00:02 let’s talk about whether owning
00:03 cryptocurrency makes you a target for
00:06 armed robbery theft home invasion uh
00:09 kidnapping ransom and all the evils of
00:12 the world uh the short take is the
00:14 statistical probability is almost zero
00:16 but I want to walk through that
00:18 statistical probability because I think
00:19 it’ll help you feel better and I’ll also
00:21 give you a few tips on what you can do
00:22 if you’re worried about it even if the
00:24 statistical probability is almost zero
00:26 okay so in the United States this is
00:28 some quick stats I pulled off chat GPT
00:30 but in the United States there are about
00:32 100,000
00:34 armed robberies every year 100,000 armed
00:37 robberies now specific to cryptocurrency
00:40 someone actually tries to keep up with
00:42 every single instance where any of the
00:45 bad things I mentioned home invasions
00:47 armed robberies uh kidnapping ransom
00:50 anything like that involves someone for
00:52 their cryptocurrency and uh that person
00:55 is Jameson Lop who’s the chief uh uh
00:58 strategy officer or actually she chief
01:02 security officer maybe I think of Casa
01:04 which is a Bitcoin company right so he
01:07 keeps up uh his Twitter handle is lop l
01:11 so l Jameson lop he keeps up with the
01:15 stuff and he tweets it basically every
01:16 time he ever finds anything anywhere in
01:19 the world uh other countries have had
01:21 more of an issue but still statistically
01:23 it’s almost zero but anyway so if there
01:25 are 100,000 armed robberies in the
01:28 United States the total number of things
01:30 I keep up with that Jameson lot post is
01:33 fewer than 10 in the United States in a
01:36 given year so we’re talking about 10
01:38 versus 100,000 which means the
01:41 probability of an armed robbery uh
01:44 happening that was uh related to
01:47 cryptocurrency is like 1 in 10,000
01:50 chance that it was related to
01:51 cryptocurrency versus just it happened
01:53 in general so the short take is
01:54 criminals are almost always targeting
01:56 people because they can easily target
01:58 the people and it has nothing to do with
02:01 cryptocurrency the cryptocurrency if
02:03 people are targeting people for
02:04 cryptocurrency that is extremely
02:06 infrequent uh and again we’re dealing
02:08 with I think to the best of my sort of
02:10 off the top of my head count is fewer
02:12 than 10 instances per year versus armed
02:15 robbery in the United States which is
02:16 like 100,000 a year so you’re you’re
02:19 dealing with statistical probabilities
02:21 of 10,000 to one or something ridiculous
02:23 like that if you try to find statistics
02:26 on home invasions and kidnappings and
02:29 ransoms and things like that the the uh
02:31 the numbers end up getting so small that
02:33 it’s basically zero for in general uh
02:36 those things are just extremely
02:37 extremely unlikely in the United States
02:40 regardless of whether cryptocurrencies
02:42 are involved um so I would say is this
02:45 something the average person needs to
02:46 worry about no but at the same point
02:49 there’s a lot of things in life where I
02:51 like to exercise extra caution uh just
02:54 because so the number one thing first of
02:57 all the likelihood that you’re going to
02:58 lose your Bitcoin to something that
03:00 involves the use of force armed robbery
03:04 home invasion kidnapping ransom all that
03:06 sort of stuff is basically zero compared
03:08 to the likelihood that you’re going to
03:10 get scammed or hacked so if you want to
03:12 worry about something you should worry
03:14 about getting ha scammed or hacked not
03:17 that something you know is going to
03:19 physically somebody’s going to assault
03:20 you or you know force you to hand over
03:22 cryptocurrency the the stat statistical
03:24 probability of that is just almost zero
03:27 um so and the best way to protect
03:29 yourself against scamming and hacking is
03:31 to buy a bit key bit.orld
03:34 and keep your bitcoin on bit that is by
03:36 far the best way to keep your Bitcoin
03:38 out of the hands of uh scammers and
