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If you're comfortable giving your real identity out online, that's fine. But if you want to say things in public that you would not sign with your real name, or if you discuss street racing, emissions tampering, or just troll or goof around the Internet while you're supposed to be working, covering your plate is not a bad idea. It's like a condom for your identity; she might get pregnant on the 99th time but maybe you don't get clap from that other skank.
I cover my VIN plate, license plate, and never wear anything with my name on it. You can never be too careful when it comes to those pesky auto thieves.
Hey, some dumb drunken comments I made in Usenet 20 years ago still haunt me since I didn't know better than use my real name. And think about this: I've seen kids using pictures of other guys' cars online and bragging how they were street racing or some such nonsense. Cops and snitches lurk in the forums. Better paranoid than tazered, bro.
But back to the topic: covering the VIN plate is pretty useless.
Growing up I think we all know or have heard of unsavory individuals. I grew up in Spanish Harlem in NYC and the south side of Chicago 71st and Peoria and I knew guys who did this for a "living" lol. When a car is spotted they want they already know everything about the car and some surveillance nothing high tech.
Now for high profile cars, like Corvettes (C6 Z's ZR1s), Ferrari, and such there is a lot more time and effort is involved. Usually those rings are into multimillion dollar heists and a lonely C5 Corvettes are not what they are after or looking for.
in my opinion you and every other c5 owner is safe out there more trouble than the car is worth.
I hope the folks who cover their VIN vary their drive home every day so that someone doesn't follow you to see where you live. I spent over three decades in law enforcement and never saw a Vette stolen by someone who copied the VIN and had a duplicate key made. If someone wants to steal your car badly enough, they'll get it regardless of what precautions you take.