Static effects of cards (such as Blood Moon , Predatory Sliver and others) generally only affect permanents in play, unless they are specified to do otherwise. Teferi, Mage of Zhalfir gives all creatures in your deck flash, even if they're not in play, and Homing Sliver gives Slivers in your hand slivercycling. Blood Moon does not affect lands that are not in play, meaning that you can still transmute Tolaria West .
September 7, 2014 4:44 p.m.
Generally, whenever a spell or ability references a permanent type without saying "[type] card," then it references only permanents of that type. Remember that permanents exist only on the battlefield.