr.Osh]

I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

Well, I agree with that. we don't know bad people may be around us, and we don't realize their goals. However, showing off bitcoins or even anything valuable that we own in public, would be very risky. Not only bad people, but people who are ready to hack your device will also look for information about these assets. So, I think things like that need to have privacy.

[jerry0]

This is what has me confused.  How exactly do people who get your bitcoin convert it to money that they can use though?  The thing is none of them would ever cash out directly to their bank account right since there isn't an owner of it.  So couldn't that person who sends the btc to their bank account just say they had it from back then though?  I heard you can't even use mixers anymore so how could they even get the money out without an issue?


The only way would be they sell btc to someone for cash right?  However I don't think it's even legal to do that in the US?  And if you do sell it for cash, well it won't be that big of an amount.  The other issue would be  would the buyer of the btc have issues when they try to cashout to an exchange?  I remember reading about that case of that couple who hacked the big exchange and got caught but they are doing that with a big exchange.  But if it was a regular person, I'm still somehow confused how the person who stole or hacked the coins from someone would have issue sending it to exchange to cashout unless it was never reported?  Even if it's reported, does that mean the thief or hacker can't cash out the coins?  However, these coins aren't tainted or bad coins right?  Now if you hack an exchange or something like that, I heard the coins are tainted so the thief can't cash it out.  But how is it different if it's a thief doing that to a regular person though?

[panganib999]

Let people know you can buy them, but don’t let them know how much. That’s been my motto for the past few years. Letting them in on how much you really earn and how much you have in the bank is more often than not a death sentenc, mqybe just not as extreme as this guy in particular we’re talking about right now.

It’s good that you’re at least making people aware that you’re affluent enough, and that you’re able to help or even give them what they want as long as you can put a price in it, but soon as they know how much you have,that’ when the problems arise. Most of them would latch on you like a lamprey, and some may even really go to such length thinking they’d get away with it easily. So be careful with who you disclose your networth with, not just with crypto.

[nurilham]

Wife or children they are humans as we are, money changes the mindset of every individual and it only takes a well disciplined (some though) person to avoid such temptation.

Of course, they are also human. But since they are the closest people, ideally they should be more trustable than other people. We also work for them, so it makes sense if we trust them. Also sometimes the mindset can change, but we must know well them for a long time. We must understand very well whether they can be trusted or not.

If I'm to be in your shoes from what you said, I'd rather have things in twos, move some of my funds to the other wallet which nobody knows about but me and let whosoever I would want to share my hard earned hustle with to know about the 1st but not the second, that would help should incase things goes out of hand.

Each person should have their own way to secure their asset. It is okay if you share the information for a half of your asset only. But I have another way, I share all the information about my investments to my wife and children. Instead of losing a half of my assets when I die, I'd better tell everything to people I trust.

You children can one day become the lion that fights against you for your wealth.

That's why it is important to learn the children about morality and religious values. So, they won't be the people who will harm us in the future.

[CryptoHeadlineNews]

This is what has me confused.  How exactly do people who get your bitcoin convert it to money that they can use though?

It seems you are getting it all wrong, because in such a scenario, they can't convert your Bitcoin to money directly, but what may likely happen is that the victim's BTC can be transferred to another Bitcoin wallet, possibly a decentralized non-custodian wallet such as Bluewallet or Electrum, and then later transferred into an exchange where it could be sold and funds transferred directly into the account of the recipient in fiat. So that's how it works, and can't be traced. Hence, a reason to make security your top priority
 

So couldn't that person who sends the btc to their bank account just say they had it from back then though?  I heard you can't even use mixers anymore so how could they even get the money out without an issue?

Point of correction, Bitcoin is not been sent to bank account,  but rather can be sent to any Bitcoijn wallet, and when it comes to the use of mixer, it was only on this forum that Mixers were subjected to restrictions after the outbreak of Sinbad, but that doesn't there aren't mixers still in operations both outside the forum.

[jerry0]

You got to be kidding me.  So a thief or hacker or has access to a victim's btc and just has to transfer the btc to an electrum wallet, now they send it to their exchange account and there is zero issues?



What if that victim files a report?  Who would they report to?  Would they report to whatever exchange that person is using to cashout whether it's binance or coinbase or whatever hey that person took my coins and a report will be filed or none of that because that person can't prove they owned the btc?



The only thing that the thief or hacker would have as an issue is if they were from the US and had to file taxes, they have to make up a story on how they earned the btc in the first place if they got audited?  However, when the btc goes from one address to another in previous transactions that the victim did, wouldn't they have to explain it to the IRS if they got audited though?  Like how would they explain the total amount of say 10 btc transactions that was done before this if they were told I see you bought x btc from here and then moved it to here etc.  Well if that victim bought btc from coinbase or binance... wouldn't the IRS notice this and say you aren't this person?  Surely they could check this right?  Then again btc doesn't have an owner as like money to a bank account.   



Does that make sense or is this thief or hacker going to have no issues? 



The only difference is if this was done to an exchange, then it doesn't matter if this person sends the btc to electrum and then another exchange to cash out since the authorities would be checking the movement of the coins?  However, what is the difference if it's a regular person who is a victim?  Let say this victim had 0.1 btc.  What if it's 5 btc?  What if it was someone who had 100 btc?  Surely the exchange that the thief or hacker send it to would freeze the transaction?  However, how could the victim who is the accuser even claim the btc was theirs though where they had to transfer the btc or it was stolen or hacked?

