Post
Topic
Board Bitcoin Discussion
Re: casascius and other physical bitcoins is a fraudulent idea
by
crazy_rabbit
on 29/11/2013, 12:38:28 UTC
Following a good will Casascius apparently opened the pandora box. Now people are really believe that the sealing proves that the physical bitcoin is secure. But of course it is not. A producer of a physical note or a coin can copy and preserve the private key. This situation is so strange. I bet that if this hysteria wouldn't decline we will face a wave of fraud associated with a physical pseudosecured coins in a future.

It would be better if Casascius spend the same amount of effort populating the idea that only self printed paper wallets are secure. Every such cold storage obtained from a second party as a present, gift or a payment should be immediately transferred to the safer wallet because private key could be copied and preserved by a grantor. Tamper-evident seal in this case doesn't provide the needed level of security because the private key could be copied before the sealing was applied on a coin.

Shame on you Casascius   Sad


Wow, someone with activity of 3 shaming Casascius.

While your points are valid, they come from a time when most of us were not so concerned and felt happy to trust Casascius. Of course now everyone and their mother is in bitcoin and it's impossible to figure out who is who. If you don't trust it. Don't buy it. Simple as that.