My fiat story: How I nearly lost a brother because of banks

[Publictalk792]

Thank you. My brother is doing well and has gone back to work. He was kidnapped at a building site where he was supervising a poultry farm project. And you know that such farms are built outside the city. Since the location was on the outskirts, it was easy to kidnap him because there was no police presence in such areas.

It is really good to hear your brother is getting better and back at his job after that scary thing that happened. Construction sites especially ones far from cities like where your brother was working on farm can be unsafe. I know these sites do not have good security because they are not permanent and are in faraway places. This makes them easy targets for things like this.
Being a Civil Engineer I know that how these sites work and I have worked in many that kind of projects which are far from cities. I was working on a canal site. There were maintenance work and that were really a dangerous area. Thank God I safely completed that site.

[traderethereum]

Sorry for your brother and I hope God will always protect you and your family, including your brother's family.

As ordinary people, we can be in that situations so we don't need to show off our wealth or other things to other people to avoid bad things that may happen. This story telling us always to be careful in anywhere. Maybe your brother need to move his job.

Bitcoin solve those things that the bank can not solve. So Bitcoin could be another option to pay the ransom.

[Kelward]

Good to hear your loved one made it out alive. Very scary.

Did this take incident take place in Mexico by any chance?
I heard kidnapping for ransom is a common crime over there.

Nigeria. We also have a rate of kidnapping for ransom. In fact, it's now big business..

Kidnap for ransom is very real in Nigeria, and it's happening everyday, we don't get to hear many of them on the news because loved ones of kidnapped victims will pay discreetly. I'm a Nigerian and I know that some regions of the country are notorious for kidnapping, others are for terrorism, this things are very real and they kill their victims without any remorse. I have no reason to doubt @OP story because it is happening on daily bases. I'm glad that his brother is safe and the criminals were caught and I hope that they pay for their wickedness.

[hero_the_bossman]

I hope your brother gets well soon, OP.

And, surely, there are no big lessons regarding BTC, but if these people would ask to be paid in BTC, one would do anything for his family.

Even though some think this story is made up, it's okay as long as it doesn't hurt anybody in the long run. And as long as your brother is safe.

[m2017]

I was informed that my elder brother had been kidnapped. Few minutes later I called his phone number and the kidnappers were requesting for outrageous ransom. After three days of contacting them, we were able to negotiate until it got to the amount we could afford.

Since they requested that his wife bring the money in cash, we had to transfer what we had gathered to her account. After buying all the materials because they also requested such as cartoons of milk, biscuits, and other food items. My sister in-law headed to local money changers to collect fiat since banks are restricted to give such an amount in cash.

As she was transferring the money to the local money changer's bank account, it was later discovered that she could not move all the money since her daily transfer limit was below the amount the kidnappers demanded. When she rushed to the bank to upgrade her transfer limits, they said there was no service in the bank. When she tried to inform them that it was an emergency, they told her that there was nothing they could do about it.

It was a problem because we had already informed the kidnappers that she was bringing the money that day. When we informed them about the latest development, they told us that we were working with the police and were planning to get them arrested. They informed my sister in-law to forget about my brother because he would be killed that night. That period was the most terrifying night of my life.

Long story short, they accepted the change of plans and my brother was released the next day after his wife's account was upgraded and the money delivered in cash the next day. But my brother's leg was broken because of the delay, and he told us that he was beaten through the night.

I know that we shouldn't promote ransom payment using Bitcoin, but I would have done anything for my brother to be released. Each time I was called for ransom negotiations, I would be hearing the beatings and threats on the background and it was terrifying.

In this story, traditional (fiat) money was used as payment for the ransom of the hostage, but no one is shouting at every step that traditional money is used in crime (criminals who kidnapped a brother and demanded a ransom) and no one is prohibiting the use of traditional money.

Now imagine how much noise there would be if instead of fiat money the criminals demanded bitcoin as payment. The media would certainly use this news to once again throw dirt at bitcoin.

I have learned to always have Bitcoin as a backup because centralized platforms cannot be trusted. With Bitcoin:
-No need to upgrade the account
-No network failure
-No transaction limit.