[Fara Chan]

It is only natural that when a person invests in bitcoins and tells others about the money, they must try to harm him. If you share your Bitcoin holdings with a second person, he will certainly be greedy for your money. And when that relative of yours comes to know about Bitcoin, he will definitely try to get hold of your money in various ways and try to trap you.

Telling about our Bitcoin investment holdings to other parties or other people is the same as telling about the amount of assets or money that we currently have, so this could of course invite other people's bad thoughts towards us. So this clearly doesn't need to be told to many people if we want to be safe and secure from bad things that can happen unexpectedly, because we ourselves cannot predict how someone will think after knowing our ownership after he knows it well enough through us.

This incident is actually known by one person who informed a second person about the holdings due to which the person demanded bitcoins as ransom. That's why we should be careful not to tell anyone about these holdings when we invest in Bitcoins, rather it's our own personality. It is better to keep the investments than to share these investments with others for your own safety as you may face losses at any time.

I also thought that I only needed to tell my partner about investments like Bitcoin at home, but I also thought again that he would be quite fussy and mention this to his neighbors or close relatives. Of course it would be quite bad to be told about this, so I prefer not to tell him about this even though on the one hand I also have to be open to my partner about what I have invested in all this time. However, I have also given him a little understanding not to discuss our Bitcoin investments with other people, even if those people are our close relatives.

[Sexylizzy2813]

Wife or children they are humans as we are, money changes the mindset of every individual and it only takes a well disciplined (some though) person to avoid such temptation.

Of course, they are also human. But since they are the closest people, ideally they should be more trustable than other people. We also work for them, so it makes sense if we trust them. Also sometimes the mindset can change, but we must know well them for a long time. We must understand very well whether they can be trusted or not.

They can be the closest to gain our truth but we have cases that the trust is not seen within rather is gotten from an outsider and it will be the best decision ever made, yes is family but some families ain't really your family be you the wife or children. It might feel bad but the chances we take in life is just covered with 100% risk so trusting an outsider can be a second choice in this case.

Each person should have their own way to secure their asset. It is okay if you share the information for a half of your asset only. But I have another way, I share all the information about my investments to my wife and children. Instead of losing a half of my assets when I die, I'd better tell everything to people I trust.

Come on brother, I know it will get to this death thing, fine let's put death aside. I think without death in play it would still be ok to make it look like is a win win for both parties which to me it is, meaning that the wife should know about half of it and you getting the other half, that's for security reasons because you have no idea what might get into her head and boom you're losing everything.
But when death had to come in I think letting it out would be nicer but I'd rather keep half of my assets on my will and the other as a test run to see how they behave.

That's why it is important to learn the children about morality and religious values. So, they won't be the people who will harm us in the future.

It doesn't change a thing, a pastor can decide to be the evil that destroys a happy home, people do change because things, ideas of various kind get into their head. You can't be 100% certain that if you teach your child/children the ways of the Lord that he's going to stay that way, no he won't, life is a choice and is a 50/50 chance if your child keep to what he or she have learnt or being taught.

[Ojima-ojo]

Totally agree with the op, in this world today, we no longer know who is who, alot of people comofladge themselves as our loved ones, our family or friends, but right inside their heart, we know not what their ambitions are, or what they are capable of, and like it's commonly said, that the heart of man is desperately wicked, it is better that we always be very careful around every one, most especially in terms of finance.

Anybody can crazy when they see money, and this is very possible due to alot of sufferings in the world today, so for every one of us that hold bitcoin, it is important we safeguard ourselves and keep our holding to ourselves alone, not even my wife knows that amount of bitcoin or cryptocurrencies I hold, not to talk of friends.

[Pandji02]

Totally agree with the op, in this world today, we no longer know who is who, alot of people comofladge themselves as our loved ones, our family or friends, but right inside their heart, we know not what their ambitions are, or what they are capable of, and like it's commonly said, that the heart of man is desperately wicked, it is better that we always be very careful around every one, most especially in terms of finance.

Anybody can crazy when they see money, and this is very possible due to alot of sufferings in the world today, so for every one of us that hold bitcoin, it is important we safeguard ourselves and keep our holding to ourselves alone, not even my wife knows that amount of bitcoin or cryptocurrencies I hold, not to talk of friends.

I think a lot of people underestimate how is it important to be secured online or offline. And they often tend to brag about what they have. Maybe I'm kinda paranoid, but I don't share that stuff with anyone, and I'm using only fake name on social media to at least feel safer.

[Crypt0Gore]

I was listening to a news that one of the relatives of a person kidnapped him and asked him for bitcoin in ransom. This happened because that person showed his bitcoin holdings to many of his relatives and news spread among them that he has lot of money invested in crypto. Though, finally funds were recovered from that guy but he could have even lost his life in the whole scenario. Thus, you should be careful with disclosing about your bitcoin holdings to everyone.

At one point you could feel like sharing your Bitcoin investment plan is part of the reason to keep going, like some kind of encouragement for you, this was how I used to feel too until I don't need to anymore, but now it's very hard to pretend like I don't have anything.

Some time ago I had to lie that I was broke because too many family members start asking me for help and I can't afford it, I was like why me until I found out that someone in the family spread the rumour, I thought he was someone quite and who doesn't talk much but I was wrong.

Now I had to leave my old city for another one, just to stay away from any possible threat, so OP you are on point with your warning, many around you don't want the best for you, they are just pretend to care, and when you manage to take the upper hand they can still hurt you, no harm comes to you if it was not plan from the inside. Stay safe everyone.