TL;DR — Don’t use silicone to pot electronics.
That’s the conclusion [GreatScott!] comes to after trying out several methods for waterproofing electronics. His efforts stem from a recent video in which he discovered that water and electricity sometimes actually do mix, as long as the water is distilled and the electronics in the drink are relatively simple. He found that the main problem was, unsurprisingly, electrolytic corrosion, so he set out to experiment with various waterproofing coatings. In a series of careful experiments he goes through the pros and cons of both conformal coatings and potting compounds. The conformal tests used simple clear nail polish on an ESC board; that worked pretty well, but it was a little hard to reach all the nooks and crannies. He also tried potting with a thick black silicone compound, but that ended up never really curing in the middle. A final attempt with legitimate two-part epoxy potting compound sealed up the ESC tight, although we doubt the resulting brick would perform well on a quadcopter.
If you want to explore potting a bit further, check out this introduction to the basics.