Don’t Talk About How Much Monero You Have

Back to Monero Best Practices
Download .pdf
Download .jpg

Sayings like “Loose lips sink ships” and “Out of sight, out of mind”, exist for a reason. When you talk about how much Monero you have, you may inadvertently be making yourself a target. This is especially true in cases of online forums and social media. Attackers prowl the internet looking for people to reveal information about themselves that they might be able to take advantage of. Let’s just look at an example:

Adam comments to Eve in a public comment on social media that he just bought 30 XMR. Badguy sees Adam’s comment and decides he wants those 30 XMR. Badguy proceeds to use a variety of nefarious tactics to hack Adam and steal his XMR, maybe even doing more damage along the way. If Adam hadn’t of said anything, he wouldn’t have been targeted at all and his XMR would remain safe.

This is a simplified example, but in reality there are dozens of scenarios in which information you share can make you a target, and even more examples of how attackers can use that to their advantage and make you their next victim. Advocating for Monero and teaching new users about its many uses is one thing, boasting about how much XMR you own is another. It is advised to stick to the former and avoid the latter at all costs.

Keeping your Monero to yourself is also important if you live in a country with a corrupt government that abuses power. If a government in the future were to apply capital controls to cryptocurrency holdings, it would be best they did not know about your Monero. Even though Monero code is resistant to capital controls, if an abusive government knows you own Monero then they might still come knocking on your door.

Capital controls would technically give them the legal authority to freeze or take possession of your Monero. As Monero continues to improve, it will become increasingly harder for abusive governments to know you own any….unless you talk about it online. If they don’t know you own it, their ability to abuse their power and steal your hard earned wealth diminishes. Don’t talk about how much Monero you have.