But bitcoin has other problems (some of them):

-No network failure

- no internet - no transaction (don' confirm transaction). And this could prove to be a problem in case of timely rescue of your brother.

-No transaction limit.

- then in your case, you would have to pay more to the extortionists.

- the extortionists requested a ransom in fiat money, not in bitcoin, which (still) indicates a low level of adoption (distribution and use) of btc and a fairly high threshold (in terms of technical literacy) for entry even for normal use. This probably has a lot to do with the narrator's country of residence.

[melinoe]

I was informed that my elder brother had been kidnapped. Few minutes later I called his phone number and the kidnappers were requesting for outrageous ransom. After three days of contacting them, we were able to negotiate until it got to the amount we could afford.

Since they requested that his wife bring the money in cash, we had to transfer what we had gathered to her account. After buying all the materials because they also requested such as cartoons of milk, biscuits, and other food items. My sister in-law headed to local money changers to collect fiat since banks are restricted to give such an amount in cash.

As she was transferring the money to the local money changer's bank account, it was later discovered that she could not move all the money since her daily transfer limit was below the amount the kidnappers demanded. When she rushed to the bank to upgrade her transfer limits, they said there was no service in the bank. When she tried to inform them that it was an emergency, they told her that there was nothing they could do about it.

It was a problem because we had already informed the kidnappers that she was bringing the money that day. When we informed them about the latest development, they told us that we were working with the police and were planning to get them arrested. They informed my sister in-law to forget about my brother because he would be killed that night. That period was the most terrifying night of my life.

Long story short, they accepted the change of plans and my brother was released the next day after his wife's account was upgraded and the money delivered in cash the next day. But my brother's leg was broken because of the delay, and he told us that he was beaten through the night.

I know that we shouldn't promote ransom payment using Bitcoin, but I would have done anything for my brother to be released. Each time I was called for ransom negotiations, I would be hearing the beatings and threats on the background and it was terrifying.

In this story, traditional (fiat) money was used as payment for the ransom of the hostage, but no one is shouting at every step that traditional money is used in crime (criminals who kidnapped a brother and demanded a ransom) and no one is prohibiting the use of traditional money.

Now imagine how much noise there would be if instead of fiat money the criminals demanded bitcoin as payment. The media would certainly use this news to once again throw dirt at bitcoin.

I don't think that would be the case.

Maybe some would blame BTC for being a "black gold" of sorts, but then again - it wouldn't matter for the OP as long as his family would be not in danger.

[Marvell1]

I'm sorry for what your brother went through, but I don't think this is a smart example to compare bitcoin to traditional currency systems and point out that bitcoin is better.

What if the kidnappers heard your story? They'll switch to bitcoin, demand ransom in bitcoin instead of fiat, and that'll just make things more complicated and make it harder for the government to track them. In a sense, you are indirectly teaching criminals how to use bitcoin so they can commit crimes more easily.


By the way, I have been hearing about cash withdrawal restrictions or payment limits in your country for a while now. But maybe that only happens in your country, not with the global monetary system. I have never had any trouble converting cash, increasing transaction limits in over 20 years of using bank accounts.

[kotajikikox]

Sorry about your brother.

But how can we know that you are actually telling the truth? There should be a news about this in your community but you may not want to post it because your brother name will be on the news.

We can't know for sure. I would assume that a case such as this one have reached the news since OP did say that the police got involved. Kidnapping cases especially with ransom are not just common cases and more often than not get reported in the news even if the victim who got kidnapped is just an ordinary man and not a famous personality.

I do not know if I want to believe this story completely. Even without this story, bitcoin is attractive enough for a lot of people and many are interested in using it.

[Majestic-milf]

Have you ever negotiated with kidnappers? They can call now and won't call till tomorrow. They are keeping the victim to get the best deal. They can even keep a victim until cars or other valuables are sold. Some victims have stayed with kidnappers for one month.