03:41 hackers if you want to take an
03:43 additional step and get your Bitcoin out
03:47 of the hands or out of reach of the
03:50 situation the other situations I’m
03:52 talking about by far the easiest way to
03:54 do that is to just move your Bit Key
03:57 from you know the jewelry you know
03:60 whatever you know your jewelry box in
04:02 your bedroom just move your bit key to a
04:04 safe deposit box at a bank safe deposit
04:07 boxes at banks typically uh cost about
04:10 $30 per year not per month per year
04:13 that’s only $2.50 per month and a safe
04:16 deposit box at a bank you can just rent
04:18 the smallest one keep your bit key in
04:20 there that way in the extremely
04:23 statistically zero ability that you end
04:26 up in a home invasion or something like
04:28 that you always want to be in a position
04:30 that you can comply to the absolute best
04:31 of your ability and the best position to
04:34 be in is complying to the best of your
04:36 ability and not being able to do the
04:38 thing they want you to do because it’s
04:39 physically impossible so if somebody you
04:42 know beats down your door at 2 a.m on a
04:44 Saturday and says “Give me all your
04:46 money all your all your jewelry and all
04:48 your cryptocurrency,” what you want to
04:50 be able to tell them is “Here’s all my
04:52 jewelry here here’s all my money.”
04:54 Whatever obviously you want to comply to
04:56 the best of your ability but you want to
04:58 say “Hey the problem is I can’t give you
05:01 my Bitcoin because it’s in a safe
05:03 deposit box at a bank and the bank is
05:05 closed at 2 a.m on a Saturday i’m sorry
05:08 like I can’t give you the Bitcoin even
05:10 if I wanted to.” That is the best way to
05:12 get your Bitcoin that further step which
05:15 again is statistically so insignificant
05:18 probability that it would ever happen
05:19 that again I even debate whether it’s
05:21 even worth doing videos on but as the
05:24 price of Bitcoin rises especially if we
05:26 get a big parabolic run uh towards the
05:28 end of this year there’s going to lot of
05:30 people that are going to feel like they
05:31 have so much Bitcoin that it makes them
05:32 nervous and so I want to sort of head
05:35 that off by just one highlighting just
05:37 how extraordinarily improbable it is
05:40 that something like this would happen
05:42 and if you ever do come across a news
05:44 article that involves
05:47 you know something horrible happening to
05:49 somebody in the United States related to
05:50 cryptocurrency it’s almost always
05:53 there’s more to the story so for example
05:55 there was a recent story where someone
05:57 was kidnapped related to cryptocurrency
05:60 but what actually happened is the person
06:02 was part of a scam ring and as part of
06:06 the scam ring he and his buddies had
06:08 scammed a bunch of people and he had run
06:12 off with the money and then there was a
06:14 kidnapping and extortion that was trying
06:17 to get the money back from all of the
06:19 scamming so again that’s not going to
06:22 happen to any of you because you’re not
06:24 running around scamming people if you
06:26 were running around scamming people then
06:27 I would say yes you actually do have to
06:30 worry about your safety because your you
06:33 know colleagues in crime are probably
06:35 going to come after you but you’re not
06:37 running around scamming people so you
06:38 don’t have to worry about your your
06:40 other scammers you know you don’t have
06:42 to worry about them hating you if you
06:44 steal from them and they get mad at you
06:45 so almost always when there’s stories uh
06:48 horrible stories about somebody
06:50 something happening first of all it’s
06:51 extremely you know uncommon in the
06:53 United States but in the extremely rare
06:55 case that it’s that something like that
06:56 happened it’s typically part of a
06:59 organized crime ring to start with which
07:02 is very similar to the kind of uh crime
07:03 that happens related to drugs a huge
07:06 amount of the crime that happens related
07:07 to drugs is drug deals gone bad so if
