Quote from: SRtester on December 11, 2012, 04:26 amSo how safe is Instawallet? I know it's convenient to launder your coins, but is it a good way to store your coins long-term?Using an instawallet does NOT launder your Bitcoin.It's incredibly important that users understand that bitcoins moved from one address to another are incredibly easy to trace through the Blockchain. The only way to launder your bitcoins is by running them through a tumbler such as BitcoinFog for an adequate period of time; what you get back will not be the same bitcoins that you put in, thus you have successfully laundered your bitcoins. You can send them to a thousand instawallets if you desire and it will add no extra protection compared to sending them to just one wallet.Quote from: davidkelly on December 11, 2012, 04:42 amQuote from: SRtester on December 11, 2012, 04:26 amSo how safe is Instawallet? I know it's convenient to launder your coins, but is it a good way to store your coins long-term?No I wouldn't store any significant amount of coins on Instawallet long term. Use a password protected wallet like blockchain or paytunia.As far as storage is concerned, you should never store your Bitcoin in an online wallet; you're trusting that the site's operators won't suddenly shut the site down and abscond with your Bitcoin, as has happened multiple times before. For long term storage you should be using either the official client on your computer with a sufficiently strong encryption password along with multiple encrypted backups, a brain wallet, or a paper wallet, again with encrypted digital backups.The same goes for Silk Road - do NOT use it to store your Bitcoin. There is no guarantee that it will be here tomorrow, and no guarantee that the 'fail-safe' will work. The whole idea of Silk Road is that we do not have to trust the operators - we use PGP and sufficiently laundered Bitcoin as a method of payment for that reason, amongst others.- grahamgreene