I agree with you on this. When my father-in-law was kidnapped, that was the same hell we went through just to get him out and seriously, the story might sound formulated but believe me, it's a very horrible experience to be either kidnapped or be the one to negotiate with the kidnappers because your every action or inaction determines whether you get to see the loved one who was taken or not.
 The issue with the banks updating your sister-in-law's account was really fast cause it was as if they understood how important she needed that update because I know how intense it was for me when I needed to update my bank details, the back and forth was hectic.
I'm happy to hear that your brother is back in one piece, at least even though he had a broken leg, it is better than being killed despite taking the ransom.

[Sexylizzy2813]

I'm surprised with the way some of us say things, some are expecting this very event to broadcast on all TV stations or radio stations and also the internet should have it so that a link can be provided, no it doesn't happen in this part of the world, there are so many ugly things that goes on that is only the victim and the family or maybe the police that knows about and thats how it will be till the whole crime is been solved. We shouldn't forget that the way things works in your own country is not how it does in my country. Not everything is a lie in the Forum, well let's say 80% of some of the stories we read here in the Forum are lies but the remaining 20% are true, is your choice to accept it or not, like the OP said is not everybody who choose to share their life experience and the ones who boldly come out to say things about themselves we should appreciate it, things are happening and dealing with kidnapers is not something we pray to happen to the next person.

[Aanuoluwatofunmi]

I have learned to always have Bitcoin as a backup because centralized platforms cannot be trusted. With Bitcoin:
-No need to upgrade the account
-No network failure
-No transaction limit.

With bitcoin network in making transactions, you will not have delay because it will be fast compared to fiat, its secured, accurate and does not cost much, even when we are making a cross boarder transaction.

Bitcoin payment will always ensure you have no embargo on your account in restricting you from performing transactions, you don't have to go through KYC or other verification mediums before making a transaction, but with this kind of delay in fiat transaction, have we considered on the number of affected people in which this related delay or kyc challenge has been a reason for the lost of life, business deal or any other opportunity since they couldn't meetup a deadline for making payment.

[Maslate]

This is one of the reasons why bitcoin should be more preferred than fiat. Instances like this need rush transactions without any delay and circumstances, but I guess we can’t expect it from banks. Not to mention that this is our money, so at least they should be the one to adjust, not us.

But anyways, still be thankful to the bank because they have given solution to your problem. While at times, banks can be most helpful and reliable, but not in this kind of event. You could have lost a brother then, unfortunately the bank will never take responsible for it.

[KiaKia]

At this point you will end up joining the kidnappers,  

Sorry to say but that's how I view this whole thing, I don't want to say that it makes no sense for bringing Bitcoin into this matter. But I can surely say that are you ready to teach these kidnappers how to take more ransoms in bitcoin? You can't even say no, because you will be force to teach them or else you aren't safe either.

You are not thinking straight, there is no good that will come from you paying ransom with Bitcoin, they probably don't even know how to sell the Bitcoin back to Fiat, and if they catch interest in this idea you will have to teach them.

You think you do yourself a favour? No, you have just thought some bunch of killers how to collect ransom the easiest way possible, I know that Bitcoin is traceable but we both know that there are ways to cover track here until better blockchain experts are called to rescue.

[YOSHIE]

My fiat story: How I nearly lost a brother because of banks

Your story reminds me of one film with the title (The Marine), indeed bad things can happen around us and also our family, for that hopefully your family will be given patience in this test What happens to your sister, maybe another country how to deal with kidnappers, it all depends on the situation.

As far as I know, the bank in my country, especially local, there is no limit to sending money or withdrawals, no matter how much can be transferred to other accounts, I do not know how the legal process and police actions in your country and also the bank, in cases as you are experiencing.

I think keeping bitcoin, of course there is a risk too, good if the kidnapper understands how bitcoin works, the problem if they don't understand Bitcoin work, I think you and your family Must report the abduction case again, which knows they can be captured and in the Adili, it is a criminal act that is classified as a high level.

[leonair]

I have learned to always have Bitcoin as a backup because centralized platforms cannot be trusted. With Bitcoin:
-No need to upgrade the account
-No network failure
-No transaction limit.

