Silk Road forums
Discussion => Silk Road discussion => Topic started by: Cynosure on April 03, 2013, 10:46 pm
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How possible is it to "stash" your bitcoins?
..by "stash", I mean holding onto them in your SR account and letting your money increase by the market?
For instance, I had $5.00 in my account leftover from purchases a couple of weeks ago. As of this morning, I have almost $19. That's over 3x as much money from simply waiting. I was thinking of just dumping all of my cash here and letting the market price go up a bit and then cashing out for a nice increase in profit without having to make any effort.
Anyone here do this often? Worth it? Too risky?
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I would keep them in a legal outside wallet. Not on SR. Just in case.
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Aye, I was thinking of leaving them in my Bitfloor account. This will allow me to place them on the same market I purchased from once they've increased a bit.
I've been looking at the long-term exchange rates and trying to decide if it's a safe investment. I would need to invest in quite a few coins to make it worth it. ~$40 extra over a couple of weeks from 2 bitcoins isn't really enough to make the risk worth it.
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Keep in mind bitfloor was hacked last year and its users lost 24,000 BTC. Awesome site but probably not the safest place for long term stashing!
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diversify and divide risk
keep it equally divided in SR accounts, computers
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I just want to make sure everyone knows about offline wallets. You don't need to rely on a third party like mtgox, instawallet, etc to hold onto your funds if they are on your hard drive.
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As avast had stated, you should be using offline wallets.
NEVER store your Bitcoin in an online wallet. Doing so is similar to giving your cash to a random guy on the street and saying "Hey, mind this for me for a while until I need it. Thanks."
You should be keeping your Bitcoin encrypted on your own machine, and with at least 3 encrypted backups - one in the cloud, one on a USB stick / SD card, and one that you've emailed yourself. Again, all strongly encrypted. It wouldn't hurt also to have a brain-wallet and / or paper wallet.
This is currency at the end of the day. Who do you trust holding your fiat currency for you? Treat Bitcoin the same way - realise that it is only as secure as YOU make it.
- grahamgreene
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if you keep your btc in an offline computer HDD for a few months..is there any way to speed up the blockchain update which can take atleast a few days it its backed up?
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you can download the blockchain as a torrent or zip then force recheck. You'll find instructions on google. Offline wallets are definitely best, make sure they are encrypted too :)
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you can download the blockchain as a torrent or zip then force recheck. You'll find instructions on google. Offline wallets are definitely best, make sure they are encrypted too :)
hmm i never knew this was possible..i may try this method....as i had a few bitcoins left on my old computer HDD a year ago when it stopped working..i am thinking of plugging the HDD on a newer computer now that the value has risen and worth time
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I had $5.00 in my account leftover from purchases a couple of weeks ago. As of this morning, I have almost $19. That's over 3x as much money from simply waiting. I was thinking of just dumping all of my cash here and letting the market price go up a bit and then cashing out for a nice increase in profit without having to make any effort.
Anyone here do this often? Worth it? Too risky?
My last three SR orders were paid for with "interest" (currency value increase). It's like a bottomless cup. I'm not sure how long it can go on.
I also think this means that certain vendors have made an absolute KILLING, depending on how quickly they were cashing in their coins, and while I kick myself daily for not having put more $ into coins, myself, I imagine it's nothing like the pain some vendors must be feeling for cashing in too early with far, far more coins ready to triple/quadruple/quintuple in value. This thing will have already created some instant millionaires.
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using offline wallets ties it all to your IP. unless you run it over tor but keeping up with the blocks is already slooooooooooow without tor.
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using offline wallets ties it all to your IP. unless you run it over tor but keeping up with the blocks is already slooooooooooow without tor.
I've never heard this, but I don't think I like it.
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How possible is it to "stash" your bitcoins?
..by "stash", I mean holding onto them in your SR account and letting your money increase by the market?
For instance, I had $5.00 in my account leftover from purchases a couple of weeks ago. As of this morning, I have almost $19. That's over 3x as much money from simply waiting. I was thinking of just dumping all of my cash here and letting the market price go up a bit and then cashing out for a nice increase in profit without having to make any effort.
Anyone here do this often? Worth it? Too risky?
I believe the word you are looking for is "invest"
And yes there are people who buy coins specifically to hold on to them. Google "bitcoin Speculation" and head to the first link.
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divide in small batches and stash it on your phones, ipads, old computer HDD, USB based encrypted wallets