casascius and other physical bitcoins

Following a good will Casascius apparently opened the pandora box. Now people are really believe that the sealing proves that the physical bitcoin is serure. 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

Topic: casascius and other physical bitcoins (Read 445 times)