If living in the PvP area you will have to craft up a unique strategy when it comes to your home. Either blend it into a tree or something above ground which would be very hard to do, or you would have to make it below ground which would be less obvious to players. Also, you should make it far below ground so it is less likely they would see your name. As far as chests go, you would have to conceal them in random places, otherwise you're losing your stuff. Living in PvP will have its challenges, but isn't as far fetched as described in the above comments. As for myself, I think I will stick to PvE at first.