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Author Topic: Thinking of Adding Extra Bitcoins to a Casascius Coin.  (Read 800 times)
astrocity1981
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March 16, 2016, 07:24:46 PM
Last edit: March 17, 2016, 04:12:43 PM by grue
 #1

Hey I wanted to know if any one else has put moreBTC on a casascius coin. I saw a member put an extra 15BTC on his 25 BTC casascius coin and thought if was strange. However, I realized that one of the most trusted members of the bitcoin community is Mike. I was thinking of loading one of my .5 coins with a couple of extra BTC. I understand that it will lose it's value, but I was gonna hold on to some of my casascius coins anyway. I have a trezor and paper wallets that I made on tails. I just don't want to put all my eggs in one basket. Also how does  know how to go about in getting the public key?  
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March 16, 2016, 07:34:27 PM
 #2

I would hope that Mike has physically destroyed the PCs that were used to create the public and private keys. If that is true it does give you better security compared with wallets compiled on possibly compromised devices or that may be recovered even after deletion. On one hand it seems at utter waste to destroy such a unique icon by deforming the face value and on the other hand if you use it as a longterm saving device it can serve a brilliant purpose.

Now if some kind of intrinsic security threat was discovered in bitcoin, it would probably affect all of them.

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nubbins
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March 16, 2016, 08:06:58 PM
 #3

You'll probably end up losing any markup value on the coin itself. I probably wouldn't buy an overloaded Casascius coin in general, and I definitely wouldn't pay a satoshi more than what's loaded on it.

If you're just planning to use it for long-term storage and peel it down the road, there are way, way cheaper ways to accomplish this. Burning a 2 BTC collector's premium just so you can use a private key that someone else generated isn't a great idea.

No longer buying/selling Casascius coins. Beware scammers.
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wheelz1200
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March 16, 2016, 08:18:52 PM
 #4

no just a straight bad idea.  keep the cas, make a paper wallet if you dont trust yourself with not spending it.  any significant amount of bitcoin savings should be held in a wallet that you created the keys to. 

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miffman
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March 16, 2016, 08:29:14 PM
 #5

Only a good idea if you're going to peel the coin.














 

 

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Raimonn
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March 16, 2016, 08:46:28 PM
 #6

I think that if you want to use a "physical coin" to hold some bitcoins its better that you buy a "buyers funded coin" (i will not be a casascius). You don't know how much could cost a casascius original coin in future, and if you modify it (adding bitcoins) it looses its collectionist value.
hybridsole
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March 17, 2016, 01:33:04 AM
 #7

It's your coin, use it however you like.  For impulsive people, having direct access to BTC in a paper wallet or hardware wallet might be difficult to resist. Casascius coins are great ways to lock up BTC because there is a penalty for accessing the funds. It's kind of like how a penalty to withdraw a retirement fund early prevents people from using it on a rainy day. As long as you aren't looking to maximize the resale value to a collector and you plan on spending the BTC, there's nothing wrong with overfunding it. 
hybridsole
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March 17, 2016, 01:38:11 AM
 #8

Also how does  know how to go about in getting the public key?  

Type the first eight digits of the public key into http://blockr.io/ You'll be able to see the TX when it was originally funded, containing the rest of the address.
justbtcme
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March 17, 2016, 02:08:12 AM
 #9

Hey I wanted to know if any one else has put moreBTC on a casascius coin. I saw a member put an extra 15BTC on his 25 BTC casascius coin and thought if was strange. However, I realized that one of the most trusted members of the bitcoin community is Mike. I was thinking of loading one of my .5 coins with a couple of extra BTC. I understand that it will lose it's value, but I was gonna hold on to some of my casascius coins anyway. I have a trezor and paper wallets that I made on tails. I just don't want to put all my eggs in one basket. Also how does  know how to go about in getting the public key?  

DO NOT DO THIS!!!!

Any collectable should be left in their original state/condition.
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March 17, 2016, 02:41:33 AM
 #10

Also how does  know how to go about in getting the public key?  

Type the first eight digits of the public key into http://blockr.io/ You'll be able to see the TX when it was originally funded, containing the rest of the address.

They're actually not guaranteed to be "firstbits". Check the code against the PGP-signed list at http://casascius.com/fulllist.txt!

No longer buying/selling Casascius coins. Beware scammers.
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klondike_bar
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March 17, 2016, 04:35:36 AM
 #11

just buy a trezor and use that. its safer, can be used without peeling a hologram, and can be password-protected as an extra layer of security

24" PCI-E cables with 16AWG wires and stripped ends - great for server PSU mods, best prices https://bitcointalk.org/index.php?topic=563461
No longer a wannabe - now an ASIC owner!
nubbins
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March 17, 2016, 10:49:48 AM
 #12

just buy a trezor and use that. its safer, can be used without peeling a hologram, and can be password-protected as an extra layer of security

I don't trust Trezors Sad

200-character brainwallet passphrases FTW!

No longer buying/selling Casascius coins. Beware scammers.
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str4wm4n
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March 17, 2016, 09:23:53 PM
 #13

Lowering the coin's value by adding more bitcoins to the address? I don't believe it would in any way.

I use one as my long term savings account.
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March 17, 2016, 10:26:44 PM
 #14

You will always have more to lose than to gain by overfunding. Leave the cas coin alone !!

If you need to fund a coin, either use a non cas DIY coin, or reholo (with a generic holo) an already redeemed cas coin.

Trying to sell an overfunded coin down the line would prove tricky, and you will have to sell at a discount.

funded to face value cas coin + additional X btc not added to the cas coin
will always be worth more than
funded to face value cas coin + additional X btc added to the cas coin

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klondike_bar
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March 18, 2016, 07:45:58 PM
 #15

just buy a trezor and use that. its safer, can be used without peeling a hologram, and can be password-protected as an extra layer of security

I don't trust Trezors Sad

200-character brainwallet passphrases FTW!

any particular reason? I keep the paper backup for the trezor seperately hidden away in case the hardware should fail, but its been great so far and i love the simplicity of loading or unloading BTC in under a minute (compared with something like using or printing a paper wallet)

24" PCI-E cables with 16AWG wires and stripped ends - great for server PSU mods, best prices https://bitcointalk.org/index.php?topic=563461
No longer a wannabe - now an ASIC owner!
Blazed
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March 18, 2016, 09:05:20 PM
 #16

Horrible idea as others have stated. Just make some paper wallets! If you really want a pre done key find a Casascius bearer bar and load it up.
astrocity1981
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March 19, 2016, 05:09:35 AM
 #17

Going to find a better way in securing my bitcoins. I like keepkey so far because of the rotating cipher recovery seed method. Nubbins I think warp wallet would be better than a brainwallet. Defcon 23  video on youtube gave some convincing arguments on why Brainwallets are not safe. I appreciate everyones feedback  Cheesy.
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May 19, 2017, 03:19:31 AM
 #18

I think that if you want to use a "physical coin" to hold some bitcoins its better that you buy a "buyers funded coin" (i will not be a casascius). You don't know how much could cost a casascius original coin in future, and if you modify it (adding bitcoins) it looses its collectionist value.

The problem is what if someone else decide to add .000000001 btc to your casascius original coin? You can`t stop him because anybody can donate to a public adress..
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