Silk Road forums

Discussion => Newbie discussion => Topic started by: YoungnReckless on March 07, 2013, 12:58 am

Title: Question About Bitcoins
Post by: YoungnReckless on March 07, 2013, 12:58 am
is it safer to keep your coins on SR or in your electronic wallet say on Mt.Gox or any other site you can buy bitcoins on.
Title: Re: Question About Bitcoins
Post by: Wickedbuds420 on March 07, 2013, 01:29 am
I DONT ACTUALLY KNOW SO I JUST ADD ALL MY BTC TO SR. I WOULD LIKE TO KNOW THE ANWSER ALSO IF ONE IS POSTED.
Title: Re: Question About Bitcoins
Post by: Töörländer on March 07, 2013, 01:33 am
store it local with a bitcoin client and make a backup
Title: Re: Question About Bitcoins
Post by: uninfested on March 07, 2013, 01:49 am
By "safer" are you referring to security from being stolen or anonymity... or something else?
More info please.
Title: Re: Question About Bitcoins
Post by: YoungnReckless on March 07, 2013, 02:57 am
By "safer" are you referring to security from being stolen or anonymity... or something else?
More info please.


i mean safer as in terms of which one of the two will my bitcoint not just up and dissapear one day.
Title: Re: Question About Bitcoins
Post by: uninfested on March 07, 2013, 03:43 am
I'm a newb, so be wary of my advice, but I would keep as little of my money in BitCoin wallets or online BitCoin exchanges and instead only move the approximate amount of cash to bitcoin->SR for each purchase or group of purchases.

but I dunno wtf I am talking about.  ;)
There are great threads on this subject if you use search or browse the Security sub-forum.
Title: Re: Question About Bitcoins
Post by: flaxceed on March 07, 2013, 04:22 am
blockchain.info has a good wallet.
Title: Re: Question About Bitcoins
Post by: NorthWestDirectRep on March 07, 2013, 04:31 am
i would think on like a bitwallet, and anytime you need to use coins just transfer them to be used
Title: Re: Question About Bitcoins
Post by: Ephemeral on March 07, 2013, 06:49 am
is bitinstant still safe? is mtgox safe? where are the cautious people?
Title: Re: Question About Bitcoins
Post by: NorthWestDirectRep on March 08, 2013, 08:55 pm
yea bitinstantworksu gotaopen aMt.Gox acount ot transfer bitcointothemand backtoSR
Title: Re: Question About Bitcoins
Post by: porkm1 on March 08, 2013, 09:16 pm
I use mt gox to get them useable for me then transfer to SR and store there.  Keep getting a new account address like SR says to do for each deposit.
Title: Re: Question About Bitcoins
Post by: awhiteknight on March 08, 2013, 10:40 pm
If they're not in your own control then it's a matter of how much you trust the person / company who has them. Would you trust anyone other than a bank to keep hold of your money? Because that's what you're doing.

Having said that MtGox is probably the safest because if MtGox go down or are hacked then the worth of your bitcoins will plummet anyway. The entire market is centralized around this one currency exchange, it really is the weakest point in the bitcoin system at the moment because it's the place where the price is set.

If you keep a lot of BTC there then make sure you have both a strong password that you don't use anywhere else, two factor authentication would be ideal, and remember that your coin is only as safe as the most insecure computer that it can or has been accessed from.

Finally, unless you're a computer security legend then YOU are probably the weakest link in the chain. Your security practices, the games and software you pirate, the porno you download, the adverts on the dodgy sites you visit, the links you click on in emails and so on. It's a dangerous series of tubes out there, use appropriate protection.
Title: Re: Question About Bitcoins
Post by: NorthWestDirectRep on March 08, 2013, 10:51 pm
dam right!
Title: Re: Question About Bitcoins
Post by: Poisonouss on March 08, 2013, 11:06 pm
I keep mine on SR for the sole reason of that it takes like an hour to get it from bitcoin-central to my SR wallet. So, yeah. If it goes down, I'd only ever really lose 30-40 bucks anyway, so meh.
Title: Re: Question About Bitcoins
Post by: Kingoftheroundtable on March 09, 2013, 12:11 am
 :) bitcoins ftw I love this fckn shit
Title: Re: Question About Bitcoins
Post by: HighTestMMDG on March 09, 2013, 02:56 am
If you have any significant amount then you are better off to learn how to safely store and back them up yourself.
If we are talking about a few $100 then I would probalby just go with blockchain.info
Title: Re: Question About Bitcoins
Post by: piratesofpenzance on March 09, 2013, 03:18 am
Well I do a combination of:
local machine wallet -> online wallet of choice -> SR

This way I mix things up a bit.  Plus I mine my own coins anyway!
Title: Re: Question About Bitcoins
Post by: SpotSupply on March 09, 2013, 03:18 am
I advise folks to keep their coins on a legit site (legal-wise) and transfer coins to SR. If you are one of those that can't wait an hour two for your coins to arrive, then store enough for an order on SR but keep your other coins offsite. While SR does have a deadman's switch I don't to risk the cops kicking in the doors one day and all my coins going up in smoke.

Also, most of the newbies around here probably weren't here in the bad old days when the server would be swamped or down and you could not log in to your account. So, if you did need to get your coins out, you couldn't because you could not even get to the site. While it looks like those days are in the past, I'm sure it could happen again.