First of all, I am sorry for your brother. You can keep Bitcoin as a backup, but it would be very foolish to disclose that matter publicly. Let me tell you an incident that I saw with my own eyes. A boy from a long distance in my district came to visit a friend of his. His wallet had $105k and he disclosed that matter to his friend. And later his friend kidnapped him and left $105k. Since there was Bitcoin here, he could easily transfer all his money. If this money was in the bank, he would not have lost all the money. Because the bank would not have given access to transfer the entire money. So, wherever you keep your money, always keep your financial affairs secret. This will make you less likely to make enemies. No one can handle the greed for money. When you have a lot of money and you tell everyone about it, it will be very difficult to protect that money and there will also be a risk to your life.

[Swordsoffreedom]

This is one of the reasons why bitcoin should be more preferred than fiat. Instances like this need rush transactions without any delay and circumstances, but I guess we can’t expect it from banks. Not to mention that this is our money, so at least they should be the one to adjust, not us.

But anyways, still be thankful to the bank because they have given solution to your problem. While at times, banks can be most helpful and reliable, but not in this kind of event. You could have lost a brother then, unfortunately the bank will never take responsible for it.

Can Bitcoin really help in cases like this? In my opinion, it depends. If by chance the Bitcoin network is congested at that time, transactions become costly and can be delayed for even days. What do you do then?


Not to mention, the worse case scenario is if you accidentally transfer BTC to the wrong wallet or the kidnapper deliberately claims that they haven't received the bitcoins yet while you've completed the transaction. What will you do?


Is Bitcoin responsible for you if you lose your brother in that case?

[pawanjain]

Long story short, they accepted the change of plans and my brother was released the next day after his wife's account was upgraded and the money delivered in cash the next day. But my brother's leg was broken because of the delay, and he told us that he was beaten through the night.

In many such scenarios, the victim is not released despite getting the demands of the kidnappers fulfilled.
You are really lucky that your brother was released but do you really think bitcoin would have helped ?
What if they got the bitcoins and still not released your brother. I am not trying to discourage you.
But the fact is that bitcoin has nothing to do with such scenarios although what you are trying to portray is true but still it shouldn't be encouraged this way.

[GiftedMAN]

Op, thank God at the end of the day your brother was released and he was not killed after the kidnappers collected the ransom that was paid. No one should wish his worst enemy to spend a day in the hands of those demons called kidnappers because they can destroy any body part of their victim just for a little delay in payment or when they observe that you even made any move of contacting the police before making the payment they demanded.

On the issue of going to the bank to make buck transactions during such periods of time, you will so hate the banks and their crazy network because banks are not ready to work they just want to deduct money from their customers and block them from easily accessing their money nothing more.

Bitcoin should not be used for making such ransom payments no doubt but on the issues of life and death matters if the kidnappers had demanded for bitcoin as a means of payment don't you think you would have paid them using bitcoin or would you have said no because you don't want them to know that you have some Bitcoin?

[john_egbert]

This is one of the reasons why bitcoin should be more preferred than fiat. Instances like this need rush transactions without any delay and circumstances, but I guess we can’t expect it from banks. Not to mention that this is our money, so at least they should be the one to adjust, not us.

But anyways, still be thankful to the bank because they have given solution to your problem. While at times, banks can be most helpful and reliable, but not in this kind of event. You could have lost a brother then, unfortunately the bank will never take responsible for it.

Yeah, I too think that sometimes, banks can be rough on the edges, but it doesn't mean that they can’t be reliable as in the case of the OP. I hope everything will go up from there for both of them, and everything will stabilize eventually.

[Obim34]

Good to hear your loved one made it out alive. Very scary.

Did this take incident take place in Mexico by any chance?
I heard kidnapping for ransom is a common crime over there.

Nigeria. We also have a rate of kidnapping for ransom. In fact, it's now big business..

A lot of people cannot relate to this, Nigerians can and has seen worse than this, talking about repeated massacres just to snatch food supplies, breeding animals, farms, and stack much for their needs.

OP thankfully, your brother got released not many are lucky after those death threats, they take the money and supplies yet do what they want with the victim. Thinking about introducing them to Bitcoin was very unthoughtful despite the intensity of the condition which we cannot measure the size of your pain at that moment, teaching them an upgrade of doing their kidnapping job is putting the life and safety of others at risk because that will help them go untraced once they understand so much about the blockchain and untraced is what they want.