Silk Road forums
Discussion => Newbie discussion => Topic started by: acejenny1 on February 11, 2013, 04:26 pm
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I read somewhere letting your unused bitcoins sit is no-no. I have a some change left over from a buy. How concerned do I need to be about using these up quickly? I'd like to save them for the next buy, but they're too small to get anything I really want (that's another story :))
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It's something you want to avoid because no one knows if/when SR is going to close. But for a small amount it's not such a big risk, just save them for later. A good tactic is to transfer coins after you decide what you re going to order plus a few cents more in case btc price falls while you re transferring the coins.
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Reason why its a no-no is due to the fluctuations in the market. BTC is not nearly as stable as USD, GBP, AUD etc as it is not regulated and depends heavily on demand. If BTC prices spike then it works out well for you, just like playing with forex or the stock market could be great or you could loose your shirt. Long story there is no concern with anonymity by keeping some loose change in your account, just understand it is an unregulated currency, which is the beauty of it :)
Joe
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Reason why its a no-no is due to the fluctuations in the market. BTC is not nearly as stable as USD, GBP, AUD etc as it is not regulated and depends heavily on demand. If BTC prices spike then it works out well for you, just like playing with forex or the stock market could be great or you could loose your shirt. Long story there is no concern with anonymity by keeping some loose change in your account, just understand it is an unregulated currency, which is the beauty of it :)
Joe
Well price will fluctuate and it will affect your coins whether they re on SR or on your offline wallet. :)
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Reason why its a no-no is due to the fluctuations in the market. BTC is not nearly as stable as USD, GBP, AUD etc as it is not regulated and depends heavily on demand. If BTC prices spike then it works out well for you, just like playing with forex or the stock market could be great or you could loose your shirt. Long story there is no concern with anonymity by keeping some loose change in your account, just understand it is an unregulated currency, which is the beauty of it :)
Joe
Well price will fluctuate and it will affect your coins whether they re on SR or on your offline wallet. :)
This is true, I thought the OP was questioning to keep funds in BTC or convert out. But as you said, SR could shut down at any moment, although you run this risk with pretty much any other anonymous wallet. Once I put money in the road I call the leftover a wash as I never want to transfer the remainder into an "official" account that's tied to my name or email for safe keeping.
-Joe
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The smartest way to do it is only have the coins you need, with minimal change. Only leave on there what you wouldn't really care if you lost
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who told ya SR's going to close? I'd be very sad, you know. Unlikely it happens soon though. IMHO.
As for me, I lost my local btc wallet few times so it's much safer for me to keep all funds on SR account ;D
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It's a big no-no to keep A LOT of money in SR. Don't keep more money than you are comfortable with losing in case SR decides to just shut down and simply take the money in your account, there is no way to get the money back if that happens. Or if it gets busted or something.
Small amounts that you are fine with losing in case something like that happens can stay in your account :)
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who told ya SR's going to close? I'd be very sad, you know. Unlikely it happens soon though. IMHO.
As for me, I lost my local btc wallet few times so it's much safer for me to keep all funds on SR account ;D
I feel like if it does...something else will pop up and takes it place.
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You can set your hazard address in profile settings.. where your btc will go if SR goes down.
For sure there always be a risk, but do you really keep much money in BTC? I bet you don't.. rate is far from stable.
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^^^ Agreed
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It's a big no-no to keep A LOT of money in SR. Don't keep more money than you are comfortable with losing in case SR decides to just shut down and simply take the money in your account, there is no way to get the money back if that happens. Or if it gets busted or something.
Small amounts that you are fine with losing in case something like that happens can stay in your account :)
And that was what I was going to do! Thanks Lu Kim for the advice!
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sometimes you gotta have money sitting there for those vendors that sell out fast
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I doubt sr will close anytime soon as we have been open since 2001 with limited outages much to the chagrin of many governments ;D
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2001, 2011... same difference ;)