07:11 you’re worried about your safety and you
07:13 look at statistics and you see that a
07:15 certain city has a a certain number of
07:17 murders every year the question is “Yeah
07:19 but were those people participating in
07:21 an activity that you’re going to be
07:22 participating in?” If the answer is well
07:25 a lot of those murders were drug deals
07:26 that got have gone bad well guess what
07:29 you’re not participating in drug deals
07:31 which means you’re not going to get shot
07:32 in the process of a drug deal gone bad
07:34 which means that you know the statistics
07:36 that are related to things you are not
07:38 doing don’t apply to you so the same is
07:40 true in the world of cryp cryptocurrency
07:42 that uh not only is it statistically
07:45 extremely unlikely that those things
07:47 happen but when they do happen it
07:49 typically involves the intersection of
07:51 other crime that the person should not
07:53 have been involved with at all to start
07:55 with and as a result uh you know someone
07:58 like you is not going to be in that
07:60 position because you’re not involved in
08:01 cryptocurrency crime and therefore the
08:04 blowback of that crime is not something
08:05 that applies to you if you want to
08:07 protect your Bitcoin the best way to do
08:09 it is to buy a bit key and if you want
08:11 to protect it even farther from home
08:12 invasions and things like that the easy
08:15 thing to do is just keep your bit key in
08:17 a safe deposit box in a bank that way if
08:19 somebody holds you up at gunpoint and
08:21 says “Get me all your Bitcoin.” The
08:23 ideal answer is “I wish I could but I
08:26 can’t because I need my bit key to give
08:28 you all my Bitcoin.” And I promise you
08:30 guys do not want to go to a bank banks
08:33 have cameras banks have armed security
08:35 personnel they have the magic little
08:37 button they push that makes the police
08:38 come immediately banks have all the
08:41 sorts of security that bad guys don’t
08:42 want to mess with unless they’re there
08:44 to rob a bank but that doesn’t apply to
08:46 you because you know that’s not
08:48 something that applies to
08:49 cryptocurrencies so um bad guys do not
08:52 want to go to banks because of all the
08:54 security they want to rob people where
08:56 it’s easy it’s opportunistic and again
08:58 that’s somewhere between 1,000 times
09:00 more likely and 10,000 times more likely
09:03 to happen with nothing to do with
09:06 cryptocurrency it just happened to
09:07 somebody as opposed to happening to
09:09 somebody because they were targeted for
09:11 cryptocurrency uh that being said things
09:13 you can do buy a bit key keep it in a
09:15 safe deposit box in a bank um you can
09:17 also don’t tell anyone how much Bitcoin
09:20 you have uh now again I fudge that
09:22 principle a little bit because I talk
09:24 about percentages of my net worth in
09:26 Bitcoin but I never talk about how much
09:28 Bitcoin I have and I you know I’ve done
09:30 entire videos about why I have less
09:32 Bitcoin than people think I have but
09:33 regardless and in my case I take lots of
09:36 extra precautions i make it very very
09:39 difficult to get to my Bitcoin even for
09:41 me or my loved ones if me or my loved
09:45 ones were under duress or coercion so
09:47 I’ve thought through in my situation all
09:49 the different scenarios of kidnappings
09:52 and ransoms and you know extortion and
09:55 uh home invasion and all of the
09:57 different things and I’ve tried to make
09:59 my Bitcoin impossible to get in all of
10:01 those situations even by me even if I
10:04 want to even by my family members even
10:07 if they want to because in any situation
10:09 like that again it’s extremely unlikely
10:11 not going to happen to you not something
10:12 you need to worry about but in those
10:14 situations you want to be able to comply
10:16 to the best of your ability and still
10:18 not have the bad guys get your Bitcoin
10:20 so again you know if I’m held up at
10:22 gunpoint and somebody says “Give me your
10:24 Bitcoin.” The answer is I can’t i like
10:25 literally can’t me getting access to my
10:28 Bitcoin involves time delays which are
10:31 called time locks you know it involves
10:33 significant time delays it involves
10:35 geographic you know separation as in I
10:38 can’t even get to my Bitcoin if I wanted
10:40 to right now like the ways and I’m not
10:42 going to go into all the details for
10:44 security reasons but even if I wanted to
10:46 get my Bitcoin right now in large
10:48 amounts it would take a huge amount of
10:50 time a a large number of different
10:53 locations none of which are close to
10:55 where I typically am it involves dogs it
10:58 involves armed security it involves
10:60 cameras it involves every conceivable
11:02 thing that a bad guy does not want to
11:04 have to deal with that is the gauntlet
11:07 that I have set up to make it extremely
11:09 difficult to get my Bitcoin even for me
11:11 because in a situation of duress or
11:14 coercion I want to make it almost
11:15 impossible for me or my loved ones to
11:18 get my Bitcoin even if we wanted to even
11:20 if we were trying to comply with an
11:23 attacker’s demands um plus you know I I
11:27 love the movie Ransom which is a Mel
11:30 Gibson movie that came out a long time
11:31 ago and uh you know back then uh he he
11:34 did exactly what Coinbase did recently
11:36 which is uh a number of uh hackers
11:39 demanded a $20 million ransom because
11:41 they had stolen some customer
11:43 information from Coinbase and Coinbase
11:45 told them no and that instead of paying
11:47 a $20 million ransom they were instead
11:50 putting a $20 million bounty on the
11:53 heads of the people that stole the data
11:56 for the arrest and conviction of those
11:58 individuals so I love that approach and
12:00 obviously if I ever found my situ myself
12:02 in the similar situation that is the
12:04 approach I would take which is to say
12:06 hey however much money you’re demanding
12:09 that is the bounty on your head so but
12:12 nobody needs to be in that situation
12:14 anyway nobody should be in that
12:15 situation anyway and nobody wants to
12:17 have to deal with making decisions like
12:19 that um so probabilities are you know
12:22 you’re 10,000 somewhere between 1,000
12:24 and 10,000 times more likely to be uh to
12:27 be a victim of something bad happening
12:29 that has nothing to do with your
12:30 cryptocurrency than you are something
12:32 related to your cryptocurrency but the
12:34 the steps you can take don’t ever tell
12:35 anybody how much Bitcoin you have like
12:38 don’t tell them a number of Bitcoin or
12:40 an amount of Bitcoin um you know uh
12:44 other than that store your Bitcoin on a
12:46 bit key you know if you have more than
12:48 $10,000 of Bitcoin or whatever number is
12:51 a big number to you keep that bit key in
12:53 a safe deposit box at a bank where it’s
12:55 you know no attacker is going to want to
12:57 go with you to a safe to a bank to get
12:59 your bit key to get your Bitcoin like
13:01 it’s just not worth it for them um so uh
13:04 that’s the ways you could protect
13:05 yourself again in my situation I have an
13:07 entire gauntlet that is much more
13:09 complicated much more difficult and uh
13:11 anticipates all of those bad things that
13:14 I’ve mentioned uh in this video uh but
13:17 that is not necessary for the average
13:19 person the average person get a bit key
13:21 get your Bitcoin out of the hands of
13:23 scammers and hackers that solved 99.999%
13:26 of your problem and if you want to solve
13:28 the other 0001% of your problem go get a
13:31 $30 um um uh safe deposit box in a bank
13:35 and keep your bit key in there and
13:37 you’re good and you just don’t have to
13:39 worry about this stuff so that helps
13:41 again uh especially anticipating a rise
13:43 in the price of Bitcoin later this year
13:45 i want to get ahead of that and uh make
13:47 you aware of all this stuff and for the
13:49 vast majority of people you just don’t
13:50 have to worry about it but there are
13:51 common sense things you can do and
13:53 that’s why I wanted to record this video
13:54 have a great day everyone thanks
